Sept. 21, 2008
McCain Blames Recession On Wall St.
Candidate Says Deregulation Spurred Economic Growth, Didn't Cause Collapse
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Candidate McCain, Part 1
In separate interviews, the two parties' presidential nominees are questioned on the big issues, including the U.S. economy, the Iraq and Afghanistan wars, energy policy and health care. Scott Pelley interviews Sen. John McCain.
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Candidate McCain, Part 2
The presidential candidates talk about the defining experiences of their lives. Scott Pelley interviews Sen. John McCain.
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McCain: How I Differ From Bush
Sen. Obama has called Sen. McCain President Bush's third term, but McCain disagrees with that and points out a number of differences.
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Sen. John McCain (CBS)
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Watch past 60 Minutes reports on John McCain:
- 1997: Maverick From Arizona
- 1999: McCain
- March 2008: McCain
Scott Pelley: If you were President of the United States tonight and you were going to make an address to the nation regarding this economic emergency, what would you say?
John McCain: I would tell the American people that we're in tough times. This certainly isn't a Great Depression, don't get me wrong - lay out the problem and the cause of the problem they're badly frightened right now. And we've gotta get their trust and confidence back.
Pelley: Should they be badly frightened?
McCain: I think they should be deeply concerned about the fact that innocent Americans that don't work on Wall Street and don't work in Washington are the victims of the greed, the excess, and, yes, in some cases, corruption. There's a social contract that Adam Smith talked about between capitalism and the people. That contract has been broken. It's been broken by greed and access, aided and abetted by a government in Washington that's dominated by special interests and corruption.
Pelley: Are we in a recession?
McCain: Sure. Technically I don't know. Unemployment is up. Wages are down. Home foreclosures are incredibly high. Those people, they don't care whether technically we're in a recession or not. The fact is they're hurtin'. And they are hurting very, very badly.
Pelley: In 1999 you were one of the senators who helped pass deregulation of Wall Street. Do you regret that now?
McCain: No, I think the deregulation was probably helpful to the growth of our economy.
McCain has been an advocate of deregulation most of his career, but Thursday he endorsed the biggest bailout in history - a plan for the government to take on the bad debts of financial institutions.
"We're gonna take over these bad loans. We're gonna take over these bad - these bonds and we're gonna keep you alive. And we're gonna have the taxpayer help you out. But when the time comes and the economy recovers then anything that's gained back is gonna go to the taxpayers first. I'm not saying this isn't gonna be messy. And I'm not saying it isn't gonna be expensive. But we have to stop the bleeding," the senator said.
Pelley: But why would you let the Wall Street executives…
McCain: I'm not.
Pelley: …sail away on their yachts and leave this on the American taxpayer?
McCain: Well, it's not the greedy Wall Street people that I worry about, although I am, like most Americans, frankly, enraged. It's basically a Ponzi scheme, as you know, that sooner or later was gonna collapse. And I'd like to get that money back from them. But we've gotta fix the average citizen who's the innocent bystander that is in danger of losing their pensions, their 401(k)'s, their IRAs. Their very life savings are at risk here.
Pelley: You have called for the firing of the head of the Securities and Exchange Commission, the federal government organization that oversees the markets.
McCain: Yes. You know, and by the way, that technically he can't be, quote, fired. But I'll tell you, when I'm president, if I want somebody to resign, they resign.
Pelley: I'm curious. If you wanna fire Chris Cox, the chairman of the SEC, who would you replace him with?
McCain: This may sound a little unusual, but I've admired Andrew Cuomo. I think he is somebody who could restore some credibility, lend some bipartisanship to this effort.
Pelley: He's a Democrat.
McCain: Oh, yes.
Pelley: He served in the cabinet of President Clinton.
McCain: Yes. And he did a good job. And he has respect. And he has prestige.
Produced By Tom Anderson
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See all 401 CommentsIf that''s the case, re: experience, then, what are they all comparing themselves for?!?!
The "small state of Arkansas"? 2.7 million in Arkansas versus 640,000 in Alaska.
http://factfinder.census.gov/home/saff/main.html?_lang=en
That''s the link to to the US Census Bureau.
