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OT:John McCain on Deregulation

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Micki Epstein

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Sep 19, 2008, 2:54:44 PM9/19/08
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I'm doing a Brian but since someone else already did the work I'll be lazy
and just copy it.

Micki

http://orlando.craigslist.org/pol/844908421.html

John McCain on Deregulation

--------------------------------------------------------------------------------
Reply to: comm-84...@craigslist.org [?]
Date: 2008-09-18, 7:46AM EDT

How can someone fix a problem that they've helped create. Friends, don't be
fooled by the right wing's double talk. They assume you're stupid. McCains
own words: "I don't think anyone who wants to increase the burden of
government regulation and higher taxes has any real understanding of
economics and the economy and what is needed in order to ensure the future
of this country."
- John McCain [McCain Town Hall in Inez, Kentucky, 4/23/08]

McCain Is An Avid Supporter Of Lax Rules For Financial Institutions
McCain Supported A Banking Bill Because It Eliminated "The Tremendous
Regulatory Burden Imposed On Financial Institutions." While speaking in
favor of bank deregulation on the floor of the senate, John McCain said,
"This legislation takes a small but important step toward eliminating the
tremendous regulatory burden imposed on financial institutions. One
principal reason banks are unable to make loans is the bewildering array of
statutory and regulatory restrictions and paperwork requirements imposed by
Congress and the regulatory agencies. While a case can certainly be made
that every law and regulation is intended to serve a laudable purpose, the
aggregate effect of the rapidly increasing regulatory burden imposed on
banks is to cause them to devote substantial time, energy and money to
compliance rather than meeting the credit needs of the community."
[Congressional Record, 11/19/93; emphasis added]

McCain Supported A Bill To "Takes A Small Step Forward Toward Eliminating
Unnecessary Regulatory Burdens Imposed On Banks." While speaking in favor
of bank deregulation on the floor of the senate, John McCain said, "While a
case can certainly be made that every law and regulation is intended to
serve a laudable purpose, the aggregate effect of the rapidly increasing
regulatory burden imposed on banks is to cause them to devote substantial
time, energy and money to compliance rather than meeting the credit needs
of the community . This bill recognizes this fact, and takes a small step
forward toward eliminating unnecessary regulatory burdens imposed on
banks." [Congressional Record, 11/19/93; emphasis added]

McCain Said The Best Thing Government Can Do For Business Is "Stay Out Of
Its Way." While speaking about the American Competitiveness in the
Twenty-First Century Act on the floor on the Senate in 2000, John McCain
said, "I am convinced that the best thing government can often do to
advance the fortunes of the private sector is to stay out of its way. I
support this bill because it makes progress toward that end, by improving
companies' flexibility to hire the talent they need, while providing for
the regulatory framework and new educational opportunities to protect and
promote American workers." [Congressional Record, 10/3/00; emphasis added]

In 1999, McCain Supported Phil Gramm's Banking Deregulation Bill. In 1999,
John McCain voted for passage of the Senate version of a bill that would
eliminate current barriers erected by the 1933 Glass-Steagall Act and other
laws that impede affiliations between banking, securities, insurance and
other firms. The bill also would exempt small, non-urban banks from the
1977 Community Reinvestment Act (CRA), revise the Federal Home Loan Bank
system and require that owners of automated teller machines (ATMs) provide
notice on the ATM and on-screen of any charges imposed for the use of the
terminal. The bill passed 54-44. [S. 900, Vote #105, 5/6/99]

McCain Missed The Vote For Final Passage Because He Was Campaigning In New
Hampshire. John McCain missed the final vote on Phil Gramm's banking
deregulation bill because he was campaigning in New Hampshire. [NPR,
"Morning Edition," 11/5/99; S. 900, Vote #354, 11/4/99]

McCain Has Based His 2008 Campaign On Promoting Less Regulation

McCain: "I Don't Think Anyone Who Wants To Increase The Burden Of
Government Regulation And Higher Taxes Has Any Real Understanding Of
Economics." During a McCain Town Hall in Inez, Kentucky, John McCain said,
"When we come out of this recession and we will because I believe that the
fundamentals of our economy are good . Sen. Clinton wants the government to
make the decisions for you on your health care, I want the families to make
the decisions on their health care. I don't think anyone who wants to
increase the burden of government regulation and higher taxes has any real
understanding of economics and the economy and what is needed in order to
ensure the future of this country." [McCain Town Hall in Inez, Kentucky,
4/23/08; emphasis added]

