Who do you trust more to address the current US financial crisis, Democrats or Republicans?
In other words, Obama or McCain?
See this, from Wikipedia:
"In 1999, McCain voted for the Gramm-Leach-Bliley Act, which passed in the Senate by a vote of 54-44. The deregulation bill loosened restrictions on the activities of banks, brokerage houses, and insurance companies. In 2002 he voted for the Sarbanes-Oxley Act, which passed the Senate without opposition. In 2007, however, McCain stated that he regretted his vote in favor of Sarbanes-Oxley, which strengthened financial reporting requirements for publicly held companies but which has been the subject of complaints from businesses.
"In 2008, McCain expressed approval of the results of financial deregulation by pointing to it as a model for health care policy, writing: "Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."
"Later in 2008, in the wake of the widely publicized crises involving the insurance company American International Group and the brokerage houses Lehman Brothers and Merrill Lynch, McCain stated: "In my administration, we're going to hold people on Wall Street responsible. And we're going to enact and enforce reforms to make sure that these outrages never happen in the first place.""
Note, the two main sponsors of the Gramm-Leach-Bliley bill were Republican: Gramm in the Senate, Leach in the House. Dems passed it, too, and helped make it veto proof, and Clinton thereby signed it into law, but look where it originated.
Also, check this. McCain's 2008 comments supporting deregulation:
I think it's especially notable here that McCain is attempting to criticize Obama for supporting regulation. Note what McCain says at 0:24, "Everything he [Obama] has supported is bigger government, more regulation," and then again toward the end of the clips when he sweepingly criticizes regulation.
So, who are you gonna vote for?
- Noah HLv 71 decade agoFavorite Answer
Deregulation definately screwed the pooch. The democrats were, and are, still are caught in a vise. Being against 'regulation' means that you're 'anti-business' according to right wing radio and FOX 'News'. If you're against regulation then they call you a 'liberal', or a socialist. Most democrats in the second Clinton administration understood that being 'against regulation' would be used against them come election time. I believe the reasoning here was to pass this legislation and hope for better political times so it could be looked at again. ...before it was too late. Now it is too late! There were also many democrats that believed de-regulation was a good idea. It wasn't! In the end deregulation of massive corporations means that the system will be gamed, corner cutting will be okayed, theft will be justified and bad business will be the same as good business as long as the money keeps rolling in. Now we find ourselves between a rock and a very hard place. If a republican votes for this bailout, an act that may not even be constitutional, what does that say about their free market beliefs? Talk about a flip-flop! If a democrat votes for it and the bailout doesn't work what can the party say to the american people? Whoops? If it does 'work', the rich will remain rich and the american wage-earner will do without for a long time to come as inflation will tear the heart out of everyones paycheck. That's political bad news for everyone. Personally I'd let these folks go belly up, and establish a new National Bank run by the feds. If it's our money, we should start off fresh with no debt. We'd have sound money and as much oversight as needed. There would be enough cash available to forestall a depression. We'd be well on our way to solving this situation. That won't happen, but it should.
- Anonymous1 decade ago
The Gramm-Leach-Bliley bill isn't to blame for the current mess.
It is the Democrats who crafted the revamped CRA, which forced lenders to make risky loans to people, and the Democrats who prevented Bush and the Republicans from addressing the growing problems in the subprime mortgage markets in 2003 and 2005.
Actually, the banking houses that were able to diversify their operations like the Gramm bill allowed are the ones who are NOT in trouble.
It wasn't deregulation that is behind our current problems, but in Democrat interference and mismanagement.
Only a fool would vote Democrat for their economic policies.
- 4 years ago
If you knew anything, you would know that this economic crisis has been brewing for over 20 years; and it has only come to a POINT due to the events of the past 9 years. There is no ONE person, or ONE party to blame this on, it is the actions of the entire Government, and the citizens of the United States who decided to spend more than they have.
- 1 decade ago
Neither will fix the problem. Obama will make it worse and I'm not sure McCain will make it better either. McCain is running the same campaign as Bush did on fiscal converativism but look what Bush has done. MASSIVE, WASTEFUL SPENDING!!! The only way to fix the economy is to end the Federal Reserve and neither have the spine to push for this.
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- ADP_14Lv 41 decade ago
neither one will fix the problem, they'll both just screw it up worse in different ways. The only thing the government can do is exacerbate the problem.
The losses need to be taken by someone. The only question is should they be taken by the people who made the profits, or the taxpayers who for the most part didn't receive any benefit from the bubble.
Neither party knows how to fix this. The best thing they could do is just let the market sort things out without interference, but of course, neither party will let that happen.
- 1 decade ago
McCain, given his unheeded warnings years ago.
But the government, no matter WHO is in power, is not solely responsible for bad business decisions, or the boneheaded actions of some private-sector managers. There is plenty of blame that belongs with the private sector.
Honestly, for me issues related to the economy are trumped by national security concerns. If America ceases to be a sovereign nation, the domestic economy is not gonna matter anymore. Nothing will.
- Free ManLv 61 decade ago
You are confusing the issue. Obama wants to regulate everything like a communist. McCain wants to regulate to the extent that they prevent corruption not micromanage like Obama. Typical lefty vague accusations are what you spew.
- Anonymous1 decade ago
It was the Democrats who had a HUGE PART in spawning this awful mess. Vote Republican !! God bless McCain/Palin, and God bless America.
- ?Lv 51 decade ago
I think you put out a one sided arguement. I am voting for McCain. You want to see what an Obama presidency would look like, check out Illinois!
- Anonymous1 decade ago
McCain. I would give an intern the CEO position...if I wanted to flush my country down the toilet.