Americans Blame Financial Crisis On ‘Lack Of Regulation,’ While McCain Says People ‘Don’t Want Regulation’
Americans Blame Financial Crisis On ‘Lack Of Regulation,’ While McCain Says People ‘Don’t Want Regulation’
In an interview on Tuesday with WCAU in Philadelphia, Sen. John McCain (R-AZ) backed away from his Sept. 16 claim that he believes in “excess government regulation,” saying that Americans actually want deregulation:
WELKER: It sounds like you’re calling for more regulation. Yet throughout your career you’ve advocated deregulation. Do you now see that as a failed economic policy — deregulation?
MCCAIN: Oh no. People don’t want regulation. They want to live as freely as they can. It’s smart regulation. Look, I’ve called for fixing Fannie and Freddie a long time ago.
Watch it:
A new LA Times/Bloomberg poll doesn’t bear McCain’s claims out, however. It finds that Americans are actually blaming the financial crisis on a lack of government regulation:
McCain has consistently been a strong advocate of deregulation. In September, he said that “deregulation was probably helpful to the growth of our economy,” and he has also called for a similar deregulation of the health care industry. Of course, one of McCain’s top economic confidantes is Phil Gramm, who drove much of the financial industry’s deregulation.
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John McCain – “Wrong once again on what the majority of the people want, so he must be good enough for the Republicans”
September 24th, 2008 at 2:16 pmWho are the 24% who disagree?
September 24th, 2008 at 2:17 pmJust read this on Froomkin in regards to the economic crisis -
“Paulson said he warned Bush in a meeting around the time he became Treasury secretary in July 2006.”
Paulson and Bernake say the sky is falling and WE, the taxpayers, need our elected officials to act NOW NOW NOW to fix this problem.
Why weren’t those two more forceful with Bush TWO YEARS AGO????
I know the answer to my own question, but I had to put that out there.
Good lord, could it get any worse?
I REALLY REALLY REALLY hope our Congress and Senate do NOT cave on this one.
September 24th, 2008 at 2:19 pmI think I might throw up otherwise.
Good grief this man is out of touch. If Obama doesn’t wax this guy like a sarcophagus in the debates, all hope is lost.
September 24th, 2008 at 2:19 pm.
McOut-of-touch is out to McLunch…
.
September 24th, 2008 at 2:21 pmMcCain seems to imply that regulation impedes freedom.
September 24th, 2008 at 2:24 pmI call bullsh!t.
Without proper oversight, when unchecked greed and stupidity inevitably run rampant, we all become slaves.
I’ll bet you $700B that I’m right.
Sure Jonniemac – I really, really want to watch Monday Night Football with no refs on the field, too. Also, I want to manufacture and sell cancer medicine for $5000.00 per pill without that pesky government getting in my way because I’m not a Doctor or a Chemist)
Sportsheaded Righties ought to have a better intuitive grasp of what regulation is necessary and good for, besides keeping disease and toxic chemicals out of our food and water, and keeping me from making and selling cancer medicine.
Would you bet on a game with no referees?
Would you let the home team provide their own referees? (that would make betting easier, but it would also erase any legitimacy of competition)
For the Family Values crowd, would you let your kid participate in “deregulated” sports? (Billy doesn’t like helmets, so he’s not going to wear one in the game!?)
hfs, people, how dumb we’ve become.
p.s. – McCain is a Liar. All day, every day, forever. Liar, adulterer, Elitist.
September 24th, 2008 at 2:25 pmThis week, McStain became a Born Again Regulator (after again co-oping Obama’s position)
And there’s nothing those Fundies love more than a Born Again!
PEACE
September 24th, 2008 at 2:27 pmJohn McCain believes in the same thing Americans believe in. If you believe in it, so does he. And if you don’t, than neither will he.
That is the principle I look for in a man. A man that will come out in favor of “excessive regulation!”
