Huckabee: McCain Has Always Been Against Regulation, Knows Market ‘Will Correct Itself’
Huckabee: McCain Has Always Been Against Regulation, Knows Market ‘Will Correct Itself’
In the wake of the sudden collapse of Wall Street giant banks, Sen. John McCain spent yesterday “scrambling to recast himself as a champion of regulation,” trying to erase his past support of legislation “to broadly deregulate the banking and insurance industries helping to sweep aside a thicket of rules established over decades.” Reacting to the Fed takeover of AIG, McCain decalred today, “We need strong and effective regulation” in the future.
However, last night one of his chief campaign surrogates was singing a different tune. On Fox News’s Hannity and Colmes, former governor Mike Huckabee emphasized McCain’s past as a dergulator who would allow the market to “correct itself”:
HUCKABEE: Regulation isn’t the answer to this. In fact, if we go back and overregulate and tinker with it, we’re going to do more damage than we are in terms of a fix. … John McCain has a long history of being against an overreaching government, regulatory environment. It’s a dangerous place for us to go, and what we need to do is recognize the marketplace will correct itself. It’s painful, but it will correct itself.
Watch it:
Huckabee is right that McCain “has a long history of being against…[a] regulatory environment.” He has consistently opposed the kind of robust regulation and oversight that could have helped prevent the current crisis:
— “I don’t think anyone who wants to increase the burden of government regulation…has any real understanding of economics and the economy and what is needed in order to ensure the future of this country.” [McCain Town Hall in Inez, KY, 4/23/08]
– “We need to return to the Reagan years. We need to have fiscal conservatism. We need less government. We need less regulation.” [PBS, 1/25/08]
– “I am a deregulator. I believe in deregulation.” [CNN, 7/13/03]
– “I have a long voting record in support of deregulation.” [St. Petersburg Times, 6/5/03]
It’s no surprise that the McCain campaign believe the current economic crisis “will correct itself.” After all, McCain’s most prominent — and ardent — supporter calls the chaos mere “adjustments.”
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70 Responses to “Huckabee: McCain Has Always Been Against Regulation, Knows Market ‘Will Correct Itself’”
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oh this is fun,
they're starting to
eat each other!
*
good luck.
#
September 17th, 2008 at 2:51 pmlet's throw in some
troll sauce for seasoning.
where's my friend backup?
#
September 17th, 2008 at 2:54 pmCannibalism? I bet Huckabee tastes like squirrel.
September 17th, 2008 at 2:54 pmLooks like President-elect Huckster's going to be called some real nasty names by McIIIrd'n Company in 4, 3, 2....
September 17th, 2008 at 2:57 pmUmm, Huckster, if the market were going to correct itself, wouldn't that argue against bailing out AIG???
September 17th, 2008 at 2:57 pmSo why isnt he out there fighting against the bailouts?
September 17th, 2008 at 2:58 pmWhen the Federal Government takes over key private enterprises, it's called Socialism. De-regulation has led our Federal Government to take over Banks, and now an Insurance Company.
Conservatism is leading the way towards Socialism!
Of course, this means the Federal Government will have an even easier way to learn about all of your financial transactions....the mortgage meltdown has enabled the next step in implementing Big Brother.
September 17th, 2008 at 2:58 pmWhat's the male version of 'trollopy c*nt'?
September 17th, 2008 at 2:58 pmAnd why isnt he out lambasting those companies looking for bailouts?
September 17th, 2008 at 2:59 pmsatirez ~ National Socialism...
September 17th, 2008 at 3:01 pmMaverick going on his gut instinct again.
September 17th, 2008 at 3:01 pmHe's over his head and drowning, he's so out of his depth on issues.
What’s the male version of ‘trollopy c*nt’?
Gigolo Strumpet?
September 17th, 2008 at 3:03 pmHUCKABEE: Regulation isn’t the answer to this. In fact, if we go back and overregulate and tinker with it, we’re going to do more damage than we are in terms of a fix. … John McCain has a long history of being against an overreaching government, regulatory environment. It’s a dangerous place for us to go, and what we need to do is recognize the marketplace will correct itself. It’s painful, but it will correct itself.
What sense does it make to try and restore someone's reputation on the US economy (that never existed in the 1st place) , by sending out someone equally as ignorant and clueless , and who might possibly be even less credible on that particular topic ?
