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McCain on AIG
September 17, 2008 10:04 AM
His campaign is first to issue a statement:
"Today, the government was forced to commit $85 billion to stop the collapse of AIG, another in a growing series of events that includes Bear Stearns, Lehman Brothers, Fannie Mae and Freddie Mac. These actions stem from failed regulation, reckless management, and a casino culture on Wall Street that has crippled one of the most important companies in America. The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG. We must not bailout the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act.
"We should never again allow the United States to be in this position. We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America. Important questions remain to be answered by Wall Street. Did executives mislead investors and regulators about the severity of the problem? We must investigate whether or not there was misrepresentation on part of the company executives. If there was, there must be penalties. We need to change the way Washington and Wall Street does business, and as president, I will."
Sen. McCain discussed his thoughts on the bailout of the insurance giant on ABC's "Good Morning America."
- jpt
September 17, 2008 | Permalink | Share | User Comments (50)
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Ron Paul predicted all of this years ago. Why were republicans dumb enough not to vote for someone that actually has a stated interest in economics? Oh ya, republicans want to slaughter Persians. I forgot.
Posted by: Huh | Sep 17, 2008 11:11:17 AM
lets get a commision together so we can study this stuff for years and then after weve stalled and the economy is crap and the reports are finally filed, ill make a decision on what to do...
mccain has failed.....
Posted by: Bhrandon | Sep 17, 2008 11:10:28 AM
Deregulate and bailout, then regulate again? This appears to be what McCain advocates after years of supporting legislation that has deregulated the financial services industry. Phil Gramm one of his economic advisers help to blur the lines of between these industries through sponsored legislation and lobbying. Now McCain wants to clean up Wall Street?
Posted by: SET | Sep 17, 2008 11:09:11 AM
McCain has a pronounced
distaste for dealing with
domestic problems - whether
it is energy, economy,
health care or any other
issue.
Since the end of the Vietnam
war he has spent all his
waking hours promoting himself
as a war hero and a self-appointed
protector of homeland security.
He has been so successful at it
that even in this presidential
contest, his opponents both
Republican and Democratic, until
just recently, would not think
of speaking to him directly without
first acknowledging his military
service, whether they were in
his presence in a debate, or they
were discussing him and his
policies in a tv interview.
Posted by: anon | Sep 17, 2008 11:03:56 AM
McCain sounds like his having early Alzhiemer.
Posted by: Y | Sep 17, 2008 10:59:56 AM
Is it me or was it just completely awkward when says of the people he had dinner with that "they are the fundamentals of the economy and they are strong." That's not how you talk about people. Nice try McCain, trying to cover up your gaffe.
Posted by: henry v | Sep 17, 2008 10:56:18 AM
McCain is an inventor, wow that's cool. He invented the Blackberry, wow. Next thing you'll hear is McCain invented the air planes. What a joke, he can't even use a computer. Lies, lies and more lies.
Posted by: geevill | Sep 17, 2008 10:50:53 AM
McCain campaign clamps down on questions in Alaska - From Yahoo
JUNEAU, Alaska - GOP vice presidential candidate Sarah Palin is effectively turning over questions about her record as Alaska's governor to John McCain's political campaign, part of an ambitious Republican strategy to limit any embarrassing disclosures and carefully shape her image for voters in the rest of the country.Republican efforts include dispatching a former top U.S. terrorism prosecutor from New York, Ed O'Callaghan, to assist Palin's personal lawyer working to derail or delay a pending ethics investigation in Alaska. The probe, known as "Troopergate," is examining whether the governor abused her power by trying to remove her former brother-in-law as a state trooper.
When a reporter for The Associated Press asked the state's Department of Health and Social Services about lawsuits involving state health policies, he was directed to call Meg Stapleton, a former spokeswoman for Palin now working for McCain.
She's no change agent, she's just the same. She lies a lot too and she can't be trusted.
