McCain also called for “strong and effective regulation” of the financial services industry, which he has done repeatedly over the past few days of the financial meltdown, but something he has not always supported. McCain called for deregulation of the banking industry in his support of the 1999 Gramm-Leach-Bliley Act, which knocked down the obstacles between banking, investment and insurance companies. That point was noted by Barack Obama in his reaction to the AIG bailout.
“Despite his eleventh hour conversion to the language of reform, Senator McCain has subscribed to this philosophy for twenty-six years in Washington and the events of this week have rendered it a colossal failure,” he said.
John McCain can't run and hide from the disaster he helped create with his constant drumbeat for deregulation. Only the truly stupid will fall for that. But unfortunately, the 'stupid' are still the majority.