I wondered at the time why he’d take such a leap from deregulation all the way to excessive, as though he wasn’t comfortable on middle ground!
September 24th, 2008 at 2:32 pmLiving free and having rational regulation is completely consistent Johnny. Having the financial markets blow up tends to make people recognize that reality. So sorry you are on the wrong side of history again.
September 24th, 2008 at 2:35 pmHe’s said it before and I quote (without a link, I know) “I disagree with the majority of Americans.” Now in his defense it was a question regarding ending the occupation in Iraq, but I think it covers it.
September 24th, 2008 at 2:37 pmHe wants “smart regulation” then. How about all of the regulations are done smartly then? Like they should be in the first place?
September 24th, 2008 at 2:38 pmMCCAIN: Oh no. People don’t want regulation. They want to live as freely as they can. It’s smart regulation. Look, I’ve called for fixing Fannie and Freddie a long time ago.
So thats why McCain was taking campaign money from fannie and freddie, and why his campaign manager
Jeffrey DahlmerRick Davis was on their payroll until last month?He was gonna fix them by taking their bribe money, eh?
September 24th, 2008 at 2:38 pmYeah right.
Well we know who 17% are, so its only like 7% lost in some box.
September 24th, 2008 at 2:39 pmMaverick without a clue.
September 24th, 2008 at 2:39 pmLet’s see if Chimpy picks up on THIS tonight in his LIES TO THE PUBLIC AGAIN chat….
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8DIq9yO0vzY
September 24th, 2008 at 2:41 pmMcCain’s economics are as corrupt as his campaign team of lobbyists. But old John will whistle whatever tune he thinks the dancers be wantin’ to hear.
September 24th, 2008 at 2:43 pmMax-1 Says:
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McOut-of-touch is out to McLunch…
http://www.youtube.com/watch?v=4UDm48ImL9w
September 24th, 2008 at 2:43 pmEnron grew the economy?
It was a scam from beginning to end.
September 24th, 2008 at 2:48 pmmcwacko’s brain fart’s are fighting with memory loss…..
Bull shit bush and the reichwinged rich will scream and create more problem’s by the moment untill they are booted out….If it does not happen by vote in Nov, me think’s it may be by force come spring….Winter time is not a good time to storm the castle and imprison the king’s..Pitch fork’s don’t work well in the snow….Blessings
September 24th, 2008 at 2:49 pmRich H Says:
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Who are the 24% who disagree?
They thought it was a question about regurgitation.
September 24th, 2008 at 2:50 pmWho’s the elitist?
http://www.usmagazine.com/news/john-mccain-uses-american-idol-makeup-artist
September 24th, 2008 at 2:51 pmDeja Vu
September 24th, 2008 at 2:52 pmRegulation = Referees
The Trillion dollar mess we have right now is due to the financial system having no ‘referees’. Oh sure, the SEC existed, but Cox & Co. had no real teeth. If they did, they certainly didn’t use them to bite any of the toxic mortgage holders or credit ratings entities that moved ‘junk level’ paper up to excellent ratings.
Regulation is most needed when Republics are in the WH. That time is overdue by 8 years.
John McCain…I was for it before I was against it before I was for it, but now I’m against it.
‘A man has to have principles, you know’.
September 24th, 2008 at 2:53 pmMEMO – Deregulation from hence forth shall be known as “smart regulation”. Thank you for your support and please distribute widely.
Johnny Mac Attack
September 24th, 2008 at 2:53 pmThis is a little trick that McCain pulls. When he talks about regulation, he gives examples of regulating people (i.e. your HOA won’t let you paint your house purple), and then he says that people are against regulation. So, in a sense he is right, people don’t want more regulation OF THEIR PERSON AND THEIR LIFE. But they do want more regulation of businesses to keep them from ripping us off.
McCain is a master at playing a game of semantics.
