John McCain was instumental in our present financial crisis ? Deregulation reduces oversight.
Everyone seems to agree that the current financial crisis was caused by lack of oversight in financial markets.
Google McCain deregulation
Tuesday, September 16, 2008
One could argue, quite accurately, that John McCain is responsible for the Nation’s economic crisis. McCain has worked his entire career to deregulate the financial industry – with disastrous results.
In the 1980’s McCain was a key figure in deregulating the savings and loan industry. McCain parlayed it into highly profitable graft for himself. That led to wholesale theft and the collaspe of many S&Ls. McCain got caught in the the ensuing scandal but successfully used his POW line to wiggle free.
McCain’s economic guru, Phil Gramm, slipped the “Enron Loophole” into legislation in the year 2000. This deregulatory loophole was used by that infamous company to game the electricity markets so egregiously that it led to Enron’s own collapse. Since then, McCain has blocked every effort to close the loophole which is now being used by energy traders to game gasoline prices.
The current banking crisis traces back to the repeal of the Glass-Steagall Act in 1999. Again Phil Gramm get direct blame for deregulating banks. Again, John McCain followed Gramm like an servile puppy in the effort. The effect is an economic crisis the world has not seen in 75 years.
McCain has said he will make Phil Gramm Treasury Secretary.
McCain’s son, Andrew, ran an Arizona bank into bankruptcy earlier this year under curious, at least, circumstances.
Not content with fucking the nation’s economy, McCain is campaigning on a platform of deregulating health care.
It is true that, as of today, John McCain is urging reregulating the financial markets. Of course that would mean undoing his life’s work. But, John McCain wouldn’t lie, would he? He wouldn’t say one thing now to get elected and do another thing after he gets in office, would he?