McCain: "I Understand Why The AFL-CIO And Maybe Other Unions May Oppose My
Free Market, Less Regulation, Right To Work." During an appearance on Fox's
"Special Report with Brit Hume," John McCain said, "I understand why the
AFL-CIO and maybe other unions may oppose my free market less regulation
right to work. I think we have honest differences of opinion. I respect
those labor unions, but I'm sure that those differences are very intense
and very real." [Fox News," Special Report with Brit Hume," 3/12/08]

McCain: "Let's Reduce Regulation." While speaking about the economy in St.
Louis, Missouri, John McCain said, "I'm asked all the time are we in a
recession or not in a recession. And I don't know the answer to that
because it's kind of a technical term. I do not believe we should raise
your taxes. I think it would be the worst thing we could do. And that means
to me I think the tax cuts need to be made permanent. When you've got a bad
economy, the worst thing you can do is increase people's tax burden. Let's
reduce it. Let's reduce regulation." [CNN, "Ballot Bowl, 3/15/08]

McCain: "We Need To Return To The Reagan Years. We Need Less Regulation."
As shown on PBS's "Washington Week," John McCain said, "We need to return
to the Reagan years. We need to have fiscal conservatism. We need less
government. We need less regulation. We need to end of spending spree which
has eroded our base of Republican support." [PBS, "Washington Week,"
1/25/08]

McCain Promised To "Give Them Lower Taxes, Less Regulation, Less Government
In Their Lives." As shown on CNN's "CNN Newsroom," John McCain said, "We've
got to do the other things necessary to encourage business and give them
lower taxes, less regulation, less government in their lives, and that
means a simpler, fairer - tax code. The tax code in America is broken and
it needs to be fixed." [CNN, "CNN Newsroom," 2/14/08]

To Fix the Economy, McCain Would "We've Got To Take Specific Actions, Keep
Their Taxes Low, Less Regulation." As shown on ABC's "Good Morning
America," John McCain said, "That our economy is in terrible shape, that
we've got to take specific actions, keep their taxes low, less regulation,
get - start exploring and exploiting offshore oil deposits." [ABC, "Good
Morning America," 7/2/08]

McCain Said The Difference Between Obama & Himself Would Be "More
Regulation Or Less Regulation." During a media availability in Phoenix,
Arizona, John McCain said, "I think the important thing is that there will
be stark differences between either Senator [Clinton] or Senator Obama and
me because they are liberal Democrats and I'm a conservative Republican.
whether we pursue the present strategy in Iraq or whether we - or whether
we set a date for withdrawal, which will mean Al Qaida wins; whether we
have more regulation or less regulation." [McCain Media Availability via CQ
Transcriptions, 3/3/08; emphasis added]

McCain: "Less Government, Lower Taxes, Less Regulation, Safer America Is
What I Can Give America." During an appearance on CBS's "60 Minutes," John
McCain said, "I can make a case that a less government, lower taxes, less
regulation, safer America is what I can give America. But I don't
underestimate the size of the challenge." [CBS, "60 Minutes," 3/9/08]

McCain Is Long-Time Supporter Of Deregulation

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: "The Basic Core Principles Of The Republican Party. Less Government
Is Best Government, Less Regulation." When asked how the Republican Party
can recover after the losses in the 2006 election, John McCain said, "By
returning to the basic core principles of the Republican Party, very
careful stewardship of tax dollars, less government is best government,
less regulation, lower taxes, strong national defense, community and family
values." [CNN, "CNN Newsroom," 11/8/06]

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: "I Continue To Believe In A Strong National Defense, Free Trade,
Deregulation." During an appearance on CNN's "Wolf Blitzer Reports," John
McCain said, "I continue to believe in a strong national defense, free
trade, deregulation. I'm pro-life. There are many, many issues that I feel
would make it very difficult for Democrats to embrace me." [CNN, "Wolf
Blitzer Reports," 5/8/02; emphasis added]

