McCain suspending his campaign

[Jackson50]

akuma587 said:

madskillz said:

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.

http://thinkprogress.org/2008/09/21/mccain-deregulation/

 

Take your facts and get the hell out of here mister!  Shame on you for not rushing to defend McCain when he wanted to get rid of the legislation he passed in the first place!  I mean obviously you can just take things back once you have passed them, right?

 

If McCain truly believes repealing Glass-Steagall is what caused this crisis, he does need to educate himself about the economy. To be honest, repealing that bill has probably helped mitigate the financial crisis. The banks that have failed are Fannie/Freddie and pure investment banks. The banks that are diversified are on a more solid financial standing. Also, plenty of foreign banks that are not prohibited from combining commercial and investment banking do not suffer from this phenomena...why only in America? Greed and the odd structure of Fannie/Freddie may have been factors, but I have said it once and I will say it again: all of those contributors are secondary to the Fed’s handling of the money supply (interest rates). Had the Fed not created artificial demand through artificially low interest rates, there would have been no impetus for people to borrow beyond their means and for banks to provide the loans.