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McCain Blunders Again: Banking Deregulation and Health Care

McCain on banking and health care -- you won't believe how badly McCain's screwed up this time... (emphasis mine)

OK, a correspondent directs me to John McCain's article, Better Health Care at Lower Cost for Every American, in the Sept./Oct. issue of Contingencies, the magazine of the American Academy of Actuaries. You might want to be seated before reading this.

Here's what McCain has to say about the wonders of market-based health reform:

Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.

So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago -- and promising that if we marketize health care, it will perform as well as the financial industry!

Amazing. John McCain praises banking deregulation and promises to do the same to health care, and very recently wrote an article where he took credit for the last decade of banking deregulation -- the same deregulation that caused the very economic crisis he's now blaming the "Washington establishment" for causing.

He takes credit for the deregulation he's pledging to fix! Of course he wrote the article before the recent meltdown exposed the extent of the financial woes facing the American people, which explains his flip-flop -- but look at how blatantly and easily John McCain spins and lies to the American public.

One minute he boasts proudly of having deregulated banking, and the next minute he's promising to put an end to the very practices he's just finished bragging about!

Obama nails it:

Update Monday, Spetember 22, 2008:


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Comments (2)

bacaangel[TypeKey Profile Page]:

"IRAQ RECONSTRUCTION

-$142 million wasted on reconstruction projects that were either terminated or canceled. [Special Inspector General for Iraq, 7/28/08]

-"Significant" amount of U.S. funds for Iraq funneled to Sunni and Shiite militias. [GAO Comptroller, 3/11/08]

-$180 million payed to construction company Bechtel for projects it never finished. [Federal audit, 7/25/07]

-$5.1 billion in expenses for Iraq reconstruction charged without documentation. [Special Inspector General for Iraq Reconstruction report, 3/19/07]

-$10 billion in spending on Iraq reconstruction was wasteful or poorly tracked. [GAO, 2/15/07]

-Halliburton overcharged the government $100 million for one day's work in 2004. [Project on Government Oversight, 10/8/04]

KATRINA

-Millions wasted on four no-bid contracts, including paying $20 million for an unusable camp for evacuees. [Homeland Security Department Inspector General, 9/10/08]

-$2.4 billion in contracts doled out by FEMA that guaranteed profits for big companies. [Center for Public Integrity investigation, 6/25/07]

-An estimated $2 billion in fraud and waste -- nearly 11 percent of the $19 billion spent by FEMA on Hurricanes Katrina and Rita as of mid-June. [New York Times tally, 6/27/06]

-"Widespread" waste and mismanagement on millions for Katrina recovery, including at least $3 million for 4,000 beds that were never used. [GAO, 3/16/06]

DEFENSE CONTRACTS

-A $50 million Air Force contract awarded to a company with close ties to senior Air Force officers, in a process "fraught with improper influence, irregular procedures, glaring conflicts of interest." [Project on Government Oversight, 4/18/08]

-$1.7 billion in excessive fees and waste paid by the Pentagon to the Interior Department to manage federal lands. [Defense Department and Interior Department Inspectors General audit, 12/25/06]

-$1 trillion unaccounted for by the Pentagon, including 56 airplanes, 32 tanks, and 36 Javelin missile command launch-units. [GAO, 5/18/03]

Given Bush's history of gross fiscal mismanagement -- including an unprecedented number of no-bid contracts and Bush's resistance to closing fraud loopholes or increasing oversight of contracts -- why should Americans trust another $700 billion to his care? Paul Krugman writes, "Let's not be railroaded into accepting an enormously expensive plan that doesn't seem to address the real problem."

Thinkprogress.org

JAMES MESSINA:

Last election these crowds that one could still hear echoing "four more years!" that resonated and ultimately stirred a winning cause, was based on Bush would do better in time of war. Did they forget the attracts happened on his watch?
I keep hearing polls insinuating McCain would do better in war because of his experience. Let's reverse the situation. Who would do better making peace? Better yet. Who would do better in preventing war? Who is the best ticket on talks with our Arab and Muslim friends, McCain-Palin or Obama-Biden? Education is the key here, all nations learning from each other in a give and take of important attitude and feelings. One thing is certain, in the Muslim culture; it is easier for men to converse with each other rather then man and women that's where Biden has the advantage over Palin. On the same token a man who cries fire ("I would fire him") is a scary image of McCain's hand slamming down on a big red button yelling "fire!" Our friends and allies of the Arab and Muslim nations would apt to have a better rapport with Obama


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

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