McCain Flip-Flops On ‘Excessive Regulation’ In Less Than An Hour
McCain Flip-Flops On ‘Excessive Regulation’ In Less Than An Hour
Sen. John McCain (R-AZ) appeared on all six broadcast and cable morning news shows today in an attempt to defend his misguided belief that the “fundamentals of our economy are strong.” In discussing the causes of and solutions to the current economic crisis, McCain appeared to flip-flop — in less than an hour — on the role and effectiveness of government regulation.
On NBC’s Today Show, McCain told Matt Lauer:
Of course I don’t like excessive and unnecessary regu — uh, government regulation.
But on CBS’s Early Show, McCain told Harry Smith:
Do I believe in excess government regulation? Yes. But this patchwork quilt of regulating bodies was designed for the 1930s when they were invented.
Watch a compilation:
With regard to the current economic crisis, the McCain campaign is now arguing for “strong regulatory oversight of Wall Street.” McCain, however, has long held that he is “fundamentally a deregulator.” As he told the Wall Street Journal in March:
I’m always for less regulation. But I am aware of the view that there is a need for government oversight. … But I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated.
Later that Month, McCain said in a speech, “Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments.” ThinkProgress documents McCain’s long history of flip-flops here.
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And the LIV’s of this country keep eating this shit up!!!!
September 16th, 2008 at 12:31 pmin other words
he’s for everything.
*
September 16th, 2008 at 12:31 pmbefore he was
against it.
*
September 16th, 2008 at 12:31 pmI think we can officially make the case that John McCain has Split Personality Disorder. I’m just waiting for him to start arguing with himself on live TV.
September 16th, 2008 at 12:31 pmInsane McCain; by his OWN admission- completely clueless on economics.
Is this who you really want to manage the economy? Your financial future?
September 16th, 2008 at 12:32 pmupside; don’t you really mean all those lipsitck-wearing pigs are eating this up?
September 16th, 2008 at 12:34 pmI think it’s great that McCain has made the transition into politics from his former stint as spokesman Joe Isuzu….
September 16th, 2008 at 12:34 pmBut apparently it isn’t =(
September 16th, 2008 at 12:36 pmYa know, this is going to make it even tougher to make the new Obama ads. First they have to put date stamps on McStain’s remarks, and now they have to add time stamps?
Can’t Grampy at least stick to his position du jour for the entire, you know, jour?
PEACE
September 16th, 2008 at 12:36 pmOne more time, Johnny Boy is living up to his expectations of his ‘graduating’ position from the USNA.
They must be SOOO F’ING proud of him!
September 16th, 2008 at 12:39 pmI sense another Jon Stewart montage coming…
September 16th, 2008 at 12:39 pmIt’s not a personality disorder thing, it’s budding Alzheimer’s.
September 16th, 2008 at 12:40 pmspencers mom,
DO you get the impression that he is just flinging that BS out here like a runaway manure spreader? I don’t think he is even bothering to engage that (tiny) brain at all anymore.
September 16th, 2008 at 12:41 pmIt depends on your definition of ‘fundamentals’…or ‘economy’…or ’strong’ or ‘regulation’… or ‘government’…or…
September 16th, 2008 at 12:41 pmI brought this up yesterday; McCain, in his morning speech, advocated for and against regulation in one sentence.
¶ AIO
September 16th, 2008 at 12:43 pmMcCain: “But this patchwork quilt of regulating bodies was designed for the 1930s when they were invented.”
– - By me, of course.
September 16th, 2008 at 12:44 pm“I’d like to see a lot of the unnecessary government regulations eliminated.” — John McCain, March 2008
__________________________________________________________
The operative word here being, of course, “unnecessary”. Does he think we’re stupid? Is there anyone who thinks that “unnecessary” government regulation is a good or desirable thing? Or that “unnecessary” ANYTHING is a good thing?
It’s like saying “I’m against unnecessary government spending.”