Sheesh..........
September 17th, 2008 at 3:03 pmMcCain saw what happened when the S&L were bailed out. No, McCain is not for regulation because hes for socialist monetization [nationalizing business]
September 17th, 2008 at 3:04 pmHuckabee is partly correct in that minor ups and downs in the market are fairly common and do correct themselves.
However, when large financial institutions start failing en masse, it's no longer "common". And when an ocean liner sinks, it can suck down anything close by with it.
Huckabee's grasp of the lessons of 1929 seem to be about the same as McClueless's.
September 17th, 2008 at 3:06 pmYes, we saw the impact of little or no regulation. Tainted meat, fraudulent medicine, child labor, oppression of workers, non existent safety standards in the work place and a plutocracy. Stock market manipulation and poor banking standards helped lead to the Great Depression.
The Republican elite, people like McCain and Huckabee, believe in the God of the markets. People who succeed are morally superior to those who fail. It never occurs to them that those with money and influence will indeed bend the rules to their advantage. It never occurs to them that the greatest growth in the US economy after the Great Depression came when the emphasis was indeed balancing an unfettered free market with regulations to oppose abuse and a social safety net to keep all people in the country as active members of the economy.
These people did not live through the Great Depression. They see the world through their own narrow vision. The rich want more no matter what the cost to others.
September 17th, 2008 at 3:08 pmIs Huckleberry gonna get to join Carly and Phil tonight for dinner and "disappear" ?? OR, is there a fresh batch of KoolAide being delivered to his office at Wally's World today??
This batch is clearly stale so better get some new lie-juice from Karl and Dicky...
September 17th, 2008 at 3:10 pmWell Governor, it corrected itself. All of the Reaganomics and deregulation of the past twenty eight yeas finally trickled down into the hole in the bottom of the crapper. The government is now bailing the worthless criminals of the GOP out with money they are borrowing from China. The geniuses who hate government and taxes are shifting the burden to those of us who are least equipped to pay for their greedy, illogical business deals. Did they ever consider regulations were put into place to keep the thugs from destroying corporations like in the 1920-30s? I guess they don't teach history in homeschool. They are crooks, liars, and thugs.
September 17th, 2008 at 3:12 pmAm I the only one that sees the hypocrisy of this? Isn't the theory of government itself, regulatory? Isn't McCain running for an office with that very government? I'll bet McCain isn't willing to deregulate the Department of Defense or the Department of Homeland Security.
When asked by Stengel at the ServiceNation Presidential Forum if "emergencies and disasters like this [hurricanes] exactly why government needs to exist?" McCain responded that the government holds the primary role.
September 17th, 2008 at 3:14 pmWe need a 9/11 commission to sort out the mess that is the McCain/Palin campaign
September 17th, 2008 at 3:16 pm– “We need to return to the Reagan years. We need to have fiscal conservatism. We need less government. We need less regulation.” [PBS, 1/25/08]
Only in the GOP , and especially in regards to the mythological Ronnie Retard presidency , would a $200 billion plus deficit and illegal arms deals be looked upon and referred to as being "fiscally conservative" and involve "less government" .............
September 17th, 2008 at 3:18 pmAs much as the Republicans want to destroy government altogether and put our fate in the profit-mongering corporations of America that they represent, the populous know that government needs to exist for public safety.
Duh.
September 17th, 2008 at 3:18 pmThe market will only correct itself if there are consequences when failure happens. Bailing out businesses because of their failure creates no accountability.
September 17th, 2008 at 3:20 pmExcept Bush, Cheney, McCain, and them conservatives support the bailouts of Fannie & Freddie, and AIG.
September 17th, 2008 at 3:22 pm"we need to do is recognize the marketplace will correct itself"
After all your saving and 401Ks are gone.
September 17th, 2008 at 3:23 pmIt’s a dangerous place for us to go, and what we need to do is recognize the marketplace will correct itself. It’s painful, but it will correct itself.
Of course the market will correct itself. It always does. But like the last Depression it corrected itself after bankrupting millions of Americans and being regulated heavily. Hopefully this time we can skip the bankrupting millions of Americans part of the correction and skip right to the regulations.
September 17th, 2008 at 3:23 pmthem_libs Says:
--------------------------------------------------------------------------------
The market will only correct itself if there are consequences when failure happens. Bailing out businesses because of their failure creates no accountability.
