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McCain, Obama Tackle Economic Meltdown
September 22, 2008 12:29 PM
ABC News' Ron Claiborne, Richard Coolidge, and Bret Hovell and Sunlen Miller Report: John McCain expressed significant concern that the Bush administration's plan to rescue the ailing financial sector puts too much power in the hands of one individual –- Treasury Secretary Henry Paulson, a man McCain says he "greatly admires" –- and proposes an oversight board to monitor the process doling out the funds.
"I'm greatly concerned about the plan that gives a single individual the unprecedented power to spend one trillion, one trillion dollars, without any meaningful accountability," McCain said. "Never before in the history of our nation has so much power and money been concentrated in the hands of one person."
"This arrangement makes me deeply uncomfortable," McCain continued, emphasizing the word deeply. "And when we're talking about a trillion dollars of taxpayer money, 'trust me' just isn't good enough."
At an event in Green Bay, Wis., Sen. Barack Obama also sounded concerns about the bailout but laid blame for the economic crisis on a lack of oversight.
"We must work quickly, in a bipartisan fashion, to resolve this crisis and avert an even broader economic catastrophe," Obama told the crowd of 6,000, "We cannot give a blank check to Washington with no oversight and accountability when no oversight and accountability is what got us into this mess in the first place. So I am working with anyone willing to get the job done to try to figure out how we get out of the immediate crisis of this."
The Democratic contender called for broader reform and laid out his vision for changes in the culture of Washington and on Wall Street.
"I'll make it absolutely clear that working in an Obama Administration is not about serving your former employer, your future employer, or your bank account –- it's about serving your country," Obama said, promising that former lobbyists will not be able to work on regulation or contracts directly related to their former employer for two years if they were to work in an Obama administration.
For his part, McCain proposed to supplement the administration's plan with a bipartisan oversight board to monitor the process of bailing out failed financial institutions.
"This oversight board should. . . have qualified citizens who have no agenda but the protection of taxpayers and the financial markets," McCain said, suggesting, "People like Warren Buffet who supports my opponent, Governor Mitt Romney, maybe Michael Bloomberg, an independent to oversee this."
McCain also railed against the so-called "golden parachutes" given to CEOs of failed companies, saying that "the senior executives of any firm that's bailed out by the Treasury should not be making more money than the highest paid government official."
McCain said he expects more bad news from the financial sector before the election.
"My commitment to the American people is to fix the Wall Street mess, reform Washington, and most importantly, enact a pro growth agenda to create jobs for Americans and get this country back on track, that's what I promise you," McCain said.
He reiterated a criticism of rival Barack Obama which he has used in past days, saying that Obama has not provided leadership when leadership has been needed.
"The truth is we don't have time to wait for Senator Obama's input for our nation to act," McCain said. "I think it's clear that Congress must act and act quickly."
Obama shot back with his familiar refrain: that McCain represents a third Bush term.
"He's spent most of the last 19 months arguing that what qualifies him to be president is the decades he's spent in Washington and suddenly he's had a change in heart, an election time conversion," Obama joked. "This whole change thing must be catching on. 'Cause I noticed that John McCain has been trying to steal my signs. He's, he's trying to make up for 26 years in 26 hours, he's flipping so fast."
September 22, 2008 in Biden, Joe, McCain, John, Obama, Barack, Palin, Sarah, Vote 2008: Democrats, Vote 2008: Republicans, Washington, White House | Permalink | User Comments (77)
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I do not trust this man.
Posted by: Thinking | Sep 22, 2008 12:32:45 PM
Mr. McCain drove US over financial cliff, de-regulated country into oblivion. Now he wants to "reform" everything. What a faker, what a clown. You American morons will vote for him anyway, you are such losers, ha ha.
Posted by: euro.guy | Sep 22, 2008 12:35:57 PM
I do not trust him either. The only reason he is yelling is because we are yelling. If we change our minds tomorrow he will be yelling something different. He will say anything to get you to vote for him.
Wasn't the Keaton Five (not sure what it was called) was McCain not involved in this and was this along the same line and we had to pay big time to bail them out???
Posted by: beck | Sep 22, 2008 12:36:48 PM
paulson is a bandit and he should be in jail not taking a trillion dollars from the treasury of the united states.
this whole thing is absolute madness!! these are the people who brought the entire financial system into the ditch.. and we are looking at giving them MORE money? INSANE!
like a madhouse!
paulson made half a trillion dollars on the backs of the mortgage mess before he cleaned out of goldman.. as quickly as he was able to. he is nothing but a criminal and he belongs in jail.
STOP THE MADNESS!!
if we need to spend this money than there should be NEW responsible people in charge. not the bandits who brought us this mess in the first place!
Posted by: Average Joe | Sep 22, 2008 12:38:11 PM
Everyone's "uncomfortable with bailout money in the hands of only one person" but that's the risk we have to take... unless you [McCain] have a better plan...
???
Posted by: Vanessa | Sep 22, 2008 12:38:29 PM
ABC can you explain the Keaton Five to us??? What was all that about? Some of us are to young to know much about it.
Posted by: beck | Sep 22, 2008 12:39:01 PM
Average Joe: I agree. This man should be in jail facing charges and someone we can trust should step in. Also, congress needs to stand firm on everything today.