But, he has never lived anywhere for more than 5 and a half years? Of the 7 houses he owns, none were bought before 2003? Could it be technically true because they don''t spend more than several months in any given home?
Seems like another technically true answer that totally distorts common sense.
Yeah, but Cinton just had a southern accent, Sarah speaks in tounges... ''nuff said.
Many times Congress have passed legislation only to have Bush veto it, if only because he can or because of some rider that he attached that the Democratic Congress felt would water down or overwhelm what they intended. Congress can only be effective if they can override a presidential veto, and Bush knew they couldn''t so he played games with them
Hint for Phil Gramm and John McCain: The word starts with the letter "R" and has 10 letters. Another hint: something that special interests have been trying to eliminate in the name of lower cost and competition.
The Office of Federal Housing Enterprise Oversight%u2019s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae%u2019s former chief executive officer, OFHEO%u2019s report shows that over half of Mr. Raines%u2019 compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator%u2019s examination of the company%u2019s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac%u2013
New Pig Book says Hillary Clinton%u2019s tops in pork spending, Barack Obama%u2019s 2nd, but John McCain had none!
The nonpartisan taxpayer watchdog group Citizens Against Government Waste is out with its newest Pig Book, an overwhelming detailing of all 11,610 pork barrel projects inserted in the current fiscal year%u2019s appropriations bills by individual members of Congress.
more stories..
came out today..
Many blame the Greenspan Fed for this mess. They are right, but not for the reason often cited. It is unfair to say low interest rates are to blame. In the past decade, there is no evidence the US suffered from excessive growth leading to inflation. The economy needed low interest rates and a fiscal stimulus to avoid a severe recession. The Fed was right to do its bit.
another story.. per la times..euroworld
Greenspan was considered a master,%u201D Tremonti declared. %u201CNow we must ask ourselves whether he is not, after [Osama] bin Laden, the man who hurt America the most. . . . It is clear that what is happening is a disease. It is not the failure of a bank, but the failure of a system. Until a few days ago, very few were willing to realize the intensity and the dramatic nature of the crisis.%u201D
Whether looking at bills they have led on or bills they have signed onto, Mr. McCain has reached across the aisle far more frequently and with more members than Mr. Obama since the latter came to the Senate in 2005.
In fact, by several measures, Mr. McCain has been more likely to team up with Democrats than with members of his own party. Democrats made up 55 percent of his political partners over the last two Congresses, including on the tough issues of campaign finance and global warming. For Mr. Obama, Republicans were only 13 percent of his co-sponsors during his time in the Senate, and he had his biggest bipartisan successes on noncontroversial measures, such as issuing a postage stamp in honor of civil rights icon Rosa Parks.
With calls for change in Washington dominating the campaign, both Mr. Obama, the Democrats%u2019 presidential nominee, and Mr. McCain, his Republican opponent, have claimed the mantle of bipartisanship.
But since 2005, Mr. McCain has led as chief sponsor of 82 bills, on which he had 120 Democratic co-sponsors out of 220 total, for an average of 55 percent. He worked with Democrats on 50 of his bills, and of those, 37 times Democrats outnumber Republicans as co-sponsors.
For Mr. Obama, Republicans were only 13 percent of his co-sponsors during his time in the Senate, and he had his biggest bipartisan successes on noncontroversial measures, such as issuing a postage stamp in honor of civil rights icon Rosa Parks.
Anyone holding their breath that we''ll see a dime of our $700 billion?
You failed to mention that McCain rubber stamped Bush''s stupidity 90% of the time as well....
Posted by formrusmcsgt
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Mccain may have voted for things that we all don''t agree with but atleast he made a decision. Obama voted present 160 times someone really needs to explain to him there is no voting present as president
IMO he attempted to clear up that he knows what the fundamentals of the economy are and it''s not the American worker, work ethic. He drops in Adam Smith and a capitalism reference for good measure. It seemed a little forced and very elementary, considering the magnitude of what we''re facing.
