McCain’s Record On Economic Reform: ‘Zero’
McCain’s Record On Economic Reform: ‘Zero’
A new ad released this morning by the McCain campaign states, “Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it.” In a statement today, McCain said he will “replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington” and bring “accountability to Wall Street.” That promise rings hollow considering he has the former lobbyists of AIG, Merrill Lynch, Lehman Brothers, and Bank of America on his campaign staff.
On Bloomberg Television this weekend, House Financial Services Committee Chairman Barney Frank noted that, as a leader in the Senate Republican caucus, McCain did nothing for years to deliver reform in the face an impending credit crisis:
So here’s the record – 12 years of Republicans, including John McCain being a committee chairman for much of that period. Zero – zero enactment of any reform. Democrats take power, and in a year and a half, we have passed a bill that did everything the administration asked for, in terms of enhancing the regulatory structure.
Watch it:
Years of right-wing economic policies have created this moment of financial crisis. The mortgage bubble resulted when Fed chief Alan Greenspan kept interest rates at historic lows, and the government failed to regulate questionable practices in the financial sector.
This fact was underscored recently by Republican Mike Oxley, the former chairman of the House Financial Services Committee. Oxley noted that the House passed a bill in 2005 that could well have prevented the current crisis by issuing stronger regulations of Fannie Mae and Freddie Mac:
“All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.” […]
“We missed a golden opportunity that would have avoided a lot of the problems we’re facing now, if we hadn’t had such a firm ideological position at the White House and the Treasury and the Fed,” Mr Oxley says.
Oxley recalls that the bipartisan legislation “faced hostility from the Bush administration,” but also “lacked a champion in the Senate.”
Topic Cloud
ArchivesBlog Roll
Once again McCain is out ahead of the Democrats in defining and speaking to the issue. I am sorry, but the Democrats should have been all over this. I am changing my mind. The Democrats deserve to lose this election. They are nothing but little wimps who can not fight to win anything. They are weak little cowards too afraid to stand up to the lies and bullying of McCain. Why the hell should I trust these little girls to accomplish anything.
The only hope lies in a new third party (immediately) or perhaps a good old fashioned revolution.
September 15th, 2008 at 12:39 pmThe Republicans didn't cause this financial markets mess - the corporations prepared this mess since the 70's.
The Bush Republicans failed to repair the system, as did the Clinton Democrats.
September 15th, 2008 at 12:40 pmLet's see, McCain as part of the Keating 5 (S&L meltdown), Economic Advisor Gramm (Architect of Enron failure and un-regulation of all financial institutions and large corporations).
I guess Johnny Boy does have a lot of economic experience; unfortunately, all of it is B A D !!!
September 15th, 2008 at 12:46 pmThanks to a past poster on this site:
Socialize the losses, privatize the profits
September 15th, 2008 at 12:48 pmSven Ortmann @ #2 says: The Republicans didn’t cause this financial markets mess - the corporations prepared this mess since the 70’s. The Bush Republicans failed to repair the system, as did the Clinton Democrats.
Yeah but...the Hoover Recovery should be kicking in any day now...No...?
====
September 15th, 2008 at 12:48 pmuh, fact check.....the de-regulation under bush II and the republican house and senate before 06 allowed this to happen. Nothing else.
They are doing things now that were illegal in the 70's, 80's , 90's and are now legal......
September 15th, 2008 at 12:48 pmO my brothers...and sisters...I'm afraid we're going to have to face facts. They don't call it Late Capitalism for nothing.
====
September 15th, 2008 at 12:49 pmGreed drove the housing bubble, from sales commissions to mrtgage origination fees to rating agency revenues to Wall Street houses mortgage packaging profits.
It's now dancing its way through our energy, health insurance and defense industry sectors. More reckonings await.
September 15th, 2008 at 12:51 pmDemocrats always what to talk about the past, history will judge that past. They never propose what we're going to solve the crises we're facing today and to get the economy and country on the right track.
Standard republican response to an interview like this. They get to avoid taking any responsibility for the failed policies they promote; dis Democrats with the accusation they are a do nothing party, all the while pretending that the continuation of the policies that have caused such devastation to the economy (war, etc., etc.) are what is needed for it to recover - though obviously never explaining the rationale for such assertions.
Tell me again how an unregulated Healthcare Insurance industry brings costs down again? All evidence suggests costs rise and fewer Americans receive coverage.
