Scott Pelley of 60 Minutes asked John McCain if he regretted helping the deregulation of Wall Street back in 1999 and McCain said no because it helped grow our economy to where it is today. Yes, that's his story and he's sticking to it. It helped out economy so much that President Paulson is asking for 700 billion dollars with no strings attached to save McCain's economy that is a step away from turning into another great Depression. Is he kidding me? We have another Enron type scandal on our hands in the financial markets only this scandal is on Super steroids. Paul Krugman shares a few thoughts with on us...
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.
McCain has been an advocate of deregulation most of his career, but Thursday he endorsed the biggest bailout in history - a plan for the government to take on the bad debts of financial institutions.
"We're gonna take over these bad loans. We're gonna take over these bad - these bonds and we're gonna keep you alive. And we're gonna have the taxpayer help you out. But when the time comes and the economy recovers then anything that's gained back is gonna go to the taxpayers first. I'm not saying this isn't gonna be messy. And I'm not saying it isn't gonna be expensive. But we have to stop the bleeding," the senator said.
Pelley: But why would you let the Wall Street executives...
McCain: I'm not.
Pelley: ...sail away on their yachts and leave this on the American taxpayer?
McCain: Well, it's not the greedy Wall Street people that I worry about, although I am, like most Americans, frankly, enraged. It's basically a Ponzi scheme, as you know, that sooner or later was gonna collapse. And I'd like to get that money back from them. But we've gotta fix the average citizen who's the innocent bystander that is in danger of losing their pensions, their 401(k)'s, their IRAs. Their very life savings are at risk here.
He doesn't worry about the greedy Wall Street people. They had nothing to do with it in McCain's mind. They did it because it was raining one day and they got a little bored. My God, please help us. A basic tenet of Conservatism is deregulation. Sorry Sully, yes, you've been conned...Get rid of all the rules that corporations have to follow, which in most cases cuts back on their profits so they can have an unfettered hand to do what they like without consequences. The end result is what we have now. A complete meltdown of our financial institutions.
It's also geared to destroy the New Deal and keep all the acquired wealth of the nation in only a very select group of people and corporations so they can have complete control of our nation. They all say how much they hated England back in the day, but that's what they really want. Kings and Queens and Dukes, oh my! A ruling class of moneychangers while the rest of us bow down to their awesome power.