McFlipFlopper
“I’m always for less regulation. . . . I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.” — John McCain, March 3, 2008
I guess once you embrace Rove and Bush, it gets easier and easier to change positions on a dime and lie about your past record.
A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
Now, as the Bush administration scrambles to prevent the collapse of the American International Group (AIG), the nation’s largest insurance company, and stabilize a tumultuous Wall Street, the Republican presidential nominee is scrambling to recast himself as a champion of regulation to end “reckless conduct, corruption and unbridled greed” on Wall Street.
“Government has a clear responsibility to act in defense of the public interest, and that’s exactly what I intend to do,” a fiery McCain said at a rally in Tampa yesterday. “In my administration, we’re going to hold people on Wall Street responsible. And we’re going to enact and enforce reforms to make sure that these outrages never happen in the first place.”
So now he’s McCain the Regulator.
More fun with McCain and his un-sound grasp of economics:
John McCain spent Monday claiming as he had countless times before — that the economy was fundamentally sound. Had he missed the collapse of Lehman Brothers or the sale of Merrill Lynch, which were announced the day before? Did he not notice the agonies of the American International Group? Was he unaware of the impending layoffs of tens of thousands of Wall Street employees on top of the growing numbers of unemployed workers throughout the United States?
On Tuesday, he clarified his remarks. The clarification was far more worrisome than his initial comments.
He said that by calling the economy fundamentally sound, what he really meant was that American workers are the best in the world. In the best Karl Rovian fashion, he implied that if you dispute his statement about the economy’s firm foundation, you are, in effect, insulting American workers. “I believe in American workers, and someone who disagrees with that — it’s fine,” he told NBC’s Matt Lauer.
For decades, typical Americans have not been rewarded for their increasing productivity with comparably higher pay or better benefits. The disconnect between work and reward has been especially acute during the Bush years, as workers’ incomes fell while corporate profits, which flow to investors and company executives, ballooned. For workers, that is a fundamental flaw in today’s economy. It is grounded in policies like a chronically inadequate minimum wage and an increasingly unprogressive tax system, for which Mr. McCain offers no alternatives.
John McCain has devolved into a say-anything-to-get-elected self parody. At least he didn’t try to use being a POW as an excuse for this bout of cluelessness.


