Thursday, September 18, 2008

The Memory Hole and McCain

We are not yet living in the world of Orwell's 1984 where all memory of past events could easily be erased. Too bad, from McCain's point of view:

In his latest attempt at a total makeover, John McCain said today that if he were president, he'd fire Chris Cox, the chairman of the SEC, for keeping in place "trading rules that let speculators and hedge funds turn our markets into a casino."

Never mind that the president can't actually fire the head of the SEC. Just think about McCain's assertion in the light of this:

McCain's former economic adviser is ex-Texas Sen. Phil Gramm. On Dec. 15, 2000, hours before Congress was to leave for Christmas recess, Gramm had a 262-page amendment slipped into the appropriations bill. It forbade federal agencies to regulate the financial derivatives that greased the skids for passing along risky mortgage-backed securities to investors.

Sorry, McCain. But this mess belongs to the policies your party has pursued and the policies you still insist on pursuing.