Since the benefits of the Bush Economic Miracle, that McCain promises to continue, are in full flower, it is important to lay out what is occurring in plain English. The safeguards that were put into place in the aftermath of the Great Depression were removed because the "Social Darwinists" prevailed after a twenty year and $200 million lobbying campaign in congress purchased enough politicians to unleash the predators on the American consumer.
See, not all regulations are bad.
Case in point is the Glass-Steagall Act, which placed a firewall between those who take deposits (commercial banks) and investment banks. What happened in the Great Depression is the fictional account holder (I'll call him John) had ten grand worth of stocks in RCA. At the time, RCA was the dot com of the era, radio being big shit and all. Now John, bought this stock on the margins, meaning he didn't have to shell out ten grand at the time, just a small percentage of it.
John hears from his sisters next door neighbors cousin's babysitter that there is an even hotter stock, so he goes to his bank to purchase those stocks. His only collateral is his ten grand in RCA, which is gold, right? So they happily loan him money to buy more speculative stocks on the margins (a percentage of the worth).
See the problem here? A cascading effect occurred which caused a massive depression. The removal of the Glass-Steagall act is named after its primary opponent, Phil Gramm, who is McCain's recently dismissed, but completely adored, chief economic adviser. Mr. Gramm is the one who said Americans are "a nation of whiners" and said this is merely a "mental recession."
It is easy to parade around like the Phil Gramms of the world, scolding people for their lack of work ethic and questioning their mental fitness, especially when his boss has so many homes he can't even recall how many. The hard part is just being a regular person and fighting against these $200 million lobbying efforts which purchases avenues allowing predators to rape, pillage and plunder our economic infrastructure.
Make no mistake, the individuals that benefited from the "Bush-McCain Economic Miracle" have achieved generational wealth. We need some Change We Can Believe In.