In the interview he states, %u201CDeregulation was helpful to the growth of the economy.%u201D I don%u2019t doubt he believes this. But his administration should suddenly be put in charge of regulating it?
Iraq%u2014he%u2019s not leaving there anytime soon. So if you want that war to end--McCain is not your man.
In fact, he respectfully disagrees with a majority of Americans. I%u2019m wondering if I can%u2019t have your ear on the war during an election year--am I ever going to?
All week I have heard every dem in the house and senate say they new this meltdown was going to happen. But what bill or law did the present to prevent it since they are the house and senate majority? I am just wondering because all I hear is how the dems can fix this problem.
At least Obama gives specific answers.
I follow up on politics heavily, and I have YET to hear specifics from McCain. HOW do you differ with bush in terms of climate change. HOW do you differ with bush in terms of the war, and taxes, and the 911 commission.
McCain''s voters are people who do not like to pay attention to the specifics. Those of us who do, could not vote for him.
We can''t afford another Bush. Tell us HOW you are different from the current president, without just giving vague ideas and smears on Obama!
Also, 5th from the bottom of your class in the Naval Academy? Come on, man! We need a president who VALUES education. Not like George W. Bush, and not like McCain!
For someone to laugh at McCain to say the economy is financially sound..well guess..what.. Robert Rubins, said that when the stock market crashed years ago..Guess who Rubins works for..Obama''s economic advisor.. Rubins is also tied up in Citigroup..mortgage crisis.. read up on it.. Obama''s next advisor is Paul Volckers lead us into recession, years ago, largest unemployment since the depression..works for Obama.. 2 of Freddie Mac or Fannie Mae employees works for Obama or did. One of them used to work at Lehman''s.. Jim Johnson , can''t think of the other one''s name.
Chris Dodd biggest receiver of money is the head of the banking committee. Last I knew he was a dem.
At least Obama gives specific answers.
I follow up on politics heavily, and I have YET to hear specifics from McCain. HOW do you differ with bush in terms of climate change. HOW do you differ with bush in terms of the war, and taxes, and the 911 commission.
McCain''s voters are people who do not like to pay attention to the specifics. Those of us who do, could not vote for him.
We can''t afford another Bush. Tell us HOW you are different from the current president, without just giving vague ideas and smears on Obama!
Also, 5th from the bottom of your class in the Naval Academy? Come on, man! We need a president who VALUES education. Not like George W. Bush, and not like McCain!
Anyone holding their breath that we''''ll see a dime of our $700 billion?
Posted by formrusmcsgt at
I am but I seem to see darting lights and am turning an awesome shade of blue.
What a liar.
He supports the war, he supports our troops staying in Iraq, and yet, he wants to cut defense spending.
He claims that he differs on the treatment of prisoners - yet he eventually supported GW Bush and the torture of prisoners.
As for the 9/11 Commission, that''s no longer even topical - is McCain living in the past?
McCain talks a lot, but he doesn''t offer any truth nor answers.
A vote for McSame is a vote for continuing GW Bush''s rule and corruption.
At least Obama gives specific answers.
I follow up on politics heavily, and I have YET to hear specifics from McCain. HOW do you differ with bush in terms of climate change. HOW do you differ with bush in terms of the war, and taxes, and the 911 commission?
McCain''s voters are people who do not like to pay attention to the specifics. Those of us who do, could not vote for him.
We can''t afford another Bush. Tell us HOW you are different from the current president, without just giving vague ideas and smears on Obama!
Also, 5th from the bottom of your class in the Naval Academy? Come on, man! We need a president who VALUES education. Not like George W. Bush, and not like McCain!
Grover Norquist is a goof. He wants to shrink government down to the size where it can be drown in a bathtub but he and his wall street buddies have no problem coming before it hat in hand.
You think Obama gives specific answers? let me give you example of an intilectual answer from Obama-
"Well umm ya know I-I-I ahahah well ya know thats above my pay grade"
Any questions?
Nothing in your rambling answered my question what has the Democraps done in two years of majority control expecially they all admit they seen this coming.
"Well umm ya know I-I-I ahahah well ya know thats above my pay grade"
Any questions?