It all boils down not to whether or not we want unnecessary regulation, but to the definition of the word “unnecessary” — which McCain deftly avoids defining.
Words, full of sound and fury, signifying nothing. As usual.
September 16th, 2008 at 12:46 pmIf McIdiot and his Barbie doll win this election, I want to move to another country and renounce my US citizenship.
September 16th, 2008 at 12:46 pmWell trolls?
September 16th, 2008 at 12:47 pmUpside99, do you think his handlers have just thrown up their hands at trying to keep him on script?
I posted weeks ago that, during the debates, McStain will need a whole team of supporters in the audience with signs saying “FOR” and “AGAINST” so he can simply look to them for his latest position when questioned.
I just don’t see any other way for him to do it.
But his performance sure will make some great new ads… for Obama!
PEACE
September 16th, 2008 at 12:48 pmIf the shoe flip-flops, buy one in every size and color.
When the going gets tough, the tough go shopping.
This is the extent of a Repukes knowledge of the economy.
September 16th, 2008 at 12:48 pmSoon, McDementia won’t be allowed to talk to the press either. Similar to the press blackout on the VPILF.
September 16th, 2008 at 12:49 pmI’m no Senator, but I did study American Government in high school and college so I’m pretty sure those patchwork quilt of regulating bodies created in the 1930’s were put in place due to excesses by players in the markets that crashed the market in 1929.
Our current market is poised for another crash along the same lines those regulating bodies were set up to eliminate. Too bad McCain, Phil Gramm and the repug party gutted them. There’s nothing to stop the market from crashing now. I just hope it comes down really hard on them!
September 16th, 2008 at 12:50 pmSpencers mom,
I can just see the cameras at the debate, from behind, McCain will have more wires running down his back then from his ear pieces then a toppled power pole in Galveston!
September 16th, 2008 at 12:51 pmWill the media please ask him if it’s a good idea to allow private equity underwriters (PEU’s) to buy larger chunks of failing banks?
How about is it a good idea for the Fed to loosen asset requirements for loans to failing Wall Street investment houses?
These two items are in play, right now. Someone nail this git down!
September 16th, 2008 at 12:52 pmthey are trying to act like democrats!
i’ve never heard a repug use the WORD “oversight”, much less
actually talk about using the PROCESS of oversight.
F R A U D S . ALL OF ‘EM.
THEY L I E. ALL OF ‘EM.
September 16th, 2008 at 12:53 pmWaltB Says: It’s not a personality disorder thing, it’s budding Alzheimer’s.
Is there a reliable test for that? Is so, how can we get the oldtimer (and all other candidates, to be fair) to take one before the election?
September 16th, 2008 at 12:54 pmNaw! Make it sound like an old vinal record that keeps skipping between the two. You know, he’s saying the markets don’t need regulation..SKIP..the markets do need regulation..SKIP..the markets don’t need regulation..SKIP..the market do need regulation..Skip..do..SKIP..don’t..Skip..do..SKIP..don’t..SKIP..flip..SKIP..flop..SKIP..flip..SKIP..flop.
September 16th, 2008 at 12:57 pmMcCain: I am strongly for soundbites to baffle the public with bullsh!t. Facts be damned.
September 16th, 2008 at 1:00 pmAnd, of course, McDepends wants to continue to provide all these multi-millionaires that have run these corporations into the ground with their huge tax breaks.
Fcuking Amazing!!!!!
September 16th, 2008 at 1:02 pmI’m sure the Republicans are so proud …
September 16th, 2008 at 1:05 pmHe’s for regulation of the common people, not so much the corporations and the wealthy.
September 16th, 2008 at 1:06 pmWhat McNumnuts is apparently misunderstanding (as if we needed more to add to thatlist…) is that there is only one primary governmental regulatory body that oversees the financial industry — the SEC. The other organizations that regulate the financial industry, including FINRA (which was formed via merger of the NASD and NYSE about a year ago), are member-initiated regulatory bodies that have absolutely no governmental connection. That is, brokerages and investment companies are members of the NASD and/or NYSE (required in order for them to trade on those exchanges) and agree to be regulated by FINRA as a condition of that membership.
