April 23, 2010

More "too big to fail" double-speak from Sen. Keating Five McCain. This man has absolutely credibility whatsoever talking about financial reform given his history on the topic as I pointed out after Fox had him on again for the Sunday bobble head show.

McCain doesn't want these industries to be "too big to fail", and now he's claiming we should have a wall between "traditional banking and investment". He also thinks there should be some "oversight" but never says who should be doing it and he says if "taxpayers dollars are not at risk we should let them do what they want". So in other words, he still doesn't want any regulation and if these financial institutions come crashing down again, just let the entire economy explode. When he tells us how he plans to get them unscrambled from the funds in those traditional banks without regulating them, I hope he lets us know. I'm not holding my breath since he helped tear down the walls in the first place he now says should be put back up.

Greta asks him if he thinks we're "using our criminal code enough". McCain agrees and says "there should be more criminal enforcement of some of these things that we have seen take place". Of course McCain doesn't say which things that have taken place should be prosecuted. I'm sure McCain knows all too well that far too many of the activities that took down our financial markets unfortunately are not illegal because they were deregulated and they let the financial markets turn into the Wild West with his help. I do hope they prosecute or sue over the activities that were illegal, but so far we've seen little of that.

He then gets asked to comment on whether he agrees with Blanche Lincoln's proposal for more transparency of the derivatives market and he doesn't answer and says we need more transparency from the Fed. Well, that's true, but I doubt he'll supporting Lincoln's amendment.

It really gets old seeing this man be allowed to come on the television and talk out of both sides of his mouth so badly and never get called on it.

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