McCain, Champion Deregulator

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Listen up. Yesterday I called bullshit on John McCain’s brand-spanking-new zeal for regulation. Why should we believe a life-long deregulator when he says he’s the man to bring tight, effective controls and safeguards to Wall Street? Why should we believe a man who voted consistently against accountability in the financial sector when he says stuff like, “In my administration, we’re going to hold people on Wall Street responsible. And we’re going to enact and enforce reforms”?

Answer: we shouldn’t.

I want to make it as clear as possible that what John McCain is advocating in the face of these new developments in the economy is completely antithetical to his actual beliefs.

Here’s McCain speaking to the Wall Street Journal in May 2007:

“You are interviewing the greatest free trader you will ever interview, and the greatest deregulator you will ever interview.”

Here’s McCain addressing the housing crisis in March 2008:

“Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments to raising capital.”

And here he is speaking again to the Wall Street Journal, apparently a receptive audience for regulation-bashing, in March 2008:

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.

“As far as a need for additional regulations are concerned, I think that depends on the legislative agenda and what the Congress does to some degree, but I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.”

You see where that got us.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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