Deregulation: 1920s. Hoover takes the reins off business that was left over from the Trust era in the late 1800s.
The US goes into a depression.
Deregulation: 1980s. Reagan takes the reins off of the S&L industry.
The Keating Five happens (one is John McCain) and the tax payers have to bail out the mess.
Deregulation: 2000s. Bush takes the reins off of the investment banking industry.
2008: We are looking at another financial crisis in which the government has to bail out these companies.
If you like deregulation, you like the fact that you can play it fast and loose and if you end up getting in trouble, the gov't comes in and bails you out.
And the architect of Republican deregulation? Foreclosure Phil Graham, John McCain's economic advisor.
Yeah...
That Phil Graham.
And on the stump McCain keeps talking about "laws there since the 1930s"
Well John, those laws are FROM THE DEPRESSION to PREVENT IT FROM HAPPENING AGAIN.
Your party pushed for and got a law from the 30s dropped to enable the current mess.