John McCain has been running as the candidate with experience superior to that of Barack Obama. Maybe he should have been seeking superior judgment instead.
In a flip-flop that would make American Olympic Gold Medalist Shawn Johnson proud, John McCain has decided that after three decades he has been 100% wrong regarding regulation of the financial markets.
Michael D. Shear, writing for the Washington Post this past Wednesday, pointed out, "A decade ago, John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth. Now, as the Bush administration scrambles to prevent the collapse of the American International Group (AIG), the nation's largest insurance company, and stabilize a tumultuous Wall Street, the Republican presidential nominee is scrambling to recast himself as a champion of regulation to end "reckless conduct, corruption and unbridled greed" on Wall Street."
By comparison, Democratic Party Presidential Candidate Barack Obama (D-IL) proclaimed the following this past March (Foxnews.com, 3/27/08):
"To renew our economy — and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again — we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework, and pursue a bold opportunity agenda for the American people," Obama said.
"We do American business — and the American people — no favors when we turn a blind eye to excessive leverage and dangerous risks," he added.
There you have it, straight from each candidate. One candidate, Senator McCain, has been a lifelong supporter of de-regulation where the economy and accompanying financial markets are concerned. One candidate, Senator Obama has the judgment to recognize when a greedy market needs to be reigned in per government regulations. One candidate, McCain, wants to make permanent the Bush tax cuts for the wealthy and pass record deficits on to our children. One candidate, Obama, wants to cut taxes for 95% of working Americans - while at the same time passing the tax burden to the advantaged class. In your estimation as an American voter, which of these two candidates for president is better suited to bring this collapsing economy and its working class back to prosperity?
The answer to that question will rest on the Democratic Party's ability to stay focused on the narrative that has completely reversed the direction of this election. Under the leadership of Republicans George W. Bush and John McCain, the financial market and its participants have been allowed to run roughshod over the interests of working Americans while simultaneously floating away with golden parachutes and government bailouts. They have consistently opposed national healthcare - a government-funded initiative that would actually benefit working-class men, women, and children - yet they turn to the government to provide welfare for greedy corporations? They need government bailouts to keep the market afloat subsequent to their own failed policies, yet they want to turn Social Security over to that same market?
Time and again the sharp contrasts between these two candidates and the parties they represent have been solidified via their public policy positions and the ramifications they have on our country. It is incumbent upon the Obama campaign to step up attacks and continue to draw distinctions regarding Democrat policies of success (i.e. the Clinton years) and the economics of woe (i.e. the Bush years). Keep the personal nonsense where it belongs - in a sewer. From this moment to Election Day, we must continue to hammer McCain for his ties to Bush and his failed economic policies while in the Senate. Republican support of de-regulation led to a California energy crisis of historic proportions from 2000-2001. Let's remind the American people just what happens to the working class and its interests when greedy businesses and corporations are allowed to skate on their corrupt policies. Let us also remind them which candidate, John McCain, has a history of supporting the deregulation that makes that corruption possible.
As always, folks, hammering McCain on issues is the election express to reclaiming the republic. Let's stay the course and mark January 20, 2009 as the end of an error and the beginning of historic change and reform for America.
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