McCain gets it, Obama doesn’t
by Robert Scheer
Maybe I got it wrong. During the presidential campaign I wrote columns blasting Sen. John McCain for siding with the big bankers on deregulation, citing his choosing ex-Sen. Phil Gramm, currently a vice chairman of the Swiss-owned banking giant UBS, as his presidential campaign chair. Barack Obama, on the other hand, repeatedly blasted Gramm and the Gramm-Leach-Bliley Act, which the Texas Republican had pushed through Congress, with President Bill Clinton’s support-legislation that repealed the Glass-Steagall Act and radically deregulated the financial industry.
But now the roles are reversed, and it is McCain who, along with Sen. Maria Cantwell, D-Wash., has sponsored a bill to repeal Gramm’s legislation, while Obama seeks to preserve it.
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