Originally Posted By Dabob2 Not to mention McCain reversed himself in the course of 24 freaking hours on the AIG bailout. And now he's calling for regulations after 26 years of being Mr. Deregulation? I'm hoping moderates don't swallow this, and instead hold him, you know, ACCOUNTABLE for what he helped create. This bit from the link in #57 made me laugh: "Moose are, truth be told, Élites. They are big and fast and sort of rule the forest. Sarah took that one down a notch. Who’s Élite now, Bullwinkle?"
Originally Posted By DouglasDubh Sen McCain has been calling for reforms to Fannie Mae and Freddie Mac for years now.
Originally Posted By gadzuux He's proudly been voting for deregulation of financial markets for his entire political career. Right up until a day or two ago. Now we get another of his famous reversals. Does he hope that no one will notice?
Originally Posted By DouglasDubh That's simply not so. If I get a chance, I'll quote or post a link to the speeches he gave a few years ago that prove it. Again, this is not regulation versus deregulation, but the right kind of regulation vs the wrong kind. Regulations that allowed GSE's to distort the mortgage market while their Democrat management took big paychecks and gave big contributions to Democrat Senators is not the kind of regulations we needed.
Originally Posted By Sport Goofy << Sen McCain has been calling for reforms to Fannie Mae and Freddie Mac for years now. >> Can you enlighten us on what those specific reforms might be?
Originally Posted By Sport Goofy << Regulations that allowed GSE's to distort the mortgage market >> What were the distortions? Were they anything like the distortions created by the investment banks when they invented the non-conventinal lending instruments and packaged investment vehicles filled with sub-prime loans? Are you suggesting that the commercial banks, that invented all of the toxic mortgages, would have saved us all if we just dismantled the GSEs and handed their business over to the Wall Street bankers? Essentially, that's what the banking lobby has been pushing for years -- through folks like Sen. McCain.
Originally Posted By SingleParkPassholder Right kind vs. the wrong kind of regulation? After all this? Regulate the snot out of them.
