John McCain has no regrets being Mr DeRegulator on Wall Street: No, I think the deregulation was probably helpful to the growth of our economy
By John Amato Sunday Sep 21, 2008 11:00am
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...
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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.
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Mr Deregulator, you need a haircut, right around the Adam's apple.
McCain '08 - the Dementia tour.
How can you take anything this guy says seriously...
John McCain showing symptoms of dementia and/or Alzheimer's...
http://www.youtube.com/watch?v=iWX5u69hmzY
John McCain awkward at Sturgis Motorcycle Rally in South Dakota..
http://www.youtube.com/watch?v=sK-LEyyf7d4
Let Nader in the debates. They will be very interesting, even if he is the only one that shows up.
there's gonna be some bowing down to an awesome power alright...
.
De-regulation DID help the economy grow. It helped with venture capital and a lot of internet business. It also helped the banking industry grow, so there really isn't a dispute there. But it went too far. The amount of deregulation was excessive and people knew it at the time, including McCain. But they allowed the idea of unchecked greed to morph into growth.
The facts are there, but McCain and his ilk blew it big time.
Let these bastards crumble. Then slap a 90% tax on the Rich including estate tax. . and no taxes on American citizens who got ripped off by Wall Street until that money is returned to the rightful owners.
McCain - was for deregulation before he he was against it, but still kinda for it, because it really did help, but of course not so much, but we shouldn't overreact, unless we really need to, and this time we really need to, because well...this is bad...but not so bad that we need to totally regulate again, because that could make things worse, but nothing is worse than what is happening to the American people right now...and he's with them, but he would counsel them to be cautious so that too much regulation doesn't make it worse...
That about sum up his position?
Why are we bailing these people when we should be jailing them?
He's either lying right through his fucking teeth, is in absolute denial that he's partially responsible for this meltdown, or he actually believes his own bullshit.
Any of which casts him in a sinister light.
Take your pick.
Bush is notorious for appointing people to positions for which they are not qualified. Remember Brownie. So now we are supposed to trust Secy. Paulson with $700B to do with as he sees fit. How do we know Paulson knows what he is talking about? I do not trust Paulson, I do not trust the Bush administration, and I do not trust McCain on this. McCain is being fed everything he says and he is so afraid of losing this election he will do what he is told. Hopefully the Democrats will stick by their position on this bailout and not let the Republicans get by with their demands. The Republicans are very good at playing on the fears of the American people but this time we must stand firm and not rush into something just because the Republicans say we should.
Sure deregulation helped the economy grow... but at the same time it's causing the collapse.
So, for Republicans it comes out about even, but they've made their money, lost other people's money and want to be compensated for it.
Did CBS use a filter when McCain was on camera? It looks like one of those filters they used to use on aging actresses in the 40's.
What a shameless liar. This guy's contradictions are breathtaking. Grandpa can't help himself anymore.
A wonderful article that goes right at the heart of the whole thing:
How We Became the United States of France
By BILL SAPORITO
http://www.time.com/time/nation/article/0,8599,1843168,00.html
And, having watched McCain's 60 Minutes interview last night, I kept asking myself how in the hell this stupid, out of touch, old fool is dead even with Obama.
Alice X - (Chomsky Nader) - status quObama - change you can pretend in - @ 4:
I think Nader and Bob Barr and Cynthia McKinney should take all the debate questions the night after the "big" debate and answer them in a forum televised by CSPAN. Probably Bill Moyers would agree to moderate it.
As to this whole financial debacle that is unraveling before us, here is a troubling article I read today which should make all of us exclaim, "A pox on ALL their houses!!!":
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
And this certainly isn't going to help Obama and the Dems:
http://wnd.com/index.php?fa=PAGE.view&pageId=75852
What a way to start the week. Oh boy.
Chuck U @ 13:
Yeah. McCain only looks 70.
Deregulation had absolutely nothing to do with growing our economy. Give me a break.
Just once I'd like to see a journalist hold McLame's feet to the fire and NOT let him dodge questions.
I LIKE IT!
DON'T BAIL 'EM, JAIL 'EM!
Liberal AND Proud @ 8:
ROFLMAO
Oh, here's another gaffe by John McCain where he confuses the National Guard with the Army:
http://www.youtube.com/watch?v=jqavpO66f2w
The debate this Friday between Obama and McCain will prove to be McCain's undoing. No teleprompters, no hidden mikes up their backs (I hope).