September 24th, 2008 at 2:55 pmMcCain just called for a delay for the debate on Friday. Saw it on CNN and Fox
September 24th, 2008 at 2:57 pmSocialist countries (ones we used to make fun of) allow the wealthy to keep their profits, while supporting and enabling their bad decisions. We are now living in such a country.
The United Socialists of America. How can the right side – the side of law and order, the side of no regulation, the side of pulling one up by ones own bootstraps, the side of distain for those less fortunate, the side of tax breaks for the rich – be behind this bailout? It started at $85 billion for AIG, now it is up to $1 trillion. Does that sound as though they know what they are doing?
September 24th, 2008 at 2:58 pmAPEC not OPEC Says:
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McCain just called for a delay for the debate on Friday.
Till when, Nov. 5?
September 24th, 2008 at 3:01 pmMore nonsense from the Repugs. Fannie Mae and Freddie Mac were taken over on September 7th, backed by the full faith and credit of Uncle Sam.
The financial house of cards collapsed September 18th, the day Goldman Sachs’ credit default swaps soared to $900,000 for one years peace of mind on $10 million of their debt.
Paulson & Bernake stated in their Senate Banking testimony that credit derivatives were critical to America’s financial system but didn’t have the infrastructure to deliver on their promises.
Lehman held $740 billion in derivative investments, not all were credit derivatives, when it failed. Goldman and Morgan Stanely held alot more, in the trillions.
This bailout was caused by unregulated financial instruments and is intended to save the wealth of the rich. Fannie and Freddie were already saved when the spinning razor of credit derivatives started shredding Goldman’s arteries. They called their ex-CEO for a bailout.
September 24th, 2008 at 3:02 pmThis just in: McCain Chickens out of Friday’s debate, becacuse he’s really a coward, and knows he’s going to have his ass handed to him.
September 24th, 2008 at 3:04 pmBREAKING, John McCain wants to cancel the debate on Friday and put his campaign on hold so he can go back to Washington to work on the financial crisis. WTF.
September 24th, 2008 at 3:05 pmYesterday he said he didn’t even know if he’d vote for the bill.
September 24th, 2008 at 3:06 pm1982: Sen. Garn coauthors Garn-St. Germain Depository Institutions Act, which deregulates savings and loan industry.
1984: S&Ls start crashing in Texas as oil boom peters out. More than 1,000 thrifts nationwide will fail between 1986 and 1995; debacle will cost $500 billion, including $124 billion in taxpayer money
Feb 6, 1989: President George H.W. Bush bails out S&L industry;
September 24th, 2008 at 3:07 pmPresumptuous b@stard is acting like he’s president already.
September 24th, 2008 at 3:07 pmI guess he wants everybody to forget he thinks the economy is stable.
September 24th, 2008 at 3:08 pm7 years from deregulation to bailout
1999 Glass Steagall gutted Deregulation occurs
9 years later
2008 George W Bush bails out market 700 billon
September 24th, 2008 at 3:09 pmOf course he’s not heading back to DC now he’s waiting until AFTER he speaks at the Clinton Global Initiative. I guess if he thought it was important he’d go back now.
September 24th, 2008 at 3:09 pmShayne, he wants to “suspend his campaign” which, unless I’m way off, is exactly what Romney did when he withdrew from the race. Team McStain didn’t say “suspend campaign activities” they said “suspend his campaign”.
Is something bigger going on here?
Also, Princess Wasilla basically committed McStain to voting for whatever bill is crafted during her “gal chat” with Couric.
Me thinks dear Sarah’s days are numbered, and Romney is going to appear on the ticket (either top or bottom, but hear Mormons prefer being on top) due to the “economic crisis”
Stay tuned!
PEACE
September 24th, 2008 at 3:09 pmMcCain sees the direction the polls are going and knows it ain’t gonna reverse unless he can con the people with some dumb new stunt like this. The guy isn’t even on the committee hearing the Henry and Ben spin their yarn. It’s not like he is going to get traction by going back to DC with his lobbyists. Besides, his snowbilly running mate pretty much pinned him down earlier today with some stupid off the cuff statement about the risk of depression without a bailout.
