McCain The Great DEregulator
McCains Flip before he Flopped.
McCain: “I Am A Deregulator. I Believe In Deregulation.” While speaking about the cable and satellite television during an appearance on CNN’s “On the Money,” John McCain said, “I am a deregulator. I believe in deregulation.” [CNN, “In the Money,” 7/13/03]
McCain: “I Have A Long Voting Record In Support Of Deregulation.” The St. Petersburg Times quoted McCain at a Senate Commerce Committee hearing as having said, “I have a long voting record in support of deregulation.” [St. Petersburg Times, 6/5/03]
McCain: “Keep The Regulation Of The Government As Much As Possible Out Of People’s Lives.” During an appearance on PBS’s “NewsHour with Jim Lehrer,” John McCain said, “If you inspect my 17-year voting record, it’s a proud conservative Republican who acts on principles and one who obviously has a very strong commitment to the leadership role the United States has to play… I think that’s probably one of our first efforts - keep the regulation of the government as much as possible out of people’s lives.” [PBS, “NewHour with Jim Lehrer,” 2/2/00]
McCain: “I Believe In Smaller Government… Less Regulation.” During an interview on PBS’s “NewsHour with Jim Lehrer,” John McCain said, “, I would argue that I have 17 years of legislative experience with a clear voting record of a strong conservative. I believe in smaller government, stronger defense, lower taxes, less regulation, encouragement of entrepreneurship, encouragement of legal immigration. I think that my fundamental philosophies and beliefs are very clear, and I’ve articulated them for years and years. And most importantly, I voted on them.” [PBS, “NewsHour with Jim Lehrer,” 10/15/99]
McCain: “I’ve Been A Good Party Member. I Agree On Most Issues, Fundamentals Of Lower Taxes, Less Regulation.” During an appearance on CNN’s “Crossfire,” John McCain said, “I’ve been a good party member. I agree on most issues, fundamentals of lower taxes, less regulation, smaller government, coherent foreign policy, strong national defense.” [CNN, “Crossfire,” 9/13/99]
McCain Supports Deregulation Whenever Possible. The Journal of Commerce reported, “A McCain aide notes in the past he has supported deregulation of other industries. ‘Any time you can responsibly deregulate, Sen. McCain wants to deregulate,’ the aide said.” [Journal of Commerce, 1/6/97]
John McCain: "Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."
"More to the point may be Gramm's aggressive efforts when he was chairman of the Senate Banking Committee to deregulate the banking and financial services industry. That culminated in passage in 1999 of a sweeping financial services law that tore down the Depression-era Glass-Steagall wall separating regulated commercial banks from largely unregulated investment banks. And little regulation was put in to replace it."
Financial deregulation
In 1999, McCain voted for the Gramm-Leach-Bliley Act, which passed in the Senate by a vote of 54-44.[52] The deregulation bill loosened restrictions on the activities of banks, brokerage houses, and insurance companies. In 2002 he voted for the Sarbanes-Oxley Act, which passed the Senate without opposition.[53] In 2007, however, McCain stated that he regretted his vote in favor of Sarbanes-Oxley,[54] which strengthened financial reporting requirements for publicly held companies but which has been the subject of complaints from businesses.
In 2008, McCain expressed approval of the results of financial deregulation by pointing to it as a model for health care policy, writing: "Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."[55]
Later in 2008, in the wake of the widely publicized crises involving the insurance company American International Group and the brokerage houses Lehman Brothers and Merrill Lynch, McCain stated: "In my administration, we're going to hold people on Wall Street responsible. And we're going to enact and enforce reforms to make sure that these outrages never happen in the first place."[
More of the Flipper Factor.
McCain opposes regulation -- until he supports it
WASHINGTON -- As financial collapse threatened Wall Street and consumed Washington, John McCain appeared to undergo a dramatic transformation. The candidate who would shrink government became the candidate who would bulk it up.
Just a day after debuting a television ad warning that "big government casts a big shadow on us all," the Republican presidential hopeful told business leaders in Wisconsin that a new federal agency was needed to intervene in the markets. "Government," he said, "has a clear responsibility to act."
WASHINGTON -- As financial collapse threatened Wall Street and consumed Washington, John McCain appeared to undergo a dramatic transformation. The candidate who would shrink government became the candidate who would bulk it up.
Just a day after debuting a television ad warning that "big government casts a big shadow on us all," the Republican presidential hopeful told business leaders in Wisconsin that a new federal agency was needed to intervene in the markets. "Government," he said, "has a clear responsibility to act."
