In fact, all history points towards leaving Wall Street alone to do whatever they want. Let’s be clear about McCain’s history here. He started his political life in DC in the Keating Five scandal. McCain used his influence to deflect regulators from investigating Charles Keating’s troubled S&L;, Lincoln Savings. Thanks to McCain’s involvement the US taxpayers ended up getting stuck with the $2.6 billion.

Fast forward to this campaign where McCain has relied on Phil Gramm, former Senator who set up the economic problems on Wall Street today and who now works for exclusive Swiss bank UBS. Gramm helped rescue a failing McCain campaign last year and McCain has repeatedly referred to Gramm as his economic brain and his rumored Treasury Secretary. Gramm has a long history of changing Wall Street rules, creating an “anything goes” atmosphere that never, ever, never includes regulation. So for McCain to suggest he is now in favor of regulation is a ridiculous assertion. Who honestly believes that 72 year old John McCain, without any history of encouraging regulations on Wall Street, can change and suddenly be in the lead on regulation? C’mon.