McCain Weighs In On AIG Rescue

By: John Bentley
Topics: John McCain

(CBS)

From CBS News' John Bentley:

(WATERFORD, MICH.) – John McCain called for an investigation into whether there was malfeasance on the part of AIG executives today after the U.S. government agreed to bail out the country's largest insurance company to the tune $85 billion.

"These actions stem from failed regulation, reckless management, and a casino culture on Wall Street that has crippled one of the most important companies in America. The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG," McCain said.

"We must not bailout the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act."

McCain also called for "strong and effective regulation" of the financial services industry, which he has done repeatedly over the past few days of the financial meltdown, but something he has not always supported. McCain called for deregulation of the banking industry in his support of the 1999 Gramm-Leach-Bliley Act, which knocked down the obstacles between banking, investment and insurance companies. That point was noted by Barack Obama in his reaction to the AIG bailout.

"Despite his eleventh hour conversion to the language of reform, Senator McCain has subscribed to this philosophy for twenty-six years in Washington and the events of this week have rendered it a colossal failure," he said.

"It is time for a new economic strategy, guided by the principle that America prospers when all Americans prosper, where common-sense rules of the road ensure that competition is fair, open, and honest."

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by gdamarin September 17, 2008 4:17 PM EDT: A question for Phil Gramm:

Who''s whining now?; Reply to this comment


by mediaspy_nv September 17, 2008 3:57 PM EDT: McCain is calling for a "9/11" type investigation of the Wall Street fiasco. The 9/11 investigation was a joke, with the truth either hidden or twisted to suit the Bush Administration. Several branches of the investigation went on for years then drew no conclusions. Ultimately the 9/11 investigation appeared to be more of a cover-up than anything else.

To me this means an investigation of the economic mess will be twisted and distorted to cover up the Republicans'' direct responsibilty for deregulation.; Reply to this comment


by mrtutto September 17, 2008 3:24 PM EDT: Dear John....
Please stop switching your positions on the economic issues so fast.... I can''t keep up with you.; Reply to this comment


by aggiekat2004 September 17, 2008 3:10 PM EDT: McCain and Republicans have always been against regulation and we are learning the consequences of what that means.

Posted by chelle122 at 11:42 AM : Sep 17, 2008
----------------

This is what''s also gotten us into the mortgage mess. There was no oversight of the mortgage companies...more of a laissez faire attitude about what the mortgage companies were doing. It was doomed.; Reply to this comment


by bacaangel September 17, 2008 3:04 PM EDT: After being exposed for Lying, McCain is now Engaging in Identity Theft -- as he is now sounding more like Barack every day -- Change we can believe in, Enough is Enough and now Regulation! Maybe he thinks he can lie, steal and cheat his way to the Presidency. After all its been done before!

Yesterday McCain said we needed a 911 Commission-like study to investigate our failing economy, however, yesterday in his speech in Colorado Barack hit back at McCain with "Instead of offering up concrete plans to solve these issues, Senator McCain offered up the oldest Washington stunt in the book -- you pass the buck to a commission to study the problem," . "But here''s the thing - this isn''t 9/11." Barack went on to elaborate -- we know how we have got here, and what we need is Leadership!" This shows a distinct contrast from a Party with no new ideas and failed policies to Barack, who does have ideas and who is ready to lead!; Reply to this comment


by strangeworld September 17, 2008 2:46 PM EDT: There''s a name for what McCain is doing...it''s called flip-flopping. He''s now turned to lying about his record in a pathetic attempt to get votes.; Reply to this comment


by chelle122 September 17, 2008 2:42 PM EDT: Phil Gramm (McCain''s current economic adviser) was the person who designed the deregulation legislation in 2000 that got us into this mess.

McCain and Republicans have always been against regulation and we are learning the consequences of what that means.; Reply to this comment


by akhajawall September 17, 2008 2:35 PM EDT: Dear concerned citizens of America and Mass Media of the U.S.A.

1. Has the ticket shown adequate calmness, coolness, and connectedness''s under pressure to lead our nation [Presidential Temperament]?

2. Has the ticket shown sustained sound "Judgment and Caliber"?

3. Has the ticket shown adequate understanding of depth and degree to address the crucial challenges in their their purpose, policies, and positions [ Honesty, integrity and sincerity]?

4. Has the ticket sufficient "understanding and knowledge" of inside Washington workings [Experience]"?

5. Has the ticket reservoir resilience, wisdom, and vigor to address the present and future f our beloved "Great-grand Nation"?

6. Has the ticket enough joint foreign policy experience and exposure based on " Values, Virtues, Vastness, and " [American moral soul]"?

7. Has their campaign talk, slogans, ads, plans, and programs based on facts and are they free of fear, fiction, frivolous labels, unfair attacks, negativity, and impulsively? [No "imminent danger to national
security and safety"].

I have personally and professionally concluded that OBAMA-BIDEN ticket will lift and inspire our greatgrand nation back to its greatness within and restore our global standing with the use of maximum, firm
international diplomacy and minimal force if and when indicated {" Peace thru Strenght "}.; Reply to this comment


by mattcat25 September 17, 2008 2:33 PM EDT: Republicans always claim they want free market (sink or swim) but, when it comes to their big time money scams they continue to rely on you and I with our tax dollars to bailout, or fund their larceny.

Republicans use and abuse our government.; Reply to this comment


by strangeworld September 17, 2008 2:21 PM EDT: John McCain''s running from his record on this deregulation. He''s said that he favors derulation repeatedly during the campaign - are we now to believe that he''s flip-flopped on the issue or is he lying again to try to get votes? Either way he''s not being honest with the American people and doesn''t deserve to be in the Whitehouse.; Reply to this comment