John McCain: The Fundamental Deregulator (VIDEO)

Over the last few days, John McCain has talked a decent game when it comes to enacting new regulations to protect American families from another financial crisis. But as this new video demonstrates, McCain's talk is just hot air -- he's got no record to back it up.

Last March, he famously said that he was "fundamentally a deregulator." In July, he said that his "fundamental difference" with Barack Obama was that Obama favored "more regulation" while he favored less. And earlier this month, McCain's strong support for deregulation was on display in speech after speech at the GOP convention.

Now, John McCain is scrambling to follow Barack Obama's lead as a reform-minded proponent of regulation. But that can't change the fact that when it comes to his record, all the way up until Thursday of last week, John McCain is "The Fundamental Deregulator" -- and YouTube is here to prove it:

Video edited by Jed Lewison for The Huffington Post.

Comments

[politricking]

Perfect, so much Ad material here.

[Mabila]

ENOUGH!

That's it!

Obama/Biden 08&12

[evgolightly]

SATURDAY NIGHT LIVE digital short:

The Free Credit Report dot com commercial, only this time with John McCain, George Bush, etc. singing the blues about Fanny, Freddie, AIG ....

"We should have seen this coming at us like an atom bomb"

[ilovemydoggy]

Sarah Palin Barbie doll issued:

http://www.Vaboomer.com

[scrzbill]

And it comes carrying a flag draped in a cross.

[mikelartist]

Busted. How short memory of the GOP. Let them backpedal as much as they want.

Send this video viral over and over again to remind them.

Good work.

[Blunkas]

This should be an ad.

[obamagal]

Absolutely. It's perfect.

[livelongandprosper]

If anyone has any doubt about the Dems contributions to our current financial mess, you just need to read Wikipedia's entry on the Community Reinvestment Act (CRA)...If it is too long, just read the paragraph where Barney Frank says we are not facing any kind of crisis. The second important paragraph is where Pres Clinton allowed securitization of subprime loans. Enjoy!

http://en.wikipedia.org/wiki/Community_Reinvestment_Act

[Bozwellian]

How about reviewing McCain hands in the Savings and Loan and his life long legislature PRINCIPL:E OF DEREGULATION and wanting MORE DEREGULATION ...The FREE MARKET is ONLY free to those at the top that rape the rest of us mere ordinary folks while they stuff THEIR coffers !!
The nonsense to BLAME the DEMS for the most CURRENT meltdown is ridiculous , will grant they have not done ALL that they should and stuff they should not have but it HAS BEEN THE GOP WHO PROMOTED TRICKLE DOWN ECONOMICS PROVEN TO BE NON WORKABLE and DEREGULATING McCAIN is at the forefront along with his ADVISOR GRAMM !!!

[JessWonderin]

oh yea . . . one of my most reliable sources . . next to Limpbaugh Nooze or Freeperville Daily . . . .

Point is: McCain wants deregulation, less government . . worked fro Wall Street so why not Health Care?? . . he supports it. Or so he said ONE day . . who knows about TODAY . . .

McCain, proof not all panders are in Chinese zoos . . . .

[jnah]

one name my friend, phil gramm. The democrats would never had to worry about these toxic assets had the glass-steeley act been revoked

[dbeden]

President Clinton didn't "allow" anything. That law was veto-proof when it hit his desk, only after Democrats demanded Republicans concede on the Community Reinvestment act. You know, that whole bi-partisan thing that Republicans are so terrible at now?

[DLB]

"Community Reinvestment Act." Do you even know what that Act did? It made it easier for low income borrowers to get money to buy homes. The same people now defaulting on their loans.

[evgolightly]

You're not the sharpest tool in the shed.

[DLB]

It really pisses me off to have my intelligence insulted. As an independent conservative I am dismayed by some of the posts I am reading on various blog sites by supporters of Barrack Obama. At least John McCain has come out and said the current crisis is the fault of ALL parties. All we get from Obama, Reid and Pelosi is that the Democrat party is squeeky clean. B.u.l.l.s.h.*.t.!! The deregulation that the democrats love to point to as the reason for the current meltdown, the Gramm-Leach-Bliley Act, was passed by a veto proof majority (Senate: 90-8-1, House: 362-57-15) and signed into law by Bill Clinton. How can anyone seriously think that only one party - those evil republicans - is responsible? That's beyond absurd, it's borderline delusional. The republicans haven't been in control of the Congress for two years now. And what serious matters has this congress taken on? Steroid use in Baseball!!

