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McCain Details How He'd Address Financial Crisis
September 19, 2008 9:51 AM
ABC News' David Wright, Alyssa Litoff, Bret Hovell and Imtiyaz Delawala report: Speaking to the Chamber of Commerce in Green Bay, Wisconsin, Republican presidential candidate John McCain gave his most detailed statement to date on how he would address the current financial crisis.
The speech, a last-minute addition to McCain's schedule, included sharp attacks on Democratic rival Barack Obama, going so far as to accuse Obama of profiting from the scandal.
"We've heard a lot of words from Senator Obama over the course of this campaign," said McCain. "But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.
"The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it," McCain said.
McCain also pointed the finger of blame at Securities and Exchange Commission Chairman Chris Cox, but the candidate softened his threat yesterday to "fire" Cox. Instead McCain called for Cox's resignation.
McCain offered a six-point plan for reforming Wall Street -- including consolidating the alphabet soup of regulatory agencies, promoting greater transparency, and creating a new oversight body called the Mortgage and Financial Institutions Trust or MFI.
"This trust will work with the private sector and regulators to identify institutions that are weak and fix them before they become insolvent," McCain said.
September 19, 2008 in McCain, John, Vote 2008: Republicans | Permalink | User Comments (177)
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"We've heard a lot of words from Senator Obama over the course of this campaign," said McCain. "But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems.
"The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it," McCain said.
RIGHT ON! Obama and Biden
Posted by: geevill | Sep 19, 2008 9:53:51 AM
Wher is Obama he was here earlier he voted present oh thats right he is meeting with his advisers to figure out what to do I mean say he would do!!!!!
Posted by: reddog0216 | Sep 19, 2008 9:55:12 AM
Obama made more money off Fannie mae and Freddie mac than anyone else except Dodd.
Where is the MEDIA OUTRAGE ?
Oh I forgot, its focuse on whether Palin had her ex brother in law FIRED for spite . Thats whats REALLY important.
Not to the american public -but to get OBAMA ELECTED. That brand of IMPORTANT.
Posted by: infoseeking | Sep 19, 2008 10:02:32 AM
McCain is stating the obvious nd acting as if this is something NEW...
McCain if you've forgotten you're the cause of the problem. pro- Deregulation for 26 years and praising regulation for 2 weeks.
It doesn't add up.
Posted by: Vanessa | Sep 19, 2008 10:03:52 AM
"WASHINGTON (Reuters) - Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan"
OBAMA the man without a plan. Always lectures and criticizes others.
Posted by: geevill | Sep 19, 2008 10:04:11 AM
Wouldn't creating this new MFI be adding to our already "massive" government? I thought McGoo wanted to downsize? McCain you need to fire all the lobbyists who work with you and then maybe you can start pointing fingers. Maybe you could take some blame yourself for your contributions to this mess. Seven houses? Is this not excess and greed? Oh I' sure they were wise "investments".
Posted by: jane | Sep 19, 2008 10:06:41 AM
this is the guy who had Gramm (who got paid as recently as this past year 750,000 dollars from the banking and mortgage lobby for deregulation)
writing his economic platform.
This is the guy who was hanging out with trading donations and job contracts and vacationing with ...the guys behind the banking and deregulation that caused this same problem last time...Charles Keating and the S and L crisis
and now he is trying to point the finger at OBama!
ru f'ing kidding me?!!!!
the deregulation lobby (and it's king ...gramm) WROTE McCain's economic policy ...literally.
is he covering for another investigation he may have like there was after the last trillion dollar buy out and everyone said "why are you so chummy and influenced by these deregulators?"
throw this bum out. NOW
Posted by: dl | Sep 19, 2008 10:09:23 AM
McCain is the only one who can get us out of this mess. Obama has absolutely NO IDEA what he is doing. This is why he needs hundreds of economic advisors. McCain will be tough and fair. Obama will put into place a the politically convenient solution.
He is not to be trusted at all.
In other news, Hillary Clinton made an amazing speech on the economy yesterday.
She would've gotten us out of this mess!! I can not believe we are stuck with Obama who knows nothing about the economy.
