McCain Voted For Banking Deregulation Bill
The bills author is his chief economic adviser.
The bills author is his chief economic adviser.
In response to the fall of Lehman brothers and the sixth worst day ever on Wall Street, John McCain said, "I promise that we wont put America in this position again. . .this is a failure".
John McCain should know, he voted for the Gramm-Leach-Bliley Act which led to the banking deregulation that allowed the mortgage industry to adopt predatory loan practices that offered mortgages to those with a poor or thin credit history who had unreliable or low incomes.
The legislation also permitted spikes in the interest rates and monthly payments of these mortgages, which led to millions of Americans losing their homes.
Basically, John McCain voted to allow the Mortgage Industry to become Check-N-Go.
So much for "the ownership society" Bush campaigned on in 2004.
What is worse is that the author of the bill, former Texas Senator Phil Gramm, is John McCain's chief economic advisor. You might remember Phil Gramm as the guy who said that people who complained about economic hardship are "whiners".
Not only did John McCain support this catastrophic deregulation upon its inception, he has made its author his chief economic adviser. John McCain clearly lacks the judgment and desire to give America a new direction on the economy and give Americans a better quality of life.
I guess he wasn't kidding when he said he didn't know much about the economy.
John McCain should know, he voted for the Gramm-Leach-Bliley Act which led to the banking deregulation that allowed the mortgage industry to adopt predatory loan practices that offered mortgages to those with a poor or thin credit history who had unreliable or low incomes.
The legislation also permitted spikes in the interest rates and monthly payments of these mortgages, which led to millions of Americans losing their homes.
Basically, John McCain voted to allow the Mortgage Industry to become Check-N-Go.
So much for "the ownership society" Bush campaigned on in 2004.
What is worse is that the author of the bill, former Texas Senator Phil Gramm, is John McCain's chief economic advisor. You might remember Phil Gramm as the guy who said that people who complained about economic hardship are "whiners".
Not only did John McCain support this catastrophic deregulation upon its inception, he has made its author his chief economic adviser. John McCain clearly lacks the judgment and desire to give America a new direction on the economy and give Americans a better quality of life.
I guess he wasn't kidding when he said he didn't know much about the economy.
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