If the democrats can't admit their involement in this matter, they're out of touch with reality and don't need to remain in control of Congress, and certainly shouldn't be rewarded with the White House.

The fact that Democrat controlled Congress is JUST NOW having hearings, especially since mortgage foreclosures have been going on for almost two years now, shows me that they not only know they've f.*.c.k.e.d. up, but that they've been complicit in this fiasco.

[Bozwellian]

NOt sure what spiel you privvy to that has McCain saying ALL share blame, have only heard him sputtering it is the Dems and specifically Obama with failed concepts as if HE himself was NOT PART OF THE PROBLEM FOR THE LAST 26years with his suport of MORE DEREGULATION and LITTLE OVERSIGHT ..He obviously learned NOTHING from his role in the Savings and Loan debacle so we get to have it repeated but even MORE costly at the expense of the TAX PAYERS while he NOW BUT CLAIMS to be championing for MainStreet when ON RECORD AND ACCORDING TO RECORD HAS NOT BEEN ALL THESE YEARS !!!

[scrzbill]

Oh yeah the democrats have had a majority in the Congress and the republicans have filibustered 90% of those bills. Everything except the war. Deregulation and trickle down have been a mainstay of the retugs since Reagan. TIRCKLE DOWN means pissed on.

[DLB]

60 Minutes, Sunday, September 21, 2008; and today's press conference.


Fact is, just as an alcoholic can't even begin to get help if he cannot accept what he has become, how can the Democrats even begin to fix this mess if they can't even begin to accept their share of the blame?

And I really hate to have to point this out, but the metaphoric liberal talking point that there is a "Wall Street" and a "Main Street" is a crock of s.h.*.t. ! More than 60% of AMERICANS have investments of some kind in "Wall Street", making "Wall Street" about as "Main Street' as streets come.

[dbeden]

First, the original bill was passed along party lines in the senate. The bill, after being voted on, went to committee to work out the differences between the senate and house versions of the bill, and Democrats only went along after the Republicans agreed to strengthen provisions of the Community Investment act. And yes, Clinton signed it into law, but it was veto-proof to begin with, he had no choice. (I guess he could have added a signing statement, but imagine the outrage from the Republicans!)

But you're right, Democrats have been complicit in the Republican rape and pillage of the middle class.

"The republicans haven't been in control of the Congress for two years now. And what serious matters has this congress taken on? Steroid use in Baseball!!"

Did you know that the past two congressional sessions had the highest number of filibusters, or threat of filibusters, ever? By a wide margin? Boy, Republicans sure are good at obstruction, huh?

[DLB]

"Did you know that the past two congressional sessions had the highest number of filibusters, or threat of filibusters, ever?"

Nice try. Filibusters have nothing to do with this current mess, or haven't you been paying attention. Besides, the Democrat minority from 2004-2006 taught them that.

And I know I'm right, the Democrats have been complicit. But you really need to read a book or two and find out what direction the middle class has been moving. I'll give you a hint, NOT down.

[nutty4tahoe]

Well, E X C U S E M E....., but this kind of McCain-ad regurgitation offends ME!!! You people have absolutely nothing left but to try to blame someone else for all your screwups. That's part of McCain's problem: instead of stepping up to the plate to admit he screwed up, he blames others in his lying ads. He MUST try to steer attention away from his own record. Even conservatives are turning against him now and calling him out for it. This is no surprise because nobody in your party really wanted McCain in the first place, they knew he was trouble, but look at the bozos he was running against in the primary! He finally got past the primaries because compared to even him the competition looked like a bunch of Keystone Kop stumblebums.

Oh, by the way......the apple apparently doesn't fall very far from the tree. The father, John McCain, apparently taught his son everything he knows about the economy and deregulation. McCain's son, who was on the board of the Silver State Bank of Nevada, quietly resigned this summer just weeks before the feds closed down his bank.

It's time for Obama to start hammering home on the Keating 5 scandal. McCain's got it coming!! I will be sitting in my Arizona home, which is in the very district where McCain first started his political career, watching McCain crash and burn.

[rose london]

I hear you nutty4tahoe..please open a bottle of Don Perignon while you're watching lying mcpalin eat his word..and please don't forget to help us elect OBAMA.

WE have had ENOUGH of GOP'S LIES, DIVIDE AND CONQUER TACTICS.