The Treasury department and the Fed certainly “regulate” the investment community to some extent, but that’s primarily through policy decisions rather than directly promulgating rules that affect the actions taken by the investment houses. So when McDumbA$$ mentions an “alphabet soup of regulatory agencies” in railing against over-regulation (as he consistently has), he has absolutely no idea what he’s talking about — AGAIN.
September 16th, 2008 at 1:06 pmmccain: “But I am a fundamentally a deregulator.”
So was hoover, so was raygun, so was bush.
Even the bush economists admit that deregulation is why we are in the economic jam that now exists…..again.
Obama needs an add pointing these simple facts out.
September 16th, 2008 at 1:08 pmI would love to see the Obama campaign put out a statement to the effect of, “sure, John McCain says a lot of the things that Americans want to here (gov’t regulation, taking on Wall Street, fixing the economy, catching Bin Laden). But do any of you actually BELIEVE that a REPUBLICAN, one with a long history of doing EXACTLY THE OPPOSITE, is suddenly going to live up to ANY of their promises? The democratic Party has a proven track record fighting for these very things. So far McCain has pledged that he and he only knows how to capture Bin Laden, fix the economy etc. but he offers NO DETAILS. If he had the ability to do these things, wouldn’t he, as a patriotic American, at least attempted to take on any one of these issues in the 100 years that he has been a part of the Republican Party? THEY WILL ALWAYS PROMISE YOU THE WORLD AND WHEN THEY WIN, IT’S BACK TO BUSINESS AS USUAL!
September 16th, 2008 at 1:09 pmSen. John McCain (R-AZ) appeared on all six broadcast and cable morning news shows today …
Appearing on these shows is free advertising. I wonder why Obama doesn’t do it. Is it that he isn’t invited or is it that he avoids going on those shows? If he isn’t invited then he needs to make an issue out of it, if he avoids those shows, he needs to start going on them. The more people see him the more they will like him.
September 16th, 2008 at 1:09 pmmccain: “But this patchwork quilt of regulating bodies was designed for the 1930s when they were invented.”
no suggestion from anyone as to why these regulations were “invented” guess they were just for the fun of it.
September 16th, 2008 at 1:10 pmJoe Biden was on CBS directly after John McSame and gave him the 1,2,3 punch. Awesome!
http://www.cbsnews.com/video/watch/?id=4452062n
September 16th, 2008 at 1:10 pmRight wingers lie. They think it’s ok because they are so scared they think ANYTHING is ok if it makes them FEEL safe.
They are cowards, 100%. All of their decisions are based on fear.
September 16th, 2008 at 1:11 pmUncle Ho Says:
If McIdiot and his Barbie doll win this election, I want to move to another country and renounce my US citizenship.
I’m looking at Costa Rica. Want to join me?
September 16th, 2008 at 1:12 pmWhat I want to know is did one talking head, in the six shows McSame showed up on, ask him a hard question or point out where he was lying? I keep thinking about the women interviewing him on the View and how humiliating that must be for the rest of the talking heads in the MSM. But, it doesn’t look like humiliating them works.
September 16th, 2008 at 1:13 pmLushInterior Says:
This wall street melt down is great for us Democrats. The worse it gets the better off we are. Could not have came at a more opportune time. Bad for tax payers, good for Democrat politicians. I am willing to pay a little more for power.
Hey lush,
You are no Dem, and I don’t think you even can vote, so be careful what you say while the adults are talking, K?
September 16th, 2008 at 1:14 pmBilbo and Unka Ho,
I have been to Costa Rica 4 times on business and to look for possible places to live. Also, went to Panama a few times and find Costa Rica to be a great potential to live as an ex-pat.
September 16th, 2008 at 1:16 pmMuch to my surprise, Mathews was really ripping into the McCain Campaign yesterday.
