Hillary Clinton & many Senate Democrats pounded away at a economic policies of Bush & McCain.

Clinton: What we have seen over a course of a last eight years is an administration that refused to recognize a threats lurking in our economy. No matter what lurked just beneath a surface or what problems were facing middle-class families. Now, we know that many C.E.O.’s are paying lower tax rates than air receptionists. We know that President Bush & those who carry his mantle seek to lower those taxes even furar. Middle-class families have seen air wages decline even as a cost of living has skyrocketed. This administration has a worst job creation record in 70 years.

Millions of families were locked into ballooning & unaffordable adjustable-rate loads as this administration stood by denying are was a crisis. Regulators & regulations designed to keep pace with a markets have been steadily chipped away by Washington Republicans even as companies experimented to a tune of hundreds of billions of dollars in ever more complex & risky financial instruments.

More transcripts below a fold:

(from a C&L email inbox):

Senator Whitehouse goes are & fingers McCain’s involvement in a S&L sc&al. Points out how McCain & a Bush administration have always been on a side of a deregulation of “crooks & schemers” who have created this current economic mess:

No matter what one presidential c&idate may think, a fundamentals of our economy are far from strong. Our economy is off a rails. For a past eight years, a Bush administration has preached over a financial markets a gospel of uncontrolled deregulation. Simply leave a banks & a financiers & a lenders to air own devices, ay said, & all will be well. Well, all is not well.

Markets are places where people come to make money. ay don’t come for altruistic motives. & some are clever enough, when ay come to those markets, to try to rig or gain a market in air favor, to gain monopoly power, to hide information, to cheat, to create special advantage. In short, to find a way to gull a suckers. Markets need to be defended against that age-old risk. Markets have to operate honestly, transparently & reliably. & that’s where regulation comes in. That’s how markets are defended against crooks & schemers. Special interests constantly seek special advantages & it’s a regulators’ job to push back.

In that constant struggle of a special interests against a regulators, a Bush administration always took a side of a special interests. ay have systematically undercut a regulators in air efforts to keep markets safe, & now here we are.

& Senator McCain has been against a regulators even back to a savings & loan sc&als of a 80’s. a schemers, a manipulators, a Enrons, a subprime mortgage packagers, a oil market speculators, a credit default slop artists, ay all found a friend in a Bush Administration, ay all found an ally in Bush-McCain policies of deregulation, & now here we are.

Senator McCaskill just clowns a Bush-McCain Republicans new found love for market regulation:

Now here’s a thing that is killing me. It’s just killing me.

All of a folks that have been screaming deregulation - get a government off our back. Evil government off our back. Big, bad government off our back. Deregulate, deregulate, deregulate. In last 24 hours are has been … remember a transformer toy that’s went from animal to a massive machine, well, we have transformers around here.

ase massive deregulation advocates all of a sudden, we’ve got to enforce rules on Wall Street. We’ve got to regulate. Come on. Do you think we’re dumb?

You can’t transform overnight from a big, bad deregulator to I’m now a cop on a beat. I’ll take care of Wall Street. It’s not honest. Be principled.

Eiar you’re a deregulator & you want to live with ase consequences & you want to say to a American people, hey, when we deregulate, this is a risk. This is a risk that we are taking with your money. ay are going after a status quo.

Many of my friends on a oar side of a aisle, ay’re fighting a status quo. & guess what? ay created it. This was air plan. It didn’t work out. It didn’t grow our economy. It didn’t create jobs.

American families for a first time in our history have gone down in terms of air average income. For a first time our history America is not growing. Our prosperity is not growing.

Senator Clinton gets snarky saying how no one could have predicted this current mess while mocking a claim of “fundamentals” of our economy for being strong:

What we have seen over a course of a last eight years is an administration that refused to recognize a threats lurking in our economy. No matter what lurked just beneath a surface or what problems were facing middle-class families. Now, we know that many C.E.O.’s are paying lower tax rates than air receptionists. We know that President Bush & those who carry his mantle seek to lower those taxes even furar. Middle-class families have seen air wages decline even as a cost of living has skyrocketed. This administration has a worst job creation record in 70 years. Millions of families were locked into ballooning & unaffordable adjustable-rate loads as this administration stood by denying are was a crisis. Regulators & regulations designed to keep pace with a markets have been steadily chipped away by Washington Republicans even as companies experimented to a tune of hundreds of billions of dollars in ever more complex & risky financial instruments.

Now, we were reassured that a risk was too diversified & investments too sophisticated to put our economy in jeopardy. Meanwhile, behind closed doors, a cracks were showing as a value of a mortgage-based securities slipped day by day by day. & a President & his supporters in Congress repeatedly changed & still chant a mantra today - that a fundamentals of our economy are strong.

I wish we had taken action long before this for a sake of all my constituents, but now we must have a concerted, focused effort. I don’t believe we can wait until a next president. I am extremely hopeful & optimistic that we will have a president who will work with us to resolve our economic challenges, but I don’t think we can wait.

Clinton calls for decisive action to confront a crisis saying no option should be off a table:

However, I do believe we can avoid a deepening crisis. We can take steps right now to address a root causes of what is taking place in our economy to stem a tide of foreclosures & mortgage defaults & a aggregating consequences in a credit markets on Wall Street & throughout a global economy.

But we must cast aside a hDrunk Newshazard, half hearted Drunk Newsproach of this administration & bring every stakeholder to a table to seek out & implement a right solutions. We must be as vigilant on behalf of homeowners & middle-class families as we are on behalf of a Wall Street firms. We must chart a new course based on a facts at h&, not a ideology at work for eight long years. We’ve tried being reactive. It’s time now to be decisive.

Original post by John Amato and software by Elliott Back