McCain: Still Doesn't Regret Deregulation

From 60 Minutes:

Pelley: In 1999 you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?

McCain: No, I think the deregulation was probably helpful to the growth of our economy.

McCain has been an advocate of deregulation most of his career, but Thursday he endorsed the biggest bailout in history - a plan for the government to take on the bad debts of financial institutions.

"We're gonna take over these bad loans. We're gonna take over these bad - these bonds and we're gonna keep you alive. And we're gonna have the taxpayer help you out. But when the time comes and the economy recovers then anything that's gained back is gonna go to the taxpayers first. I'm not saying this isn't gonna be messy. And I'm not saying it isn't gonna be expensive. But we have to stop the bleeding," the senator said.

Pelley: But why would you let the Wall Street executives

McCain: I'm not.

Pelley: sail away on their yachts and leave this on the American taxpayer?

McCain: Well, it's not the greedy Wall Street people that I worry about, although I am, like most Americans, frankly, enraged. It's basically a Ponzi scheme, as you know, that sooner or later was gonna collapse. And I'd like to get that money back from them. But we've gotta fix the average citizen who's the innocent bystander that is in danger of losing their pensions, their 401(k)'s, their IRAs. Their very life savings are at risk here.

So McCain still thinks the deregulation that caused this mess was a good idea, and many of those on Wall Street have already walked off with those multi-million dollar bonuses.

Category:

News & Politics

Tags:

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• Minutes
• Scott
• Pelly
• John
• McCain
• Deregulation
• Wall
• Street

[cosmlayla]

McCain is like deer in the headlight when it comes to Economy.

Stunned.

[derpified]

He just doesn't have any understanding of anything.

[mgs911]

McCain obviously doesn't know what he's talking about! Believe me that they will all regret it one day, these people are thieves and will be judged accordingly on the judgment day!

[ISayWhatWant]

You are so stupid. Deregulation will cause an ecomony to crash because people are going to do whatever they want with the money And thats not safe at all you dumbass bitch.

[ISayWhatWant]

I agree. So many people buying houses that they can't even afford. Ha.

[ISayWhatWant]

DEGREGULATION IS PART OF THE ECONOMY CRSIS. whenever you give total power to someone over a business they will do whatever they want. That's why so many people loss their homes.

[Questfortruth86]

Common misconception pushed by the predominately Keynesian media; the fact of the matter is that no amount of human regulation can efficiently regulate anything. We have seen time and time again, throughout history, that the natural inevitable consequence of human regulations are conflicts of interest and corruption. The only way any system can work is if naturally it corrects itself through incentives and checks and balances. Every aspect of our economy is regulated, and that is why it's fucked

[smithbrain]

I agree totally let the market regulate itself

[Questfortruth86]

Why would he regret supporting deregulation? Deregulation is exactly what this economy needs. Man made/government regulation is the real culprit.

[xaviqaz]

The banking deregulation was supported and authorized by guys like Jim Leach (Republicans for Obama), Rob Rubin (former Clinton´s Secretary of the Treasury and Obama´s advisor) and Lawrence Summers (Obama´s advisor). "Rob Rubin worked hard on this" (Bill Clinton, november 1999)

[coleon8]

How do you bailout the muthers you deregulated thats a win win for wall street while people are foreclosed on and loose 401k's. So you rake the taxpayer...screw the global economy..walk away with oodles in both instances...oceans 13 baby!!!!!

[GYMBROWN]

You may be right. Who pays while its fixing itself? Plus with a free market it would happen again and again becasue there is no regualtion and most of these people in power are curupt. And with these golden parachutes...everytime it happens CEO's are paid and the people lose. Extremely rich people make up a very small % of the population. So why should the laws be tilted to help the few instead of the many. Please help me understand ur thought process.