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Friday, September 19, 2008

Beware: McCain Proposes Regulation for Wall Street

If history is any guide, the nation will rue the day that it allows McCain to get his hands on its financial and securities institutions. Speaking in Jacksonville, Florida recently McCain proposed a new set of regulations to replace "the outdated and ineffective patchwork quilt of regulatory oversight in Washington." McCain's 'regulations' are all too often knee-jerk reactions which, because of his reliance upon an unhealthy mix of liberal and populist ideology, only serve to make matters worse. Here are a few examples:
  1. McCain-Feingold (Evisceration of the First Amendment/Incumbent Protection Act)
  2. Cap and Trade legislation (Government takeover of economy)
  3. Comprehensive Immigration Reform (Amnesty)
  4. Sarbanes-Oxley (Onerous business reporting rules now making London the financial capital of the world and preventing IPOs)
Other aspects of McCain's legacy:
  1. Opposition to Bush's Tax Cuts
  2. Gang of Fourteen
  3. Drilling in ANWR
  4. Crusade against tobacco
  5. National compulsory service
Blindly bumbling from one bad idea to another, McCain has blamed the current financial crisis on his fall back populist rhetoric--"Wall Street greed." Next, McCain proposed a slow moving indecisive "bipartisan commission," and demanded the firing of SEC Chairman and Bush appointee Christopher Cox (reminiscent of McCain's demand for Rumsfeld's head). Unfortunately, the latter remark served only to remind McCain's recently energized base of his penchant for throwing Republicans under the bus (with almost as much skill as Obama).

Mr. McCain--shouldn't the managers of these failing companies (ie. Franklin Raines or Dan Mudd), or those who blocked their reformation (Barney Frank D-Mass.) at least receive some of the blame? For some odd reason I fear that your inconsistent and confused ideology would, at best, give us four years watered down liberal policies.

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