McCain: I’m glad I deregulated Wall Street.
By on Sep 21st, 2008 at 10:12 pm
McCain: I’m glad I deregulated Wall Street.
In the wake of last week’s financial meltdown, Sen. John McCain (R-AZ) has been calling for more regulation and criticizing lax oversight of Wall Street, despite the fact that he and former senator Phil Gramm passed much of the deregulatory reforms that led to the current crisis. Interviewed on CBS today, however, McCain said he does not “regret” championing the deregulation of Wall Street:
Q: 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.
Watch it:
View Most Popular
Advertisement
What We're About
What We're Fighting For
What We're Fighting Against
Featured
Subscribe to the Progress Report
Topic CloudView topics sorted by popularity
Bachmann
Boehner
Bush
Cheney
Civil Rights
Congress
Corporate Ethics
DADT
Economy
Energy
Environment
Ethics
Fox News
Gingrich
Global Warming
Guantanamo
Hannity
Health Care
International Relations
Iran
Iraq
Justice
LGBT
Limbaugh
Liz Cheney
McCain
Media
Military
O'Reilly
Obama
Palin
Pelosi
Race
Radical Right
Religion
Rove
Sanford
Sotomayor
Steele
Supreme Court
Terrorism
ThinkProgress
Tiller
Torture
Women's Rights
Visit Our Affiliated Sites
Reports
In-depth studies on select topics
Got a hot tip?
Have a hot news tip? We'd love to hear from you. Use the form below to send us the latest.
ArchivesBlog Roll
WOW... just... WOW!!
ATTEN-hut! About face! Advance to the rear! Double time!!!
One-two-three-four...
One-two-three-four...
September 21st, 2008 at 10:16 pmas obama increases
his lead over mcsame.
*
thank you.
:)
September 21st, 2008 at 10:19 pmLook, he told us a long time ago he didn't understand the economy.
September 21st, 2008 at 10:24 pmI honestly believe McCain is in the first stage of dementia.
September 21st, 2008 at 10:26 pmI demand this guy release his medical records.
September 21st, 2008 at 10:27 pmIt's like watching an Olympic Ping Pong match. My neck hurts from going back and forth so fast.
September 21st, 2008 at 10:31 pm"I helped grow the economy!"
How delusional does this man have to get before the straight jacket comes out?
As Josh Marshall over at TPM connects the dots, it appears that McStain's BFF Phil Gramm successfully lobbied for his client USB to get their bad debts covered by the US taxpayers, too. And this would be McStain's Secretary of the Treasury?
This is not going away any time soon, and McStain will be outed as one of the key government facilitators of the greatest theft of US citizen's money of all time.
PEACE
September 21st, 2008 at 10:33 pmnow, if only we had an easy, monosylabic word for "deregulaton" so the average voter could understand the implications of this..
September 21st, 2008 at 10:33 pmMcCain - "You can always have it two ways." Not a quote, but it seems to be the way he "thinks".
September 21st, 2008 at 10:34 pmMcCAIN: No. I think the deregulation was probably helpful to the growth of our economy.
Yeah; cancerous growth.
September 21st, 2008 at 10:35 pmMcNuts is undeniably insane, without a doubt. My concern is the upcoming Obama/Biden Presidency. Will they continue kissing Military/Telecom/Oil/Pharm/Zionist butt, or stand tall and put Americans first, and not keep yodeling about "change", while they vote lockstep with these Republican Rat Bastards.
September 21st, 2008 at 10:35 pmMysteriousTraveller Says:
I demand this guy release his medical records.
i have them.
bottom line:
he doesn't have
a pulse.
*
happy?
#
September 21st, 2008 at 10:35 pmOMG. You just can't make this s**t up. I think he's done. This interview is going to serious damage to his campaign. Obama's team has so much to work with now. Just unbelievably.
September 21st, 2008 at 10:39 pmPardon the mistakes. I was a little excited when I typed that.
September 21st, 2008 at 10:40 pmDeregulation is officially a disaster. This right wing, free market, Republican ideology is now bankrupt having been debunked by the practical criticism of the real!
Deregulation didn't work in the:
Savings and Loan industry - Keating Five, Lincoln Savings and Loan
Energy industy - Enron
Financial industry - Bear Stearns, Lehman Bros. Fannie & Freddie, Indy Mac
September 21st, 2008 at 10:43 pmMcSame: "I’m glad I deregulated Wall Street."