Posted by: geevill | Sep 17, 2008 10:46:16 AM
Take into account Freddie and Fannie and John McCain wants the average taxpayer to give BIG GREEDY BUSINESSES ABOUT $1600 BUT I DON'T CONTRIBUTE ENOUGH TO WARRANT A TAX CUT.
The bailouts are going to disproportionately hit lower income folks--there are more of us.
Posted by: Mr. Coffee | Sep 17, 2008 10:42:56 AM
Funny I didn't hear any outcry when stocks were soaring upwards and home prices were rising. In fact, when John McCain warned that Fannie and Freddie were headed for disaster, Congress blocked any interference that might have helped avert the financial meltdown America is now in. Everybody in America felt they were entitled to a home - and Washington was glad to sit back and let the economy roar.
Well, America's chickens are coming home to roost. And there's plenty of blame to go around from Wall Street to Washington to the Americans who knew they were in over their heads and now want to play the hapless victims.
America has been long overdue for a "correction". We avoided it when the dot.com bubble burst; we avoided it after 9/11; we cannot avoid it forever. And as hurtful as this is, the longer we put if off the more painful it will be.
Posted by: marylou | Sep 17, 2008 10:40:13 AM
WHY DOES JOHN MCCAIN FAVOR ME GIVING 1 GREEDY BUSINESS $425 OUT OF MY POCKET but won't give me a middle income taxpayer a decent tax cut?
*Assumes 200 million taxpayers
Posted by: Mr. Coffee | Sep 17, 2008 10:38:35 AM
Rick...the money comes from the employees of those companies and do not represent the companies themselves. The total amount each person can give is $2300. All that says is that more of them think Obama would be a better President.
Posted by: Mary | Sep 17, 2008 10:38:02 AM
I wonder who wrote this for mccain since he's already said he doesn't really understand economics.
Posted by: pt | Sep 17, 2008 10:35:46 AM
McCain just said he'd find some other people who know what's going on to fix the economy.
Posted by: Danny | Sep 17, 2008 10:29:28 AM
Ask McCain about the Keating Five during the Savinga and Laon Crisis. I guess his judgement on the economy isn't really great.
Posted by: cindyct | Sep 17, 2008 10:27:44 AM
John McCain:
"One day he says one thing, and the next day he will say something else."
Not quite as catchy as Country First.
Posted by: Mr. Coffee | Sep 17, 2008 10:27:09 AM
PJ is correct, McCain has always been for deregulation, first and foremost. It is this that has landed us in these very risky economic problems.
Posted by: countallthevotes | Sep 17, 2008 10:26:21 AM
This likely is a smokescreen as this reflects contributions of employees. Are you saying the fact that the receptionist at Lehman who contributed to Obama should be in the same category as the partner who contributed to McCain?
McCain received $117,500 from Lehman Bros.
Obama received $370,524(!!) from Lehman Bros.
John McCain got $36,875 from AIG
Barack Obama raked in $75,899
Top Recipients of Fannie Mae/Freddie Mac Campaign Contributions, 1989-2008
1. Dodd, Christopher $165,400 in 15 years
2. Obama, Barack $126,349 in 3 years!!
Posted by: Mr. Coffee | Sep 17, 2008 10:25:27 AM
"These actions stem from failed regulation, reckless management, and a casino culture on Wall Street..."
The missing part of that sentence is: "that I, and my good friend and adviser Phil Gramm, helped to put in place when we repealed the Glass-Steagall Act."
And yes, I know Clinton signed it. That doesn't change anything.
Posted by: dadanarchist | Sep 17, 2008 10:25:19 AM
All you need to do is look at McCain's record. He has NEVER supported regulation. He has ALWAYS clearly stated that he supports deregulation. Even now, he refers to existing regulation as "handicapping" our markets, as if less rules and a more "pure" market would lead to better results.
Imagine for a second your social security being bound up in McCain's market. Then a "correction" hits...
Posted by: PJ | Sep 17, 2008 10:24:25 AM
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