Matthews: McCain Sounds Like Herbert Hoover
September 16th, 2008 at 1:18 pmEverytime the failures of right wing policy is exposed, some wingnut decides that, because the news proves Republican policy does not work, Democrats must be hoping for more failure.
WE’RE TRYING TO FIX THE MESS THAT YOU IDIOTS DON’T EVEN REALIZE EXISTS!
September 16th, 2008 at 1:18 pmDoes anyone remember way back in the early days of the summer of 2008 when John McCain betrayed his supposed Foreign Policy gravitas by exposing the true lack of understanding he had of the Middle East, it’s actors and the long history of conflict in the region?
Or back in the late summer of 2008 when his sudden bellicosity towards a longtime-in-the-making Russian conflict with its closest neighbor (whom he and members of his campaign have unexposed relationships) was supposedly an indicator of his superior judgment of world affairs? Remember him calling for the end of the conflict, demanded Russia’s immediate withdrawal of Georgian territories and sent two of his allies and his wife to the region for photo ops – only to have Russian troops still in Georgia nearly a month and a half later?
Does anyone remember since 9/12/2001 John McCain has been calling for war with Iraq, a war that has lasted nearly eight years, a war he has pledged he would continue for more than 100 years if necessary, ignoring America’s broader security interests and the collapse of its domestic economy?
Can anyone tell me why John McCain is, on this day, still a candidate for the presidency of the United States of America?
September 16th, 2008 at 1:21 pm“Yes, I am now not in favor of that as I always have never been against it either. And that has been my position since the last time I spoke on this matter, or the next time also as I will speak in favor of supporting all efforts repealing it and keeping it just as it is.
And, I was also a POW.”
–The John McCain All Purpose Answer Generator sent from his coal-fired Blackberry
September 16th, 2008 at 1:24 pmIt isn’t really flip flopping when you have no idea what you were talking about in the first place.
Today he showed up on the very Republican friendly MSNBC Joe Scarborough show. And snapped Mika’s head off even though her brother works for his campaign. Maybe he should stay away from morning shows.
September 16th, 2008 at 1:24 pmHeh! No mention of the key regulations which were discarded during Flippy’s tenure in the Senate? You know, the regulations that may have prevented the worst of the current crisis? The ones ol’ Flippy helped eliminate?
All that’s left is for his Chippy to start telling us how she appeared on the Senate floor, 20 years ago, and told them they were making a huge mistake.
September 16th, 2008 at 1:25 pmI can’t wait for Phil Gramm-cracker to come out and say we need more regulations on the banking industry, since it was the Dems who took them away. And if he does, I bet NO ONE in the media will call bullshit on him, either!
September 16th, 2008 at 1:29 pmKeep saying it both ways and then everybody CAN love you.
September 16th, 2008 at 1:35 pmA good angle for Obama would be, “McCain is promising Americans the world with No DETAILS. Of course, he needs your vote. But do you believe that after the election and your vote is no longer needed that a President McCain, who has changed his mind on EVERY ONE OF THESE MAJOR ISSUES,sometimes in the very same interview, through the urgung of his lobbyist handlers and neocon advisers will actually come through on ANY of his promises or will he be swayed, as he has been proven to do throughout his campaign, by the lobbyists and all those advisers that helped get George Bush elected? Did George Bush follow through on ANY of the many promises that he made to you? What makes you think that the former maverick and current favorite of the lobbyists and neo-conservative Republican Party will work in YOUR interests? If so, I have a bridge in Alaska that I’d like to sell you!
September 16th, 2008 at 1:35 pmJohn McCain, Phil Gramm and George Bush were the biggest pushers of financial deregulation. In other words, they got us into this incredible mess.
My words on the awful deregulation of the electronic oil futures markets:
ENRONed again…
ENRONed again: this time by oil futures contracts speculators who are unnecessarily and very profitably driving up the price of crude oil and hence retail gasoline prices.
