John McCain: The Deregulator
By John Amato Tuesday Sep 16, 2008 1:45pmProgressive Accountability fact checks John McCain's stance as a Deregulator and guess what? He loves to deregulate.
McCain Supported A Banking Bill Because It Eliminated "The Tremendous Regulatory Burden Imposed On Financial Institutions."
In 1999, McCain Supported Phil Gramm's Banking Deregulation Bill
In 1999, John McCain voted for passage of the Senate version of a bill that would eliminate current barriers erected by the 1933 Glass-Steagall Act and other laws that impede affiliations between banking, securities, insurance and other firms. The bill also would exempt small, non-urban banks from the 1977 Community Reinvestment Act (CRA), revise the Federal Home Loan Bank system and require that owners of automated teller machines (ATMs) provide notice on the ATM and on-screen of any charges imposed for the use of the terminal. The bill passed 54-44. [S. 900, Vote #105, 5/6/99]
The list goes on and on....
Login or Register to post comments.
The invisible hand of the market is choking the fuck out of my company.
Thank you!
(R) - says it all.
And he wants to be my latex salesman?
So now he wants to be a regulator, not a deregulator?
For five and a half years he couldn't regulate or deregulate anything.
It's the Dem's to loose.
Isn't this the same guy who tried to protect Lincoln Savings and Loan? Oh well, that's probably not important. I heard he was a POW. And isn't his granddaughter from Alaska cute?
"Here's another fine mess you've gotten us into." - Laurel and Hardy.
Deregulation - a fine mess.
If the American people understood what a monstrous swindle has just occurred they might lynch John McCrook and his PIRATES.
That may yet occur. If they don't elect him to replace our current Swindler in Chief.
The current financial situation we find our selves in makes it pretty dame clear, that the republican strategy, we have been forced to live under these last eight years, has simply set us back for years to come.
Karley was absolutely correct, when she said that NONE of the four candidates, can run a corporation, and the reason is that they are not accountable for running corporations. As Federal Employee's, they are responsible for setting the proper guidelines for these major corporations to follow, which is NOT, currently being done.
The very fact they want to continue to co-mingle Corporate America, with the more complicated operation and workings of the Federal Government systems, is an example of total incompetence and ill experience.and the fact that they continue to spew all this miss information to the public is simply criminal, to say the least..
A very good and clear example of the continued mess they are making is the arrogant insistence of allowing these major corporations,to continue the practice of not be accountable in both their responsibility to the consumers and of paying their fair share of TAXES..
Unfortunately we are graced with a bunch of ignorant clowns, all over our national media, whom are clearly inexperienced and unaware of the danger they too pose, by not bringing forth the brightest of our citizens, who are experienced in these areas.
They too want you to think, they know what the hell they are talking about, and they clearly do not. This insane notion of refusing to TAX these institutions and make them accountable or shut them down, is the real problem,
Senator Obama, clearly understands the needs and the roll that Government should play and he takes the very unpopular stand to call it as he sees it, Unlike McSain, who will continue this sick notion of allowing these corporate institutions to continue not paying their share of TAXES and allowing them to call their own shots, without Government intervention.
Obama is a Constitutional Scholar, with an extensive background in the workings of Federal Government. He has made it his life's work and anyone that knows as he does, the big differences is able to see this. These people have been able to blow smoke up our asses because they simply know most Americans don't understand and they take that notion and run with it. We have a real treasure in this guy.
We are currently now experiencing the down side of what can happen when we allow private agencies to run as they please without the proper checks and balances. They are not accountable to the audit process and when
they are, They show complete disregard for checks and balances and they fail to take the necessary corrective and punitive action required, to show that they understand that it is not an option to run a clean, accountable and consistent operation. By standards of federal law it is a requirement that must have consequences,if not followed
to the letter..
American people should NOT, continue to be responsible for the incompetent management of these corporations, whom are clearly not following the guidelines, set by the government, and it the major reason they are driving themselves in the hole, in the first place. This practice has to stop.
They need to understand fully that there are NO huge severance packages, given to incompetent management, what-so ever, and you cannot screw up billions and billions of Tax Payer dollars and still keep your job in federal government . They may not fire you, depending on the situations, but certainly, you will not continue to be in the job you have clearly shown you are not competent to manage, like the current cabinet staff of the Bush administration.
They clearly do not understand that they must operate in a consistent and open setting to show that they are consistently in compliance with regulations and they don't want that, which is why they all hate the Federal Government and want to PRIVATIZE IT.
