Posted by AzBlueMeanie:
In an unbelievable display of amazing chutzpah, "Senator Sore Loser," John McCain and Senator Byron Dorgan (D-ND) (not my problem) wrote an opinion for the Washington Post which was republished in the Arizona Daily Star today. We must investigate causes of financial crisis
Senator Sore Loser bemoans the TARP bailout to Wall Street banks and decries that:
"Yet no one has investigated how this crisis happened. That is irresponsible. A comprehensive investigation is essential to prevent this from happening again."
"Why didn't someone do something?" Um, that someone would have been you, senator! And yes, you were irresponsible. Your inaction borders on criminal negligence.
Senator Sore Loser was chairman of the Senate Commerce Committee from 1997-2001. Admittedly, this committee does not have principle jurisdiction over the financial services industry. That particular committee was chaired by his best friend forever and "economic guru," Senator Phil Gramm, who was busy deregulating the financial services industry and repealing the Glass-Steagal Act. Gramm's legislation is what freed up the financial services industry to engage in the giant Ponzi scheme that turned Wall Street into Casino Royale and broke our economic system.
Senator Sore Loser referred to himself as a free market "deregulator" at the time and supported every bill his BFF Phil Gramm rammed through Congress. As chairman, McCain left mixed legacy So what does Senator Sore Loser write in his opinion piece today?
"[W]e know that this crisis was triggered in part by unscrupulous behavior in the sub-prime loan market, the failure of key regulators, widespread greed and the fact that America's largest financial institutions were permitted to regulate themselves."
Yeah, "Mr. Deregulator" you supported this and voted for it! Are we all now to suffer from amnesia and believe you when you claim that you are for stricter banking regulations? You are one shameless liar!
Senator Sore Loser was again chairman of the Senate Commerce Committee from 2005-2007. The sub-prime mortgage housing bubble began to burst in 2006, yet his committee did not conduct any investigations into this economic crisis in the making.
What was the one common denominator to Senator Sore Loser's two stints as Senate Commerce Secretary? That's right, both times he was too busy running for president than to be bothered with anything as mundane as conducting an oversight investigation into the activities of the financial services industry. Despite actually being in a position to do something, Senator Sore Loser was at all times AWOL. His inaction borders on criminal negligence.
So what does Senator Sore Loser propose that we do now? He's promoting a "select committee" to which he obviously expects to be appointed to get to the bottom of "what went wrong." This is like putting the bank robber in charge of the bank. Senator Sore Loser would no doubt turn the committee into his stage for his own self-serving and vainglorious political posturing and pontificating. He is but an actor in search of a stage. This is what a demagogue does.
"What went wrong," senator, is that useless politicians like you and your BFF Phil Gramm were put in charge of protecting the interests of the American people, and instead you willingly sold your soul to the white collar criminals of Wall Street. You were an accomplice to their crimes. The best thing for you to do now is to retire, like your BFF Phil Gramm, and just go! Haven't you done enough harm to this country already?