Some of Obama's Speech today:
It happened in the 1980s, when we loosened restrictions on Savings and Loans and appointed regulators who ignored even these weaker rules. Too many S&Ls took advantage of the lax rules set by Washington to gamble that they could make big money in speculative real estate. Confident of their clout in Washington, they made hundreds of billions in bad loans, knowing that if they lost money, the government would bail them out. And they were right. The gambles did not pay off, our economy went into recession, and the taxpayers ended up footing the bill. Sound familiar?
This was not the invisible hand of the market at work. These cycles of bubble and bust were symptoms of the ideology that my opponent is running to continue. John McCain has spent decades in Washington supporting financial institutions instead of their customers. In fact, one of the biggest proponents of deregulation in the financial sector is Phil Gramm - the same man who helped write John McCain's economic plan; the same man who said that we're going through a 'mental recession'; and the same man who called the United States of America a "nation of whiners." So it's hard to understand how Senator McCain is going to get us out of this crisis by doing the same things with the same old players.
What has happened these last eight years is not some historical anomaly, so we know what to expect if we try these policies for another four. When lobbyists run your campaign, the special interests end up gaming the system. When the White House is hostile to any kind of oversight, corporations cut corners and consumers pay the price. When regulators are chosen for their disdain for regulation and we gut their ability to enforce the law, then the interests of the American people are not protected. It's an ideology that intentionally breeds incompetence in Washington and irresponsibility on Wall Street, and it's time to turn the page.
Just today, Senator McCain offered up the oldest Washington stunt in the book - you pass the buck to a commission to study the problem. But here's the thing - this isn't 9/11. We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it, John McCain won't, and that's the choice for the American people in this election.