Whiners and the Banking Crisis: Bad Day for McCain


Another bad day for McCain.

Could it be the walls are closing in just a little bit more on John McCain?  The polls hint at it. The national polls show Obama once again barely taking a lead while the state polls lag a little.

First, the ready-to-be-commander-in-chief-on-day-one guy doesn’t know who the prime minister of spain is. Bad enough, but McCain hears the name Zapatero and thinks Emiliano Zapata, or else he imagines it’s some left wing latin american dictator and we are still in the 80s or something.  Anyway, he says he is not sure this Zapatero fella would be welcome in a McCain White House.

Next, is a video interview floating around the web with McCain being asked questions about the economy and looking scared and dumbfounded before pleading near absolute ignorance on the issues.  All the more reason to fear a McCain presidency during economic crises, and all the more reason to talk more about Phil Gramm, the guy lurking behind the candidate and likely his most trusted economic advisor and future secretary of treasury.

The key here is that Gramm is the one person, if ever there could be just one, who is responsible for this week’s banking crisis.  It was Gramm’s bill in 1999 that repealed the depression era banking regulation law that would have prevented this collapse.  Gramm wanted and got deregulation, deregulation and more deregulation and along with that, more mergers among the nation’s top investment houses.

anyone who didn’t like this was a whiner. 

Interesting point here is that the “whiner” narrative is tied to 1990s tort reform which prevented mainstream americans from filing grievances against banks and investment houses that lost their life savings.  McCain/Gramm thinking: regulation is bad and  lawyers who defend people screwed by the deregulated market are bad.

BTW, lawyers are good when they defend right wing neoliberal/ deregulator coups against democratic governance (such as elections in 2000 and sunshine laws in Alaska right now).

Bottom Line: McCain wants the rich and wealthy to have complete access to courts to defend their dishonest holds on power while denying ordinary americans a chance to recoup losses caused by the actions of McCain crony Gramm.  

Gramm’s nation of whiners today were the anti tort reformers of the 90’s, the same folks who will be denied their day in court when they endeavor to recover losses caused by the evil doing of the McCain economic team.

All this goes to make John McCain Wednesday a bad day for John McCain.

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