McCain Attacks Wall Street Greed—While 83 Wall Street Lobbyists Work for His Campaign
David Corn, Jonathan Stein, and Nick BaumannIn the past few days, as the economic crisis has deepened, Senator John McCain has been decrying the excesses of Wall Street. At a campaign rally in Tampa on Tuesday, he vowed that he and Alaska Governor Sarah Palin, if elected, "are going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street." He noted that the "foundation of our economy...has been put at risk by the greed and mismanagement of Wall Street and Washington."
He blasted CEOs who "seem to escape the consequences." He denounced Wall Streeters who "dreamed up investment schemes that they themselves don't even understand" and who used "derivatives, credit default swaps, and mortgage-backed securities" to try "to make their own rules." He excoriated Fannie Mae and Freddie Mac for gaming the system. And he slammed financial industry lobbyists for misguiding members of Congress. "I can promise you the days of dealing and special favors will soon be over in Washington." On Wednesday morning, after the federal government committed $85 billion to prevent the collapse of the American International Group (AIG) insurance conglomerate, McCain again assailed irresponsible corporate executives. "We need to change the way Washington and Wall Street does business," he proclaimed.
McCain has been quick with fiery, populist-tinged speeches. But one thing has been missing: any acknowledgment that McCain's own campaign has been loaded with the type of people he's been denouncing. (The McCain campaign did not respond to a request for comment; we will update the post if they do.) As Mother Jones previously reported, former Senator Phil Gramm, McCain's onetime campaign chairman, used a backroom maneuver in late 2000 to slip into law a bill that kept credit default swaps unregulated. These financial instruments greased the way to the subprime meltdown that has led to today's economic crisis. Several of McCain's most senior campaign aides have lobbied for Fannie Mae and Freddie Mac. And the Democratic National Committee, using publicly available records, has identified 177 lobbyists working for the McCain campaign as either aides, policy advisers, or fundraisers................
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2 comments:
"Yesterday, John McCain actually said that if he's president that he'll take on, and I quote, 'the old boys network in Washington.' Now I'm not making this up. This is somebody who's been in Congress for twenty-six years, who put seven of the most powerful Washington lobbyists in charge of his campaign. And now he tells us that he's the one who's gonna' to take on the old boys network. The old boys network? In the McCain campaign that's called a staff meeting. Come, on!"
- Barack Obama, on the stump yesterday.
the good news is;
first thing this morning (it's not there now)
there was a survey on cnn. it said who do you think can fix this country (something like that-NOT those exact words). when i took it, it was 86% obama. there were THOUSANDS who took it. of course it is in no way accurate OR scientific or whatever. i still got a chill (in a GOOD way)
maybe the peeps ain't as blind as we thought?
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