McCain Defends Deregulating Wall Street

Well, I guess we can toss aside the notion that John McCain is going to reinvent himself as a support of tough new regulations, because on 60 Minutes last night he defended deregulating Wall Street as "helpful to the growth of our economy."

PELLEY: In 1999 you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?

McCAIN: No, I think the deregulation was probably helpful to the growth of our economy.

Here's video:

Comments

[Zingaro Zorro]

John the Revelator had something to say about false brethren who presented themselves as wolves in sheeps clothing.

In the 21st century how would anyone have anyone have any idea of what this means?

Keating Five.

[Zingaro Zorro]

Why is it necessary for Republicans to support irrational declarations of nonsense?

[IForgotMyName]

If he would have taken the time to look at some statistics, he would have seen that the largest economy growth in the history took place in the nineties before McCain passed his stupid deregulation law. Afterwards the economy did not so well.

[TalkingOutLoud]

I believe America needed to go through this crisis as most American's would have been hard pressed to pass up a quick buck. De-regulation promised a quick path to riches and ALL jumped (Wall Street and the public). During the de-regulation period the Dems would have been flogged in the polls and elections had they attempted to defend regulation (big government). De-regulation has a pretty face, it tracks well with the American spirit, however, we now know it comes with a hefty price tag.
Those polls and elections I mentioned above are the peoples way of weeding out politicians; we sometimes forget that "we the people" are really responsible for the type of politicians we get; they reflect us! I am amazed any person calling themselves a democrat would EVEN CONSIDER voting for Palin/McCain. Casting a vote for Rove"s America is beyond my abilities to comprehend; if Hillary"s loss hurts -Suck it up, "some days you eat the bear and other days the bear eats you."
Independents, get off the fence " can you survive 4 more years of this type of governing???
Let"s ALL be honest, in four years we may have to vote the next bum out ;) but that"s how governing works, not perfect, but I"d rather THINK my way through the political pains we endure than not have the rights and privileges I enjoy being an American and working to make America better!

[brendama]

Why is the media ignoring the fact that one of the Keating 5 is running for president?

[Kanashi]

My god.
I sincerely wished he had picked Romney as vp.
After all there is a 50% chance he becomes president... at least his vp could have helped him out a bit.
But no...instead he has Palin to advice him...
My god i'm having a headache.

[Trafalgar12]

I'm just a country boy,... Can someone honestly tell me with a straight face that without deregulation our economy would have not grown to the measure that it did in the late 90's? (oh, am sorry, John McCain just did in this interview. I'm just having a senior moment).

[foreignsand]

I think that the criticism of deregulation isn't that it prevents growth, it's that it allows for unbridled, speculative growth that results in a crisis-based economy. So you can either have measured expansion over time with regulation, or boom periods followed by busts with deregulation.

It's your choice, really, to decide which model you would prefer.

[mamiel]

Yup, the shock doctrine.

[ivillage]

Minnesota Poll: Obama Ahead of McCain With 8 Points:
http://www.sefermpost.com/sefermpost/2008/09/minnesota-poll.html

[truesteam]

When was this? He looks exhausted.

[Bitsko]

McCain: "No, I think the deregulation was probably helpful to the growth of our economy." PROBABLY? Listen up, tr0lls -- this is your decisive leader speaking!

[pbley68]

The Wall Street Capitalists are like a pack of wolves, unrestrained they attack and ravage everything in sight.
For the sake of humanity they need to muzzled, leashed and separated.

[PioneerKing]

McCain has never and can never admit when he makes a mistake.
McCain made a grave error by not dmitting he was wrong he looks like Bush did about the war.
America does not need another president who can not admit when they were wrong and try to take steps to correct their misjudgement.

[albanaeon]

Wow. At least he didn't lie this time. Unfortunately, he forgot to mention that "our economy" only included the top 2%. Its been splendid for them...

[ldillworth]

from cnn.com

"In a John McCain-penned piece in the fall issue of the American Academy of Actuaries... the Republican nominee says the health insurance market should be opened up "to more vigorous nationwide competition" and points to the banking industry as an example of successful deregulation."

[seattlefemdem]

He also said in 2004 that Social Security is broken and the whole premise of "pay it forward" that's worked for many many decades is a disgrace. He wants to privatize it so his cronies can get our money for their gains and then when it's gone, say sorry.

If he and that stupid woman are elected we are heading in a financial crisis our grandchildren's grandchildren will still have to deal with.

[observing]

And yet, there are still people staunchly behind him. Can you believe it? Who looks to this demented man for guidance is beyond me.

[V4Vigilance]

Contradictory statements like this (and many others) are a breeze once you've mastered talking out of both sides of your face.