McCain Says Bailout is Not for Wall Street

(CBS)

(DES MOINES, IOWA) – In the span of a three minute statement, John McCain mentioned the inaction of Congress to pass the bailout bill five times, and said that a further lack of movement on the plan "is not an option."

"We are in the greatest financial crisis of our lifetimes," McCain said at an economic roundtable here this morning. "I call on everyone in Washington to come together in a bipartisan way to address this crisis. I know that many of the solutions to this problem may be unpopular, but the dire consequences of inaction will be far more damaging to the economic security of American families and the fault will be all ours."

McCain said the reason the bill hasn't been passed is because most Americans don't believe the plan will help them, only the Wall Street businesses that contributed to the problem.

"One of the reasons why Congress failed to act effectively was because it hasn't really sunk in that the people who are hurting, and are being hurt, are Main Street, families, small businesses, those kinds of people that are the engine of our economy," McCain said. "There is a perception out there that this is just something for Wall Street. I don't want to give anything to Wall Street. I want executive pay for anybody who is involved in this rescue to be at the level of the highest paid federal government worker. I think it's very clear that we need more oversight. We need more transparency. That the taxpayer, when the economy recovers, and I say when, that they will then be the first ones paid off."