Elaine Chao, Wendy Gramm

Ooops. Senior moment. Contrary to what I said yesterday, Elaine Chao isn't the wife of Republican Senator Phil Gramm.

Phil Gramm's wife Wendy, however, was on the board of Enron. Which should tell you something about the Gramms' position on government regulation. In case the fact that Phil wrote the law that deregulated investment banking doesn't tell you something.

Chao, the rapidly anti-labor current Republican Secretary of Labor, is the wife of Republican Senator Mitch McConnell.

McConnell is the ranking Republican in this Senate and has a 100% pro-business (anti-regulation) record from the US Chamber of Commerce. Which should tell you how he feels about regulating Wall Street.

So how anybody can think that McCain is going to make changes in Washington--especially in regulating corporate America--is way past me. His chief economic advisor remains Phil Gramm.

Here's what's going down: Even as he and Palin are stumping this promise, you can be sure his aides are on the phone to Wall Street saying, "Pay no attention. This is just political rhetoric to get him in office. You know John, he'll take care of ya!"