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Meet Deregulation McCain - the Fox in the Hen House

Sarah Palin's running mate, John McCain, has a history of supporting deregulated, so-called "Free Markets" -- and has been a significant force in the Senate behind changing regulatory structures that have directly lead to the current financial turmoil.

In 2002, McCain introduced a bill to deregulate the broadband Internet market, warning that "the potential for government interference with market forces is not limited to federal regulation." Three years earlier, McCain had joined with other Republicans to push through landmark legislation sponsored by then-Sen. Phil Gramm, R-Texas, who now is an economic adviser to his campaign. The Gramm-Leach-Bliley Act aimed to make the country's financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companies.

That bill allowed AIG to participate in the gold rush of a rapidly expanding global banking and investment market. But the legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments.

The dishonesty exhibited by the Palin/McCain campaign has reached new heights of hypocrisy. John McCain helped the GOP lay the foundation for the current financial crisis and now he wants us to believe he's embracing the need for more regulation.

John McCain last March: "I am fundamentally a deregulator"

His legislative history suggests strongly that letting John McCain in as President is the same as opening the door for the fox to enter the hen house. The excesses of the current financial crisis were fostered and encouraged by McCain's past deregulatory efforts, and while the fox is changing his tunes he's not going to change his fundamentals.

Coupled with his disconnect from mainstream America -- which has McCain going so far as to suggest that "the economy is on a solid foundation" -- and we have another example of the "say anything to get elected" current style of the Palin/McCain campaign.

Tax cuts for the rich, and when the deregulated rich get their tits in a wringer the American taxpayer steps in and bails them out, courtesy of the GOP.

Relax indeed. Let the fox in the hen house and relax... Follow John McCain's lead on social security reform and you'll find that it is companies like AIG that are standing ready to accept the privatization of the social security system with open arms.

Put your faith in John McCain? Then you're putting your financial future in the hands of deregulated sharks ready to suck the future right out of your retirement plans.

Note: Wizbang Blue is now closed and our authors have moved on. Paul Hooson can now be found at Wizbang Pop!. Please come see him there!

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Comments (1)


While it is true that Senator McCain supported deregulation it is also true that all of the liberal congress including the "annointed one" the big O of saintly fame did as well. And it is true that there were rules, regulations and guidelines in place that, if enforced, would have prevented this meltdown from occuring. But then I guess for a member of the liberal driveby media, mentioning that would have taxed your tiny intellects too much.


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Editors: Lee Ward, Larkin, Paul S Hooson, and Steve Crickmore

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