Obama Being Deceptive On McCain. Who Knew?

TheHat · #1 (**permalink**) 09-19-2008, 08:35 AM

Obama has opened more doors into his own face, then Phil Mickelson has blown leads.

http://www.washingtonpost.com/wp-dyn...091803159.html

Quote:

'Always for Less Regulation'?
John McCain's record on Wall Street oversight gets some misleading spin from Barack Obama

TO LISTEN to Sen. Barack Obama, Sen. John McCain is a Johnny-come-lately to the cause of regulating financial markets. "He has consistently opposed the sorts of common-sense regulations that might have lessened the current crisis," Mr. Obama said in New Mexico yesterday. "When I was warning about the danger ahead on Wall Street months ago because of the lack of oversight, Senator McCain was telling the Wall Street Journal -- and I quote -- 'I'm always for less regulation.' "

But the full quotation from Mr. McCain's March interview with the Journal's editorial board belies Mr. Obama's one-sided rendition. The Republican candidate went on to say, "But I am aware of the view that there is a need for government oversight. I think we found this in the subprime lending crisis -- that there are people that game the system and if not outright broke the law, they certainly engaged in unethical conduct which made this problem worse. So I do believe that there is role for oversight."

It's fair to say that Mr. McCain has dramatically ramped up the regulatory rhetoric in the wake of the meltdown on Wall Street. Mr. Obama made the argument about the need for increased oversight much earlier. And Mr. McCain has generally taken an anti-regulatory stance, although not in all cases -- his support for federal regulation of tobacco and boxing being prominent counter-examples. Mr. McCain backed a moratorium on all new federal regulation in 1995, saying that excessive regulations were "destroying the American family, the American dream." On the campaign trail in 2000, he touted his record of voting "for smaller government, for less regulation."

However, when it comes to regulating financial institutions and corporate misconduct, Mr. McCain's record is more in keeping with his current rhetoric. In the aftermath of the Enron collapse and other accounting scandals, he was a leader, with Sen. Carl M. Levin (D-Mich.), in pushing to require that companies treat stock options granted to employees as expenses on their balance sheets. "I have long opposed unnecessary regulation of business activity, mindful that the heavy hand of government can discourage innovation," he wrote in a July 2002 op-ed in the New York Times. "But in the current climate only a restoration of the system of checks and balances that once protected the American investor -- and that has seriously deteriorated over the past 10 years -- can restore the confidence that makes financial markets work."

Mr. McCain was an early voice calling for the resignation of Securities and Exchange Commission Chairman Harvey Pitt, charging that he "seems to prefer industry self-policing to necessary lawmaking. Government's demands for corporate accountability are only credible if government executives are held accountable as well."

In 2006, he pushed for stronger regulation of Fannie Mae and Freddie Mac -- while Mr. Obama was notably silent. "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole," Mr. McCain warned at the time.

One element of the Obama campaign's brief against Mr. McCain is that he supported repeal of the law separating commercial banks from investment banks. "He's spent decades in Washington supporting financial institutions instead of their customers," Mr. Obama said yesterday. "Phil Gramm, one of the architects of the deregulation in Washington that led directly to this mess on Wall Street, is also the architect of John McCain's economic plan." Would it be churlish to point out that another author of the Gramm-Leach-Bliley law is former congressman Jim Leach, a founder of Republicans for Obama? Or that Obama advisers Lawrence H. Summers and Robert E. Rubin supported the repeal -- which was signed by President Bill Clinton?

It's a reasonable question which candidate has been more attentive to the brewing problems on Wall Street and which has a better prescription for them. But Mr. Obama's attack does not give a fair reading of the McCain record.

Tilt your head back to control the bleeding.

raytri · #2 (**permalink**) 09-19-2008, 08:38 AM

Agreed. That was a distortion on Obama's part.

Hamilton · #3 (**permalink**) 09-19-2008, 08:42 AM

The Obama campaign has several ads out at the moment, all of which are very deliberate distortions.

One of which being the Rush ad that takes every line out of context.

Hopefully the McCain camp takes this opportunity to release ads that are positive and steal some votes.

Frolicking Dinosaurs · #4 (**permalink**) 09-19-2008, 08:45 AM

Obama is catching heat from supporters over ads that distort the truth.

Is McCain catching heat from supporters over his lies and distortions as well? (Honest, non-partisan question)

Irishman · #5 (**permalink**) 09-19-2008, 08:48 AM

Quote:

Originally Posted by raytri

Agreed. That was a distortion on Obama's part.

Sure was. It will be interesting to see what all the democrats have to say about Obama distorting things like he is.

I am sure there will be some farfetched excuse coming our way.

Hamilton · #6 (**permalink**) 09-19-2008, 08:49 AM

Quote:

Originally Posted by Frolicking Dinosaurs

Obama is catching heat from supporters over ads that distort the truth.

Is McCain catching heat from supporters over his lies and distortions as well? (Honest, non-partisan question)

Obama is catching heat from republicans, just as McCain is catching heat from democrats.

Let's not pretend either party can admit when they're wrong.

Yeshua_Lives · #7 (**permalink**) 09-19-2008, 08:53 AM

"In 2006, he (McCain) pushed for stronger regulation of Fannie Mae and Freddie Mac -- while Mr. Obama was notably silent. "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole," Mr. McCain warned at the time."

----------------------------------------

Beautiful.

Seems Obama's only chance at winning is to continue lying and to continue his negative ad campaign.

------------------------------

McCain | Palin in 2008

+++

Frolicking Dinosaurs · #8 (**permalink**) 09-19-2008, 08:54 AM

Quote:

Originally Posted by Frolicking Dinosaurs

Obama is catching heat from supporters over ads that distort the truth.

Is McCain catching heat from supporters over his lies and distortions as well? (Honest, non-partisan question)

Quote:

Originally Posted by Hamilton

Obama is catching heat from republicans, just as McCain is catching heat from democrats.

Let's not pretend either party can admit when they're wrong.

I'll take that as a no. I know for a fact that people inside the Dem party are complaining about some of the Obama ads - I guess only Dems are willing to admit that their candidate doesn't walk on water.

Hamilton · #9 (**permalink**) 09-19-2008, 08:58 AM

Quote:

Originally Posted by Frolicking Dinosaurs

I'll take that as a no. I know for a fact that people inside the Dem party are complaining about some of the Obama ads - I guess only Dems are willing to admit that their candidate doesn't walk on water.

Apparently you missed the acceptance speech.

Neither party is on their candidate as much as they should be, there is a fair amount of misinformation coming from both sides and neither party is doing anything about it, I don't care how many "insiders" you know are complaining, nothing is being done.

raytri · #10 (**permalink**) 09-19-2008, 09:15 AM

And let's not forget the *month-plus* of completely false negative ads that McCain ran prior to these.

That doesn't excuse Obama distorting things, but let's be clear on who has run the cleaner campaign up to this point: Obama.

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