We’re being ENRONed again. Curious as to why you are suddenly paying over four dollars a gallon for gasoline? No, it’s not due to “supply-and-demand,” no, it’s not due to “OPEC,” nor is it due to “peak oil.” It’s due to totally unregulated electronic oil futures trading in world markets. Check out the very lucid article that explains the unseen financial machinations in oil futures markets written by F. W. Engdahl on May 2, 2008, entitled, “Perhaps 60% of Today’s Oil Price is Pure Speculation.” It may be viewed at http://www.financialsense.com/editorials/2008/0502.html.
September 16th, 2008 at 1:37 pmIn a nutshell, he suggests that the Bush Administration dropped the ball in January 2006, when they allowed totally unregulated electronic trading of oil futures contracts in New York. Previously these electronic trades had been made at the London Intercontinental Exchange (ICE) Futures Market. With that decision by the Bush Administration, all of the world’s oil prices were then opened to upward pressure from speculative futures contracts. In essence, oil futures contracts made by speculators, banks, hedge funds and pension funds all competed with real demand on the spot markets and had the effect of driving up both wholesale oil prices and retail gasoline prices. Speculators have made billions of dollars on their trading of oil futures contracts. All of their profits come right out of our pockets.
Even with a stable oil supply, there is a slow worldwide increase in demand for oil, which creates a long-term upward pressure on oil prices. However, with the relentless saber-rattling and war-mongering by Bush and Cheney in the last several years, and the more recent war talks by McCain and the Israelis, the oil futures markets are rife with speculation and paranoia. This war talk keeps ratcheting up the prices on the oil futures contracts and hence the wholesale spot market prices. It is an endless spiral of greed and paranoia.
As long as there is no tough and effective oversight of the electronic oil futures markets by the Bush Administration, the oil prices will climb endlessly. These oil prices will be quickly followed by hikes in the retail gasoline prices at the pump. The 60% speculation share of the $4.25/gallon gasoline price, is about $2.55/gallon, which is what we consumers are paying to these oil speculators as a “service fee.” Not a bad “fee,” since the speculators produce no usable goods or services…Just a few large greedy oil futures traders helping themselves to your gas money.
Without this added-on oil futures “service fee,” you would be paying about $1.75/gallon for gasoline. Write, call or smoke-signal your Representatives and Senators today and suggest that they read the June 2006 report by The U. S. Senate Permanent Subcommittee on Investigations entitled, “The Role of Market Speculation in Rising Oil and Gas Prices.” Then demand that they investigate and then force the Bush Administration to firmly regulate the computerized oil futures contracts trading in New York, London and Dubai.
These unregulated electronic oil futures trading markets should be completely shut down immediately. They serve no social purpose, they only enable corporate greed. These same greedy corporate speculators are probably also responsible for the rapid rise in the prices of basic food commodities, such as wheat, rice and corn. No one who is not prepared to accept physical delivery of one thousand barrels of oil on their front doorstop should be allowed to participate in the oil futures markets. Same goes for wheat futures, rice futures and corn futures.
McCain has more policy positions than an underage Chinese gymnast!
September 16th, 2008 at 1:43 pmBilbo, the warm climate sounds nice, but I don’t like the poisonous snakes. I’m more inclined toward Europe. Sweden, Denmark, or Germany. Perhaps even France, so I can indulge in “Freedom” fries, and “Freedom” toast.
snark.
September 16th, 2008 at 2:07 pmUncle Ho Says:
Bilbo, the warm climate sounds nice, but I don’t like the poisonous snakes. I’m more inclined toward Europe. Sweden, Denmark, or Germany. Perhaps even France, so I can indulge in “Freedom” fries, and “Freedom” toast.
There’s always Canada. That’s my other choice.
September 16th, 2008 at 2:23 pmUm. There’s a problem guys. The U.S. doesn’t exist in a vacuum and, I’m afraid, Flippy McSpin is entirely capable of taking down the entire “Western”/”civilized” world. If one wishes to escape the disaster I would think that a growing Asian, or Third World, country would have a better chance of weathering the storm. Plus, a sack of devalued U.S. Dollars would last longer in a developing nation.