GOD BLESS AMERICA..AND MAY TRUTH REIGN FOREVER.

[DLB]

"It's time for Obama to start hammering home on the Keating 5 scandal. "

That would be stupid. Senators John Glenn (Democrat) and John McCain were cleared of having acted improperly.

[ethel08]

It's rather useless to talk about parties here. Most politicians did not understand these bills, did not author them, and did not review them in committee. A small group of people, who were working with the financial industry, created this new investment situation. Plus, many local banks were issuing sub-prime mortgages with nary a credit check, which contributed to this crisis far outside of Washington.

In terms of the election, it's important to look at who was involved, not which party. It is irrefutable that Gramm played a significant role in market deregulation, particularly of credit swaps. He did this from the belief that less regulated markets run more efficiently. He did not anticipate that these new instruments would preclude efficiency in many ways, but they certainly did. Gramm has been an economic advisor to McCain and helped construct McCain's economic plan. It is reasonable that Gramm's philosophy--that unregulated markets are more efficient (which ought to mean accepting *huge* market downturns, etc.)--is an implicit part of his plan, particularly since McCain has not denounced this philosophy or Gramm's legislation.

It is also clear that Obama was not on the Banking Committee, but did introduce legislation to end mortgage fraud. Though he received campaign contributions from Freddie and Fannie, his salary was never paid for by these entities, unlike several McCain staffers. Finally, he removed Johnson from the VP search as soon as his dealings were revealed. McCain has not denounced Gramm or his philosophy.

[rose london]

Thank you ethelo8 for you post.. thank you for replying DLB with facts and wisdom..its clear DLB is a Repthug pretending to be Independent. moaning about huffing site, why can't he/she go to the repthugs site am sure there is enough hate there to fill his Bermuda bank account.


ENOUGH DLB. VAMOOOOZZZZZZZZZZZZZZZZEEEEEEEEEEEEEEEE.

[DLB]

"McCain has not denounced Gramm or his philosophy."

Nor should he. The philosophy is sound. Greed cannot be regulated.

[turfkiller]

If McCain wins the election, which McCain do you think will take office? Bet it won't be the one they voted for.

[ethel08]

I keep wondering this too. With all of his position changes on huge issues, how can they even be sure which guy will show up in January, were he to win? I don't see how conservatives of any stripe (be it fiscal or social) could have any confidence in the man that he will do what he says. Well, except that he will stay in Iraq until "victory" is reached.

[marthlois]

LOOK at Mayor Daley's repsonse to the ad McCain put out about Obama's Chicago ties.
Hello Keating Five!!

http://blogs.suntimes.com/sweet/2008/09/mccain_attack_on_obama_and_cor.html

[artsykelly]

A great op-ed piece about this situation.

http://www.baltimoresun.com/news/opinion/oped/bal-op.schaller23sep23,0,7915225.column

[KyleKeleher]

FLIP FLOP FLIP FLOP- McCain flip flops more than a barracuda on a gaff hook!

[JessWonderin]

Are you referring to the Palin Investigation?????

[AlteSoldier]

Maddow: Bush legacy 'defined by four massive failures'

MSNBC's Rachel Maddow suggested on Monday that the continuing debate among historians about whether George W. Bush will find a place in the presidential failure hall of fame alongside Herbert Hoover and Warren G. Harding "is over."

"Barring yet another disaster of unimaginable scale, we now know that the presidency of George W. Bush will be defined by four massive, country-changing failures," stated Maddow .

She went on to cite 9/11, the "mendacious launch of the Iraq War," the drowning of New Orleans, and now an economic meltdown in which "we're borrowing $700 billion dollars, probably mostly from China, to stem off utter collapse."

"Eight years, four crises, each one awful enough on its own to brand any presidency an abject failure," Maddow quipped. "And we got them all done with just one guy. Bargain."

http://rawstory.com/news/2008/Maddow_Bush_legacy_defined_by_four_0923.html


Can the United States survive four more years with a McCain / Palin ticket?

[bandillero]

Axelrod, Gibbs, etc, Jed has just done you a big favor. This is an ad waiting to happen. Thanks Jed

[GuyFawkes]

McCain's economic plan:"Everybody marry an heiress."

-- The Onion

[MilwaukeeMike]

Now that's the most sensible thing I've heard in quite some time!

[RadCenter]

...if you happen to be a man...