Deregulator-in-chief = Enron and Lincoln Savings and Loan replica.
It's dejavu all over again and the defintion of insanity: Doing the same thing over again and expecting a different result.
September 21st, 2008 at 10:48 pmHopefully Obama's campaign will make an ad with these clips of McCain and his deregulation followed by "McCain. He was for deregulation before he was against it". That should be simple enough for anybody.
September 21st, 2008 at 10:48 pmSarah Palin says Dildo and laughs at cancer survivor
September 21st, 2008 at 10:58 pmi just remembered something i heard on randi rhodes, back when the housing crash was beginning... about foreclosure:
if you, or someone you know, is facing a foreclosure, first thing you need to do is DEMAND to see the original paperwork...
she linked to the information detailing the fact that this paperwork MUST be shown for any foreclosure to procede...
since those mortgages were sold down the line, it's difficult to come up with that paperwork, and that means more time...
to do what, i'm not sure, or don't remember... but she reiterated how important it is to DEMAND the actual original papers...
made sense anyway...
September 21st, 2008 at 11:00 pmi don't know how many stages of dementia there are, samsuncle,
September 21st, 2008 at 11:02 pmbut he is beyond the first stage, for sure...
Obviously McCain hasn't been following the news at all.
Or perhaps McCain is also like Bush in that neither reads the newspapers, and they have aids tell them what they need to know (in other words, what they want to hear).
September 21st, 2008 at 11:07 pmObama Picks Up Phone on Economy
September 21, 2008 6:35 PM
ABC's Sunlen Miller reports: Since yesterday, Sen. Barack Obama has spoken on the phone with House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Banking Committee chairman Chris Dodd, Rep. Barney Frank, Sen. Chuck Schumer, Rep. Ralph Emmanuel, former President Bill Clinton and Sen. Hillary Clinton about the economic situation and the plan for dealing with it.
Spokesperson Linda Douglass says that the conversations were about devising a "quick, bipartisan solution" to the economic crisis and they touched on the principles that Obama laid out in a speech in Charlotte, N.C., today.
"As of now, the Bush administration has only offered a concept with a staggering price tag, not a plan," Obama said. "Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects the basic principles of transparency, and fairness, and reform. We can’t allow this to happen again. They have run this government, they have run this economy into the ground. We’ve got to make sure that we lift if back up, but we’ve got to have some rules in place to make sure it doesn’t happen again."
Obama set out seven principles (several of which he has regularly mentioned on the campaign trail) for what he would like to see included in the government's bailout plan.
September 21st, 2008 at 11:08 pm[...]
(listed here) http://blogs.abcnews.com/politicalradar/2008/09/obama-picks-up.html
miatch Says:
Look, he told us a long time ago he didn’t understand the economy.
The one thing (and only thing) you can say he wasn't lying about, what a clueless buffoon.
September 21st, 2008 at 11:10 pmMcCain criticizes Obama for lack of leadership The Associated Press
it's projection 101
September 21st, 2008 at 11:12 pmClogged with illiquid assets, i.e, not able to sell new unregulated deals because the cost of "insuring" them. They "cover" these deals via derivatives known as credit default swaps. With the fall of Lehman Brothers their cost of is now astronomical.
No one will buy the core asset in this market without peace of mind. That peace of mind is now as high as 20% of the asset itself. What does that do to interest rates? It sends them through the roof.
Credit dies if there is no peace of mind, or if that cost is outrageous. This is what's locking up Wall Street. Unregulated mortgage backed securities and their associated derivative credit default swaps gummed up the gears of John McCain's baby. He should hang his head in shame.
Can McCon keep it going for six more weeks? Sarah "the narrative" Palin and McCon's deregulated Wall Street crumble before our very eyes...
September 21st, 2008 at 11:13 pmOf course McCon is proud. The Carlyle Group can now buy back their affiliates' commercial mortgage backed securities at an even deeper discount. Will it drop to pennies on the dollar? Will they buy ManorCare's first or another affiliate?
September 21st, 2008 at 11:22 pmI just finished watching the interviews on 60 Minutes.
McCain was same-o "I want to have it both ways."
Obama was good, but I wish they'd done an "at home" segment with him as well.
September 21st, 2008 at 11:24 pmAmazing.
September 21st, 2008 at 11:26 pmYet I still wory that the ignorant masses may elect McMethusela.
