2008 What He Said
posted by September 16 at 11:54 AMon
If McCain—who really has disdain for financial market regulation—cannot be defeated by this man, the country is too stupid to succeed.
More at Washington Monthly:
Perhaps most importantly, Obama contrasted his specific record with McCain’s: “In February of 2006, I introduced legislation to stop mortgage transactions that promoted fraud, risk or abuse. A year later, before the crisis hit, I warned Secretary Paulson and Chairman Bernanke about the risks of mounting foreclosures and urged them to bring together all the stakeholders to find solutions to the subprime mortgage meltdown. Senator McCain did nothing. Last September, I stood up at NASDAQ and said it’s time to realize that we are in this together — that there is no dividing line between Wall Street and Main Street — and warned of a growing loss of trust in our capital markets. Months later, Senator McCain told a newspaper that he’d love to give them a solution to the mortgage crisis, ‘but’ — he said — ‘I don’t know one.’ […]
“This March, in the wake of the Bear Stearns bailout, I called for a new, 21st century regulatory framework to restore accountability, transparency, and trust in our financial markets. Just a few weeks earlier, Senator McCain made it clear where he stands: ‘I’m always for less regulation,’ he said, and referred to himself as ‘fundamentally a deregulator.’ This is what happens when you confuse the free market with a free license to let special interests take whatever they can get, however they can get it.”