September 17th, 2008 at 3:20 pm
And when have any of you GOP/Chimpy backers held this administration responsible for any one of their mountain of screw-ups ?
September 17th, 2008 at 3:24 pmAnd unfortunately, there is failure, and the market isn't correcting itself. I don't know what could be more obvious.
September 17th, 2008 at 3:24 pmWhen will these conservatives learn that unregulated business is bad for the economy? They always say that the market will "correct itself" - but that is CRAP. They act like the market exists in a vacuum, that it is not manipulated by those who have the power and the means to do so.
Regulated business and trade is a must for any successful capitalist economy.
Of course, the GOP sees any regulation on business as socialism, so I guess they'll be bringing that back out to bash Obama with.
When will we learn that capitalism is a failed system, is incapable of adequately and fairly distributing income across the population, and is frankly an immoral system. America needs more socialism now more than ever. Socialist policies helped us recover from the Republican Great Depression of 1929. They will also help us recover from the Republican Great Depression of 2008.
September 17th, 2008 at 3:24 pmSince McDoofus invented the Blackberry, shouldn’t all his minions possess one? Especially when the flip-flops are now occurring by the hour (soon to be minutes, then seconds).
September 17th, 2008 at 3:24 pmI believe that's known as the "crime and punishment" model in economic theory.
September 17th, 2008 at 3:28 pmwtf would the reverend governor gomer pyle know about any of it?? seriously, what?
September 17th, 2008 at 3:28 pmYou're absolutely correct.
The market has never "corrected itself" in history. The government always has to bail out the market and it ends up costing every American that ever owned a savings.
September 17th, 2008 at 3:28 pmHey,
Where is Daryll to defend his choice for VP, Mr. Huckleberry?
I haven't seen him around for a while, maybe he is waiting in his basement for the Rapture, as it looks like the Repugs are doing everything in their power to bring it on!
September 17th, 2008 at 3:31 pmSocialism = Country First.
September 17th, 2008 at 3:33 pmSomewhere along the line, this "problem" we have needs to be clearly defined as a "credit crisis". It is not a "mortgage meltdown" (although that was a first symptom and perhaps a contributing factor).
No. This is much, much bigger than a mortgage meltdown. But the right-wing radio rant-jockeys still hammer on this as if it was entirely precipitated by sub-prime loans. It wasn't.
It is the culmination of a country that has financed two wars, a huge tax break for the wealthy and corporations and unfettered spending by borrowing and printing money. When that "loose change" hit the unregulated banking/brokerage sector, it got leveraged multiple times into lending schemes and pyramid investments that would never have been allowed in a transparent environment. Neither shareholders, board directors nor government officials have had any visibility into this brewing blow-up.
This situation can primarily be laid at the feet of the most recent republican-controlled Congress and a totally incompetent administration who has seemed intent on proving that government doesn't work. One thing is for sure -- republican-run government doesn't work. At least not for the American public. But it has been very good for the bottom-feeders in private industry.
September 17th, 2008 at 3:35 pmMcDeregulator has been working for twenty-six years in the US Senate to free the corporate greedmeisters to rob us blind and now, for two days, he is suddenly in favor of regulation of financial markets. McDeregulator is a major part of the problem, he is no part of the solution...
September 17th, 2008 at 3:37 pmWhy do all these Republicans feel the need to "explain"
September 17th, 2008 at 3:37 pmwhat McCain says? The other day Rudy was asked about
Mccain's outrageous claim that Scarah "knows more about energy than probably anyone else in the United States of America.” He said that mccain was talking about DC. As if
reducing the outrageousness somehow makes it valid.
jpopphan Says:
When will these conservatives learn that unregulated business is bad for the economy?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Never, to conservatives the FACT that the market is perfect self correcting and if left unfettered will cure cancer and the common cold is religious dogma. It is a GOD given axiom needing no factual support and immune to all evidence to the contrary, repeated ad naseum and mindlessly
September 17th, 2008 at 3:39 pmThe last time this happened it wiped out my retirement account, luckily I purchased 2 rentals before it totally was gone, and have not put one dime into the stock market since.
I only owe 90K on those two rentals at the moment, but still I lost 350 thousand dollars the last time.