These incompetent Bush appointments in all these Federal Cabinet Post, were purposely made to show government in the exact light the republicans want us to view it, As incompetent and inefficient, so as to continue this mantra of needing to privatize it. They show this by the insistence of keeping these incompetent morons, in the very positions they have been shown to be ill, equipped to manage and a good example is FEMA, which is headed by Michael Chertoff. Need I say more
Government is not a cash machine at all, but a necessary institution, designed to be the eye's and ears of the American people who do not have time to monitor private business, who are for profit,
They must be accountable period, and who better to force accountability but the Federal Government, who is accountable to the American people. That is when we have real qualified individuals managing it. They have created this mystical atmosphere of their interpretation of what they want the public to believe government is about, which is simply not the true picture.and I believe that Senator Obama clearly understands exactly what these folks are up too, and will conduct the proper adjustments using good qualified people to bring the agencies into compliance. I know that he knows this because he talked about in his book the Audacity of Hope, which is what sold me on him as a real leader, with a very good understanding of how and why our Government is so important to all of us..
Peace
JonAtWork @ 5:
They are working on it.
No surprises here. If the public falls for all the McCain-Palin lies, half truths and bullshit, we will simply demonstrate that are collectively unworthy of the responsibility of being a democracy.
Instant karma would be nice, but even the good must suffer with the wicked (and the stupid and the willfully ignorant) if McCain wins. Go out there and register Democrats and then GOTV!!!
It's not just McCain. It's all Cons including Libertarians. One of the main tenets of their playforms have always been deregulation. I wish people would stop making just a McCain thing. We should be blasting ALL Cons on this.
Troopergate: HE WAS FIRED FOR TRYING TO STOP SEX ASSAULTS
TROOPERGATE: NO TIME FOR SEX ASSAULTS.
Via Feministing, it turns out that one of the reasons cited by Sarah Palin for firing Public Safety Commissioner Walt Monegan is worse than why we previously believed she fired him: merely abusing her power to take revenge on a former brother-in-law. (See this ABC News report for the basics). She did it because Monegan was going to Washington to ask for money to combat sexual assault -- Alaska has more forcible rapes per capita than any other state in the Union -- and Palin didn't want Monegan's request to interfere with her earmarks requests going through now-indicted Senator Ted Stevens. The AP checks it out:
Between this and her refusal to subsidize rape kits for sexual assault victims, a pattern is clear.
So now Sen. McChange wants to be the leopard who changes his spots!
Classic!
Deregulation, what could possibly go wrong?
So now this old fuck is a regulator. What an honorless, lying, angry piece of shit. Is this the kind of honor Grandpa learned at the Hanoi Hilton? Saying anything, about anyone for your rice and water rations huh McPow? You're a total fraud.
cobsjo @ 13:
Wow....now THAT'S fucked up!
And quite damning.
McCain Reverses Position on Regulation of Bowels
wow you don't hear the word Republican......i see why
he sounds like a democrat....must be a good team to
be on.
BTW, I want to know whether this AK Attorney General thinks he can order private citizens to ignore the subpoenas? Write and ask him, like I did.
attorney.general@alaska.gov
The funny thing about deregulation of the financial industry is that, while it's a Republican idea, both the Dems and the Republicans are afraid to talk about it. All the deregulation that caused the present financial crisis' was thought up and sponsored by Phil Gramm, who is McCain's economic advisor, and would probably end up as Secretary of Commerce in a McCain administration. But the Dems have trouble talking about it because both the Gramm-Leach-Bliley Act, and the Commodity Futures Modernization Act were signed into law by Clinton.
So, this is a bomb that can blow up in both of their faces. But since Clinton is no longer the President, but Gramm is still McCain's economic advisor, the Dems probably have slightly more to gain by bringing this up. Especially the stance on deregulation, which McCain is currently trying to distance himself from.
From the desk of Rep. Les Gara, Anchorage, Alaska...
Since Monday the McCain camp has stepped up its personal attacks against Alaskans. They've continued their D.C.-style tactics against neighbors in this small state. The game plan is to find an excuse to stop our Legislature's Troopergate investigation, and hide evidence McCain's folks really don't want to surface before November's election. It's been a little Karl Rove, and parts Laurel and Hardy. How else can you explain the following?
Friday the Attorney General's office promised state witnesses would comply with subpoenas the Legislature issued last week. Tuesday the Governor's Attorney General flip flopped, and announced that state witnesses wouldn't comply because, well, and I'm paraphrasing here - - he's changed his mind. And in what has to be an idea hatched after a 4th Martini at Chilkoot Charlies, Governor Palin's attorneys have filed a motion to dismiss the ethics claim she filed against herself two weeks ago. Yup. She really filed a complaint against herself. Tuesday she said she's discovered, after a thorough investigation of herself, that she's done nothing wrong. Does anyone know how to get a hold of Jon Stewart and Tina Fey?
It's silly season up here in the far north, but this week's moves are aimed at one thing: John McCain's effort to find cover for being disingenuous. See, before Governor Palin's nomination for the Republican VP spot, she did the honest thing. She admitted the evidence -- of roughly 20 contacts between her staff and husband with Public Safety officials, seeking the firing of Governor Palin's former brother-in-law -- might lead a reasonable person to the conclusion that the she misused her office to fire a state employee. So when Alaska's Republican-led Legislature called for an investigation, she did the honorable thing and said she and her staff would comply. She denies any wrongdoing.