Apparently saying it makes it so.
I may not be the smartest guy on the block, but I can smell shit when it is on my shoe. Can you?
September 15th, 2008 at 12:52 pmSven, corporate CEO's = Republicans, for the most part. Recall who Bush dressed down years ago regarding execessive CEO compensation?
It was a bunch of Wall Street traders on the floor of the NYSE. Not a CEO in sight...
September 15th, 2008 at 12:54 pm
September 15th, 2008 at 12:54 pmWhat does this add?
Sven Ortmann Says:
--------------------------------------------------------------------------------
The Republicans didn’t cause this financial markets mess - the corporations prepared this mess since the 70’s.
The Bush Republicans failed to repair the system, as did the Clinton Democrats.
September 15th, 2008 at 12:40 pm
Quite remarkable how Bill Clinton is always fully or partially responsible for all the ills in the world ..........
September 15th, 2008 at 12:56 pmI saw the attempts to blame this crisis on Franks yesterday (sorry, can't remember which show) and they sited congress' low approval ratings to back up the lie.
What the GOP is apparently missing, or unwilling to admit, is that congressional approval is low because we wanted the new Dem majority to do more to stop and expose BushCo criminal activity, not less.
Deregulation. Skyrocketing oil prices, unchecked speculation manipulating markets, sub-prime mortages given to anyone with a pulse, loosening or eliminating pollution restrictions, the collapse of the Utah mine, etc. ad nauseum.
The only industry that I can recall where deregulation helped the average American was the break up of Ma Bell.
But, let's just blame the Dems. What else to they have to run on?
PEACE
September 15th, 2008 at 12:56 pmMcCain’s Record On Economic Reform: ‘Zero’
As if someone with absolutely zero knowledge on a particular subject will know how to correct anything having to do with it ?
September 15th, 2008 at 12:58 pmMcCain’s Record On Economic Reform: ‘Zero’
That is when he rarely shows up to even vote or do the job he was elected to do as a Senator.....
September 15th, 2008 at 12:59 pmIt's the American peoples responsibility to elect good leaders. They have failed repeatedly but you can't sell good. You can sell evil and that is what they must be smart enough to see through.
It wasn't Jimmy Carters fault that Americans allowed the gop to hang the nixon recession around Jimmy's neck.
It wasn't Hillary's fault that Americans fed her to the wolves when she tried to get health care fixed in America.
It wasn't Bill Clintons fault that Americans bought newt's campaign of hate and destruction against him.
It wasn't Al Gore's fault that Americans turned their back on good fiscal managment in favor of someone you would drink beer with.
It wasn't John Kerry's fault that Americans allowed the swiftboating lies to become facts.
Americans get the democracy they deserve. We totally deserve what we have been getting. Until they wake up and do something about it then it doesn't matter what the dems do.
September 15th, 2008 at 1:03 pmMcCain must have a "secret plan" for the economy, much like his "secret plan" to get Osama Bin Lauden, but he will not share it with anyone unless we elect him President.
**eyes rolling**
He would rather the economy burn and a terrorist go free if we do not fall for his emotional blackmail.
September 15th, 2008 at 1:05 pmDon't judge JMOHR too harshly, he is an old poster here and he is trying to get you mad enough to do something.....his method is to get us pissed off and up on our feet. He has a valid point.
September 15th, 2008 at 1:07 pm"uh, fact check…..the de-regulation under bush II and the republican house and senate before 06 allowed this to happen. Nothing else."
The short-sightedness is a structural phenomenon that was created long ago, by the corporation's own actions.
Failing banks didn't use basic banking principles - they were betting too much.
Btw, it's especially difficult to blame McCain for this mess because he wasn't really occupied with economic policy in the past. His claims to fix the mess soon is quite an infamy, though.
September 15th, 2008 at 1:08 pmjust read the text from Sen. Biden's speech (at http://www.talkingpoints.com) and wanted to stand up and cheer -- every paragraph solid, every point right on target.
Here we go!
September 15th, 2008 at 1:10 pmMCMetal Says:
Quite remarkable how Bill Clinton is always fully or partially responsible for all the ills in the world ……….
September 15th, 2008 at 12:56 pm
_______
He deserves a share of the blame - I'm not going to pretend that he doesn't. The Commodity Futures Modernization Act (aka the Enron Loophole) was pushed through Congress and signed into law on Clinton's watch.
