For 26 years, John McCain was a deregulator. When it became obvious that deregulation was in part or mostly responsible for the money market meltdown, last week John McCain revised history and became the universe’s greatest regulator and champion for the working people. And now, at the least minute, when a bipartisan deal was imminent, and while McCain’s poll numbers were tanking, what does McCain do?
He “suspends” his campaign, announces he is too scared to debate, and then destroys the negotiations with the following alternative plan calling for…wait for it…. MORE CORPORATE TAX BREAKS AND LESS REGULATION.
[youtube]http://www.youtube.com/watch?v=J0663DHLr58[/youtube]
KATIE COURIC: And, Bob, I understand that John McCain actually floated an alternative plan. What can you tell us about that?
BOB ORR We’re told at the White House Senator McCain offered an alternative plan that would include fewer regulations and more corporate tax breaks for businesses, kind of a private solution. But we’re also told those ideas angered and surprised Democrats like banking chairman Chris Dodd who now says he thinks the White House summit was more of a political stunt for McCain.
UPDATE: From ABC News:
ABC News’ George Stephanopoulos Reports: Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting, sources say.
Paulson walked into the room where Democrats were caucusing after today’s meeting at the White House and pleaded with them, “Please don’t blow this up.”
Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee was livid saying, “Don’t say that to us after all we’ve been through!”
House Speaker Nancy Pelosi said, “We’re not the ones trying to blow this up; it’s the House Republicans.”
“I know, I know,” Paulson replied.
House Republicans are ideologues. They are committed to the discredited and failed notion that more tax giveaways to the rich and to big business, and more deregulation, and no government is the solution to all problems. So they could not help themselves. They had to offer this plan, a plan whose ideological underpinnings are responsible for this mess in the first place. And McCain jumped right in and threw his support behind the House Republican plan at the meeting, according to several sources. So we now know without a doubt where McCain stands. He wants more economic disaster, not less. He wants more war, not less.