McCain and Bush: Unconcerned with the Needs of Ordinary Americans
By Robert Scheer
Oct 2008
Perhaps John McCain is not a perfect replica of George W. Bush, but the parallels go beyond the senator's enthusiastic support for the toxic mix of Bush's imperial foreign policy and his arrogant indifference to the travails of our domestic existence. Neither man seems to have any sense of how we actually live or what we need from government. How else to explain their common antipathy to Social Security and Medicare, which, after public education, represent the nation's most successful programs? Can you imagine the panic today if McCain and Bush had succeeded in tying Social Security to investments in the stock market? They view government as nothing more than a proud sponsor of the military-industrial complex while ignoring the threat to homeland security from corporate pirates.
Don't say we weren't warned. Bush came into office believing fervently that what was good for Enron and its CEO, Kenneth "Kenny Boy" Lay, Bush's top financial sponsor, was good for the country. So, too, McCain, who chose Phil Gramm as co-chair of his presidential campaign, ignoring the huge loophole in Gramm's Commodity Futures Trading Act, which allowed Enron, where his wife, Wendy Gramm, was on the board of directors, to so shamelessly game the energy market.
Trumpeting the benefits of the legislation he tacked onto an omnibus spending bill the day before the 2000 Christmas recess, then-Sen. Gramm stated: "It protects financial institutions from over-regulation. It provides legal certainty for the $60 billion market in swaps." Those swaps created the toxic investments that U.S. taxpayers are now stuck with as the nation struggles to save those unregulated financial institutions from bankruptcy.
McCain, who should have learned the cost of radical deregulation from his own involvement in the savings and loan scandal as one of the infamous "Keating Five," totally bought Gramm's line. McCain was the chair of Gramm's 1996 presidential bid and up until major Wall Street firms collapsed continued to echo the insistence of the former-Texas-senator-turned-banker that there was no real crisis in the financial markets.
http://www.alternet.org/election08/1022 ... _americans
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