September 15th, 2008 at 1:11 pm"So here’s the record – 12 years of Republicans, including John McCain being a committee chairman for much of that period. Zero – zero enactment of any reform. "
yeah, but he was a POW.
September 15th, 2008 at 1:12 pmGuess what, Bush offered "the hair of the dog" tonic for Wall Street investment houses:
The Fed said it would let Wall Street firms post as collateral much riskier assets — including equities, junk bonds, subprime mortgage-backed securities and even whole mortgages — in exchange for emergency loans through the Primary Dealer Credit Facility.
Isn't this what got the whole crisis rolling in the first place, loans to risky borrowers?
September 15th, 2008 at 1:13 pmHere's the thing:
September 15th, 2008 at 1:15 pmIf Republicans hate the Government so much, why the hell do they want to be in it? GET F OUT, you bums - you have NO IDEA what you are doing. How can anything they propose work when they DON'T BELIEVE in Government?
JMOHR Says:
"The only hope lies in a new third party (immediately) or perhaps a good old fashioned revolution."
I couldn't agree more!
September 15th, 2008 at 1:15 pmSven Ortmann Says:
Btw, it’s especially difficult to blame McCain for this mess because he wasn’t really occupied with economic policy in the past. His claims to fix the mess soon is quite an infamy, though.
Being the Senate Finance Chairman when the Repubs had the full house and Senate, don't you think he should have been occupied with economic policy in the past?
September 15th, 2008 at 1:16 pmWho said we got what we deserved? I think your posting on the wrong board. Progressives, Democrats, Independants all think of the whole, not just "my piece of the pie" like the lock step Republican majority.
September 15th, 2008 at 1:16 pmIf I got what I deserved (and most of the posters here), we'd have a transparent government. We wouldn't be at war. We would have universal healthcare and low cost or free college (and I don't care if you have to volunteer to get credits).
Please, quit blaming Clinton or Carter or any other Democrat. This entire mess has been caused by the Republican party. There is truth in this statement and cannot be denied.
As for McCain, just this morning I began to believe in his dimentia, is it possible? As for Palin, we should be more frightened of her than anyone since Joe McCarthy.
A little OT but, when you get to the end you'll see how it fits. http://www.informationclearinghouse.info/article20756.htm
September 15th, 2008 at 1:17 pmJMOHR Says
September 15th, 2008 at 12:39 pm
They are nothing but little wimps who can not fight to win anything. They are weak little cowards too afraid to stand up to the lies and bullying of McCain. Why the hell should I trust these little girls to accomplish anything.
____________________________________________________________
JMOHR, I love you and I love your posts, and I understand your frustration at the Democratic Party. But could I request that you express your frustration in a way that isn't insulting to females? Little girls aren't weaker, more ineffective, or inferior in any way to little boys. And the term "little girl" should never be a taunt or an insult.
September 15th, 2008 at 1:18 pmMcCain’s Record On Economic Reform: ‘Zero’
_____________________________________________________________
Hmmm...this seems to be his record on winning wars, too. Yet he still wants us to believe he "knows how to win wars."
September 15th, 2008 at 1:21 pmCorrection to my earlier post, McCain was Chairman of the Senate Commerce Committee, not Finance.
September 15th, 2008 at 1:30 pmhusseinn toasterhead: "He [Clinton] deserves a share of the blame - I’m not going to pretend that he doesn’t. The Commodity Futures Modernization Act (aka the Enron Loophole) was pushed through Congress and signed into law on Clinton’s watch."
And the Telecom Act was another disaster.
But in case anyone is thinking why couldn't he veto the way Bush has, don't forget that not only were the GOP in the majority of Congress for 6 of the 8 years they were also railing against the involvement in Kosovo and investigating Clinton for murder, coke-dealing, abuse of power,rape etc and the Democratic Party as a whole was getting crushed. Strategically Clinton HAD to consider compromise.
September 15th, 2008 at 1:31 pmREFORM to a Repukian Fascist Mafia Member means - They get more loot and so do they people showing absolute loyalty to them also.
A friend of mine in Sweden EMailed me and asked "What the fcuk, has America totally lost it's collective mind?"
September 15th, 2008 at 1:32 pm5th Estate Says:
husseinn toasterhead: “He [Clinton] deserves a share of the blame - I’m not going to pretend that he doesn’t. The Commodity Futures Modernization Act (aka the Enron Loophole) was pushed through Congress and signed into law on Clinton’s watch.”
