Missed by most commentators in the fallout of his crudely accurate comments was the fact that he bore significant responsibility for the disaster. As the chief sponsor of the bill to repeal the Glass-Steagall Act, he led to the effort to break down the barriers between traditional business banks and financial institutions that enabled them to conspire to gamble with the money of their clients.
It is small wonder that candidate McCain sat glassy-eyed at the emergency economic summit with President Bush in late 2008 at which he insisted on being present. Even after being disgraced in the similar Savings and Loan scandal a few years earlier, he still did not understand the intent of the deregulation. It was being pushed by predatory capitalists from Goldman-Sachs and Citicorp who saw massive profits from an unregulated derivatives market, the scheme that eventually took down the economy.