The electin is much closer than it should be. I was under the impression for the last 4 years that America may be evolving and progressing. If McAncient wins, I'm moving to Canada.
Homer McCain had a D'oh week, as evidenced by his latest gaffe. He should live to regret his week of boneheaded statements.
September 21st, 2008 at 11:31 pmSo Gramps, you're glad you deregulated Wall Street. Are you also glad you provided the North Vietnamese with propaganda tapes? Are you also glad to have gone to bat for various Special interests? How about dumping your first wife and family for a rich rich rich young heiress? Has anybody ask him how many houses he has this week? He's adrift in a sea of lies, misconceptions and he has no idea which way to land.
September 21st, 2008 at 11:31 pmoctamethyl,
September 21st, 2008 at 11:33 pmIf McCain wins, you might consider moving south of the Equator. Radiation in the Northern Hemisphere will be very high.
Gramps needs to stand down. Maybe he remembers how to follow a direct order.
September 21st, 2008 at 11:46 pmCould some PUH-LEEZ direct John McCain back to the hidey-hole he keeps his brain in? He's apparently forgotten where he put it, judging by his recent statements on everything from "the bridge to nowhere", to firing the SEC chair, telling us the "economy is fundamentally strong", and many other statement too numerous to list here.
He's making us all crazy with his silly talk and just when you think it couldn't get any worse, he comes out with this statement. UNbelievable! I'm beginning to wonder if he's just trying to lose this election on purpose. But no, he's just misplaced his brain, that's all. Sure hope he finds it soon.
September 21st, 2008 at 11:54 pmold_hack Says:
Sarah Palin says Dildo and laughs at cancer survivor
Who was that guy and what do they have against Lyda Green (except for the fact that she is not pandering to Sarah Palin)?
September 21st, 2008 at 11:58 pmI really do not think the old man understands any of this.
September 22nd, 2008 at 12:05 amAnother thing the Democrats need to insist be in the bailout package is an assurance that people who lost their homes won't have to pay tax on the difference between what their mortgage was and what the bank sold their home for. That's what happens now. Say you own a house with a $200,000 mortgage. The bank forecloses and sells your house for $150,000. The next tax year the former homeowner will get a tax bill for $50,000.
It happened to me once when we sold a motor home for $10,000 less than the remaining mortgage that was on it. The company agreed to the settlement and I thought that was the end of it. Until I got the IRS bill for the $10,000. It was infuriating because by the time we sold the motor home we had paid way more than the original purchase price. Purchase price was $50,000. We had paid $75,000 in payments.
It's going to be a heart breaker if all these people who lost their homes to foreclosure end up with a huge tax bill to pay on top of losing their homes.
September 22nd, 2008 at 12:05 amWhat an astounding buffoon.
September 22nd, 2008 at 12:08 am"It’s the stupidity, stupid"
September 22nd, 2008 at 12:09 amNo. I think the deregulation was probably helpful to the growth of our economy.
Ok, now he is laughing at the average American, say that he can say any dumba$$, absolutely insane crap and no one, not one reporter, no one in the MSA are going to point it out. He may as well kill kittens and puppies in front of his BS talk express bus, no one is going to point it out.
The Iraq vet we took care of is over visting the wife, a few cigs and stuff, I don't smoke, so they can have it on the front porch...Cig wise that is.
September 22nd, 2008 at 12:10 amDidn't Joe Biden vote for the same legislation? The Gramm-Leach-Bliley Act, signed by President Clinton, had the backing of 90 US Senators. Are we to believe that Obama would have voted against it?
September 22nd, 2008 at 12:10 am> Sarah Palin says Dildo and
> laughs at cancer survivor
I her defense, I think "dildo" is her nickname for McCain..
September 22nd, 2008 at 12:12 amSo? What has that to do with now?
September 22nd, 2008 at 12:13 amOh, forgot to point out that the Iraq vet is a 6 foot 4 female school mate of my daughters, we took care of her for her junior and senior year, her mother was nutz so we took care of her, she joined the army, the war happened, she did 4 years there, came home, and we took care of her, she was having a hard time ajusting to normal life, her mother is not capable of that, so, anyway that is how it went....for any of you that want to know.
