McCain defends, Obama blames deregulation (60 Minutes Interviews)

[maddezmom]

Source: AP

WASHINGTON (AP) — Sen. John McCain defended deregulation on Wall Street even as he endorsed a $700 billion bailout of financial firms in an interview broadcast Sunday.

His opponent in the presidential race, Democratic Sen. Barack Obama, said an inadequate regulatory system was partly responsible for the crisis. Both candidates were interviewed on CBS' "60 Minutes."

McCain, the Republican presidential nominee, has long supported fewer regulations for businesses. But as the financial crisis on Wall Street worsens, McCain is calling for more government. Obama said McCain is late in calling for better oversight after years of supporting fewer regulations.

McCain was asked if he regretted supporting a 1999 law that removed barriers between investment banks and commercial banks that were erected in 1933, in response to the 1929 stock market crash.

"No," McCain said. "I think the deregulation was probably helpful to the growth of our economy."



Read more: http://ap.google.com/article/ALeqM5htjyz7Bk_GOPn0uXonsBuSqkAE7gD93BDAH80

[livelongandprosper]

1. Not that shit again. McCain should agree with McCain first

before he asks us to agree with McCain.

[OwnedByFerrets]

3. Welcome to DU

www.wearableartnow.com

[Elidor]

2. Pummel him!

McCain thinks this was all a GOOD IDEA! He wants to make it even worse! He wants to give your tax money to rich people!

This is a no-brainer. They're gonna clobber him with this.

[billybob537]

4. "I think the deregulation was probably helpful to the growth of our economy."

Oh really McSTUPID Then why has it been growing straight DOWN?

[livelongandprosper]

6. What does 'our' mean here? n/t

[billybob537]

11. that's a McCain quote

does anybody really know what he means??????

[central scrutinizer]

17. define growth

fewer jobs in the last eight years
stock market, in constant dollars, is down from when Bushco took office
wages stagnant
value of the dollar down

but CEO compensation - way, way up. that must be what he means by growth

[No DUplicitous DUpe]

22. I think McCain means growth in the price of food and fuel.

There has been solid growth in those areas.

[lonestarnot]

5. Beat the fuck-up out of him!

[yourout]

7. He's writing Obama's adds without even knowing it.

Obama can now take shots at that vote and his unwillingness to admit a mistake.

"We'll be greeted as liberators."

"Banking de-regulation was a good thing"

[NashVegas]

8. McCain's Hysterical

John McCain: Wall St. has broken the social contract w/America

60 Minutes: do you regret voting to de-regulate?

McCain: no, it was good for the economy!

[4lbs]

9. Deregulation was great for the economy?!?!?!?

In what universe?

From 1993 to 1999, WITH A REGULATED FINANCIAL INDUSTRY, the economy grew by leaps and bounds, under the Clinton Adminstration.

Then late 1999, it was deregulated over Clinton's veto, by a Republican controlled Congress.

From 2000 to 2008 the economy has been declining.

[karynnj]

20. Sadly, it was not over Clinton's veto - there was no veto

[Doremus]

25. And just think of the beating we'd be taking right now if the primaries had turned out differently.

Thank goodness for miracles (and Barack Obama).

[tblue37]

21. Well, but Bush, Cheney, McCain, and their cronies have done quite well. n/t

[stray cat]

10. McCain = deregulation, war overseas and war on working americans

other than than everything he says is a lie.

[MasonJar]

12. I hate to burst his bubble but the economy has NOT grown since

Clinton left, soon after the passage. He has to support the bill since he undoubtedly voted for it and his future Treasury Secretary, Phil Gramm, was its major backer and originator...Mr Enron himself.

[debbierlus]

13. Oh, thank you Sen. McCain - you couldn't have fucked this up worse -

I can't believe I am grateful to John McCain today.

The clueless fucker just wrote the obituary.

YES.

[roseBudd]

14. Click through DUers make this a most read article.

[EmilyAnne]

15. See, it works. Just every now and then it needs an adjustment. Right, guys?

:sarcasm:

[KakistocracyHater]

16. deregulation=location of next bubble

it's obvious: the S&L from the (big)80s, Junk Bonds, telecom Dereg Act of 96, electricity deregs, etc....

[mcg]

24. cancerous growths. nt

[Erda]

18. Did anyone notice how McCain left Cindy behind

when Steve Pelley started his interview with McCain (as McCain and Cindy were leaving the stage after the Republican Convention)? McCain showed no regard for his wife as he walked. This treatment of her, I think, is very telling. I actually felt sorry for her.

[KakistocracyHater]

19. why she doesn't drop him-

I guess she likes his type? I don't think she should wear that shade of orange either, she ought to stay in cantloupe & pastel shades of orange with her complexion & coloring, especially at the couture pricetag. :wtf:

[KakistocracyHater]

23. deregulation=next bubble

He's too stupid to put cause & effect together? So it did take a few years, the barrier put up in 1933, after the crash of 29-they did come to people's houses & demand instant full payment, to help themselves. A repeat pattern.

[Alter Ego]

26. Obama is right--and this crash has proven it.