John McCain seems to blaming much of the current economic mess on the greed of Wall Street investors. This, of course, misses the point entirely. Whether or not you wish to cloak the remunerative motivations of traders as greed, it was the deruglation that John McCain favored that allowed their greed to manifest in today’s economic troubles.
John McCain is uniquely positioned to understand this. In addition his longstanding belief in deregulation (McCain once said ruglation is “destroying the American family, the American dream), the author of McCain’s economic plan was the primary driver of the Commodity Futures Moderinzation Act and the neutering of the Glass-Steagal act vis-a-vis the Gramm-Leach-Bliley Act, essentially stripping the regulatory safeguards that could have prevented this mess.
The political convenience of John McCain’s newfound populism aside, I am quite curious to learn about what sort of free-market, anti-greed proposals McCain has on the table.