September 22nd, 2008 at 12:14 amMorgan Stanley and Goldman Sachs are shifting to commercial bank holding companies in a dramatic move to survive.
http://news.bbc.co.uk/1/hi/business/7628578.stm
This piece shows how companies could buy back their mortgage backed securities for pennies on the dollar.
http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/09/paulsons_monster.html
September 22nd, 2008 at 12:29 amthirdparty Says:
Didn’t Joe Biden vote for the same legislation? The Gramm-Leach-Bliley Act, signed by President Clinton, had the backing of 90 US Senators.
Are we to believe that Obama would have voted against it?
_____________
From: Economists For Obama...
"The Gramm-Leach-Bliley Act passed the Senate, by the way, 54-44 on a nearly party-line vote...
... Senator Joe Biden voted against it.
... John McCain voted in favor."
http://econ4obama.blogspot.com/2008/09/obama-vs-mccain-on-gramm-leach-bliley.html
From: Wiki...
"Without forcing a veto vote, this bipartisan, VETO PROOF legislation was signed into law by President Bill Clinton on November 12, 1999."
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
Wondering what Obama might have done is meaningless here. THAT didn't happen. Sorry, it's conjecture and therefore doesn't matter.
September 22nd, 2008 at 12:32 amCountry first, eh John?
September 22nd, 2008 at 12:49 amMcSame's sour pussed campaign chief, Rick Davis was a lobbyist for Fannie Mae and made over 2 million dollars.
The people that paid him are pissed because he's been attacking Obama for having connections to Fannie Mae.
The scum rises to the top at Camp McSame.
Link.
-GSD
September 22nd, 2008 at 12:59 amIt's too bad the average American is too stupid to realize McCain and his BFF Gramm created the conditions for this economic meltdown.
"I heard McCain's stool is actually red, white,and blue. Awesome, he's got my vote!"
September 22nd, 2008 at 1:00 amWaltTheMan Says:
McCain - “You can always have it two ways.” Not a quote, but it seems to be the way he “thinks”
Orwell called it doublespeak.
September 22nd, 2008 at 1:01 amThats like saying I am glad that I took part in the Keating 5 and Im glad that S&L's had to be bailed out for 500 billion.
September 22nd, 2008 at 1:05 amObama was good, but I wish they’d done an “at home” segment with him as well. -Zooey
Yes, I'd like to see inside Obamas home like when they do those kind of segments.
September 22nd, 2008 at 1:16 amWhy are they blaming the borrowers? How can you blame someone who filled out the paperwork and got approved for the loan? Why should I pay when I didn't play?
Why should I pay for the bailout? I didn't borrow and I didn't buy a house. Which were overpriced plywood and drywall.
I find it strange that chimpy's government is using the same people who got us into this mess.
Who started the bipartisan atmosphere? Chimpy that's who. But they won't say his name on tv.
Things will be better with the leadership of Sen. Obama.
I don't believe Sen. Obama will say anything to get elected. I do believe mcchimpy will confuse everything to get elected.
What a country.
Obama\Biden
September 22nd, 2008 at 2:38 amthirdparty Says:
Didn't Joe Biden vote for the same legislation? The Gramm-Leach-Bliley Act, signed by President Clinton, had the backing of 90 US Senators. Are we to believe that Obama would have voted against it?
And?
chimpy is the decider. remember. the way chimpy manipulated your Constitution without oversight or operated in secrecy is the cause of this mess. I'm sure he could have waved his magic wand and stopped this downfall, if he was a true leader.
chimpy is to blame because his war is responsible for all the deaths, maiming and our hardship.
repugs are greedy dummies
September 22nd, 2008 at 2:52 amNothing to see here...keep moving...we've got Caribou Barbie...MILF...McCain was a POW...nothing to see here...
Idiot America does not know where Wall Street is.
September 22nd, 2008 at 5:38 am"I demand this guy release his medical records."
He did long ago. Many, many pages. For only the past few years.
September 22nd, 2008 at 5:59 amOT
plain said she didn't know that victims were paying for their rape kits. Yeah, right.
Treasury want to bailout foreign banks too.
September 22nd, 2008 at 6:26 amCome the f on!
Sven Ortmann Says:
"I demand this guy release his medical records."
He did long ago. Many, many pages. For only the past few years.
I agree.
This is mcchimpy's form of transparency.
September 22nd, 2008 at 6:28 amSven Ortmann Says:
“I demand this guy release his medical records.”
He did long ago. Many, many pages. For only the past few years.