Posted by: beck | Sep 22, 2008 12:41:28 PM
I agree that oversight is needed. However, McCain's loudest corporate advocate as of late, Carly Fiorina, received a huge golden parachute. Please spare us the fake outrage Senator McCain.
Posted by: thoughts ... | Sep 22, 2008 12:41:43 PM
so why exactly is mccain admiring paulson? there is nothing to admire there, a bandit who made hundreds of millions of dollars in fraudulent mortgage deals!
just to have the audacity to ask congress to give him 700 billion dollars.. shouws his intents. paulson is just a criminal and he should be in jail!
STOP THE MADNESS!!
Posted by: Average Joe | Sep 22, 2008 12:42:40 PM
As usual, McCain trying to rush into things. That's why we're stuck in Iraq right now. That's why he has an un-vetted VP. Do you want a President who doesnt think and just acts on impulse? Well wait a minute, Bush has served 2 terms, so I guess I just answered my own question.
Posted by: PoliticsAsUsual | Sep 22, 2008 12:45:01 PM
For a guy campaigning on family values, John McCain has broken up a lot of marriages. When he met his first wife (a swimsuit model), she was married to another man. After breaking that marriage up, she stuck by him loyally as he went off to war and was a prisoner for 5 and a half years. When he returned to America, though, he found out that she had been in a car wreck and wasn't as pretty. So he had a series of affairs, by his own admission, and dumped his wife and adopted family for a younger, very rich blond (now Cindy McCain.) Cindy, the daughter of a wealthy Budweiser beer distributor, was addicted to prescription narcotics and even stole hard drugs from a medical charity that she ran. In February, 2008, the New York Times ran a big article about the unusually close relationship between John McCain and a young telecommunications lobbyist named Vicki Iseman (who looks uncannily like Cindy McCain did when SHE was 25). They became so close that his staff, convinced they were having an affair, confronted both McCain and Iseman, telling them to back off. Now, a lot of people have criticized the Times for hinting without actually saying that McCain had sexual relations with that woman. But really, it doesn't matter. It's a matter of record that he accepted money and favors from her, spent a lot of time for her, and did favors for her clients. Among other things, McCain wrote two letters -- from a draft provided by Vicki Iseman -- to the head of the Federal Communications Commission -- which was way out of line, since McCain headed the Senate Commmerce Committee, which controls the FCC. McCain's pressure was so outrageous that, even though McCain was in charge of funding his commission, the FCC commissioner wrote a letter back rebuking him for his interference, at the height of McCain's "ethics in government" campaign.
So, was McCain sleeping with her, hoping to sleep with her, or being subconsciously manipulated by a cute young woman? It doesn't really matter. He was being led by his groin into ethical violations. Let's face it, he was 64 at the time and is 72 now. Whether he is still cheating or not, he seems to be led by his d***; witness the videos of McCain checking out Sarah Palin's butt during the speech where he introduced her.
Posted by: why | Sep 22, 2008 12:45:24 PM
The Maverick is a day late to the mortgage crisis. His voting record with deregulation does not support his words.
Posted by: That's the Ticket | Sep 22, 2008 12:45:44 PM
Deeds not words ...
Posted by: Whatever | Sep 22, 2008 12:48:13 PM
First McCain agrees with Bush 90% of the time, then he says he's for change. He was the person who pushed to deregulate everything and now he acts like he is the one who has been fighting deregulation for years.
What does he really believe in?
Posted by: The Unshrub | Sep 22, 2008 12:48:52 PM
The people of the US aren't that concerned with one persons oversight of a bailout of US and foreign banks worth 500+ billion dollars? It seems they would rather live in a socialist fantasy land with Obama on top. Really sad.
Posted by: dvdivx | Sep 22, 2008 12:50:34 PM
For this current DIRE economic situation, Obama sais that he did not have any plan becaus he was still waiting for Congress and the White House to announce their plan and he [Obama] did not want to interfere. Hm...for the possible next DIRE situation (like another terrorist attack), Obama will probably wait fot the United Nations to come up with a plan because he does not want to interfere with the UN.
Posted by: ablanche08 | Sep 22, 2008 12:50:34 PM
dvdivx, aren't we socializing the banking industry now? please think before you use your comfy labels. 'socialist' is so 1950s.
Posted by: Whatever | Sep 22, 2008 12:52:28 PM
when he forgets about partisanship
mccain makes alot of sense...
say what u may but overall he is more non partisan than obama who is totally partisan, and personally i did not get a reassuring feeling with Obama saying let me talk to my advisers..., my impression was - and u want to be president.. so when there is a crisis - he has to check with advisers? my take its the the game he played in the illionois senate -by voting present - he can dodge any blame and as he said it himself he is a blank slate for people to infer their ideas to him as his, at least mccain has a record agree or disagree with it,
Posted by: renka21 | Sep 22, 2008 12:52:44 PM
John McCain is a true American, and a hero. We love you John! McCain/Palin 08
Posted by: Kitty | Sep 22, 2008 12:54:11 PM
Kitty, John McCain is an American hero. That doesn't mean he should be President. He and his views have help deregulate this country into the S&L crisis and the current crisis.
Posted by: Hero | Sep 22, 2008 12:57:13 PM
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