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]

intang...@yahoo.com

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Sep 19, 2008, 3:12:35 PM9/19/08
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I just gotta giggle as I watch REPUBLICANS engineering the
SOCIALIZATION of our financial system.

briansa...@gmail.com

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Sep 19, 2008, 3:33:07 PM9/19/08
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Oh please. Since you obviously think deregulation is a bad thing (but
probably don't have a clear understanding as to why), I assume you've
either never heard of or have forgotten about (most likely the former)
the Financial Services Modernization Act of 1999 signed in to law by
then President Clinton which did away with almost all operational
constraints in the financial sector and was BY FAR the most far
reaching and significant banking deregulation bill in AMERICAN
HISTORY.

Newk Indofman

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Sep 19, 2008, 3:34:02 PM9/19/08
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<intang...@yahoo.com> wrote in message
news:fd287ce5-5854-4b6f...@k36g2000pri.googlegroups.com...

>I just gotta giggle as I watch REPUBLICANS engineering the
> SOCIALIZATION of our financial system.
+++++++++++++++

Yes, aren't they the most caring and selfless bunch? They like to lecture
others about fiscal conservatism and financial responsiblity and a free
marketplace, but when one of their own f**ks up, they insist on getting a
welfare check to cover their expenses.


Mickey

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Sep 19, 2008, 4:13:18 PM9/19/08
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Micki Epstein wrote:
> I'm doing a Brian but since someone else already did the work I'll be lazy
> and just copy it.
>
> Micki
>
> http://orlando.craigslist.org/pol/844908421.html
>

Let me answer the implied question, how does he square his present
position with has past record? Some large systems will self regulate
(over time), but once tampered with will oscillate wildly and take
considerably more time, than if left in their natural state, to settle.
Alternatively, such systems once imbalanced may gradually degrade and
collapse. As the old saying goes, "in for a penny, in for a pound."
Sometimes, the only solution for bad regulation, is more regulation
(until such time the system becomes stable enough to permit removal of
all or most of the externally imposed regulation). The question is
whether the damage done by further regulation at this time is justified
by the present conditions.

BTW, the seeds of the present malaise were planted at least as far back
as the '30s as excessive and ill considered responses to the great crash
of '29.

The Other Mickey

briansa...@gmail.com

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Sep 19, 2008, 4:28:55 PM9/19/08
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On Sep 19, 12:34 pm, "Newk Indofman" <newk.indof...@somewhere.org>
wrote:
> <intangible...@yahoo.com> wrote in message

One of their own what? Precisely, to what fuck up and by whom are you
referring?

Bob Rudd

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Sep 19, 2008, 5:04:08 PM9/19/08
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In article <0fbd7da4-0d12-4dfe-80ff-95bfc2bd2fa0
@k36g2000pri.googlegroups.com>, briansa...@gmail.com says...

Shhh Brian, Micki etc. don't want to hear the truth, they can't handle
it.

--
I hope we can all be good neighbors online!

Micki Epstein

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Sep 19, 2008, 5:37:22 PM9/19/08
to

I took you out of my killfile to see what your response would be and sure
enough it was insulting and totally wrong.
First, having been an American History major I defininitely know why I do
not like deregulation although that wasn't the reason I posted McCain's
quotes. I posted them to show him flip-flopping.
Second, you just showed you haven't a clue about how the legislative
process works,. The Republicans were in the majority in both the Senate and
House and originally voting went mostly on party lines although the final
Gramm-Leach-Bliley Act, otherwise known as the Financial Services
Modernization Act of 1999, which came out of the conference committee was
passed with enough bi-partisan support that there was no way Clinton could
ever get over the third of each house that would have been needed to
override a veto. Therefore, he signed it.

Now, after thanking me for this lesson in political science, you can
censure the Pugs and the Dems for enacting this bill and I would agree with
you.

Micki

briansa...@gmail.com

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Sep 19, 2008, 6:57:23 PM9/19/08
to

>
> I took you out of my killfile to see what your response would be and sure
> enough it was insulting and totally wrong.  