September 22nd, 2008 at 5:59 am
_______
And as I recall, all 10,000 were "released" by putting them all in one room that the members of the press corps could access for about five hours, but reporters were forbidden to remove anything, make photocopies, or take photographs of the pages. I think they *may* have been allowed to take notes.
September 22nd, 2008 at 7:36 amIt was phony growth. Financial services and housing, with all their shenanigans grew to be the dominant sectors of the economy - that's where the growth was in this decade. And now... KABOOM!
September 22nd, 2008 at 8:28 amLooking at the crowd in the last GOP Convention carrying signs saying 'Country First' does not score well with what McCain is saying.
September 22nd, 2008 at 8:42 amPaying 700 billion of taxpayers dollars to rescue these barons at Wall Street does not agree with 'Country First' signs that McCain and Sarah decorate arenas with before they make their speeches.
McGrowth said himself that he does not understand economics,now he says he is glad that he called for deregulation.
Deregulation which was the real cause of what we have on hand today...
Is this what grandpa means by 'Country First'?!!
McCain: " My friends, follow me! I'm the Decider II. OK let's go....to the right....no wait, to the left.....no the right. TRUST me. Look if I feel strongly both ways I'll be right some of the time, and that will mean great sound bites!"
September 22nd, 2008 at 9:06 amFollow me, who's leading?
September 22nd, 2008 at 9:21 amIt's hard to know where McFlipFlop really stands...
September 22nd, 2008 at 9:39 am****COMMERCIAL FODDER******
Please, please, please make this a commercial.
September 22nd, 2008 at 10:11 amthirdparty Says:
Didn’t Joe Biden vote for the same legislation? The Gramm-Leach-Bliley Act, signed by President Clinton, had the backing of 90 US Senators. Are we to believe that Obama would have voted against it?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Who knows, its useless to speculate on what he MIGHT have voted for since none of us are mind readers. What I AM pretty sure of is that after it was shown to be a complete disaster he wouldnt continue to say he was GLAD he voted for it like McMoron just did
September 22nd, 2008 at 10:15 amThe Republic of Stupidity Says:
Good JOB Ros. So 3rd party just pulled that directly out of his ass or was TOLD to believe it by one of the Rushclone bloviators who do his thinking for him. What WERE the chances.
September 22nd, 2008 at 10:18 amMcStain:
"I'm glad I poop my pants. I do it daily".
September 22nd, 2008 at 11:01 amJust in the last few days, well into the time when the current financial crisis was visible, McCain has said:
*) glad he deregulated Wall St.
*) Wants to dergulate healthcare the same way
almost as recently:
*)strongly supported the plan to put Social Security into individual investment accounts.
September 22nd, 2008 at 12:03 pm*) The fundamentals of the economy are strong.
*) Economic Advisor calls the people loosing their homes and funds "cry babies"
Mc Lame will soon be singing
"Bomb bomb bomb bomb bomb The Econo-meee"
This guy is reckless and he seems to like it.
September 22nd, 2008 at 12:20 pmNo he Biden did NOT vote for it...but McCain did. Please check your facts next time.
As far as Clinton (who ought to have known better) the final bill was passed with a veto proof majority, so Clinton couldn't have done jack shiat even if he didn't like it. But, back to Phil Gramm and proponents of this kind of de-regulation. As of just recently McCain wanted him as Treasury Secretary...the mans incompetence knows no bounds.
September 22nd, 2008 at 1:08 pmFor Chocolate Jesus...
Your monosylabic easy-to-remember word for deregulation:
THEFT.
September 23rd, 2008 at 9:59 ammaybe deregulating wall street helped open up some cracks for them to get their war on
GOOD: the true cost of the war
September 23rd, 2008 at 5:25 pmWhat a near-sighted twit of a candidate.
September 24th, 2008 at 6:58 amJust like the cold war when everyone who didn’t agree with the U.S. was either a communist or a communist sympathizer. toki This poor crazy guy spent half a decade being tortured because a bunch of stupid politicians araç sorgulama were sure the NVA was in bed with the Russians (minimal help) and/or the Chinese (ancient enemy of the vietnamese). ssk sorgulama You would think he would have learned from others’ mistakes. Guess not. Republicans need an enemy. key ödemeleri This century it apparently will be all Muslims, health all of whom must be alQaeda operatives.
March 1st, 2009 at 1:36 pm