Tuesday, September 16, 2008

McCain wants to fiddle while Wall Street Burns

As the country spirals into a financial black hole, John McCain's solution is to form a commission. On CBS's "Early Show" today, McCain said, "We need to set up a 9/11 Commission in order to get to the bottom of this and get it fixed and act to clean up this corruption."

Maybe someone should tell McCain that a commission doesn't solve a crisis, they study something in the past to identify why it happened and how to fix it. We're in an on-going battle to keep our economy afloat, fiddling around with a commission isn't the answer. It may be the single worst idea of his campaign so far, and that's no small feat considering the plethora of bad ideas (or no ideas) he's put forward.

Later in the day at a campaign rally in Tampa, McCain told the crowd:

"In my administration we're going to hold people on Wall Street responsible and we're going to enact and enforce reforms that make sure that these outrages -- and they are outrages -- never happen in the first place."

Of course McCain has long been a supporter of deregulation. A decade ago he tried unsuccessfully to push through a moratorium on all federal regulations. This March, he told the Wall Street Journal:

"I'm always for less regulation. But I am aware of the view that there is a need for government oversight. But I am fundamentally a deregulator."

So which one is it - a deregulator or for regulations to clean up Wall Street. McCain's never ending pendulum swing on his own position is making me dizzy.


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