When he was running an insurgent campaign against then-Governor George Bush in 2000, John McCain had set himself apart from the GOP orthodoxy by supporting campaign finance reform and higher tobacco taxes, and by expressing scepticism about the role of the "agents of intolerance" among the Christian right. But he enthusiastically backed the party line on corporate deregulation.
Since this weekend's Wall Street meltdown, McCain has reversed himself from positions he backed over his long career in the US senate. In Tampa, Florida, today, he promised "an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street". How? "Under my reforms, the American people will be protected by comprehensive regulations that will apply the rules and enforce them to the full." It's odd hearing talk like that out of any Republican, even an unusual one like McCain, and it is quite a departure from his statements in 2000.
In a February 18, 2000, New York Times story, speaking about his role as commerce committee chairman:
I do sometimes feel conflicted. As a conservative Republican, I have more faith in the marketplace then the bureaucrats, and the measures I have put forward are basically deregulatory in nature. But I have studied the speeches of Teddy Roosevelt and I understand the importance of these issues for the common man, who can get shafted by these big companies.
At a Feb 15, 2000 GOP candidate debate in S.C., on gay Republican organisation Log Cabin Republicans:
I disagree with the Log Cabin Republicans on gay marriages, on the "don't ask/don't tell," on a broad variety of issues. But I agree with them on a stronger defense, lower taxes, less regulation.
October 22, 1999, at a Republican debate in Durham, New Hampshire, he said America's economic power was a direct result of "lack of regulation" by the government:
There's a number of reasons why we are experiencing this almost unprecedented prosperity. Among them are a lack of regulation, free trade, and most importantly, we are going through a revolution the likes of which the world has seldom seen. You could compare it to either the invention of the printing press or the industrial revolution.
After seven years of the Clinton presidency, the US was enjoying a budget surplus and a seemingly endless economic expansion, so McCain's comments came in a much different context than what we're seeing now. But it's important to question how deeply committed he is to reigning in Wall Street excesses now, when for so long he was ideologically inclined to oppose government efforts to regulate business.
