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McCain: 'Wall Street Is The Villain'
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ShareJuly 27, 2008 1:28 PM
ABC News' Mary Bruce reports: Sen. John McCain, R-Ariz., blamed Wall Street this weekend for the failing economy. "I think that Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on," McCain said in an exclusive "This Week" interview with George Stephanopoulos.
McCain also placed responsibility on a "gridlocked" Congress. "I also think that Congress is at fault. We didn’t restrain spending. Spending got completely out of control," he said.
When asked about Congress' progress in passing the housing bill, McCain said he would have voted for the legislation, but noted, "I also see, again, the influence of special interests." When pressed about why he would support it, McCain explained, "it’s better than nothing."
"I think there was a better way to do it. And I think the special interests probably played a role in the shaping of that legislation," he said.
McCain reluctantly offered support for the controversial provision that would enable federal aid for faltering private institutions, such as Freddie Mac and Fannie Mae. "We reached such a situation that, if these institutions failed, the impact on millions of innocent Americans could be very severe," he said. He noted, however, that "in the case of Fannie and Freddie, we should stop their lobbying activities. We should eliminate the pay and bonuses that these people rake in."
McCain agreed with Sen. Barack Obama, D-Ill., supporter Robert Reich who, along with Republican columnist George Will, has proposed that executives at institutions receiving government guarantees should receive government salaries. "That's exactly right," McCain said. As Reich explained to Newsweek, "Surely there will be more failures or near failures of financial institutions in the coming months, and American taxpayers will once again be called on to insure their solvency. The important question is what conditions should be applied?"
"We could go out and ask people -- the smartest people in America, maybe somebody like Jack Welch or John Chambers or Meg Whitman, people like that -- and say, 'come and take over and do it for $1 a year.' They’d be willing to do that," McCain said.
McCain also agreed with Reich that the government should "absolutely" get stock of the private organizations in such instances so that taxpayers can benefit.
On controlling energy costs, McCain highlighted his continued belief that consumers would benefit from a gas tax holiday, despite opposition from economists. When asked about concerns that oil and gas companies would reap the benefit, he said, "We wouldn’t let it happen ... Americans wouldn’t let them absorb that." When pressed further about how he would prevent it, McCain explained, "We would make them shamed into it. We, of course, know how to -- American public opinion. And we would penalize them, if necessary."
July 27, 2008 in Hunter, Duncan | Permalink | User Comments (35)
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So if Wall Street is the villain, why not help out swindled homeowners? McCain is talking out of both sides of his mouth here.
Posted by: matthew | Jul 27, 2008 1:45:14 PM
so mccain if wall street is a villian why did you for 7 years vote with bush 95 percent of the time maybe if we had a president that looked over the frauding of mortgages instead of worrying about THE WAR IN IRAQ AND WANTING TO SEND BILLONS OF DOLLARS we would not be in this mess!!!!!!!!!!
Posted by: angie | Jul 27, 2008 1:48:12 PM
McCain states: " We would shame them." Please, you couldn't shame an oil baron when they have no conciences.
Posted by: ron | Jul 27, 2008 1:49:57 PM
McCain has become the biggest panderer around.
What happened to maverick John McCain?
Now he has truly become Bush's 3rd term.
Posted by: Tamrya | Jul 27, 2008 1:52:17 PM
McCain flip flop on his stance against offshore drilling.
McCain has rceived over $180,000 in funds from Oil Lobbyists, 3/4 of that occured after he changed his position for off shore drilling.
This is a classic example of cause and effect. Because McCain said he is now for more offshore drilling.
the effect is that he receives a 75% increase in Oil Lobbyist contributions in the span of a month.
Posted by: Elitist | Jul 27, 2008 2:00:27 PM
John who ???
Posted by: Pablo222 | Jul 27, 2008 2:17:42 PM
As a conservative, McCain's comments are amazing - what happened to personal responsibility? No one on Wall Street, within the federal government, etc. forced anyone to take on more than they could afford, to enjoin in loans terms they didn't understand, etc. Where in the world is personal accountability? Shame on McCain, for invoking class warfare rhetoric. If he's the best the Republicans can muster, it looks like - unfortunately - we're poised for four years of Obama.
Posted by: Mark | Jul 27, 2008 2:21:06 PM
I'm sure Obama has an opinion -- as soon as somebody tells him what it is.
Posted by: S | Jul 27, 2008 2:26:20 PM
Mark
You should look deeper into the problem to understand what McCain is talking about. You obviously didn't study his remarks before you began blathering!
Posted by: S | Jul 27, 2008 2:27:40 PM
The senate should investigate themselves. Like the many who willingly took lower than market interest rates to look the other way while Wall Street fiddled.
Begin the search with Obama who blatantly says he didn't know he was getting a sweetheart deal! Sure!
Posted by: S | Jul 27, 2008 2:34:36 PM
why is the mcain camp still loaded with lobbyist???????
Posted by: angie | Jul 27, 2008 2:44:15 PM
angie
Why are you still pretending that BHO's camp isn't?
Posted by: S | Jul 27, 2008 2:47:24 PM
S no 50 something lobbyst kicked off the obama camp mccain is in bed with the lobbyst MCCAIN IN SENATE FOR 25 YEARS PLUS BUT VOTED WITH BUSH 95 PERCENT OF THE TIME AND THAT IS A FACT CHECK HIS VOTING RECORD like i said if we had a president that looked over the mortgage frauding instead of putting all of our money and his only interest in IRAQ and OIL MAYBE WE WOULD NOT BE IN THIS MESS!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted by: angie | Jul 27, 2008 2:58:05 PM
Sure angie - sure. Don't you know hallucinogenics are illegal?
Posted by: S | Jul 27, 2008 2:59:31 PM
s do you agree or disagree dont you think BUSH should of payed a little more attention to the mortgage industry and the frauding then what he did??? if you answer no you are an ignorant individual!!!
Posted by: angie | Jul 27, 2008 3:01:27 PM
"We would make them shamed into it."
That has to be the most asinine thing to ever come out of his mouth. And that takes some doing, considering the stupid statements he makes every day.
Posted by: JR | Jul 27, 2008 3:01:50 PM
thats all you can say S is that i use drugs please lets keep this a rational intellectual conversation
Posted by: angie | Jul 27, 2008 3:02:47 PM
JR
Try hard. Maybe you can get a grasp on the issue.
Posted by: S | Jul 27, 2008 3:03:53 PM
The one thing the old man did say that makes sense IS YES YES SIR YOU RIGHT SPENDING DID GET OUT OF CONTROL BILLONS OF DOLLARS IN AN UNJUST AN UNPOPULAR WAR IN IRAQ BILLONS SINCE THAT SENSELESS WAR THAT WE WERE LIED TO STARTED NOT TO MENTION ALL THE LIFES LOST FOR WHAT????? SAD
Posted by: angie | Jul 27, 2008 3:06:30 PM
angie
It's so easy looking backward. Isn't it?
Posted by: S | Jul 27, 2008 3:07:39 PM
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