Campaign Proxy Can't Escape McCain's Responsibility For Wall St. Meltdown

Boy is it nice to see the press actually do their job. Norah O'Donnell confronted RNC Communications Director Danny Diaz today with this quote from t

Boy is it nice to see the press actually do their job. Norah O'Donnell confronted RNC Communications Director Danny Diaz today with this quote from today's Washington Post:

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[In 1999] McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm (Tex.), who is now an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country's financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.

That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.

In other words, McCain, along with Phil Gramm -- you know, the guy who thinks the recession is all "mental" -- passed legislation that is directly responsible for the gargantuan mess we now find ourselves in. Is that the kind of "experience" we really need in the White House?

And Diaz' response? None of that matters. What matters is that McCain talked about Fannie Mae and Freddie Mac a few years ago. And what about that Barack Obama guy? He's hasn't been Washington long enough to screw things up like McCain has!

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This is really what it comes down to: A guy with a quarter century of "experience" passing legislation that ruins the economy versus someone who offers a fundamentally different approach to solving the mess the other guy made. Easy choice if you ask me. It's unfair to say John McCain doesn't understand the economy because he certainly understands how to destroy it.

John Amato; And let's not forget this one: Despite Claims Today He Warned of this Crisis, McCain in 2007 Said He Didn't See This Crisis Coming


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