A blog written by Manchester College students studying the 2008 presidential campaign.

Sunday, September 21, 2008

John McCain: A deregulator asking for regulation?

John McCain has stated, not only in his campaign, but also throughout his time in Congress has stressed the importance of the government staying out of the private sector has now called for market regulation. The government recently gave $85 billion to financial giant AIG, a bailout that many said was a necessary evil. Many have argued that AIG, along with Freddie Mac, Fannie Mae, Lehman Brothers and others, took a market risk just like any other business in the private sector does on a regular basis. The economy cannot sustain itself if AIG went under, because AIG is involved in just about anything and everything worldwide.
John McCain is sticking to the term maverick, but this particular maverick stance could have political ramifications. John McCain has stated that he is a "deregulator", wanting smaller government, and wanting the government to stay away from the private sector. However, his recent proposal is diametric from that very stance. He has now called for the creation of the Mortgage and Financial Institution trust to create an early intervention system with the hopes of helping financial institutions avoid bankruptcy. Creating a trust, in which the government would regulate these financial institutions, does not shrink the size of government; it makes government larger. This particular issue is a tough one to tackle; because one on hand, John McCain cannot allow these institutions to go under and send the economy down the drain and on the other hand, he is going to have a tough time seeming more conservative when he is making government larger. The conservative vote has been a tough one for McCain to obtain, particularly because most conservatives believe John McCain is not conservative enough to be the Republican nominee for President. Obviously, the conservatives will select John McCain over Barack Obama if they choose to vote; but the problem would exacerbate if the conservatives chose not to vote.

1 comment:

MMPenner said...

I think for the first time in history (as much as I can remember anyway), it will be the right-wing that opts out of voting due to their dissatisfaction with their nominee. McCain really hasn't shown that he is fit to be president, especially among all the flip-flopping he seems to be doing.

I know these forums are supposed to be anti-rant, but McCain LOST to Bush in the 2000 primaries. So in theory, Bush was the better choice to John McCain. And now Bush's approval raitings are down in the 30 percentile and most Americans agree that our country is going in the wrong direction. Will McCain do a better job?