Things changed on August 29 when Governor Palin was added to the McCain ticket. Since then his handlers have told her she can't testify. They don't want the evidence in this case to come out. They don't want her to testify under oath. They don't want other witnesses to testify under oath. So they have engaged in daily maneuvers to attack, as disloyal to the McCain campaign, anyone who wants the investigation to move forward. They've now attacked two well respected prosecutors, and perhaps the state's most highly regarded law enforcement official -- the Public Safety Commissioner she hired, and then fired, Walt Monegan.
Every day this week McCain operatives have sung the same tune. Today a guy with an East Coast accent, who knows nothing about Alaska, stood in front of a McCain-Palin banner to lead the attacks against people he doesn't know. At press conferences on Monday and Tuesday campaign staffer Megan Stapleton spit vitriol to repeat her argument that this investigation is really a "Democratic" attack on Governor Palin. See, that's easier than just saying their VP has reneged on her promise to testify. It's easier than just saying they don't want anyone testifying before the November election. It's easier than admitting they are stonewalling a legislative investigation. Oh -- and I know they hate partisan stuff. Yesterday 5 Republican legislators -- all allies of Governor Palin, all supporters of the McCain campaign, filed a lawsuit against the Legislature to stop the investigation.
Here are a few things MCCain's operatives failed to say. There are a few small facts that make it hard to style this as a Democratic investigation. One is that Alaska is a Republican State. We have a Republican Governor and a Legislature of 34 Republicans and 26 Democrats. This summer the Legislature's Legislative Council voted 12-0 (8 Republicans and 4 Democrats) to hire an investigator, and appointed Democratic Senator Hollis French, a well-respected former prosecutor, to find an investigator.
Governor Palin stated she and her employees would comply with the investigation. French then hired Steve Branchflower, a former DA who most recently was hired by legislative Republicans to run the state's Office of Victims rights. And on Friday the Senate Judiciary Committee voted 3-2 (2 Democrats and 1 Republican in favor); and the House Judiciary Committee issued a 7 - 0 (5 Republicans, 2 Democrats) advisory vote, to issue subpoenas to witnesses the McCain camp had previously stopped from testifying.
Over the last two days McCain's outside operatives have vilified former prosecutor Hollis French -- as an Obama supporter who must have called this investigation to hurt the McCain ticket. But French was appointed to oversee the investigation by a 12 - 0 Legislative Council vote, and is probably the state's most respected legislator -- by Republicans and Democrats alike. He's so popular the Republican Party couldn't find anyone to run against him this year. They've called former Public Safety Commissioner Walt Monegan -- a Native Alaskan who has served Republican and Democratic Administrations with honor, and put his life on the line in uniform- - "insubordinate." Odd, given that when Governor Palin fired him she offered him a different job. I guess being "insubordinate" was a job requirement for the new position. And they've challenged the independence of an investigator and former DA, who has no animus anyone can find.
Those Swift boat ads taught the McCain folks that if you say something untrue enough times, it can stick. My favorite moment of the week came when Governor Palin's attorneys filed a motion to dismiss Palin's ethics complaint against herself. Stay with me. Her attorneys have been buying the peyote, not me. See, on August 29 they needed to find a way to stop the Legislature's investigation. They tried asking the Republican leaders to call it off, and take one for the team. But the Senate President and others honorably said no. So they came up with an argument that the State Personnel Board -- 3 people appointed by Governor Palin and her Republican predecessor Frank Murkowski - had "exclusive jurisdiction" to investigate wrongdoing by the Governor.
The Legislature wasn't amused. So Governor Palin then filed a complaint against herself. That, they said, put "jurisdiction" in the hands of their friends at the Personnel Board. They argued that since the Personnel Board was now proceeding with an "investigation," the Legislature couldn't. To put icing on the cake, on Monday the Governor's attorneys moved to dismiss the Governor's case against herself. They said, and I loosely paraphrase again -- that they tried really hard and just couldn't find any evidence that the Governor did anything wrong. OK. I can't believe I just wrote that. And I wish it weren't true.
These are the things you have to do when your presidential candidate doesn't want his VP to honor a promise, and doesn't want evidence to come out before an election. These are the things you have to do if your folks aren't going to comply with a subpoena. That's because without spin the headline might read: "McCain Interferes With Investigation Palin Agreed To." How easy it is to re-write a headline. They learned that during the Swift boat campaign too.
All we can hope for is that members of the press will abide by what's taught in journalism school. Not to repeat the spin of political operatives without reporting the truth. Not to write "he said she said" stories, and pretend the truth is somewhere in the middle. But to report the facts. No matter how you spin it, Governor Palin promised to comply with this Legislative Investigation. McCain's folks got her to change her position. And the Legislature that voted for the investigation did so on a bi-partisan basis. End of story. End of headline.