September 24th, 2008 at 3:10 pmI hope Obama just says “NO” to delaying the debate.
We need it now more than ever!!!!
PEACE
September 24th, 2008 at 3:10 pmMcCain thinks the S&L implosion costing some 500 billion [124 billion of that taxpayer money] was a good thing and grew the economy?
September 24th, 2008 at 3:13 pmWell spencers mom that would definitely mean that there is bigger sh*t ready to hit the fan doesn’t it. I think they’d just be rearranging deck chairs on the Titanic at this point.
September 24th, 2008 at 3:16 pmObama contacted McCain first about issuing a joint statement so McCain had to come up with this stunt. These guys fly all over the place in a day and now they can’t fly to a debate which would take place when the hearings aren’t on. Coward.
September 24th, 2008 at 3:19 pmpaleolib “snowbilly”. That’s a good one.
September 24th, 2008 at 3:19 pmThe part I saw of that interview the “snowbilly” can’t even form a complete sentence so I didn’t know what she was talking about.
September 24th, 2008 at 3:20 pmNow the Republicans want to cut capital gains taxes if they sign this legislation but they talk about Democrats not playing politics with it.
September 24th, 2008 at 3:24 pmGrampy McLame: out of touch with what american want, out of touch with reality, out of touch with what american believe. conservatism is a dead philosophy
September 24th, 2008 at 3:35 pmAt least he’s being consistent with his position from two days ago. It’s a start.
September 24th, 2008 at 3:42 pmOh Please. What campaign?
September 24th, 2008 at 3:43 pmIt’s obvious that mcchimpy can’t do two things at once.
September 24th, 2008 at 3:44 pmI hope Sen. Obama calls these lying aholes out. No postponements. mcchimpy will do/say anything to gain the advantage over Sen. Obama.
September 24th, 2008 at 3:47 pmIs it people who don’t want regulations or is it lobbyists and their clients who don’t want regulations?
And does that mean that lobbyists and their clients are McCain’s “people” ?
September 24th, 2008 at 3:51 pmBest idea EVER on correcting our financial mess, from my local paper’s blog:
Posted by Jake | 19 hours ago
No magic fairy will come to see you but at least the word will get out. I don’t know who T.J. Birkenmeier is, I sincerely salute him. I am forwarding this to my US senators and congressman. Hope you do the same. We ought to melt down the phone bank in Washington with this.
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000.00 to America in a We Deserve It Dividend.
To make the math simple, let’s assume there are 200,000.000 bonafide U.S. Citizens 18 yoa+.
Our population is about 310,000,00 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 yoa+.
So divide 200 millions adult 18+ into $85 billion and that equals $425,000.00.
My plan is to give $425,000.00 to every person 18 + as a We Deserve It Dividend.
Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.
Every individual 18 + has to pay $127,500.00 in taxes.
That sends $25,000,000,000 right back to Uncle Sam.
But it means that every adult 18+ has to $297,500.00 in their pocket.
A husband and wife have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay of your mortgage-housing crisis solved.
Repay college loans- what a great boost to new grad.
Put away money for college- it’ll be there.
Save in a bank- create money to loan to entrepreneurs.
Buy a new car-create new jobs.
Invest in the market- capital drives growth.
Pay for your parent’s medical insurance- health care improves.
Enable Deadbeat Dads to come clean- or else.
Remember, this for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of Course, for those serving in the Armed Forces.
If we’re going to redistribute wealth, let’s really do it. Instead of trickling out a puny $1000.00 (”vote buy”) economic incentive that is being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult US Citizen 18+!
As for AIG- liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington , DC .
And remember The Birk Plan only really costs $59.5 billion because $25.5 billion is returned instantly to Uncle Sam.
