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Let's see how you will judge this on the flip flop meter.

In the last few days our financial system has been thrown into turmoil by the failure of Lehman Brothers and Merrill Lynch, and the outlook of troubles for insurance giant AIG, plus a corresponding drop in the stock market.

Peg, you constant speak about "free markets" and that is one of the reasons you support John McCain. So let's examine how he has flip flopped, or changed his position of banking regulations in the last 24 hours:

- Deregulation: McCain issued a statement Monday morning saying that “we cannot tolerate a system that handicaps our markets and our banks.”

- Regulation: McCain’s campaign then put out an ad calling for “tougher rules on Wall Street.”

- Deregulation:This morning, on NBC’s Today Show, McCain said, “Of course, I don’t like excessive and unnecessary government regulation.”

- Regulation: Then, on CBS’s The Early Show, McCain said, “Do I believe in excess government regulation? Yes.”

- Both: On CNBC’s Squawk Box, McCain said, “We don’t want to burden average citizens with over-regulation and government bureaucracy…And I’m proud to be a Teddy Roosevelt Republican, who said, ‘unfettered capitalism leads to corruption,’ and we’ve got to fix this.”

So I must ask has John McCain switched because his beliefs changed, or did recognize that such a position is harming politically?

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