From The Road
September 16, 2008 1:25 PM

McCain: "Greed of Wall Street" To Blame For Economic Meltdown

By
John Bentley
Topics
John McCain
(CBS)
From CBS News' John Bentley:

(TAMPA, FLA.) – After being mocked by the Obama campaign yesterday for saying "the fundamentals of our economy are strong", John McCain spent most of his rally here today blaming the greed of Wall Street and the lack of federal oversight for the current financial meltdown.

"This foundation of our economy, the American worker, is strong but it has been put at risk by the greed and mismanagement of Wall Street and Washington," McCain said.

"Government has a clear responsibility to act in defense of the public interests, and that is exactly what I intend to do. We are going to make sure that American's accounts are protected."

McCain said he planned to make financial workings of Wall Street more transparent and accessible, and also promised to crack down on CEOs who walked away with huge severance packages.

"Under my reforms, the American people will be protected by comprehensive regulations that will apply the rules and enforce them to the full," McCain said.

"When any Wall Street operator abuses the trust of the public, then they will face the consequences, and they will have a fight on their hands with the President of the United States."

Earlier today, McCain called for a 9/11-style commission to investigate the crisis. Obama responded that a commission was a way for McCain to duck actual presidential leadership.

"Sen. McCain offered up the oldest Washington stunt in the book – you pass the buck to a commission to study the problem," Obama said.

"But here's the thing – this isn't 9/11. We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it, John McCain won't, and that's the choice for the American people in this election."

Add a Comment
by realchange1 September 17, 2008 9:22 PM EDT
McCain knows about greed and mismanagement!

Remember the Savings and Loan scandal? Greed and mismanagement and McCain one of the original Keating Five!

He talks about fixing corruption! What a freaking hypocrit! Both he and Palin %u2013 corrupt liars!

A huge cause for where we are today!

No thanks McCain; we''re not taking your Bridge to Nowhere!

Shame on McCain knows about greed and mismanagement!

Remember the Savings and Loan scandal? Greed and mismanagement and McCain one of the original Keating Five.

A hugh cause for where we are today!

No thanks McCain, we''re not taking your Bridge to Nowhere!

Shame on McCain

Reply to this comment
by realchange1 September 17, 2008 9:18 PM EDT
McCain knows about greed and mismanagement!

Remember the Savings and Loan scandal? Greed and mismanagement and McCain one of the original Keating Five.

A hugh cause for where we are today!

No thanks McCain, we''re not taking your Bridge to Nowhere!

Shame on McCain
Reply to this comment
by pensacola98 September 16, 2008 5:42 PM EDT
This is clearly a good example where Barack Obama''s Harvard Education give him the upper hand on staying connected to the heartbeat of this nation''s economy.

Just yesterday, we heard a very traditional John McCain state the fundamentals of our economy are good...something basically true when using obsolete criteria.

Then today, John McCain reacts to a meltdown saying "Greed caused it!"

Here is the question "Is the current GOP controlling the economy, or is the economy controlling the GOP?"

I don''t have a Harvard Education, but I know that traditional styles and techniques for operating business and government, are obsolete. It is clear that several basic principles need to be followed into globalization, but tradition has turned into sacred cow that costs this country''s ability to compete.

Tradition and competitiveness are not interchangable.

John McCain is clearly traditional, and Barack Obama is clearly competitive.
Reply to this comment
by mattcat25 September 16, 2008 5:38 PM EDT
John McCain assertions are very similar and reminds me of President George W. Bush blaming the American People for our energy crises stated %u201Cyou%u2019re addicted to Oil%u2026%u201D

Republicans with big tax breaks have reaped the benefits of deregulated markets and now the time has come to pay the piper but, they%u2019re long gone having taken the money and run.

Why are these Republicans acting as if it has been someone else that has fostered this economy?

Reply to this comment
by maddymappo September 16, 2008 5:22 PM EDT
Phil Gramm is McCain''s finance consultant. He is also the x-US Senator and lobbyist who fought to deregulate the industry which was based in greed. He has no compassion for ordinary people and even referred to any of the little people who got burned in this economy as "whiners" and having a "mentality of depression". How is McCain going to purge the system, when he is putting the fox in charge of the chicken coop.

When it comes to experience with failed leadership, that is something Americans have had eight years worth. Continuing to bail out the Republicans by giving them executive leadership despite eight years of lies and failed policies is a moral hazard.
Reply to this comment
by dburfears September 16, 2008 5:14 PM EDT
Jeb Bush sat was on the podium supporting John McCain today as McCain campaigned in Florida.

The problem?

Jeb Bush is a PAID CONSULTANT for LEHMAN BROTHERS, the company that collapsed yesterday. He obtained the position with Lehman Brothers after having Florida purchase BILLIONS of DOLLARS of Lehman Brothers'' mortgage backed securities that are now WORTHLESS.

As Governor, Jeb Bush was one of three administrators on the State Board of Administration (SBA) that agreed to let the state''s retirement fund buy a series of mortgage-backed securities from Lehman Brothers that are now worthless. Jeb Bush also supported Lehman Brothers managing two funds for the SBA.

Jeb Bush''s reward for supporting his corporate sponsor? a "Consulting" contract with Lehman Brothers. I wonder if JEB will get paid as Lehman Brothers goes into bankruptcy? LMAO You bet he will.

What''s so surprising? After all, MOST OF McCAIN''S ADVISERS AND ALL OF HIS TOP CAMPAIGN STAFF are lobbyists or "consultants" for large corporations and the entrenched Washington special interests. So It should be no surprise Jeb Bush is right there behind McCain.

McCain says one thing to the American people, then does whatever his corporate lobbyist masters want.
Reply to this comment
by balarat September 16, 2008 5:08 PM EDT
Breaking news: McCain revealed new plan for America-%u201CBridge to Nowhere%u201D See at:
http://www.authorstream.com/Presentation/aSGuest55-88147-bridge-nowhere-john-mcain-2008-president-election-mccain-sarah-palin-1-news-reports-ppt-powerpoint/
Reply to this comment
by balarat September 16, 2008 5:07 PM EDT
Breaking news: McCain revealed new plan for America-%u201CBridge to Nowhere%u201D See at:
http://www.authorstream.com/Presentation/aSGuest55-88147-bridge-nowhere-john-mcain-2008-president-election-mccain-sarah-palin-1-news-reports-ppt-powerpoint/
Reply to this comment
by usclimey September 16, 2008 4:58 PM EDT
"blaming the greed of Wall Street and the lack of federal oversight for the current financial meltdown."

That''s rich since it was his good buddy Phil Gramm who is responsible for doing away with the federal oversight of banks.
Reply to this comment
by standlee5 September 16, 2008 4:41 PM EDT
I think we''ve got to get back to basics. The meltdown was caused by sub-prime lending. Why on earth would banks loan to people of high risk not able to repay their loans. Because the govt. required it of them and quaranteed their risk. Once and for all separation of govt. and private needs to be enforced.
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