25 September 2008

John McCain Suggests "Fewer Regulations" on Business as Part of Bailout Plan

You cannot make this up. Senator McCain has changed his mind again.

Despite his 26 year history of supporting deregulation, John McCain was all about regulations last week. Remember? Well, this week he's back to being a deregulator. From a CBS news report on today's White House meeting:

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.

There you go.

And from Politico:
[House Republicans have] released their own set of "principles" in the 11th hour, relying on mortgage insurance, injections of private capital into the financial system and free market principles. Many of the ideas are tried and true conservative ideas, like loosening regulations in hopes of freeing up private capital. The thrust of the GOP alternative is essentially a private insurance plan for mortgage backed securities, but it's not clear if such a plan could go into effect quickly enough to salvage the teetering credit markets.

[. . . .]
It's not clear if the top negotiators at the White House, the Senate or in the House will even give this a second look, but the House GOP alternative represent a loud yet important voice for fiscal conservatives in Washington and nationwide.
So it's all about the "voice" and representing fiscal conservatives. Will McCain vote against the bailout in an effort to recapture the "Maverick" image? If so, will it work after two weeks of waffling his position on the economy and the bailout?

No comments: