Wednesday, September 17, 2008

McCain Flip-Flops On ‘Excessive Regulation’ In Less Than An Hour

Sen. John McCain (R-AZ) appeared on all six broadcast and cable morning news shows today in an attempt to defend his misguided belief that the “fundamentals of our economy are strong.” In discussing the causes of and solutions to the current economic crisis, McCain appeared to flip-flop — in less than an hour — on the role and effectiveness of government regulation.

On NBC’s Today Show, McCain told Matt Lauer:

Of course I don’t like excessive and unnecessary regu — uh, government regulation.

But on CBS’s Early Show, McCain told Harry Smith:

Do I believe in excess government regulation? Yes. But this patchwork quilt of regulating bodies was designed for the 1930s when they were invented.

Watch a compilation:

With regard to the current economic crisis, the McCain campaign is now arguing for “strong regulatory oversight of Wall Street.” McCain, however, has long held that he is “fundamentally a deregulator.” As he told the Wall Street Journal in March:

I’m always for less regulation. But I am aware of the view that there is a need for government oversight. … But I am a fundamentally a deregulator. I’d like to see a lot of the unnecessary government regulations eliminated.

Later that Month, McCain said in a speech, “Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments.” ThinkProgress documents McCain’s long history of flip-flops here.

Original here

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