Video (6min 26sec): Does John McCain Understand Anything About the Economy? "...In his mind Wall Street shoulda been good guys by their nature. And they broke a social contract..., we had an understanding and they were supposed to make money, but not screw this thing up.
"But that's not the way Wall Street and finance works. That's not the way capitalism works. If you don't put a check on something, they're gonna try to make as much money as possible in the short term. You understand how the stock market works? Apparently John McCain doesn't. He thinks 'they should have been good guys on their own', which of course he doesn't. He knows how this was gonna work, I think, unless he's a total idiot about the economy, which he really might be...
"So how do you get Wall Street to not break the social contract? You regulate them. You don't over-regulate them, but you put reasonable regulations on them... The guys who took off all those regulations were Phil Graham, the entire Republican Party and John McCain. And he's gonna come here and say we've got to fix this thing. Well, you are the one who broke it in the first place. So why would I hire you to fix something you broke...?"
