Why Would You Trust a Life-Long Deregulator to Regulate the Markets?

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I want to reiterate as plainly as possible a point that David and Josh Marshall both made yesterday.

McCain is now responding to the turmoil on Wall Street by saying things like, “We will have transparency and accountability and we will reform the regulatory bodies of government.” American workers, he says, have been “betrayed by a casino on Wall Street of greedy, corrupt excess.”

But why should we trust this guy to bring the proper regulation to the financial industry? Who is he to play the populist? He is a life-long supporter of deregulation, his campaign staffers made millions lobbying for failed lenders, and his top economic adviser, Foreclosure Phil Gramm, helped pass the deregulation that created this mess in the first place.

Update: The NYT mines this vein.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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