Jackson50 said:
How is deregulation responsible for this? This current financial crisis is the direct result of the sub-prime mortgage mess. No political party should be blamed for this mess. The Federal Reserve’s mismanagement of our money supply (interest rates) created this bubble…and then it popped. |
In the wake of last week’s financial meltdown, Sen. John McCain (R-AZ) has been calling for more regulation and criticizing lax oversight of Wall Street, despite the fact that he and former senator Phil Gramm passed much of the deregulatory reforms that led to the current crisis. Interviewed on CBS today, however, McCain said he does not “regret” championing the deregulation of Wall Street:
Q: In 1999, you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?
McCAIN: No. I think the deregulation was probably helpful to the growth of our economy.
Source: http://thinkprogress.org/2008/09/21/mccain-deregulation/