Over the next few days McCain's folks will try to get local legislators to step in line, out of party loyalty, and reverse their vote to investigate Troopergate. But many local Republicans, like Senate President Lyda Green, have so far refused to play those politics. Stay for more from McCain's Campaign for "Change." They've tried to change the truth. They've succeeded at changing Governor Palin's promise to comply with this investigation. Let's see what they'll change next.
Rep. Les Gara, Anchorage, Alaska
So, just to play devils advocate, couldn't Bill Clinton have vetoed that bill?
Pericles @ 21:
Commerce Secretary, my ass. They're touting him for Treasury Secretary.
Left&Left @ 16:
Longing for the days of his Stockholm Syndrome? Those were simpler, better days indeed...
the 24 hour mccain response to regulation-deregulation
- Deregulation: McCain issued a statement Monday morning saying that “we cannot tolerate a system that handicaps our markets and our banks.”
- Regulation: McCain’s campaign then put out an ad calling for “tougher rules on Wall Street.”
- Deregulation: This morning, on NBC’s Today Show, McCain said, “Of course, I don’t like excessive and unnecessary government regulation.”
- Regulation: Then, on CBS’s The Early Show, McCain said, “Do I believe in excess government regulation? Yes.”
- Both: On CNBC’s Squawk Box, McCain said, “We don’t want to burden average citizens with over-regulation and government bureaucracy...And I’m proud to be a Teddy Roosevelt Republican, who said, ‘unfettered capitalism leads to corruption,’ and we’ve got to fix this.”
If we take all of McCain's declarations of what he will do if elected and remember everything he says, we can count on him getting 1/2 of everything he promises, done. Everything he contradicts himself on will be 50% achievable.
McCain Embraces Regulation After Many Years of Opposition
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/16/AR200809...
(Courtesy of TPM)
Gramm orchestrated the Gramm-Leach-Bliley Act in 1999 which “destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies.” He also pushed the Commodity Futures Modernization Act in 2000, which made legal “the mortgage swaps distancing the originator of the loan from the ultimate collector.” The Nation writes that “those two acts effectively ended significant regulation of the financial community.”
Senate Majority Leader on Economic Woes: 'No One Knows What to Do'
A Perfect Storm. The trifecta of the worst President, the worst Senate Majority Leader and the worst Speaker of the House; no one knows what to do and no ways of effecting it if they did.
Reid knows how to act like an idiot and blame it on every one but himself, though. Silver lining in every dark cloud. I think he comments here- I've never seen such joy in Mudville.
The Fundamentally Strong Rusty Shackleford @ 3:
McCain (with his pants around his ankles): VANDELAY INDUSTRIES, VANDELAY INDUSTRIES!
Well John, you may have known Teddy Roosevelt, but you are never, ever going to be a
Teddy Roosevelt. You sowed this mess with Charles Keating, now reap it.
constituent @ 26:
My grandmother had dementia too.
If so many Americans weren't blinded by short term greed and actually gave a shit about the welfare of their fellow citizens and their country then I agree, we wouldn't want or need regulation. However......
For a minute there I thought the headline read:
John McCain: The Deregurgitator.
McCain the deregulator: try prune juice.
McCain Embraces Regulation After Many Years of Opposition
By Michael D. Shear
Washington Post Staff Writer
Wednesday, September 17, 2008; A01
A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
Now, as the Bush administration scrambles to prevent the collapse of the American International Group (AIG), the nation's largest insurance company, and stabilize a tumultuous Wall Street, the Republican presidential nominee is scrambling to recast himself as a champion of regulation to end "reckless conduct, corruption and unbridled greed" on Wall Street.
----------------
The Obama campaign and the MSM need to capture this phrase and repeat it often: scrambling to recast himself as a champion of regulation.
so, mccain helped create this economic mess?
Stark look at the effects of deregulation..
Enron: Smartest Guys in the Room 1hr. 45min. (2005) documentary!!
that hes now blaming on democrats?
dennis @ 30:
And does your comment have to do with people like you spitefully pissing your vote away on a lying/confused old man who is glaringly unfit to be President of even anyone's local elderly convalesce center?
I knew when Clinton signed it that this would happen. Didn't think it would happen this quick.
dederegulator?
Barrett D @ 38:
"This nationalization poses an especially large challenge for John McCain, who is now railing against corporate greed and lack of government regulation of the financial industry. What he doesn't talk much about is how deregulation happened. It was the 1999 Gramm-Leach-Bliley Act that repealed the 1933 Glass-Steagall Act and thus eliminated the depression-era walls between between banking, investment, and insurance that made this crisis possible. Glass-Stegall erected walls between banking, investment management, and insurance, so problems in one sector could not spill over into the others, which is precisely what is happening now. The primary author of the Gramm-Leach-Bliley Act was none other than McCain's economic advisor, former senator Phil Gramm (who thinks the country is in a "mental recession"). McCain fully supported the bill and has a decades-long track record of opposing government regulation of the financial industry. His new-found conversion to being a fan of regulation is going to be a tough sell as Obama is already pointing out that McCain got what he wanted (deregulation) and this is the consequence."
from www.electoral-vote.com
McShame until recently has always stood for more deregulation. In the mold of his role model, Ronald Reagan, John has beaten the deregulation drum up until the day Wall Street took a dive. How friggin convenient is that!?! His economic guru has been mastermind of most of the crooked policies and practices of the last 10 years. Behind all there flag waving and lapel pins, I've come to the realization these people are out to destroy this country. Vote Obama!