Posted by: Michel | Sep 19, 2008 10:09:37 AM
"We've heard a lot of words from Senator Obama over the course of this campaign," said McCain. "But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems."
"The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it."McCain said.
Where was McCain? On vacation in Arizona? Nope he was right with Obama and Biden and the rest of Congress.
Posted by: jenny | Sep 19, 2008 10:09:54 AM
McCain should have experience on this as he was part of the Keating 5 scandal.
Repubs don't want higher taxes on the those that "generate wealth" so the average tax payer gets to bailout their bad decisions and greed buts get nothing but losses.
This mess justifies at least progressive and estate taxes to help cover disasters like this.
Otherwise we are just meat for the upper 2% to feed off of.
Posted by: Mr. Coffee | Sep 19, 2008 10:10:19 AM
McCain, Mr. Keating Five, actually has the gall to accuse Obama of being right in the middle of the D.C. culture of lobbying and influence peddling. Look in the mirror John, you're the problem.
Posted by: hopesprings52 | Sep 19, 2008 10:10:23 AM
McCain's (and Phil Gramm's) policies of deregulation over the past 25 years have had a direct effect on this economy. Now he wants more regulation. Next he'll be selling us a bridge in Alaska. I know we're smarter than this.
This guy has had a new comment every day this week which contradicts what he said yesterday. He has been emotional and undisciplined, not presidential.
I want more vision and discipline from my President.
Posted by: SET | Sep 19, 2008 10:10:36 AM
Hey jane,
Why do people attack people who are sucsessful who cares he has seven houses
Posted by: reddog0216 | Sep 19, 2008 10:12:03 AM
McCain with out a doubt has my vote.
I just was researching both candidates and Obama appears to be the most corrupt politician of our time. How does someone who is so grossly under-qualified and has done nothing to make progress in his Senate district or the rest of the country get this far? CORRUPTION
Obama has ties to some of the worst criminals in the country. Obama is a frightening man. I'm so glad I did some research.
I ask my fellow democrats to research Obama and McCain's history and then make your decision.
McCain and Palin have fought corruption and that is why I am voting Palin/McCain - A life long democrat
Posted by: jasonDC | Sep 19, 2008 10:12:58 AM
McCain with out a doubt has my vote.
I just was researching both candidates and Obama appears to be the most corrupt politician of our time. How does someone who is so grossly under-qualified and has done nothing to make progress in his Senate district or the rest of the country get this far? CORRUPTION
Obama has ties to some of the worst criminals in the country. Obama is a frightening man. I'm so glad I did some research.
I ask my fellow democrats to research Obama and McCain's history and then make your decision.
McCain and Palin have fought corruption and that is why I am voting Palin/McCain - A life long democrat
Posted by: jasonDC | Sep 19, 2008 10:13:12 AM
Cite:
Head of State
http://headofstate.blogspot.com/2008/09/cynicism-of-mccains-vp-choice.html
Monday, September 15, 2008
The Cynicism of John McCain
If you read Jeffrey Goldberg's excellent piece on McCain in the new Atlantic, one fact stands out clearly. McCain's stance on the war is inviolate--it involves what for him are principles of honor that stretch back immediately and directly to his own experiences in the Vietnam war, and to those of his father in World War II. Just one example of many in the first-rate article:
I told Swindle [a cellmate and friend of McCain's] that McCain had argued to me that he doesn’t think about Vietnam overly much when he thinks about the wars of today.
“Bullshit,” Swindle said. “He’ll say Vietnam didn’t affect him, that he doesn’t think about it, that he’s aloof from it. But I see it. It’s there.”
This is the issue on which McCain is inflexible, certain, fully invested, passionate.
It is equally clear that as a result, he views all other issues as malleable, political issues--stances that can be easily taken, and easily changed, tactically-- in order to win a campaign and thus deal with the issue that, to him, matters.
This is utterly clear in his choice of Palin, where his Vietnam-and-since cynicism about political necessities is manifest--one of feeding the bread and circuses desire of the electorate, giving them, so easily fooled, as they were so easily fooled by the media in Vietnam, what they need, in order to be able to deal with the important issue.