Does the truth hurt? Your text-book answer indicates the need for you
to do more some more studying...

> First, having been an American History major I defininitely know why I do
> not like deregulation although that wasn't the reason I posted McCain's
> quotes.  I posted them to show him flip-flopping.

Let's hear your analysis of deregulation specifically in regards to
Section 20 subsidiaries, as that is particularly germane to this
discussion. As for McCain, he has always advocated responsible and
prudent deregulation. Because one doesn't adhere to a strict ideology
doesn't mean they're "flip flopping". Libertarian-style
deregulation, for example, would send us into the dark ages and McCain
is far too pragmatic to go down that road.

> Second, you just showed you haven't a clue about how the legislative
> process works,. The Republicans were in the majority in both the Senate and
> House and originally voting went mostly on party lines although the final
> Gramm-Leach-Bliley Act, otherwise known as the Financial Services
> Modernization Act of 1999, which came out of the conference committee was
> passed with enough bi-partisan support that there was no way Clinton could
> ever get over the third of each house that would have been needed to
> override a veto.  Therefore, he signed it.

Absolute and complete horse shit. This legislation was supported by
the Clinton administration's secretary of the treasury and was in no
way whatsoever forced upon Bill Clinton. His administration made
statements about the profound changes in the banking industry since
the 80's and the need to reform the regulations that had been in place
since the 30's. Bill Clinton was eager to sign this bill.


> Now, after thanking me for this lesson in political science, you can
> censure the Pugs and the Dems for enacting this bill and I would agree with
> you.

Nobody said the bill was not a bi-partisan effort. The deregulation
and modernization of banking was and still is a good thing. The
problem is that your friends, the libs, have confused you by striving
to frame any financial turmoil as a failure of capitalism and free
markets, but they have absolutely NO interest in accepting blame for
nationalizing the mortgage market or forcing the banks to accept lousy
credit risks.

Micki Epstein

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Sep 20, 2008, 10:59:03 AM9/20/08
to

Sorry Brian - I have a life and this newsgroup is only a tiny part of it so
iI am not spending time debating with someone who has a one track mind. I
admitted my guys (Liberals) were wrong on this so obviously no one confused
me. You will never admit your guys (Conservatives) are wrong on anything.
Back into my killfile.

Micki

Micki Epstein

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Sep 20, 2008, 11:02:30 AM9/20/08
to

Yes Mickey, that was why I posted his quotes.

I disagree with you that FDR's policies were the seeds of what is
happening. Those regulations were put into effect to deter what is
happening and they worked until deregulation.

Micki

Rocky

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Sep 20, 2008, 11:12:49 AM9/20/08
to
Micki Epstein <mos...@verizon.net> wrote in
news:37vfphxq6qvn$.kb72io4ghjm7$.d...@40tude.net:

Im sure he was referring to Hoover's ill conceived responses to the market
crash, ie, the Hoover Moratorium and Smoot-Hawley Tariff Act in 1930.

FDR's policies took us out of the Hoover triggered Great Depression, and he
was rewarded by being re-elected three more times.

Mickey

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Sep 20, 2008, 1:08:53 PM9/20/08
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Here are just two FDR ideas that have come a cropper: Fanni Mae and
Social Security. Anyone want to add some more?

Again, I recommend "The Forgotten Man: A New History of the Great
Depression" by Amity Shlaes.

The Other Mickey

Mickey

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Sep 20, 2008, 1:16:22 PM9/20/08
to

Those, too.

>
> FDR's policies took us out of the Hoover triggered Great Depression, and he
> was rewarded by being re-elected three more times.
>

WWII took us out of the great depression, it sure wasn't The National
Recovery Act. Hoover and FDR both screwed the pooch economically speaking.

The Other Mickey

Bob Rudd

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Sep 20, 2008, 5:54:11 PM9/20/08
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In article <HdaBk.664$W06...@flpi148.ffdc.sbc.com>,
mickey_a...@sbcnomorephishglobal.net says...

Right on both counts Mickey. Hoover and FDR both were pretty terrible
Presidents. Hoover was the first half of the 20th Century's Jimmy
Carter while FDR was the equivalent of the worst of Nixon and Clinton.

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