McCain Invokes Eisenhower While Laying Out Economic Plan

By: John Bentley
Topics: John McCain

(CBS)

From CBS News' John Bentley:

(GREEN BAY, WISC.) – While outlining his economic recovery plan here today, John McCain told a story that he said epitomizes the problem of accountability in Washington, D.C. In explaining why he called for the resignation of Securities and Exchange Commission chairman Christopher Cox – whom he called "a good man" – McCain talked about Gen. Dwight Eisenhower on the eve of the invasion of Normandy.

"He went to his quarters the night before the invasion and wrote out two letters. One of them was a letter of congratulations to the brave Americans and allies who landed at Normandy and made the most successful invasion and they brought about the beginning of the end of World War II. The other letter he wrote out was his resignation from the United States Army, taking full responsibility for the failure of that invasion," McCain said.

"That kind of accountability and responsibility is missing in Washington today. That's why I believe that the chairman of the SEC should resign and leave office and be replaced."

McCain went on to say that the SEC, as well as several other regulatory agencies, share part of the blame for the current financial crisis.

"At very best, this confusing assortment of regulators and institutions was egregiously lax in carrying out their responsibilities. At worst, they carried out and engaged in the old Washington game of guarding their bureaucratic turf, instead of safeguarding the public interest and protecting investors," McCain said.

"We don't need a dozen federal agencies doing the job badly -- we need the best federal agencies to do the job right."

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by blindhowlin September 19, 2008 4:55 PM EDT: McCain: "We need Regulatory Clarity." It''s the MEDAMUCIL economic policy.; Reply to this comment


by peacock_kim September 19, 2008 4:41 PM EDT: If we take this approach along with enabling investors to accelerate a write off on losses, while taxing them higher for un-invested funds, we can incentivize investment in small business.
The advantage of having lots of smaller entities is that a singular failure then gets absorbed into the competing companies. It is much more robust and would generate wealth creation by and for the middle class.
What I think voters have to ask themselves is who most embraces this philosophy, Obama or McCain?
While Obama says his tax cuts will help 90% of the middle class, I would argue that it does not if they do not have an income due to the penalty on small business with higher investment taxes, higher small business taxes, and greater regulation, which penalizes small business more than big business.
The republicans would do well to remember that we have a bill or rights. The Democrats would be wise to remember that eventually you have to pay for what you purchase, and that a move towards consolidation to larger business and more centralized government makes our nation weaker and more prone to disastrous consequences.; Reply to this comment


by peacock_kim September 19, 2008 4:41 PM EDT: We must take action and the republicans talk a good game on the economy, but in the end like the Democrats they tend to do nothing except support big business, and big government.
McCain may or may not change this. He does have a track record of fighting his own party on matters of principle. As unpopular as it is during these times of uncertainty, it is not a time to pile on massive regulation, and to move towards socialism. We need to encourage entrepreneurial activities among the middle class. We need to move from the assembly line big business of the industrial revolution, to the mass customization brought to us by the PC revolution. Manufacturing can move towards the direction of Fabrication labs. This has the potential to shift manufacturing from big companies with singular products, to local manufacturing of multi products.
We need to look at the expense food chain for small business and tech start-ups. We can create co-ops to share high cost equipment for particular industries, thereby lowering the barriers to entry, and lowering the investment capital.; Reply to this comment


by peacock_kim September 19, 2008 4:40 PM EDT: It seems to me that no one wants to face the real issues and do something to solve them.
We need fewer taxes on small business and a tax code that favors investment in small business.
The media is doing America a grave disservice. We need to teach Americans the fundamentals of economics. More regulation and a move to greater centralization of business and government make the system inherently riskier to catastrophic failure.
There is no greater threat to the United States than its economic security.; Reply to this comment


by peacock_kim September 19, 2008 4:38 PM EDT: The media seems to love to bash McCain. The truth on the change of position on the bail outs is that they should not happen, but due to the fact that centralized systems lead to cascade failures, it had to be done. What we need to do in the future is move toward decentralized systems. We need to favor small business and small government as opposed to big government and big business.
For those that don%u2019t understand why, I suggest you read Lazlo Barabasi, and get a primer and the laws of networks.; Reply to this comment


by es48 September 19, 2008 4:36 PM EDT: The disaster that has been created by the government does call for unprecedented action, but the taxpayers should not be the only ones to suffer. Instead of spending taxpayer money on bailing out the banks, they should be spending taxpayer money to bail out taxpayers and the banks will benefit as a result. They should:

- eliminate all variable rate mortgages and replace them with fixed rate mortgages at reasonable rates of no more than 6%.