The Fundamentally Strong Rusty Shackleford @ 3:
He's old enough to have been a Trojan?
this is mccain talking about the financial institution crisis.
i ask you does he sound comfortable talking about
this topic?....to me he sounds more comfortable lying
about his opponent vs. talking about 'his policies' short
video....today show questions....bumbling response
http://bravenewfilms.org/blog/53467-john-mccain-a-chicken-in-every-pot
As far as I can tell, ATMS are supposed to tell you if there is a fee - at least the non standard one I used recently told me upfront what the fee would be.
It's particularly sick and egregious that he supported the ability of ATMS to charge hidden fees in the past. To a poor working person, every $1 counts, and it is not "BURDENSOME" to require truth in business. It sickens me that he supported this.
Easy as hell to understand analysis of what is going on. Starting at 2:44 into this YouTube video...
http://www.youtube.com/watch?v=TD5JTPhBhJw
4 minute clip.
ultimately president g.w. bush is where the buck stops.
liberalNmoderation @ 17:
This explains why the McCain campaign wants to cover this up.
Maybe what mcgramps needs is a new defibrulator.
StirFry @ 51:
Indeed...the media...such as it is, had damn well better run with this...no shit...this is a campaign killer I'm thinkin.
Orangutan. @ 39:
This Stark?
It fits mcKeatingFive perfectly.
ysbaddaden @ 54:
No.
From the Federal Reserve Bank in San Francisco :
Gramm-Leach-Bliley Act: A New Frontier in Financial Services
This brochure highlights the major provisions of the Gramm-Leach-Bliley Act (the “Act”), which was signed into law in November 1999. As I am sure you are aware, the law updated U.S. financial services laws and removed the remaining walls that fragmented the financial marketplace. This legislation, which represents the most significant change in the U.S. financial services industry in 66 years, repealed the core provisions of the Glass-Steagall Act and the Bank Holding Company Act that restricted bank holding companies from affiliating with securities firms and insurance companies.
http://www.frbsf.org/publications/banking/gramm/index.html
The "New Frontier" indeed.
You know what really annoys me? All these right-wing crys of "Regulation is Communism!!"
Where in Das Kapital or the Manifesto did Marx ever advocate government regulation? I'll save you all a long read: Nowhere. It barely existed in his time. And Marx was pretty clear he didn't believe in government or politics as anything but a tool of the ruling classes. (who in turn were determined by the means of production)
When it came around later. Communists were always against regulation.. They'd pay lip service if it benefited the workers (the one role Communism did assign to politics: uniting the workers in class struggle) But through the late 19th century, the New Deal era, etc, the Communists - real, actual communists, were against it. "Capitalism cannot be reformed, only abolished." At best, liberals and social democrats were putting staving off the inevitable. (revolution being inevitable according to the communists)
It's a goddamn tragedy that McCarthyism and the Red Scare all but annihilated real, actual, Communism in the USA. Not because I subscribe to their ideologies, but because I don't. And I'm tired of being accused of supporting an ideology people in the USA no longer know anything about.
CoIntelPro against the WAR of LIES @ 55:
Wow...they just keep fuckin up left and right.
PeaBrain @ 21:
false equivalence.
I'm shocked. Shocked I tell you.
Why just yesterday McGramm was saying how much he wanted to regulate Wall Street but the Dems wouldn't let him. Ummmmmm.
Thanks for the ammo John. I will be spreading it around the web.
Dutton Peabody @ 57:
Indeed. (said with a combination of anger and sarcasm)
Do I smell a new Obama ad?
Alan Greenspan former fed chief...also author of a book
in which he claims we went into Iraq for oil...says we
can't afford mccain's 3.3 trillion in tax cuts.stopping
'earmarks' only won't do it since they add up to 17 billion
annually.
http://www.bloomberg.com/apps/news?pid=20601070&sid=aKZG._gG2NVI&refer=p...
liberalNmoderation @ 59:
that was two months ago.
But earlier and recently, in his own words, McKeatingFive talks about his own expertise in economics
CoIntelPro against the WAR of LIES @ 60:
Ad hominem.
(And, in case you didn't actually read it, I never claimed an equivalence.)
CoIntelPro against the WAR of LIES @ 65:
BTW, the ad was from Romney. Why are the repugs afraid of intelligent people?
