Lately, John McCain has been serving up some real howlers — claims ridiculously out of kilter with his record — all delivered with a straight face. Here is one of the howlers from his acceptance speech at the Republican Convention: “nstead of freeing ourselves from a dangerous dependence on foreign oil, both parties — and Senator Obama — passed another corporate welfare bill for oil companies.“x70 So, the candidate of the Party of Big Business is charging his opponent in the Party of The People with corporate welfare!? Well, it turns out that the net effect of the bill McCain cited would actually raise taxes on oil companies, as well as lower taxes for renewable energy.x71 Further, McCain has worked and voted against measures to repeal oil company tax breaks.x72x73 Another McCain howler came last week in a speech where he baselessly accused Barrack Obama of doing the bidding of lobbyists for big finance, and then said of himself: “There will be no seat for [the lobbyists] at the policy-making table. They won’t even get past the front gate at the White House.“x79x74 But they sure got past the door of his campaign bus! McCain’s campaign staff is loaded with high-rolling lobbyists, including those for big finance.x75 And McCain has championed those lobbyists’ issues, such as freeing financial markets from federal oversight.x76 Also last week, McCain spoke about the looming meltdown of the financial system, and dished out this howler: “Under my reforms, the American people will be protected by comprehensive regulations that will apply the rules and enforce them to the full.“x77 So this strident advocate of market deregulation, now wants to regulate the markets!?x78 It was McCain’s top economic adviser, Phil Gramm, who pushed through the law to create the “shadow banking system”, which lies at the root of today’s financial turmoil.x75 Senator McCain, enough already!
… [McCain] voted for abolishing all of the significant rules put in place at the time of the Great Depression designed to prevent a repeat. The two main bills accomplishing that, bills which McCain enthusiastically supported, were the Commodity Futures Modernization Act and the Gramm-Leach-Bliley Act. The Gramm is former Sen. Phil Gramm, who was chair of the Senate Banking Committee when he acted as chief sponsor of both pieces of legislation. The same Gramm that McCain picked to co-chair his presidential campaign.
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