- Recalculate the amount that home owners are in default at the new rate.

- Pay that amount to the banks who wish to participate on behalf of the taxpayers.

- Allow taxpayers who have been foreclosed on and who can afford the payments at the new rates to move back into their homes.

- The banks that do not wish to participate do not get paid.

- Forbid credit card interest at loan shark rates and forbid credit card companies from raising interest rates once cardholders have used their cards.

- Force banks to recalculate credit card debts at no more than 12%.

- Roll back legislation that was passed three years ago to allow this to happen.

- The banks that cannot live with the amount of money that they will be recovering, should just be allowed to go under.

- Arrest, imprison, and fine those who spread the rumors, which led to the collapse of financial institutions.

http://ewebsmith.com/bus/wrongbusiness.html; Reply to this comment


by burfnyc September 19, 2008 3:53 PM EDT: Reading what McCain said, he''s right!
"That kind of accountability and responsibility is missing in Washington today."
He should take full responsibility, for his anti-regulation philosophies, and apologize for being wrong about EVERYTHING.
Then, resign his nomination, and support the only nominee that has the brains, to assemble a team that can get America off the debt addiction... and return America to The People.
Obama!; Reply to this comment


by walt1944-2009 September 19, 2008 3:30 PM EDT: John McBush McCain has put on his "Generals" hat and dug out a story about Eisenhower on the eve of D-Day.

While the story is true, McCain should be attaching the accountability and responsibility aspects of it to himself, since he was part of the "Keating 5" that created the S&L disaster, and he is the one who had Phil Gramm as his financial "adviser" who is responsible, with McCain''s help, in getting the financial world into the mess it is in now!!!

I am sure that if Eisenhower were alive today, he wouldn''t be caught using the same men''s room McCain does!

And yet there are those among us, who are stupid enough to believe this old fossil and vote for him!

ARE WE DUMB, OR ARE WE DUMBER!!!!

SIG HEIL, D-DAY WHAT????, BUSH!!!!
sig heil, MR "CHANGE" WASHINGTON, McCain!!!!
sig heil, MS TROOPERGATE!, Palin!!!!; Reply to this comment


by sunshine_2 September 19, 2008 3:17 PM EDT: Anti-Regulation McCain, suddenly in the "Eleventh Hour" has become "Pro-Regulatory Reformer".

He now has a ''sidekick super reformer'' by his side to assist him to ferrit out the vermon, who are stealing the ''grains of Americas storage bins.''

Together this Super Duo of "Anti-Democracy Crusaders" will stamp out ''false patriotism'' and corruption where they find it. Unless of course it is in the Staff or in their own backl yard.

What McCain and Palin want to reform & change is "America''s Judgement and The Democrats winning streak in the 2008 election cycle". John thinks if he can ''safe at least the White House'', then Republicans can still save America from it''s self.

What ever will save the Presidential Election for John, he is willing to say. He has lost his honor, and his strength of straight talk; trading it all for a ''win at all cost agenda''.; Reply to this comment


by ltk01 September 19, 2008 2:54 PM EDT: McCain is 100% correct...FIRE COX..No more CEO''s running organizations in the ground and then walking away with millions of dollars of stockholders or taxpayers money...NO MORE! A REAL CAPTAIN GOES DOWN WITH THE SHIP...IN JAPAN A FAILED CEO COMMITS SUICIDE...not in the USA though, for too many of our CEO''s are just "girlie men".; Reply to this comment