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McCain Details How He'd Address Financial Crisis

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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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I wonder when the last time John McCain had to buy health insurance? $5000 a year will buy a family of 4 health insurance for about maybe 4 months. I do not know where he has been receiving his health care but the majority of people who have health insurance have the health insurance companies, HMOS, deciding about the person health care. He states that the government should not decide about an individual's health care but I guess it's ok that the insurance company makes that decision. I suggest that John McCain speak to the millions of workers who have seen their health care costs rise while having to make decisions to take a plan that is not as comprehensive as they have had in the past.

Posted by: Rose | Sep 19, 2008 10:19:19 AM

McCain = KEATING 5 = criminal = deregulation = lobbyists = LIAR = source of problem = Palin = road to nowhere = Wasilla in debt

Posted by: there is more | Sep 19, 2008 10:19:54 AM

I guess the Democrats that did their research before deciding on Mccain did not see anything on the keating five. Mccain is a Liar. What has he done for the past 26years. Am still waiting to hear.

Posted by: vuzous | Sep 19, 2008 10:22:09 AM

forget the economy... can u imagine how fast n korea would blow us off the map if mccain and his temper make it to the white house?? we're all doomed...

Posted by: nadradt | Sep 19, 2008 10:23:55 AM

Can you say Tony Rezko ther is more

Posted by: reddog0216 | Sep 19, 2008 10:26:38 AM

Chuck - Maybe Obama wants to think before he speaks so he will make sense. Wea re so used to shoot from the hip cowboys that we do not know what to make of someone who is thoughtful and careful about making decisions.

Posted by: jenny | Sep 19, 2008 10:28:17 AM

http://www.cnbc.com/id/26778065

Financial terrorism. From CNBC.

Posted by: JRinLA | Sep 19, 2008 10:29:46 AM

"Maybe Obama wants to think before he speaks so he will make sense"

No. that won't help. uh, uh ,uh you know, uh uh,uh

Posted by: geevill | Sep 19, 2008 10:30:31 AM

McCain is the one of biggest DE-REGULATORs in the Senate; he profited from contributions of those industries he deregulated (See Keating Debacle) and was reprimanded by his colleagues on Capitol Hill for his unethical behavior.
He is part of the reason the US is in this mess.'
PLUS if his plan to privatize Social Security passed, all Americans retirement monies would be in jeopardy

Posted by: sick of lies | Sep 19, 2008 10:30:59 AM

McCain's accusation that Obama is profiting by "politicizing" this issue is absurd and hypocritical. When Russia invaded Georgia recently what did McCain do? POLITICIZED the issue - using it to take shots at Obama and pretend he was the world hero whose council and intervention was sorely needed. Now he has the gall to accuse Obama of only "lecturing"?! Guess what Senator McCain - you are the one who has been for deregulation, you are the one with more money from lobbyists and more prominent lobbyists in your campaign. You are also the one with 7 houses, while middle class families are losing their only house. You are the one who was - oh yeah - part of the KEATING 5 scandal!! You're also the one who said earlier this week "the economy is fundamentally strong" and then LIED ABOUT IT saying you meant the American workers are strong. Do you think we're stupid? That explanation wouldn't fool a third grader. Let's dispose of the hypocrisy, lies, and distortions - aren't you the one who said you'd run an honorable campaign? WHERE'S THE HONOR, JOHN?

Posted by: jon in maryland | Sep 19, 2008 10:30:59 AM

Tony Resko - Keating five what is the difference? Get off it and get to what matters, the economy, the war, education, healthcare. These matter who someone associated with in the past really does not. No politician who get to this level is 100% clean. Welcome to politics. I think both these men are about as clean as you are gonna find at the level of politics they are at.

Posted by: jenny | Sep 19, 2008 10:31:10 AM

PALIN BACKED RON PAUL? http://www.veeppeek.com

YESTERDAY MORE CAME OUT ABOUT SARAH PALINS ALLEDGED AFFIAR. http://www.hotpres.com

Posted by: Janey | Sep 19, 2008 10:31:20 AM

tell uus more about the hacker scandal. Who hacked her emails and where does the money trail lead?

Posted by: geevill | Sep 19, 2008 10:32:26 AM

Rose are you serious 5000 will not help you get health insurance coverage for a year? You must be one of the liberals that does not believe they should pay any deductiable or co-pays but wants the goverment to pay 100%! Get real lady, can you picture the millions of people coming together (purchasing power) to use the 5000 they would receive to help drive down the cost! Competition! Oh thats right I guess you dont believe in that since you want everything handed to you!

Posted by: chuck donofrio | Sep 19, 2008 10:32:43 AM

Rose - The 5000.00 may not pay for all the insurance but it would be a part and something is beter than nothing.

Posted by: jenny | Sep 19, 2008 10:35:47 AM

The Keating 5 does matter Jenny

The s and l crisis and IT's subsequent trillion dollar bail out...

had to do with John mcCain's cozy relationship with the deregulation lobby and people who hired that lobby.

Now we see that same lobby wrote his economic platform as they walk away again with a trillion dollars from us.

How many times does a politician need to be at the center of a trillion dollar buy out or supporting the people at the center of that buy out before we say

mmmthis guy probably should not be the guy in charge of our economic policies and future.

Mccain literally had put the guy that got paid to be at the center of the cause of this mess and financial loss/travesty to the nation...IN CHARGE OF PLANNING the regulation and econiomic policies to take us forward.

throw these bums out!

Posted by: dl | Sep 19, 2008 10:36:51 AM

McCain outlines specifics while Obama twaddles with indecision. Change indeed.

Posted by: an observer | Sep 19, 2008 10:37:07 AM

McCain and four other US senators (known to history as the Keating Five) met with Edwin Gray, then chairman of the FHLBB. McCain had been hesitant to attend but had reportedly been called a "wimp" behind his back by Keating. The message to the FHLBB and Gray from the Keating Five was to lay off Lincoln and cool the investigation. Gray and the FHLBB did not relent but Lincoln stayed in business until 1989 when it collapsed with the rest of the S&L industry. The life savings of more than 20,000 elderly investors disappeared with the failure of Lincoln. Keating went to prison for five years.

Charles Keating was John McCain's pal. They met in 1981 and Keating dumped $112,000 in the McCain campaign bank accounts between '82 and '87. A year before McCain met with the FHLBB regulators, his wife Cindy and her father, according to newspaper reports at the time, invested about $360,000 in one of Keating's shopping centers. The Arizona Republic reported McCain and his wife and their babysitter took nine trips on Keating's private jet to the Bahamas to stay at the S&L liar's decadent Cat Cay resort. The senator didn't pay Keating back for the plane rides until years later when he was under investigation.

Posted by: real maverick | Sep 19, 2008 10:37:24 AM

Can anyone take off their partisan spectacles?

Deregulation was simply a Republican problem, eh?

Oops...

http://mobile.newsweek.com/detail.jsp?key=30996&rc=camp2008&p=0&all=1

Posted by: ClassicalLiberal | Sep 19, 2008 10:37:39 AM

McCain: "But maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems."

Right. Obama and the rest of those deregulators should be ashamed of themselves.

Oh wait. That's McCain who called himself a deregulator... so how is Obama responsible for this?

Lol - McCain, proving again he'd rather lose his integrity than lose an election.

Posted by: Paul | Sep 19, 2008 10:37:53 AM

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