Tuesday, September 16, 2008

Johnny-Come-Lately to the Economic Crisis

After basking in the glow of his neophyte VP nominee Sarah Palin for the last two weeks, reality came screaming back to McCain today in the wake of the financial crisis. A day after claiming the economy was still "fundamentally sound", McCain is now blaming the industry for its woes.

In his typical blustering stance, McCain told NBC's Matt Lauer today that industry executives share blame in the current financial market crisis because they have "treated it like a casino and need to be held accountable and stop walking away with these fat-cat packages."

In reality, some of the those 'fat cats' are advising McCain's campaign. Former Hewlett Packard CEO Carly Fiorina got a $42 million "golden parachute" after being fired. And as Bloomberg reported Monday night, McCain's "largest campaign donors" were employees of Merrill Lynch, which was sold to Bank of America yesterday so it could avoid bankruptcy.

McCain also said today: "Too many firms on Wall Street have been able to count on casual oversight by regulatory agencies in Washington."

Today, the New York Times reported in a news analysis that McCain "has consistently characterized himself as fundamentally a deregulator," and "has no history prior to the presidential campaign of advocating steps to tighten standards on investment firms." After surveying his past policy positions and key economic advisers, the Times concluded that McCain has "never departed in any major way from his party's embrace of deregulation."

McCain's cries for "less government" echo through every campaign stop. McCain now claims to be ideally suited to fix the problems, despite the fact he has admitted he's not an economic expert and has advocated deregulation his entire career.

Trying to claim supremacy on the issue, McCain said today on MSNBC's Morning Joe program:

"I know how to fix this economy. I've had great experience on economic issues as Chairman of the Commerce Committee."

Great point - as a member of the Senate's Commerce, Science, and Transportation Committee since 1997, former Chairman and current ranking member, McCain should have been in a perfect position to "fix this economy." So what exactly has he been doing during the last 11 years?


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