And the Telecom Act was another disaster.
So was the DMCA.
September 15th, 2008 at 1:33 pmBuckie Boy Says:
A friend of mine in Sweden EMailed me and asked “What the fcuk, has America totally lost it’s collective mind?”
That happened long ago when Ronnie "Trees cause polution" Raygun was elected president. America just hasn't found it again yet.
September 15th, 2008 at 1:36 pmPatty,
What's the password for that link to the Biden Transcript?
September 15th, 2008 at 1:36 pmnevermind :)
(sorry for the interruption, folks)
September 15th, 2008 at 1:39 pmWayne-So true, so true...she is too young to know Ronnie though.
Yes, she is the typical movie version of a Swedish blonde, her and her husband are some of the nicest people I have ever known.
September 15th, 2008 at 1:39 pmThe reputation of the dems in congress has everything to do with NOT doing what they promised they would do and that was to irradicate corruption in Washington. The “corruption” mandated by the people was Bush, Cheney and their cohorts primarily so this rejection of the congress has nothing to do with anger toward democrats….it’s anger toward congress for not ridding us of this filth called the Bush/McCain administration.
It's called the power of the veto and not having a veto-proof majority in most cases.
September 15th, 2008 at 1:42 pmMcCain was Chairman of the "United States Senate Committee on Commerce", not on finance. The Commerce committee has nothing to do with banks and insurances:
http://en.wikipedia.org/wiki/United_States_Senate_Committee_on_Commerce,_Science_and_Transportation
Btw, Nobel price winner (economy) Joseph Stiglitz gave an interview to a German newspaper today.
September 15th, 2008 at 1:42 pmHe thinks that the USA is halfway through the crisis and recession is inevitable. Recession would last longer under a president McCain than under a president Obama.
http://www.welt.de/finanzen/article2448286/Nobelpreistraeger-rueffelt-US-Regierung.html
an older interview (in English):
http://marcelinopena.wordpress.com/2008/06/04/truthdig-interviews-stiglitz-on-the-current-us-economy-future/
Wayne's point is spot on. I would add that this is the time frame where the de-regulation of Fannie and Freddie was pushed through by....wait for it.....mccain and pals.
mccain is directly involved in the economic catastrophe that is unfolding in the US.
September 15th, 2008 at 1:42 pm5th Estate Says:
Strategically Clinton HAD to consider compromise.
September 15th, 2008 at 1:31 pm
_______
No disagreement there. And it's certainly no coincidence that the 262-page Enron Loophole was shepherded through Congress at the same time that the rest of the country was distracted waiting for the Supreme Court to decide Bush v. Gore and most White House staffers were updating their resumes.
My point is just that there's a lot of blame to go around, and though Bushco certainly deserves the lion's share, the seeds of the present economic crisis were planted and watered and fertilized by both parties over the last several administrations.
September 15th, 2008 at 1:48 pmThanks to Mr. Deregulation, Phil Gramm.
September 15th, 2008 at 1:51 pmtoasterhead: No disagreement there
Indeed. I just didn't want to see getting all bitter and such--it happens to me regularly. :D
Always good to swap perspectives with you. :)
September 15th, 2008 at 2:06 pmToasterhead. While that is true what the RIGHT wants to do when THEY talk about the long ago roots of this problem is to put it on the ending of the racist redlining policies. MOST of the mortgage crisis was from refinances and we CANNOT let them get away with pretending the REAL problem is we started making loans to black people. THAT is their agenda. We keep doing the deregulation dance. Deregulate the financial institutions and we get the mortgage crisis, taxpayers cough up the bailout, deregulate the banks and we get the savings and loan crisis taxpayers cough up the bailout rinse and repeat
September 15th, 2008 at 2:15 pmHmmm. I guess if *I* had a fortune in the hundreds of MILLIONS, could afford to spend $250,000 per YEAR on servants and wasn't sure how many houses I owned, well, I just might think that the economy was "fundamentally sound" too.
Unfortunately, I live from paycheck to paycheck, and was down to having exactly $17.34 left in my checking account yesterday before I got paid.
I don't own a house at all. I pay around $1000 per month for a small apartment (albeit in a decent building in a decent neighborhood).
My company is having another round of lay-offs next month. I may or may not be one of them.
