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Now McCain Likes Regulation? What Happened?
Hint: His name is Steve Schmidt
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September 17, 2008
Two days ago the McCain campaign released an ad that begins: “Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules [regulations] on Wall Street to protect your life savings.”
But “proven reformer” McCain has always been for fewer rules:
“I’m always for less regulation,” he told The Wall Street Journal last March, “but I am aware of the view that there is a need for government oversight” in situations like the subprime mortgage and financial crisis. He concluded, “but I am fundamentally a deregulator.” 
So he "was aware of the view" that Wall St. needed more—not less—regulation, but he wasn't buying it. This has been McCain's consistent theme:
In early 1995 Mr. McCain promoted a moratorium on federal regulations of all kinds. He said that excessive regulations were “destroying the American family, the American dream” and voters “want these regulations stopped.”
Even his response to the housing crisis was—that's right—fewer rules:
“Our financial market approach should include encouraging increased capital in financial institutions by removing regulatory, accounting and tax impediments to raising capital.”
Has McCain changed his mind? Has he reconsidered his position on rules for Wall Street? There's no evidence that he has—other than the ad itself.
What has changed is his “messaging” guy—to Steve Schmidt, the Karl Rove operative who sold us George Bush in 2004..
McCain’s reputation has been based on principled stands—for example, he said he’d “rather lose a campaign” when his support last year for the surge in Iraq wasn’t popular.
But there's nothing principled in this new “tougher rules” message. Perhaps McCain never really believed what he's been saying about excessive regulation since at least 1995. Or perhaps the new message is a temporary convenience.
Are McCain's principles being sacrificed for the sake of the election? Apparently Steve Schmidt, at least, would rather win the campaign.
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http://zfacts.com/p/1052.html | 11/20/08 13:08 GMT
Modified: Thu, 18 Sep 2008 19:42:43 GMT
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