I LIKE IT!!!!
DON'T BAIL 'EM, JAIL 'EM!
We are living in a third world country now thanks to assholes like McCain. Plenty of them on the Dems side that sold us all down the river also.
liberalNmoderation @ 10:
Liberal, I actually believe that each of your points on this career fraud are true. This old freak as President should be scaring the fuck out of everyone.
biggest.asshat.ever
and palin is just the pretty bow tied onto that asshat
If only we could use that $700 billion dollars to build up some sort of social safety net to protect people from the uncertainty of free market capitalism. Some sort of security administration of some type. That way, there would be some protection for people who have had to gamble their life savings and their pensions on the stock markets because there was no safer investment available to them. If only we could put this money in some sort of "lock box" and pay it out in a kind of government pension.
Is McCain delusional? WTF? We are in a seriuos meltdown, and he thinks deregulating was good a thing to do? Dear Lord, We are in WonderLand. I need to escape into a bottle of beer.
"was probably helpful"
translation: i haven't a friggin' clue...
"not the greedy Wall Street people that I worry about"
translation: they're my buds and they'll take care of me... i worry about voters seeing through my b.s.
"anything that’s gained back is gonna go to the taxpayers"
translation: say buh-bye to your money
"we’ve gotta fix the average citizen"
translation: we've gotta step up our disinformation
"in danger of losing their pensions"
translation: i need to deregulate some more as potus so that i can cash in
Free market fundamentalists are so enthralled with their Grand Unification Theory that whatever happens in the real world, however many lives are ruined on the way to the realization of the theory, is immaterial. It's no wonder that they would find their soul mates in fanatical anti-abortion terrorists.
P.D. @ 27:
No. Delusional was LAST year. Dementia is THIS year. Loss of bladder control is NEXT year. In home care the FOLLOWING year...until Cindy can find a nice assisted living facility by 2011.
sofla @ 15:
And, having watched McCain's 60 Minutes interview last night, I kept asking myself how in the hell this stupid, out of touch, old fool is dead even with Obama.
I do not have much faith in the polls but even that being said it is too close and scary. One reason McCain is so close is that many Americans are racist and will never vote for a black man. Sad. If these people would stay home on November 4th it would be OK with me.
If McCain was 40 or 50 years old I wouldn't be so afraid but with his age and health, both mental and physical, it is truly scary to think Palin is waiting for that last heart beat. She truly believes she is ready to step up and be POTUS. Now THAT is scary. (I just noted how many times I used the word scary. (Does that indicate how I really feel?)
He is right. You guys just have a liberal definition of the word "our"... the conservative definition is MUCH different.
sofla @ 15:
...because of examples like today being the first time ever that cnn's run a ticker which indicated obama's cutting taxes for the middle class... before that... bupkas... they've glossed over mcliar's lies and have cut obama at every turn... the msm provides all sorts of airtime and consideration and slack for the rethugs... but they've shit on obama each and every time they've had an opportunity to... even the earlier "fascination" with obama was entirely skeptical and "rebutted" by plenty of input from the cons...
Liberal AND Proud @ 8:
Freakin' Perfect!
Why would McCain care about execs sailing away on their yachts?
He's no different than any of them.
A basic conservative tenant is to not piss money away on stuff like this.
True conservatives would be letting all the crooks eat shit and die now,
if they ever let this kind of crap happen in the first place.
In the world of human, and political, behavior bailing out thieves, not to mention
letting them run loose in the first place, is actually quite liberal.
Left&Left @ 24:
Mornin, L&L
Yeah...it's only scaring the people that actually are smart enough to know what he's really about.
Astro @ 9:
thanks to deregulation, nothing done was illegal just immoraly reckless. but "trust them", they'll fix everything they broke - and make themselves a profit while they're at it.
He doesn't know what the fu*k to say until someone tells him or the occasion speaks for itself. Deregulation? Sure if it helps the fat cats. Regulation? Sure if it gets him votes.
Who the hell is even still listening to him? He doesn't give a flying shit about you, me or anyone else. Right now it's all about winning an election and no lie is too big to tell to attain that goal. Take Palin for example, you know he knows damned good and well that she is about the worst person he could have chosen for a running mate, yet he chose her. He chose her because he was told he would lose without her. Country first? I fu*king doubt it. Ego first and country wherever there's room on down the line.
liberAL @ 11:
McCain is notorious for the same.. remember Palin
The proposed Wall Street bailout is Bush administration CODE BROWN v3.0.