Retirement ain't happening for me anymore...thanks Bush.
September 17th, 2008 at 3:43 pmHUCKABEE: Regulation isn’t the answer to this. In fact, if we go back and overregulate and tinker with it, we’re going to do more damage than we are in terms of a fix. … John McCain has a long history of being against an overreaching government, regulatory environment. It’s a dangerous place for us to go, and what we need to do is recognize the marketplace will correct itself. It’s painful, but it will correct itself.
A dangerous place for us to go, Huckster, is where we are right now. If we don't recognize the need for the "Free market" to be kept "Free" through REGULATION AND OVERSIGHT we create an environment where top-heavy conglomerates and monopolies CRUSH the ESSENCE of a FREE marketplace that FREELY allows entrepeneurs and small businesses to THRIVE by keeping some sense of BALANCE in the financial landscape.
September 17th, 2008 at 3:43 pmPicklee Says:
Socialism = Country First.
September 17th, 2008 at 3:33 pm
_____
Actually, it's not. Socialism = People First.
Country First sounds a lot more like fascism.
September 17th, 2008 at 3:45 pmWhen McIIIrd is referring to unbridled greed, is he talking about Cindy, or Charlie Keating?
September 17th, 2008 at 3:46 pmDon't forget this quote from McCain:
September 17th, 2008 at 3:46 pm“You are interviewing the greatest free trader you will ever interview, and the greatest deregulator you will ever interview,”
http://blogs.wsj.com/dnotebook/2007/05/29/mccains-high-tech-cabinet/
octamethyl Says:
Cannibalism? I bet Huckabee tastes like squirrel.
A squirrel that gorges itself on Taco Bell and fried dough.
September 17th, 2008 at 3:46 pmPoint taken.
September 17th, 2008 at 3:46 pmIt looks more and more like a democrat will lead this country along with a demo lead congress and lots and lots of regulations, to bad for the re-pukes and good for us on the 95% side that will reap some benefits, like health care for all,jobs and a good economy with good growth like what we had before Ray-Gun economics.
September 17th, 2008 at 3:48 pm"Its painful but the market will correct itself"
Spoken like your average do nothing republican!
A conservative is a man who believes that nothing should be done for the first time.
- Alfred E. Wiggam
-
September 17th, 2008 at 3:56 pmI certainly hope this is the death knell for trickle-down, voodoo economics. For those of you who have not seen the ZeitGeist movie, there is a part of that movie that exposes almost irrefutably how the plutocracy manipulates the markets for their favor. Under the guise of free market capitalism of course.
September 17th, 2008 at 3:57 pmThe new tat for the McCain surrogates - tire tracks.
September 17th, 2008 at 3:59 pmLet's see, there's regulation and enforcement of said regulations. Bush and Republicans have been AWOL on both.
When the core of a sold asset is pooled options, America has serious problems. Much of Bush's lauded "financial innovations" wound out returns on the way up. But turn those returns negative and they become a knife closing with amazing speed, thus the blood.
September 17th, 2008 at 4:08 pmI think the GOP is trying to set up another senile puppet leader (with a Quayle wannabee VP), what better way to maintain their stranglehold on everything in this country?
September 17th, 2008 at 4:09 pmAnd Repubs don't get all whiny about the age thing-it IS a factor as you can obviously tell. I take my father-in-law to the doctor for a check-up when he gets like that (can't make up his mind and lying), and the man usually has had a mild stroke.
Self correcting eh? Well I have some debts Mr. Huckabee can assume; I am sure that things will correct themselves after he pays for my debts. Look it, the American taxpayer has a right to demand that its government poke their nose in the business of an industry basically stealing--is this not a form of taxation without representation--his or her money, not to mention wrecking the world and nation's economy with all those secondary and tertiary costs that don't go factored in. You can't tell me that I living in the downstream trickle don't have the right to enact laws to keep you from shitting in the stream above me.
September 17th, 2008 at 4:21 pmHUCKSTER: Regulation isn’t the answer to this.
For once the Huckster's right: it won't correct the problem to close the barn door AFTER the horses have already gotten out. No, regulation would have come in handy BEFORE the situation degenerated into a crisis... Too bad that, to Repugs like the Huckster and McSame, "regulation" is a dirty word.