So, Grampy McWarbucks, I have a *slightly* different view of the economy than you do...so why don't you educate yourself about what REAL "American workers" are going through in your "fundamentally sound economy" --- or shut the *bleep* up, you stupid old fart. I'm sick of hearing your idiotic spew.
September 15th, 2008 at 2:28 pmdow tumbles again. We are still close to 2000 levels and the economy is strong? What's wrong with these people.
So our insured deposits are not even close to being covered?
50 billion is all they have to cover a trillion in assets? Who thinks the republicans know what they are doing? Anyone?
September 15th, 2008 at 2:58 pmDuring John McCains days as a member of the Keating Five he , co-sponsored a resolution to delay new regulations designed to curb risky investments by thrifts such as Lincoln S&L. John McCain was a part of the problem back then. No reason to believe that he will be part of a solution now. Obama needs to play up this aspect of his past. For complete story see this link: http://www.azcentral.com/news/specials/mccain/articles/0301mccainbio-chapter7.html
September 15th, 2008 at 4:28 pmAs McCain is a reformer who has been in the Senate for over a century, would the lack of reform imply that he isn't very good at it ?
September 15th, 2008 at 4:33 pmOld man fight!
September 15th, 2008 at 6:10 pmWhere are the reporters with headlines combining that Palin said the problem was too little regulation and McCain had something to do with McCain Feingold ?
September 15th, 2008 at 11:17 pmYeah, Barny Frank know how to deal with economic problems, allow his live in male whore to run a prostitution business from the basement.
September 16th, 2008 at 2:27 pmThis is another example that the "old world jounalism of Murrow, Cronkite and Rather is dead and buried. In the case of the Time Magazine reporter Ms Tumulty, she seems to think the finding out the who, what, where, when and how have been replaced with a steno pad, which she records what ABC said in rebuttle to the complaint of Congressman Kucinich. There is a great disconnect with what happened and the points made by ABC. She asks little of no questions to ABC. She takes what is handed to her and repeats it vebatim and then calls that reporting. I call is stenography. Lida Sohbet sohbet sesli chat Gelinlik Modelleri
January 11th, 2009 at 11:35 amIf you’re referring to Karl Schwarz’ articles, if they are true, how will we ever know unless the news media gets involved without bias? The military under orders not to speak out may never convey Karl Scharz’ expose’. Sesli Sohbet If Cheney was truly involved in 9/11 and protected in some way, then he’s being protected by what may be going on in the Caspian Sea area as well. That pre-9/11 August 10, 2000 article drives the point home to me that Cheney had a vested interest in the oil at the Caspian Sea area (before 9/11). Fx15 From all I’ve read in Schwarz’ articles, he claims the Taliban was working on a deal with Argentina with that pipeline in the Caspian Sea area and UNOCOL wanted the deal instead. Orjinal Lida It’s too much to get into here and I’m not able to convey in here what Schwarz has presented in his articles. Sikis Dig into Schwarz’ articles to learn more about the unnamed soldier’s experiences related to so-called Black Ops missions in the Caspian Sea area in Schwarz’ article. What Schwarz had to present in this article is an eye opener: kurtlar vadisi pusu izle
January 30th, 2009 at 2:38 pmThank you very much.
February 3rd, 2009 at 12:18 pmsesli chat
sesli sohbet
sesli chat
sesli sohbet
thank you man
netlog
February 4th, 2009 at 3:49 pmbayan
sohbet
I want suits in Colorado, New Jersey, and any other state where illegal suppression campaigns are being conducted. And some real looks at the polling methodology would also be eye opening.
mynet
February 5th, 2009 at 4:16 amdizi izle
sohbet odalari
ttnet sohbet
Guaranteed retirement income? No way. Just let the market work, and when it stops working the executives will be okay and the rest of us will, oh, something or other.”
February 9th, 2009 at 4:00 pmyo nunca habia visto a Eugenio Derbez haciendo el papel de malo pero esta pelicula esta muy bonita y si le cae ambos papeles pero lo disfruto mas cuando hace el papel de comedian
March 12th, 2009 at 8:33 amk?z oyunlar? | araba oyunlar? | flash oyun | oyun sitesi
Thank you very much.
April 15th, 2009 at 10:08 amsesli chat
sesli sohbet
Arsivlik
Film indir
Mp4 Film
Forum
thank you..
April 30th, 2009 at 9:31 amsesli chat
April 30th, 2009 at 8:25 pmsesli sohbet
thanks