Below The Beltway

If you missed Meet The Press yesterday, you missed the opportunity to hear the Republican candidate for President condemn his opponent as a “socialist” and then, moments later, endorse one of the most important tenants of socialism.

First let’s see what he had to say about Barack Obama:

MR. BROKAW: Well, let me ask you about that business about spreading the wealth around…

SEN. McCAIN: Sure.

MR. BROKAW: …which has been a favorite phrase now of the McCain campaign. And also your vice presidential candidate has used the word “socialist” and “socialism.”

SEN. McCAIN: Mm-hmm.

MR. BROKAW: Do you honestly think that Barack Obama would have as his advisers–Warren Buffet; Paul Volcker, former chairman of the Federal Reserve under Ronald Reagan, who is widely credited with saving the economy at that time; Bob Rubin, former Treasury secretary; and even Chris Buckley, the son of the godfather of the modern conservative movement–both endorsing his economic policies and help shaping them if they thought he was a socialist of some kind?

SEN. McCAIN: All I know is that Senator Obama’s record is very clear. It’s his record, not Volcker’s record, not anybody else’s. He started out in the lefthand lane of American politics and has remained there. He has been judged the most liberal United States senator. Biden’s number three. “Joe the Biden” is number three. Bernie Sanders is number two. And, and I respect that. But let’s not, let’s not call it anything but it is.

MR. BROKAW: Well, he…

SEN. McCAIN: He’s voted for tax increases, against tax cuts, has advocated raising capital gains tax. Another, another anchor, Charlie Gibson, said, “Why would you want to raise capital gains taxes and–when you know that that could decrease revenue?” He said, “It’s a matter of fairness.” He said to “Joe the Plumber,” it’s “spreading the wealth around.” I, I–his political philosophy is very, very different about what he believes is future of America’s concerned.

In response to this, Tom Brokaw showed McCain two instances, including one when he was running for President eight years ago, when McCain clearly endorsed progressive taxation and the idea of “taxing the rich” that he now seemingly condemns.

This, however, was the best part:

MR. BROKAW: But there, there is this continuing use…

SEN. McCAIN: …I feel that…

MR. BROKAW: …of the phrase “socialism.” How would you describe the $700 billion bailout that has the United States government buying shares in American banks, in effect nationalizing those banks to a degree, and even your own mortgage plan of spending $300 billion to buy bad mortgages from banks, having taxpayers who have done the responsible thing, in effect, subsidize people who’ve done the dumb or wrong thing?

SEN. McCAIN: Because we are in a financial crisis of monumental proportions. The role of government is to intervene when a nation is in crisis. A homeowner’s loan corporation was instituted in the Great Depression. They went out and they bought people’s mortgages, and, over time, people were able, then, to pay back those mortgages. And the Treasury actually made some money.

This Treasury in this administration is spending its time bailing out the banks. The cause of the crisis was the housing crisis, as we know. And how–home values, as long as they continue to decline, then we’re not going to see a turnaround in this economy. A lot of other things have to happen, have to happen, but at least let’s understand that we ought to keep people in their homes. That’s the American dream. And they say now that maybe they’re going to address that problem. Let’s address it first. And so when a, when a nation is in crisis, that’s when a government has to intervene.

Now, a lot of the times you were talking about, 2004, other times, times were pretty good overall. You had different–you have to have different roles of government in different times. I’m a fundamentally–obviously, a strong conservative. But when we’re in a crisis of this nature, that’s when government has to help. That’s, that’s what, that’s what our fundamental belief–the reason why we have governments. In times of crisis, we go in and we try and help the people, especially in this situation where they’re the, the victim of a drive-by shooting by excess, greed and corruption in Washington and Wall Street. And again, I and others said we have to have legislation to rein it in. Senator Obama didn’t lift a finger.

In other words, McCain is accusing Obama of being a socialist at the same time he’s endorsing a bailout plan that will vastly increase the governments stake in and control over the financial industry, and a mortgage plan that would reward people for their bad decisions.

That’s socialism the last time I checked but, more importantly, it’s hypocrisy.