September 16th, 2008 at 2:29 pmWeasel Carly was on MSNBC yesterday morning making the claim the mcbush has a long history of pushing for more regulation of Wall Street.
She actually said it with a straight face.
September 16th, 2008 at 2:44 pmWould I be “French-looking” if I were to be eating Brie?
After all, there are French-Canadians.
(No offense to our neighbors in “Great White North”)
Good day, eh?
September 16th, 2008 at 3:10 pmMcCain’s position on issues:
Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies Lies
September 16th, 2008 at 3:56 pmTHE CONDITIONS DURING HOOVER’s TIME WERE THE SAME AS NOW . FDR SAW WHAT CAUSED THE ECONOMIC DISASTERS AT THAT TIME AND PUT IN PLACE REGULATIONS TO PREVENT THE REOCCURRENCE OF SUCH A DISASTER . THE RR , THE GHWB , THE WJC , AND THE GWB ADMINISTRATIONS ALL WORKED AT REVERSING ALL OF THE FDR REGULATIONS . MR RUSH LIM HAS BRAGGED THAT “THEY ARE WORKING TO REVERSE ALL OF FDR’s REGULATIONS . FDR CARED ABOUT HIS AMERICAN PEOPLE AND WORKED TO PROTECT THEM . THE ABOVE GROUP OF ADMINISTRATONS DID AND DO NOT CARE ABOUT THE AMERICAN PEOPLE AS MUCH AS THEY DO THEIR CLOSE CORPORATE FRIENDS . WE EVEN HAVE A BANK HEISTER RUNNING FOR PRESIDENT AND HAS CONVINCED MANY TO VOTE FOR HIM . GO FIGURE .
September 16th, 2008 at 3:58 pmNow it’s just sad.
September 16th, 2008 at 4:48 pmHe’s like one of those people who wakes from a coma after 20 years and has no idea how we’ve evolved. Which is perfect since he’s VP is certain we haven’t – she is absolutely sure of that, no doubt at all, not a little, it’s an absolute truth. He’s stopped in time and she’s delusional.
If they get elected we are so screwed!
September 16th, 2008 at 8:53 pmWhat is worse is that he created the deregulation that led to the current problems. See Keating 5, See Graham Rudman, See McCain Feingold, and I believe he has a relative in charge of a bank that just went belly up in AZ,.
September 16th, 2008 at 10:06 pm.
R E M E M B E R:
Johnny’s not a McFlip-flopper when he can afford $500.00 loafers.
.
September 17th, 2008 at 1:30 amWhen the video is a compilation we are putting a lot of faith in the editor that a bias isn’t the reason for the editing. I suggest looking up the original videos before letting someone you don’t know make up your mind for you.
Recent events, admitted bias http://www.washingtonpost.com/wp-dyn/content/article/2008/09/09/AR2008090900956.html, in a our news industry have made it very difficult to use output of the news industry as an information gathering resource. In my opinion the news industry is gracefully moving towards mob mentality in search of increasing profits. When there are as many news outlets as we have today there is extreme competition for our attention and thus advertising dollars. Good news has a history of not selling to the public. When good news does not sell, the news business to survive by attracting advertising, needs bad news to sell its products and the news industry has the resources to find bad news. In the end the good news for the news industry is when advertiser pay them for time or space which is a direct result of how their brand of news sells.
Now read any article and ask yourself, is the information intended to attract readers? In that vain does this article feed the mob mentality?
September 17th, 2008 at 12:11 pmComments welcome: http://whenelephantsfly.blogspot.com
McCain doesn’t need anyone else to demonstrate his lack of integrity — he does a good job of that himself: http://hk.youtube.com/watch?v=2arf1Fvuu5Y
September 17th, 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
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But I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated.
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