Common sense says that an ounce of prevention is worth a pound of cure, but I guess that all depends on who has to PAY FOR IT. The Repug notion of the marketplace correcting itself amounts to little more than "privatize the profits, socialize the risk." During the Chimp Administration, those deregulatin' Repugs allowed greedy, white collar criminals to profit handsomely from all the shady financial shenanigans that they could invent ... until the bottom fell out. Now it's up to the tax payers to bail them out. So you see, to Repugs, a tax payer bail out IS "the marketplace correcting itself."
September 17th, 2008 at 4:30 pmI just heard the dumbass Ron Christie say that John McSame has the eperience to fix Wall Street because he fought for campaign finance. Give me a freaking break. The same Campaign Finance law he is in violation of.
September 17th, 2008 at 4:31 pmAs Mother Jones reported in June, eight years ago, Gramm, then a Republican senator chairing the Senate banking committee, slipped a 262-page bill into a gargantuan, must-pass spending measure. Gramm’s legislation, written with the help of financial industry lobbyists, essentially removed newfangled financial products called swaps from any regulation. Credit default swaps are basically insurance policies that cover the losses on investments, and they have been at the heart of the subprime meltdown because they have enabled large financial institutions to turn risky loans into risky securities that could be packaged and sold to other institutions.
September 17th, 2008 at 4:38 pmPray hard. Pray *VERY* hard.
September 17th, 2008 at 4:39 pmHey, Huckie - maybe Jebus'll fix it, eh?
September 17th, 2008 at 4:39 pmthem_libs Says:
The market will only correct itself if there are consequences when failure happens. Bailing out businesses because of their failure creates no accountability.
Tell that to the Republicans currently running the White House. Your butt buddy Bush is responsible for the crash by deregulating and is the one bailing them out after they have ripped off all they can from tax payers
September 17th, 2008 at 4:42 pmDoes Huckabee think the market will handle shit? I would have thought his wacky god might have wanted to handle all that...
September 17th, 2008 at 4:43 pmRepublicans insist that the market will correct itself.
They are right about this; the only problem is that the way they want things run, the corrections will decimate our economy and disrupt the lives of millions of Americans, and the "corrected" market will probably be a fraction of the size and vitality of the economy we had only a few short years ago.
But that's cool, though; the self-correcting market is what's important. Those millions of Americans? They exist to serve the economy, not the other way 'round.
September 17th, 2008 at 4:52 pmProfessor Huckleberry weighs in: "Regulation isn’t the answer to this. In fact, if we go back and overregulate and tinker with it, we’re going to do more damage than we are in terms of a fix."
Hey Professor,you're getting in over your head here. Maybe you should stick to your areas of expertise.
September 17th, 2008 at 4:52 pmIf we need any advice on preachin', bass playin' or a recipe for squirrel stew we'll give you a call.
I just want to know where my dividend check is for investing in all these things I didnt know I invested in. Like subsidising of corn, or oil, or gas, stocks, SIV's, CDO's, derivatives and junk bonds.
September 17th, 2008 at 5:05 pmThe people in Alaska, that big ol welfare state, get thousands of dollars a year. Where is my check?
September 17th, 2008 at 5:08 pmObama needs to Educate the Voters about the causes of this "Meltdown".
I'm hoping the "Commodity Futures Modernization Act", pushed thru by ( Nation of Whiners) Sen. Phil Grammm ....and "Credit default swaps " become Household Words.
Sen. McCain needs to be asked about it. After all, John McCain chaired Sen. Gramm's ill-fated campain for President in 1996.
We don't neeed a 911 style commission to figure out what went wrong.
http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
September 17th, 2008 at 5:10 pmYep he is a deregulator, just ask Charles Keating.
September 17th, 2008 at 5:12 pmThe economy is -449 strong....again....today.
Monday it was over -500 strong...
...seems to be getting minus strong everyday.
September 17th, 2008 at 5:22 pmSupport the kleptocrats.
VOTE
Squirrel/Moose 'o8
September 17th, 2008 at 5:31 pmThe Republican are planning on singing the whole song book and hoping voters will just listen to whichever tunes they prefer.
September 17th, 2008 at 6:00 pmWell i honestly think if we did let these banks and whatnot fail the market would correct itself. But what we have now, with no regulation and then massive corporate bailouts is the worst of both worlds.
September 17th, 2008 at 9:31 pm