Pericles @ 66:
OK, I'll play nice.
Who sponsored the bill?
Who actually voted for the bill?
Which Dems voted for the bill?
Which Dems did not vote for the bill?
Which Repugs voted for the bill?
Which Repugs did not vote for the bill?
What date was the vote?
When did the bill hit the president's desk?
Prove it's not false equivalence?
I find it very interesting to read someone criticize
the current legislative branch about the current
financial crisis. especially if they honestly say they're
not sure what to do at this point. i haven't heard much if
anything from the executive branch. some people wantit both ways they now want government intervention....now that they're in
trouble/need.
if you know much about the market you are aware
of the SEC. the SEC has 5 members: 3 republicans
and 2 democrats. take special interest in republican
SEC member christopher cox.
DOW closes -453.92........hey everything is great.
CoIntelPro against the WAR of LIES @ 68:
1. You can't prove a negative, and
2. I'm not a concern troll. Deregulation is the problem and the cause of the current financial crisis. I'm only pointing out what the Republicans can and will bring up. Pretending they won't is only ignoring the obvious.
liberalNmoderation @ 53:
There is a story at Kos about her deciding that she would spend $50,000 of the city's money to redecorate her office without getting permission from the city council and using city funds to do it. She felt since she was mayor, she could do whatever she wanted.
pissed off patricia @ 71:
Typical rethug.
“I don’t think anyone who wants to increase the burden of government regulation…has any real understanding of economics and the economy and what is needed in order to ensure the future of this country.” [McCain Town Hall in Inez, KY, 4/23/08]
– “We need to return to the Reagan years. We need to have fiscal conservatism. We need less government. We need less regulation.” [J. McCain PBS, 1/25/08]
– “I am a deregulator. I believe in deregulation.” [J. McCain CNN, 7/13/03]
– “I have a long voting record in support of deregulation.” [J. McCain St. Petersburg Times, 6/5/03]
there's no proof if we hit the bottom on this housing/credit financial crisis that it
will be a U or V shape. it could be a L shape.
GOLD had it's biggest one day gain in history.
Cool thing about Deregulation: there are fewer mechanisms in the system to catch you when you break the rules/laws, and if they catch the act, the mechanisms are (most of the time) neutered to the point of being unable to act.
In other words: You won't see me or catch me as I empty your pockets!! heh heh heh......
Remember Enron.....
Pericles @ 70:
OK, they are playing to a willing audience (MSM).
Yeah, but, but, but . . . Sarah Palin!
I approve this message.
This is obviously quite serious. Investors are flocking to gold and silver:
http://www.bloomberg.com/apps/news?pid=20601012&sid=anHz6u9EZSCI&refer=c...
Also check out the info. at Silverrockstheworld.com
CoIntelPro against the WAR of LIES @ 68:
here you go:
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm...
on Phil I Rape America Gramm's bill
All tyranny needs to gain a foothold is for people of good conscience to remain silent.
--Thomas Jefferson
Speaking of the culture of corruption and the state that gave us sarah palin and the bridge to nowhere
Honestly, with the Wall Street down-turn/disaster this week ANYONE who would vote the same Republican Party back into office to control our government is as DUMB as a minority voting for Strom Thurmond as President in 1948 on his "DIXIE CRATE - ANTI CIVIL RIGHTS AGENDA."
However, and sad to say, but the Christians will vote GOP if they have to move their children into a tent in a camp ground! As long as the GOP promise (for the 31st year) a reversal of Rove v Wade and put gays back into the closet. These idiots are voting OUR CHILDREN'S FUTURES away...and we're letting them
dosido @ 79:
Abraham (R-MI)
Allard (R-CO)
Ashcroft (R-MO)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burns (R-MT)
Campbell (R-CO)
Chafee, J. (R-RI)
Cochran (R-MS)
Collins (R-ME)
Coverdell (R-GA)
Craig (R-ID)
Crapo (R-ID)
DeWine (R-OH)
Domenici (R-NM)
Enzi (R-WY)
Frist (R-TN)
Gorton (R-WA)
Gramm (R-TX)
Grams (R-MN)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Helms (R-NC)
Hollings (D-SC)
Hutchinson (R-AR)
Hutchison (R-TX)
Jeffords (R-VT)
Kyl (R-AZ)
Lott (R-MS)
Lugar (R-IN)
Mack (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Nickles (R-OK)
Roberts (R-KS)
Roth (R-DE)
Santorum (R-PA)
Sessions (R-AL)
Shelby (R-AL)
Smith (R-NH)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Thomas (R-WY)
Thompson (R-TN)
Thurmond (R-SC)
Voinovich (R-OH)
Warner (R-VA)
that's what I call false equivalence!
one (D) among the yea votes(54), no (R) among the nay votes
thanks for making my point.
there is no argument to be made by the republicans on this bill and who supported it.
I hope it really does come crashing down soon. So the Bush Cabal can't run off and say . . .
