The Regulator

In an apparent tribute to 1990s rapper Warren G and his song Regulate, John McCain has come out as a regulator.  By that, I mean he’s all of a sudden in favor of regulating the same financial services firms he once worked so hard to deregulate when he was chairman of the Senate Commerce Committee.  Yeah, that’s the same Senate Commerce Committee that is responsible for oversight of the banking industry.

In 1999 McCain supported the Gramm-Leach-Bliley Act, which the former deregulator hoped would “make the country’s financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.”  Too bad that by removing those much-needed regulations, McCain actually helped Wall Street get into its current state.  But now, its 2008 and regulation is “in” and McCain wants to be “in” the White House.  So now, he’s a regulator.

Smells of hypocrisy to me.  Hmm, could McCain be trying to divert attention from his statement that “the fundamentals of our economy are strong?”  Just curious.

In case you’re wondering, Barack Obama is, and always has been, in favor of regulating Wall Street.



September 17, 2008. Barack Obama, Election 2008, John McCain.

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