Birk
T.J. Birkenmeier, A Creative Guy & Citizen of the Republic
P.S. Feel free to pass this along to your pals as it’s either good for laugh or a tear or a very sobering thought on How Best To Use $85 Billion!!
September 24th, 2008 at 5:04 pmI think he is saying people don’t want stupid regulation.
Gee, thanks for clearing that up, John.
Now, which part of Glass-Steagall was the stupid legislation that prevented a meltdown of the financial system for the prior 60 years? Cause, if was smart, you and Phil never would have repealed it, right?
September 24th, 2008 at 5:05 pmDienow,
Birk is a little too creative. Nice plan but 85B/200M is $425.00, not $425,000.00.
September 24th, 2008 at 5:12 pmFor the Nth time, please allow me to fill in some background information on the greedy rigging of the unregulated electronic oil futures market:
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 24th, 2008 at 5:39 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.
Rice, you ignorant sl*t, the American people want regulation to protect us from things like lead in toothpaste, our pets and kids dying, decent drugs. Good god, are you really that ignorant?
Nothing like allowing predatory lending to take over which created this debacle.
No, we don’t want our government to do anything but take our taxes.
September 24th, 2008 at 6:48 pmThink of Government Regulations (as passed by our representatives at whatever level of our democratic form of government) as a Red Light at an intersection.
Traffic lights have Green, Yellow and Red colors. Green for GO, moving traffic flow along, maybe even synchronized to make traffic flow even more smoothly through multiple intersections. Yellow for CAUTION. Red for STOP.
Getting rid of all Red Lights (Regulations), thus leaving only Green Lights at intersections would lead to a whole lot of wrecks…or in the case of the de-regulated Wall Street, a blazing financial wreck and meltdown.
If you’ve noticed, crooks fleeing from cops in high-speed car chases don’t observe Red Lights at intersections. Wrecks and deaths often ensue.
So criminal-minded Reaganite Republians, like former Sen. Phil Gramm of Enron infamy and John McCain, have been pushing for almost thirty years for removing all the Red Lights from financial markets, energy trading centers and even our federal agencies.
Why?
So the corrupt conservative Republicans could give the “Green Light” to all their crony corporatist pals, letting them rob our country for as much as they could rip-off without silly “Red Lights” or government regulations impeding their rush to obscene riches…at the expense, the wreckage of everyone else.
And the Yellow “CAUTION” Light?
Treasury Secretary Paulson, formerly of Goldman Sachs, no doubt saw the Wall Street intersection’s traffic light flashing Yellow faster and faster, but blew off the warning signs. (Just like the Bush administration blew off all the pre-9/11 warnings of an imminent right-wing domestic terrorist attack).
Finally, all Green Lights (supposed free-market capitalism) is just as dangerous, therefore, as are all Red Lights, which one sees in one totalitarian dictatorship after another (especially Red Commie dictatorships). A blinking Yellow Light cautions against going to both extremes…which history has shown only leads to disaster and wrecked lives.
Let’s do a dissection of the current Wall Street crisis.
George W. Bush declares himself to be the “ownership society” president. He, therefore, pushes for more U.S. citizens, whether financially qualified or not, to own, own, own. Buy a house. Buy something else on credit to put in the house, driving up one’s credit card total.
To accomplish this “ownership society” scheme, the Republicans (and Bush) needed to relax the “rules,” to turn off as many of the regulatory Red Lights as possible…which they have done over the past eight years to such great success…and devastation.
But what’s the real reason behind this “ownership society” scheme?
Well, “owners” tend to be more conservative, especially the owners (and families) of “property” like a home…which must have given some Republican strategist (Karl Rove?) the idea that pumping up the number of “owners” would lead to more people voting Republican.
Besides the normal graft and greed of the Republicans, I believe this “political” calculation was also one of the major reasons for Bush’s “ownership society” gambit.
Now all the anti-regulatory mangy Republican chickens have come home to roost.
September 24th, 2008 at 9:55 pm