Biden: End "Cowboy Mentality" of Bush-McCain Era of Deregulation on Wall Street

Paul Kiesel

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Democratic vice presidential candidate Joe Biden told about 1,000 supporters earlier today in Virginia that, "ending the cowboy mentality of the Bush-McCain era" on Wall Street is part of the solution to the country's economic and housing crisis.

Biden said that "these guys," like Bush, McCain & Phil Gramm, have worshipped at the shrine of deregulation for years and that there needs to be short-term, immediate intervention to "stanch the bleeding" in the financial markets and that in the long term, "we have to have a major, major overhaul of how the financial system works."

Biden also touched upon some of the ideas that Obama is putting together with him to correct the severe economic state for the middle-class, who did not receive any type of bailout earlier today when Bush made his bailout plans known. Among those ideas are tax breaks, cuts and benefits to people who are 55 and over and making less than $55,000, individuals making less than $60,000 (a tax rebate for gasoline prices), and a second round of economic stimulus checks.