John McCain took pride in calling himself the DeRegulator?

[Skwmom]

Did I just hear this right? I just walked into the room so I want to make sure I heard that right.

[annabanana]

1. Maybe the *other* McCain.. You know the one from 2001

who wouldn't vote for the McCain of 2008 . . .

[writes3000]

2. And he flip-flopped on who he is and what he believes in less than a hour. Check it out.

Sen. John McCain (R-AZ) appeared on all six broadcast and cable morning news shows today in an attempt to defend his misguided belief that the “fundamentals of our economy are strong.” In discussing the causes of and solutions to the current economic crisis, McCain appeared to flip-flop — in less than an hour — on the role and effectiveness of government regulation.

On NBC’s Today Show, McCain told Matt Lauer:

Of course I don’t like excessive and unnecessary regu — uh, government regulation.

But on CBS’s Early Show, McCain told Harry Smith:

Do I believe in excess government regulation? Yes. But this patchwork quilt of regulating bodies was designed for the 1930s when they were invented.

With regard to the current economic crisis, the McCain campaign is now arguing for “strong regulatory oversight of Wall Street.” McCain, however, has long held that he is “fundamentally a deregulator.” As he told the Wall Street Journal in March:

I’m always for less regulation. But I am aware of the view that there is a need for government oversight. … But I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated.

Later that Month, McCain said in a speech, “Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments.” ThinkProgress documents McCain’s long history of flip-flops here.

VIDEO at the link

http://thinkprogress.org/2008/09/16/mccain-flops-on-regulation/

[Virginia Dare]

3. He was a mess this morning, all over the place..

and on top of that he was his usual arrogant and snippy self, not likable in the least. His campaign is unraveling.

[Median Democrat]

4. My God! I Feel Dumber For Trying To Sort Through That!

Does John McCain do that on purpose or is he confused himself?

[ps1074]

5. Gramm-Leach-Bliley Deregulation Act

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

Economist Robert Kuttner (among others) has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis. Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly.

Someone should remind the Maverick that he voted for this deregulation in 1999.

Here is the actual vote:
http://www.govtrack.us/congress/vote.xpd?vote=s1999-105