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Blame for McCain

Posted: October 6, 2008 9:01 p.m.
Updated: December 8, 2008 5:00 a.m.
 

Let me get this straight. John McCain says that the failure of the Wall Street bailout is Barack Obama's fault? Let's backtrack to 1980 and the beginning of the Reagan era.

Regulatory systems that the nation put in place after the banking system collapsed at the start of the Great Depression started being chipped away as Ronald Reagan led a movement that came to power in 1980, proclaiming faith in free markets and mistrust of big government.

That conservative philosophy has dominated America for the past 28 years. With it came deregulation and no requirements for oversight or policing of the banking/investment industries.

Fast forward to recently when McCain "came to the rescue," effectively disrupting the negotiation process as voiced in the media by members of both parties. He said he was putting his campaign on hold to help America. All he accomplished was creating a media circus that gave him a lot of publicity.
McCain has nothing to do with any economic committee in the Senate. He hasn't even voted on anything in the Senate since April of last year.

McCain condemned Wall Streeters who "dreamed up investment schemes that they themselves don't even understand" and who used "derivatives, credit default swaps, and mortgage-backed securities" to try "to make their own rules." He blasted financial industry lobbyists for misguiding members of Congress on the issues.

What he is not saying is that the DNC, using publicly available records, has identified more than 170 lobbyists working for the McCain campaign as either aides, policy advisers or fundraisers.

Of those, at least 83 have recently lobbied for the financial industries he now attacks.

These are highly-paid influence-pushers who have been plying the corridors of Washington to win favors and special treatment.

Included in these 83 lobbyists are McCain's chief political adviser, Charlie Black (JP Morgan, WaMu & Freddie Mac); McCain's national finance co-chairman, Wayne Berman (AIG, Fannie Mae, Freddie Mac); his campaign's congressional liaison, John Green (Citigroup, Fannie Mae); his veep vetter, Arthur Culvahouse (Fannie Mae); and his transition planning chief, William Timmons Sr. (Citigroup, Freddie Mac, Vanguard Group).

McCain's lobbyists' earnings are in excess of $930 million and campaign contributions to McCain from his lobbyists' clients are approaching $12 million.

These are the same people who support unelected Treasury Secretary Henry Paulson handing over $700 billion of taxpayer money with no restrictions, regulations or safeguards. There are better options than giving our money away to CEOs and corporations that don't know how to handle it properly.

For my money, McCain is more to blame than a whole lot of other people. He has walked hand in hand with Bush's scare tactics for 90 percent of the past eight years and with deregulation for years prior.
What happened to the piles of U.S. currency we found in those bunkers of Saddam's? That could help us out, at least a little.

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