"It didn't happen on our watch".
The ironic part is it's working class Republicans who are going to take the biggest hit.
AIG is in big trouble. As with all insurance companies, AIG is in the business of evaluating and forecasting risk. Is anyone troubled by the fact that AIG didn't even see its own problems coming?
AIG assumed that it can gamble and take all the risks (with little government oversight) it wants (hoping to make more money) because if it makes bad business decisions, and it loses money, we as the taxpayers will have to pay for their mistakes.
This is what the Republican business philosophy, if put into action, creates.
Lynn Rothschild to back McCain
WASHINGTON - A top Hillary Rodham Clinton fundraiser threw her support behind Republican John McCain on Wednesday, saying he will lead the country in a centrist fashion and accusing the Democrats of becoming too extreme.
Rothschild is also a member of the Democratic National Committee's Platform Committee. She said she would be stepping down from her position on the committee but will not switch political parties.
Talk about a two faced back stabbing "power player" hahahaha right sure you are lady.
The Republicans will be regarded from now on as "the party that wrecked America." Over the weeks ahead, as carnage in the economy and the financial markets ramps up, it will become increasingly clear.
An ad hominem is essentially questioning the character or the motives of an opponent's argument instead of taking the argument prima facie.
constituent @ 47:
If you listen closely to his "lines" (he's so obviously coached) it sounds as if he's saying ACCESS, not EXCESS.
Because probably in the back of his mind he's thinking, "I had to give the Wall Streeters access. I needed their contributions. It looks like I gave them excessive access....wha?....Huh?!"
That was signed with glee by Bill Clinton.
Leadership @ 1:
Well, the invisible hands behind the curtain of the Federal Reserve!
JR @ 85:
Total classic. The Cons-Repulbicans-Neocons-Cabals have been looting America for 8 straight years (again only this time it's catastrophic) and it's looks like they are rushing to the exit at this very moment with all the loot they can load up before riding off into the sunset.
Richterscale @ 23:
He could have but why would he veto a bill that he wholeheartedly supported?
When the fox is away, the chickens come out to play
or
Ferris Bueller's day off
Republicans are determined to free the market of any regulations which sets them free for any and all shenanigans, which brought us to today's fiasco.
There are some things only a government can do, like the obvious infrastructure, military, policing, etc. Add to this that the government is the only one who has the power to keep people honest.
Is it time to ban republicans from getting their grubby, corrupt hands into anything dealing with finance and insurance - that includes Social Security and Health Insurance. Those republicans pushing for investing Social Security in the stock market should get on their knees and thank the stars, or whomever they give thanks to that the Democrats kept that from even being seriously debated.
Republicans should not be allowed in money matters for the simple reason that they are known and proven to be the 'Culture of Corruption' and can talk of very little but keeping taxes low, or eliminating them altogether so they can keep more money in their pocket, because they know better how to deal with the economy. This is something that can be seen by looking at the annual deficits of the Taxcutter cabal (Reagan, Bush 41 and Bush 43) Bush 44 wants to be the next.
When will someone start talking about who will pay for all of this? What is wrong with PAYGO? Adjust the taxcode to allow for plugging in percentages of taxes to be collected based on the annual budget approved by Congress. That will teach them.
This is supposed to be a negative example???? Is this all you can come up with????
He removed restrictions, but you are complaining about the bill forcing an important disclosure (the fees) for the benefit of consumers?
Northwestern @ 95:
There's no MONEY. There's no Blue Chip companies anymore.
It's worthless PAPER.
WAMU is being sold - or rather they are preparing to sell themselves
Shades Of The Keating Five
http://apoliticalcommentary.blogspot.com/
A commission to study the current financial crisis? Great idea, John here's a clue where to start looking. A mirror! Or you could e-mail your buddy Phil Gramm and ask him, what happened, remember he was head of the Banking Committee in the 1990's, the guy that led the charge on behalf of the banks, insurance, and securities companies to repeal the Glass-Stegall Act. To "modernize" the banking industry. Your old economic advisor, remember?
The same industries that in 1997 and 1998 alone gave over $58 million in contributions to political candidates, $87 million to the two parties, and spent an additional $163 million in "expenses."
[Edited for length. From the C&L commenting policy:
"C&L reserves the right to edit all e-mail and posted comments for content, clarity, and length.
Bandwidth is expensive. The comment space is reserved for comments that relate to the topic of the post . You may not reprint lengthy text from your own works or those of others, including news articles. You may link to them."
Also, comments with more than five links are automatically gobbled up by the spam filter. Thank you. Site Monitor]
The Dow Jones industrial average dropped about 450 points today. Let us be optimistic, Bush-McCain are in charge. We only have lost near 1000 points this week alone. McCain beleives our economy is great. He likes us to think about Sarah Palin and Paris Hilton.
He does not believe: The issues for USA are poor economy, broken infrastructure, exported professional jobs, lack of medical insurance for many Americans, homelessness, and over burdened borrowing from other nations.