CODE BROWN v1.0, of course was the AUMF: "Give me unlimited authority to attack Iraq, or EVERYONE WILL DIE!"
CODE BROWN v2.0 was the AUSS: "Give me unlimited authority to secretly spy on anyone, or EVERYONE WILL DIE!"
Now comes the CEO-in-Chief's / MBA President's swan song, v3.0, the AUTM: "Give my Treasury Secretary unlimited authority to use taxpayers' money to bail out the financial industry, without any oversight, or EVERYONE WILL DIE!"
Time to get your "Mission Accomplished" banner back from the dry cleaners and ready to hang from the portico, George. Your crony looting of the federal till is nearly complete. Which, of course, is why you were installed into office in the first place. Heckuva job.
new word otter @ 5:
I hope that awesome power is the American people who eventually will stand up and say ENOUGH ALREADY!!!
Is it me or is every answer this guy gives the wrong answer?
McCain looked really odd in this interview--like someone botoxed the crap out of his face.
the mclame & paltry campaign is in it's 'final throes'....watch the pork and spinning lies unravel!
They should strip mine the assets of the executives and investment bankers, write down to their f'en Rolexes. Then maybe I'd be in favor of a bailout.
1789 France. Look it up.
Liberal@30, It feels like Reagan all over again. McCain has serious lapses, whether confusing Sunnis and Shites, how many homes he owns. Jesus! He owns dozens of vehicles (some which are foreign, I might add). Why aren't the Righties up in arms over that!
Billy @ 35:
"True conservatives" - there's your problem.
and just to jog your memories....
McSame was a member of the Keating 5...remember the S&L scandal during the Bush 1 term?
The McCain-Keating Connection By Progressive Accountability
September 19, 2008
http://www.thenation.com/doc/20081006/keating_video
sofla @ 15:
Excellent TIME's article.
Looks like the deregulator needs a defibrulator.
reichwingers are already complaining that the Democratic led Congress is moving too slow on the bailout, because they want such niggly little details as new regulations and caps on executive compensation packages.
Filthy Harry @ 42:
Heh.. Yes.. It is not just you.
The only response these "free-market" "conservative" dead-enders should ever hear is this line I once used on a co-worker;
"I am so tired of you always being wrong."
McCain’s Lobbyist Cronies: Their Deregulation Push Set The Stage For The Meltdown
By: Christy Hardin Smith Monday September 22, 2008 7:02 am
http://firedoglake.com/2008/09/22/mccains-cronies-did-mccains-lobbyists-...
Who would have ever guessed that a man that was caught up in one financial scandal (Keating) would get caught up in another one? /snark
right on! @ 41:
definitely where i was heading with that...
.
Hmmmmm.. no a clever sort would take the snippet, the first 12 seconds, where he says that he'd deregulate the Wall Streeter's again, add a little voice over with footage from the Depression era food lines about the where we are as a country economically, the start McCain up again at 1:04 where it contradicts himself with "It was basically a ponze scheme." If the Depression footage is too stark, just use some of the numbers involved in the bailout, not to mention the parachute packages the CEOs are getting.
thomas @ 29:
Yes, and when their theories are put into practice and flame out, plunging people into poverty, they blame it on not having implemented free market reforms in a pure enough form. They're insane.
Why would a 7 home, 13 car, 100 million dollar owning asshole give a flying fuck about anyone but himself? His lobbyist friends are happy so all is right with the world. And as soon as they can get dumbya to sign over all those billions they'll be even happier. See?? Problem solved.
Anyone who votes for these scum sucking bottom feeders deserves everything they get.
AManWithoutAName @ 44:
McCain & Palfrey for President. DC Madam. Deborah Jeane Palfrey
Liberal AND Proud @ 8:
Perfect.
When I cast my vote for Nader this November, if McCain wins, does that mean I voted for Bush? But if Obama wins, does that mean I actually voted for Gore? If Nader wins, does that mean I really voted for Nader? Somebody spin this for me. I just thought that I had some silly right to vote for Joe Blow if I wished, and the candidate who got at least 270-electoral votes became president...dumb me.
Mark Cartwright @ 61:
You can write in "Mickey Mouse" if you want... it will have the same impact as voting for Nader.
sofla @ 62:
DONALD DUCK!
xoites defends Constitution @ 63:
The next question should have been "What's a Ponzi scheme?"
