McCain Flashback: 'I'm Always for Less Regulation" and Social Security -3/3/08

Here is a link to great interview of John McCain prior to the current financial crisis where he discusses his views on financial regulation and social security. Of course, I would hate to be in the room if McCain from March 2008 walked into the same room as Populist McCain of September 2008:

http://online.wsj.com/article/SB120431596193503527.html?mod=Leader-US

'I'm Always for Less Regulation'

/snip

Q: In 2000, you campaigned for president on a plan to use a part of payroll taxes to create Social Security private accounts. Now your Web site talks about accounts as "supplements" to Social Security. Why the change?

A: Actually, I'm totally in favor of personal savings accounts and I think they are an important opportunity for young workers. I campaigned in support of President Bush's proposal and I campaigned with him, and I did town hall meetings with him.

Q: Your Web site says something different.

A: I'll correct any policy paper that I've put out that might intimate that personal savings accounts are not a very important factor. They allow young workers to provide for their retirement, and a much larger retirement over time.

The way I would fix Social Security is to sit down with Republicans and Democrats together at a table, voicing my opposition to tax increases, and sitting down and negotiating a fix to Social Security, which is the only way that Social Security is going to be fixed. That's my solution to the Social Security system.

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Q: In 1995, when the Republicans won control of both houses of Congress, you proposed a regulatory moratorium, but couldn't get it passed. Would you declare such a moratorium if you were president?

A: I'm always for less regulation. But I am aware of the view that there is a need for government oversight. I think we found this in the subprime lending crisis -- that there are people that game the system and if not outright broke the law, they certainly engaged in unethical conduct which made this problem worse. So I do believe that there is role for oversight.

As far as a need for additional regulations are concerned, I think that depends on the legislative agenda and what the Congress does to some degree, but I am a fundamentally a deregulator. I'd like to see a lot of the unnecessary government regulations eliminated, not just a moratorium.

I've thought more on the area of deregulation rather than a moratorium.

/snip