guess who’s acting fiscally conservative?
Senators John McCain and Maria Cantwell, of all people, are sponsoring legislation to prohibit banks from acting like Wall Street speculators, or “bar commercial banks from undertaking brokerage activities” as reported in The Seattle Times this morning.
Needless to say this is a good idea, restoring the regulation (formerly known as the Glass-Steagall Act) enacted during the Great Depression.
What’s puzzling me is the nature of the sponsors — prominent republicans. Of course they know their party, being financed almost completely by big business, is totally opposed to this idea. These are the same interests who arranged it’s repeal under the Clinton administration.
One can be cynical and speculate that McCain and Cantwell are pushing the bill with the expectation that it will be voted down, leaving them looking like good guys. Do senators ever do stuff like this? Is there such a thing as a clean and/or honest Washington politician?
April 30th, 2010 at 8:07 am
John McCain is also a very good politician. he did not win because the people are not satisfied on the Republicans.:”‘