- In the 1980's McCain was a key figure in deregulating the savings and loan industry. McCain parlayed it into highly profitable graft for himself. That led to wholesale theft and the collaspe of many S&Ls. McCain got caught in the the ensuing scandal but successfully used his POW line to wiggle free.
- McCain's economic guru, Phil Gramm, slipped the "Enron Loophole" into legislation in the year 2000. This deregulatory loophole was used by that infamous company to game the electricity markets so egregiously that it led to Enron's own collapse. Since then, McCain has blocked every effort to close the loophole which is now being used by energy traders to game gasoline prices.
- The current banking crisis traces back to the repeal of the Glass-Steagall Act in 1999. Again Phil Gramm get direct blame for deregulating banks. Again, John McCain followed Gramm like an servile puppy in the effort. The effect is an economic crisis the world has not seen in 75 years.
- McCain has said he will make Phil Gramm Treasury Secretary.
- McCain's son, Andrew, ran an Arizona bank into bankruptcy earlier this year under curious, at least, circumstances.
- Not content with fucking the nation's economy, McCain is campaigning on a platform of deregulating health care.
Tuesday, September 16, 2008
McCain: Deregulation Hawk
One could argue, quite accurately, that John McCain is responsible for the Nation's economic crisis. McCain has worked his entire career to deregulate the financial industry - with disastrous results.