Does McCain realy believe his own words?
CoIntelPro against the WAR of LIES @ 83:
As I said, I never claimed there was any equivalency between Gramm and Clinton, just an inherent booby trap that will hurt Republicans the most, but also cause Democratic collateral damage. (Remember that, in the ten second sound bite game, explaining is losing. Thus, whoever is left trying to explain LAST loses by default.) This is the game the Democrats should expect to have to play, should they choose to play the Gramm card:
Round one: Dems point out both the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act that caused the meltdown were thought up, sponsored, and written by McCain’s chief financial advisor Phil Gramm.
Score: Dems 2 Repbs 0
Round two: Repbs, now playing defense (which is good) push the “But Clinton” button, and point out that Clinton signed both into law.
Score: Dems 2 Repbs 2
Round three: Dems point out that they were passed by a veto-proof majority, and if Clinton HAD vetoed them, Congress could have overridden the veto. (Public gets confused. Doesn’t understand how vetoes work.)
Score: Dems 3 Repbs 2
Round four: Repbs. Point out that, even though Clinton COULD have vetoed it and then been overridden by Congress, he chose NOT to. Hand out a press release of Clinton’s preamble to the Act, where he actually PRAISES the “modernization” of the financial industry. (At this point we’ve pretty much lost the tee vee audience, and we’re down to newspapers.)
Score: Dems 3 Repbs 3
Then comes the part that’s interesting. The Gramm link to the Acts is splashy, but in the long run is a zero sum game. Now, the Democrats point out that 1. Gramm is STILL McCain’s chief advisor and will probably end up as Secretary of Commerce or Secretary of the Treasury. He will push FURTHER deregulation, which has already proven to be a disaster. 2. McCain is being hypocritical for claiming he’s in favor of market regulation when he has a LONG history of being opposed to it. Dems will hand out a long list of his statements and votes.
This second point is the most damaging, since it strikes at McCain’s biggest myth: his character as a straight talker. Sadly, to the ten second sound bite audience, who can’t follow the nuances of the policy debate, this does the most damage. Not that McCain/Gramm’s policies are dangerous, but that McCain is a hypocrite and a double talker, and Gramm thinks we’re all whiners.
By the way, I don’t think that game I listed above will even stay in the news cycle long enough to get to round three. By Friday, they’ll be obsessing endlessly over Palin’s interview with Hannity.
following in Reagans "de regulator" shoes
Kathleen @ 101:
Both of whom are just puppets of the conservative movement, and Grover Norquists famous goal of making government "small enough that I can drown it in the bathtub."
They're a bunch of idiots, though, given that every time they deregulate the financial markets, GOVERNMENT ends up owning more and more of them as they're forced to bail them out. Pretty soon the U.S. government is going to own or control every U.S. bank by default. As I said yesterday, I'm not entirely convinced all of these neo-conservatives aren't just members of deep sleeper cells from the old Soviet Union, hellbent on destroying the U.S. economy.
Pericles @ 100:
now that's much better.
If the limits upon the criminality of those who are being deregulated is dependent solely upon the degree to which external limits are imposed upon them, then it is itself a criminal act to remove those limits. The trouble we are in today is the inevitable and only possible outcome of that deregulation. From the day it was proposed, I have been awaiting our current state of affairs. When the hell are we ever going to learn?
McCain gets by in this campaign with a handful of assertions: 1. the economy is fundamentally strong; 2. Deregulation is preferred in nearly all cases, 3. Tax Cuts are the key to a strong economy, 4. Military power should be our principle tool of leverage in foreign policy, 5. Fetuses are more important than human beings after they're born.
For McCain, these are his survival tools in any press encounter. He varies statements from time to time, but he has his whole candidacy mapped out in those five short statements. McCain will NOT go into any details about these positions because he doesn't have access to details. He doesn't deal in details, perhaps because he's lost the ability to remember details and integrate them into his more general statements. In other words, McCain is losing his cognitive abilities and cannot perform executive functioning in the way that he might do so were he still younger.
constituent @ 29:
Go back a bit farther and you'll find that in 1992 Gramm's wife was instrumental in getting regulation removed from companies that traded in energy derivatives. She was head of the Commodity Futures Trading Commission under Reagan, and Enron was lobbying them hard to get an exemption from regulation. The committee agreed, and shortly after that Gramm resigned from the committee and joined the Board of Directors at Enron.
So between the two of them, the Gramms have left quite a large swath of economic destruction behind them. But I'm sure they made some money out of it all.
John McCain, May 2007, said at the 5th Annual All Things Digital conference.
Repored in the WSJ
From the WSJ blogs -
Richterscale @ 23:
Yes, but Senators Biden, Harry Reid, and the majority of the other Senate Democrats voted in favor of the final version of the bill. The Democrats supported this law, too. Surprising this isn't mentioned, no?
Login or Register to post comments.