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Mal Takes Dems to Task

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Mal was taking McCain to task for NOT supporting a deregulation bill that had overwelming Democratic support in 1999.  As Mal rightly states this bill is the cause of the current Wall Street crisis. Here it is in Mal’s own words.

The repeal is known as the Financial Services Modernization Act of 1999, and is one culprit in the financial melt-down on Wall Street.

The anti-regulation champion John McCain was the sole Senator not voting on the bill (Conference Report) that passed 90-8-1-1.

Mal in his own demo-rationality sees something to question in McCain’s non-vote, but not in the overwelming Democratic support for this derregulation bill. Feingold was one of the very few Senators who opposed it.

One of the claims Mal contends is that Obama is clean.  In either case he has benefitted nicely from Fannie Mae and Freddie Mac.

3. Obama, Barack

I think my initial point holds true. There are too many issues that when Democrats try to hold McCain accountable, they look petty, silly, and outright pathetic. I think Mal tops the cake though.


5 responses to “Mal Takes Dems to Task

  1. MAL

    I can only presume you overlooked the piece, “Obama Could Hit McCain and Many Dems on Crisis, (Sept. 22)” in which text reads in part: “(Jared) Bernstein could well have said ‘neo-liberal’ ideology as the 1999 repeal of the Glass-Steagall Act, after 12 legislative attempts in 25 years (FrontLine), among other policy and unaddressed market changes, led the way to this epic collapse with Democratic acquiescence.”

    Is that “demo-rationality”?

    That McCain has been an anti-regulatory advocate for decades is a fact.

    That neo-liberal doctrine in the form of Democratic acquiescence enabled anti-regulatory zeal is a fact.

    Obama has no anti-regulation votes with which to smear him. That’s a fact.

    That McCain, an uncontroversial deregulalator, was the sole Senator not voting on S.900: Financial Services Modernization Act of 1999, (that led to the repeal of Glass-Steagall) is, in my view, a legacy of McCain’s program to appear clean after the Keating Five scandal. That’s debatable, but pathetic?

  2. The only thing I would disagree with is that Obama is somehow outside of this neo-liberalism. I think he is more Clintonian than even Bill himself. I can’t remember a more neo liberal, market driven Democratic candidate in my lifetime.

    The fact remains he chose Biden, that’s a statement worth taking note of. Not only was he a supporter of that deregulation bill, but a strong supporter of the bankruptcy bill, and (like Obama) against a 30% interest rate cap.

    If your point of Obama’s record is he lacks one on deregulation issues, I agree. He lacks a record on most issues that’s a given. One thing is for sure as a Senator he served his banking masters well.

    I think it sounds pretty stupid to talk of neo liberal Democrats when they are the norm. One can count the Dems on one hand who voted against the bill in question. Neo liberalism is the norm not the exception.

  3. MAL

    I would just say that Obama’s constituencies include those Americans viewing strong student financial aide, social security, protecting the environment, promoting education, job training, finally addressing infrastructure, and implementing universal health care as imperative government deliverables.

    Bush and the GOP are crashing the country, trying to make these bad things listed above as impossible to acheive, beyond the financial scope of government in fiscal crisis.

  4. What is interesting is how each of these issues are intertwined with the banking / financial sectors.

    Student aide, who can be against that. What that often becomes are big handout to the financial sector in which students pay a heavy financial burden in sub prime interest loans. These same sub prime interest rates Obama refuses to cap. His stance alone on this is enough to do him in for me.

    Education and job training sound good too. But they are pointless when Obama endorses a world view that outsources our jobs to the lowest bidder. What we need is a change in the economic order, not more education and job training scams.

    I am not going to go the health care route. Obama’s plan is frankly embarrassing. I am not even sure in the end it is better than McCain’s. Remember, all these programs are on Obama’s chopping block now to pay for his bail out.

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