Tonight, Joe Biden said: "It is evidence of the fact that the economic policies of the last eight years have been the worst economic policies we have ever had. As a consequence, you have seen what has happened on Wall Street. If you need anymore proof positive of how bad the economic theories have been, this excessive deregulation, the failure to oversee what was going on, letting Wall Street run wild, I do not think you needed anymore evidence than what you see now. So the Congress has been putting Democrats and Republicans, been put in a very difficult spot. " [Vice Presidential Debate, 10/2/08]

FACT: MCCAIN HAS BEEN IN FAVOR OF MORE DEREGULATION FOR 26 YEARS AND HIS VP NOMINEE COULDN'T NAME A SPECIFIC EXAMPLE OF BANKING REFORM HE HAD FOUGHT FOR

· Palin Was Stumped When Asked for Specific Examples of McCain Trying to Reform the Banking Industry. "But Palin seemed stumped when pressed to cite examples of McCain trying to reform the banking industry, beyond urging greater restrictions on Fannie Mae and Freddie Mac. "I'll try to find some and I'll bring them to you,' Palin said." [Washington Post, Kurtz Column, 9/25/08 ]

· On the Campaign Trail in 2000, McCain Touted his 17-year Record of Voting for Less Regulation. "Campaigning in Camden, SC, McCain said "I am a proud Republican conservative with a 17-year record of voting, not rhetoric, but voting against higher taxes, for smaller government, for less regulation.'" [Greenville News, 1/10/00]

· McCain: "I Have A Long Voting Record In Support Of Deregulation." McCain, at a Senate Commerce Committee hearing as having said, "I have a long voting record in support of deregulation." [St. Petersburg Times, 6/5/03]

· McCain: "I Am A Deregulator. I Believe In Deregulation." While speaking about the cable and satellite television during an appearance on CNN's "On the Money," John McCain said, "I am a deregulator. I believe in deregulation." [CNN, "In the Money," 7/13/03]

· McCain Said One of The Differences Between Obama & Himself Would Be "More Regulation Or Less Regulation." During a media availability in Phoenix, Arizona, John McCain said, "I think the important thing is that there will be stark differences between either Senator [Clinton] or Senator Obama and me because they are liberal Democrats and I'm a conservative Republican… whether we pursue the present strategy in Iraq or whether we — or whether we set a date for withdrawal, which will mean Al Qaida wins; whether we have more regulation or less regulation." [McCain Media Availability via CQ Transcriptions, 3/3/08]

· Only Weeks Before the Bear Stearns Collapse, McCain Proclaimed Himself a "Deregulator" and Said "I'm Always for Less Regulation." McCain told the Wall Street Journal "As far as a need for additional regulations are concerned, I think that depends on the legislative agenda and what the Congress does to some degree, but I am a fundamentally a deregulator. I'd like to see a lot of the unnecessary government regulations eliminated, not just a moratorium."[Wall Street Journal, 3/3/08 ]

· McCain: "Let's Reduce Regulation." While speaking about the economy in St. Louis, Missouri, John McCain said, "I'm asked all the time are we in a recession or not in a recession. And I don't know the answer to that because it's kind of a technical term… I do not believe we should raise your taxes. I think it would be the worst thing we could do. And that means to me I think the tax cuts need to be made permanent. When you've got a bad economy, the worst thing you can do is increase people's tax burden. Let's reduce it. Let's reduce regulation." [CNN, 3/15/08]

· In the Immediate Wake of Bear Stearns, McCain's Response Was to Call for Less Regulation. In a major economic speech, after offering a diagnosis of the troubles facing the housing and financial markets, John McCain's proposed solution was less overall regulation. "In financial institutions, there is no substitute for adequate capital to serve as a buffer against losses. Our financial market approach should include encouraging increased capital and financial institutions by removing regulatory, accounting and tax impediments to raising capital." [McCain speech, 3/25/08 ]