McCain calls Obama a liar. Here’s McCain’s “Regulation” history

Yes, McCain warned about Fannie and Freddie. Palin doesn’t know much, but she did know that.

But as the Dow plunged to a record low today, and world markets tumble, McCain said:

“Sen. Obama has accused me of opposing regulation to avert this crisis. I guess he believes if a lie is big enough and repeated often enough it will be believed.”

A closer look at the real McCain:

From GlobalInvestmentWatch.com:

John McCain: The Deregulator

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 Commercereported, “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]

McCain’s REAL Record on Deregulation

By JM Bell, Sept. 27:

LAST NIGHT, BARACK OBAMA SAID: “Now, we also have to recognize that this is a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain.”

THE FACTS: MCCAIN HAS BEEN IN FAVOR OF MORE DEREGULATION FOR 26 YEARS AND HIS VP NOMINEE COULDN’T NAME A SPECIFIC EXAMPLE OF REFORM HE HAD FOUGHT FOR

On the Campaign Trail in 2000, McCain Touted his 17-year Record of Voting for Less Regulation. “Campaigning in Camden, SC, McCain said ‘I am a proud Republican conservative with a 17-year record of voting, not rhetoric, but voting against higher taxes, for smaller government, for less regulation.’” [Greenville News, 1/10/00]

McCain: “I Have A Long Voting Record In Support Of Deregulation.” 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 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 Said One of The Differences 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]

Only Weeks Before the Bear Stearns Collapse, McCain Proclaimed Himself a “Deregulator” and Said “I’m Always for Less Regulation.” McCain told the Wall Street Journal “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.”[Wall Street Journal, 3/3/08]

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, 3/15/08]

In the Immediate Wake of Bear Stearns, McCain’s Response Was to Call for Less Regulation. In a major economic speech, after offering a diagnosis of the troubles facing the housing and financial markets, John McCain’s proposed solution was less overall regulation. “In financial institutions, there is no substitute for adequate capital to serve as a buffer against losses. Our financial market approach should include encouraging increased capital and financial institutions by removing regulatory, accounting and tax impediments to raising capital.” [McCain speech, 3/25/08]

Palin Was Stumped When Asked for Specific Examples of McCain Trying to Reform the Banking Industry. “But Palin seemed stumped when pressed to cite examples of McCain trying to reform the banking industry, beyond urging greater restrictions on Fannie Mae and Freddie Mac. ‘I’ll try to find some and I’ll bring them to you,’ Palin said.” [Washington Post, Kurtz Column, 9/25/08]

*****

So Sarah, Katie and the American people are still waitin’ for ya to bring ‘em back to us’n.

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