I'd be willing to bet McCain would have no clue.
xoites defends Constitution @ 63:
Yeah. GOOFY already had two terms.
John--
Sorry for the english lesson, but it's not "tenant of Conservatism", but "tenet of conservatism">. A 'tenant' is someone who rents and occupies property....A 'tenet' is a basic principle.
Filthy Harry @ 42:
If this shit wasn't so important it would one funny ass reality show. The fact that people are seriously considering putting this nutty old mutt in office is mind boggling.
sofla @ 64:
But i trust Donald Duck so much more.
caseynm @ 67:
Republican economic policies will make all middle Americans tenants of conservatism.
Mark Cartwright @ 61:
No one needs to "dumb" you. Just stay home and wash your car.
Yeah of course Gi John, You care about our retirement packages... (the little people)
And are enraged (as usual) with the Exec's ... which is why you are going to cut their taxes... So .. it can .. trickle down on us??!?
I am confused..
I think were getting a drop of lubricant... but it is still a brutal rape... maybe that's not astroglide afterall..
Its not..
Its blood..
Oh my God... is only really just begun...
The plunging..
Not to be a member of the grammar gestapo but I think you mean deregulation is a basic TENET of conservatism and not tenant.
A tenet is a principle, opinion, dogma or doctrine which someone believes while a tenant is someone who rents an apartment in your building.
sofla @ 57:
Politics is really a discussion about the role of government. The Republicans believe that the government should have no role. The best way to keep the government from having a role is to create huge debts that cripple the government. Republicans are really closet anarchists. I wonder how much of this banking scandal is real; how much of it is the Republicans trying to strap the government with enough debt to cripple it.
caseynm @ 67:
Doh! You must type much faster than I do.
Anyone see Paulson on Brokaw yesterday? Very revealing moment when he compares this to the S&L crisis/bailout of the Regan/Bush I era. He refers to the RTC and how, having the failed, the government came in with money and took over the assets, REAL PROPERTY, of the failed institutions. He then adds how this is different, that the government is not waiting for the institutions to fail this time, but is rather taking over the bad debts of these institutions absent the asset itself, the property in other words (read equity).
In part, I can see why. This frees the institutions to act on delinquencies through foreclosure, etc. while allowing the government to seemingly keep its hands clean of the not very nice litigation and, thereby, precluding those taxpayers who didn't bury themselves in debt through pyramid real estate mortgage schemes with the liabilities of those who did. The risk to taxpayers is the uncollateralized loans to these institutions, however.
Arguably, someone could also make the case that the government simply isn't capable of administering so many properties should mortgage defaults cascade further. However, there is also the perception that the government is acting on behalf of the corrupted financial institutions who will, ultimately, act to enforce the contracts on the borrowers to their great detriment and with the governments wink and nod.
Flip Flop McCain
This guy is unbelievable and those who will vote for him need their ASS kicked from here to Timbuctoo
No, I think the deregulation was probably helpful to the growth of our economy:
Translation: It has helped to make the fat cats of Wall Street fatter by allowing shady, underhanded and illegal dealing, all the while setting things up for EVEN more of the Peoples money to fall into fewer and fewer controlling hands. The Government wants it all, and they will get it one or the other.
Someone got very, very rich on this last little financial 'emergency'.
No fool like an old fool: McCain.
Seems the Grammar police is in full force this morning.
Someone ever thought for some english is their second language and they are trying?
Conservatives worldwide believe that if a service needs to be provided, someone must make a profit. To that end, taxes are paid to ensure those profits. Quite simple really.
Uppity Blue Lensman @ 19:
Exactly what my wife and I said while watching the two men talk. While Obama took every hard question Steve Kroft threw at him and answered every one, giving specifics (even though we didn't agree with everything he said), McCain dodged, repeated talking points that had nothing to do with the questions, and contradicted himself. And Pelley never dug further to reconcile the contradictions.
My wife--you'd have to know her to know how unusual this is--screamed at the TV, "C'mon, Pelley, what, are you afraid of him?" I wonder if that's it--reporters must be afraid of either losing access to him or scared of his temper. They never make him clarify when what he says makes no sense or lacks detail.
Look for Palin to do the same thing in her debate with Biden. She'll repeat all kinds of Republican buzz-words, but to questions that have nothing to do with them. The only question I have is, will Gwen Ifill let her get away with that? She didn't in her two interviews with Obama.