The choice of a remarkably unqualified Vice Presidential choice is simply a political necessity. The attitude towards the public, and the media, in this choice, as in many of the public representations and statements of his campaign, is one of an extraordinary, jaded, cynicism: Feed the beast with whatever fantasies and half-truths it takes. The fundamentals of the economy are sound. We'll take care of it later.
Goldberg:
In my conversations with McCain, however, he never appeared greatly troubled by his shifts and reversals. It’s not difficult to understand why: tax policy, or health care, or even off-shore oil drilling are for him all matters of mere politics, and politics calls for ideological plasticity. It is only in the realm of national defense, and of American honor—two notions that for McCain are thoroughly entwined—that he becomes truly unbending.
This is no doubt rooted in McCain's eternal certainties, drummed in by three generations of such certainty. And there is no doubt strength and decency--as well as these "family values"--that drive this commitment to an ideological core.
The question is this: Do we need another president with such a core of ideological inflexibility, rigidity and unwillingness for self-reflection, linked to a long past conflict--and who is willing to resort to half-truths, deceptions, and distortions in its service?
Cite:
Head of State
http://headofstate.blogspot.com/2008/09/cynicism-of-mccains-vp-choice.html
Posted by: Emily | Sep 19, 2008 10:13:20 AM
Great so create an even bigger beauracracy THAT will fix it John! Why do you think this collapse was engineered in the 1st place to consolidate the banking industry into government hands once and for all. China, has a central bank, Russia has a central bank, it worked for them right? (Wrong) Central financial planning has never worked. And imitating the welfare/warfare state that brought down mighty Russia without firing one shot will do us in just as well. But you pathetic representatives won't cut one dime. They will spend even what they don't have, so your kids will have to pay the bill. The Democrats gave Bush everything he wanted, and this is a platform that they think they deserve to be rewarded for... Incompetency! Denail, complacency. This is worse than playing a fiddle while our country burns. This is lighting the match and pouring the gasoline, before starting to fiddle. The Democrats AND Republicans are stealing everything you have and bailing out their friends on Wall St. while Main St. gets audited if they don't dot the I or cross the T on their tax return. You better vote them out NOW, before it's too late! Obama is NOT the messiah, and more centralized government will only make things worse. Besides we obviously can't afford further government expansion along with an ever expanding militaristic empire. McCain doesn't know a damn thing about the economy OR the war, and can't even secure the border in his own state! Face it folks your voting for a bag of garbage or a bag of fecal matter. Either way it's unedible and it STINKS! The best thing to do is vote out incumbents, or vote any 3rd party canidate you can find. These guys obviously agree that they and their buddies should profit off of your misfortune. How about we force them to have to listen to US for a CHANGE! Vote 'em out on the local level. And don't vote for a D or R nationally. Anythign else is doing the same thing over and over while expecting a different result... INSANITY!!! Please WAKE UP!
Posted by: hmn | Sep 19, 2008 10:13:49 AM
Why didn't McCain fire his top advisers?
They were lobbyists for the firms that failed.
When is McCain going to force Palin to answer questions from the Alaskan corrupt government regulator?
Posted by: Dan | Sep 19, 2008 10:16:36 AM
Well why am I not surprised that Mr. Obama (Mr. Present) is going to hold off on making any comments! Thats right he has to take a week to figure out what way the wind in blowing before opening his mouth and inserting his foot! God forbid if the USA was under attack what would Mr. Obama do, wait a few days so he can talk to his wife and figure out what needs to get done! Wake up people all this guy does is talk, and when he comes up with any type of idea it is 5 days to late! I am confident the american people see past this man's hype and know deep down when they walk into the voting booth they will vote for a man of conviction and steadfastness and that is John McCain!
Posted by: chuck | Sep 19, 2008 10:17:24 AM
I don't care how many houses CINDY owns. I re-read this article looking for McCains plan and found only blame and words. No real plan to help the people in trouble. Remember Obama has been a Senator for 2 years, McCain for 26. Who was there when the deregulation was voted in McCain. WHo has fought deregulation all theses years MCCain. Why is it Obama's fault? He has only been around for two years and that is not long enough to cause this much mess.
Posted by: jenny | Sep 19, 2008 10:18:30 AM
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