Monday, March 31, 2008

What's Wrong with John McCain

  • Phil Gramm (McCain’s economic guru)
    • Where have I seen that before? Ah:

      His chief economic adviser is former Senator Phil Gramm, a fervent advocate of financial deregulation. In fact, I’d argue that aside from Alan Greenspan, nobody did as much as Mr. Gramm to make this crisis possible.

  • Regulating Wall Street
    • Sen. Mel Martinez (R-FL), who also endorsed McCain, “said he’d give McCain an ‘incomplete’ for saying that it’s ‘not the duty of government to bail out and reward those who act irresponsibly whether they’re big banks or small borrowers.’”
    • McCain supports the Federal Reserve's decision to extend a $30 billion line of credit to facilitate the acquisition of Bear Stearns by JP Morgan Chase. Asked if the Federal Reserve had acted improperly in doing so, McCain reportedly asserted, "It's a close call, but I don't think so."