Months into the credit crisis, McCain openly admitted that “economics is not something I’ve understood” which is remarkable, though he suggested the economy would be a key issue in this election. Months later, McCain went on to suggest that his answer to the Wall Street meltdown was “less regulation and lower taxes” as if that strategy had actually worked. Now that Wall Street is crumbling as a result of McCain’s poor judgment in economy policies, McCain sees which way the wind is blowing and decides to suddenly endorse more regulation. So which McCain will show up tomorrow?
Even I’m confused after listening to his flailing and now pandering on the campaign trail. McCain is parsing his words hoping that some will think he actually wants regulation, when in fact he doesn’t. He wants to change the model but he doesn’t want to change the actual regulation. To McCain and his close friend and UBS employee Phil Gramm, the government needs to stay away from business. Let business be business, if you will. That said, the second business goes south, Gramm is at the front of the line asking for more corporate welfare so that regular Americans can foot the bill for radical gambling by Wall Street CEOs.