FACT CHECK: Biden on McCain's regulatory history

[Hope And Change]

September 17, 2008

FACT CHECK: Biden on McCain's regulatory history

Posted: 07:50 AM ET

(CNN) — CNN checked out a statement made by Sen. Joe Biden on Sen. John McCain opposing financial regulation.

The Statement
An Obama-Biden administration would "increase regulatory oversight of the very people John (McCain) has refused to regulate," Democratic vice-presidential candidate Biden said Tuesday, September 16, on CNN's "American Morning."

The Facts
Until recently, McCain consistently described himself as an opponent of most government regulation. In 1995 McCain proposed an across-the-board moratorium on all federal regulations, but that failed in Congress.

In March 2008 he said in an interview with 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. I think we found this in the subprime lending crisis — that there are people that game the system and if not outright broke the law, they certainly engaged in unethical conduct which made this problem worse. So I do believe that there is role for oversight.

-------

Verdict: Biden's statement historically accurate, but McCain's position changing.


more...

http://politicalticker.blogs.cnn.com/2008/09/17/fact-check-biden-on-mccains-regulatory-history/

[Marsala]

1. "Fair and balanced" media strikes again

Biden is completely right. McCain has always been for the minimum of regulations and oversight. Saying that McCain's position is changing is silly because most of that change came in the past couple of days.

[thoughtcrime1984]

2. I am in favor in much more regulation

Why shouldn't big business be ultra accountable to the workforce, the consumers, the taxpayers, and the environment? These big companies make billion$, and are so damn concerned with shareholders, board members, and company officers and VP's, that they will skirt ethics to make another thin dime. The gov't, which is still supposed to be representative of the people, the last time I checked, has a responsibility to see that any company that claims to be an American entity, or is positioned here is accountable to all, without stripping it of earning power, of course. But let's be frank here, the tail has been wagging the dog for far too long. Regulations are safeguards for the American people, and should help ensure that the Lehman Bros, AIGs, Bear Stearns, Freddie Macs and Fannie Maes do not bite off more than they can chew and then look to be bailed out with our money, money that we will have to borrow from the Saudis or the Chinese, YET AGAIN.

[SemiCharmedQuark]

3. Changing...since March???

Well gee...I guess he could have been screaming deregulation up until September 14, but if he says one line about how they need to fix regulation, he's "changing".