Posted by McCainO8NC a
LOL! At least the story doesn''t begin about how he was dumb enough to be shot down and spent an eternity in a POW camp.
"I see we have some new people on here tonight I have asked this question three times today and i still have not gotten a answer.
All week I have heard every dem in the house and senate say they new this meltdown was going to happen. But what bill or law did the present to prevent it since they are the house and senate majority? I am just wondering because all I hear is how the dems can fix this problem."
When the President sends this nation broke, and on a downwards spiral, there isn''t much that anyone can do.
Sure, the Democrats have a *slight* majority, but they still don''t have the power to stop GW Bush.
How many Republicans joined with the Dems to stop GW Bush?
Instead, the Republicans including McCain, watched Bush - a fellow Republican - destroy this country and send it on a downwards spiral.
What did they do to prevent it?
Nothing.
Posted by McCainO8NC
Yep, ignore the six years of TOTAL republican control and focus on the 18 months that the dems have held Congress.
Posted by joule3 a
And what exactly do you consider a "fair and square" win? I see nothing but Karl Rove tactics coming from the RNC.
Bush is leaving behind. Shame once on all those who voted for Bush shame twice for those voting for McSame. PEACE
Mr. Lausell said he feels Sen. Obama %u201Cdoesn%u2019t really regard the Hispanic community as important.%u201D Sen. Clinton won a large majority of the Hispanic vote in most primaries.
Mr. Lausell said that as a %u201Clifelong Democrat,%u201D this is the first time he has supported a Republican presidential candidate.
Mr. Lausell cited several objections he has with Sen. Obama. %u201CThe U.S. is in a very difficult situation these days and I don%u2019t want someone without experience at the helm,%u201D he said. Mr. Lausell said he likes Delaware Sen. Joe Biden, but felt that if Sen. Obama was going to reach inside of Washington for a vice presidential running mate, he should have chosen Sen. Clinton, %u201Cwho received 18 million votes%u201D during the presidential primaries.
Posted by omega40
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I din''t say I was ignoring 6 years I just saying Dems make them selves out to be the heros and the have a lower approval rating than bush and that is LOW! So what makes any one think it''ll change. Obama was tehy #2 recipiant of money from fanie and freddie getting that kind of maney really doesn''t motivate you to hold them accountable.
"Colin Powell would have been great."
Powell would have been great - but after GW Bush and the Republicanazis chewed him up and spat him out, his career was over.
Powell was turned into a propagandist for GW Bush and the Republicanazis - they made him stand in front of the UN and tell lie after lie.
After that, his career was over - destroyed by the Republicanazi machine.
You can thank GW Bush, ******** Cheney and Rumsfeld for that.
Instead, the Republicans including McCain, watched Bush - a fellow Republican - destroy this country and send it on a downwards spiral.
What did they do to prevent it?
Nothing.
Posted by mcdazz
Exactly! Their selective memory allows total exoneration of the party that has been vehemently anti regulation since Reagan came to power.
OF COURSE he blames it on greed... that''s what he knows! Repugs ALWAYS accuse everyone else of the evils they themselves possess. The psychological term for it is projection. They project onto others what they can''t face about themselves.
Another example: Phil Graham, McCain''s long-time financial advisor and a primary architect and champion of deregulation, said the US economy is strong, but that we''re just a nation of "whiners"! This, after he spent most of his life whining about how "bad" it was for the government to put ANY restraints on business. That''s 2 sins in 1: whining, and greed!
Take a look outside people, deregulation FAILED this nation. We are standing at the edge of a precipice, and even the Bushworld re.tards knew they had to do SOMETHING to stop the hemorraging by imposing some limits.
McCain: he''s not the solution, but he''s a big part of the problem! He''ll say ANYTHING to get elected, even the exact opposite of whatever he said just yesterday!
Palin: (Unbelieveable, I know, but) She''s even worse than McCain; she promises to actively work to DESTROY THE ENTIRE WORLD (to "bring back jesus").
Posted by swpeace
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You libs love to lay blame it on Bush but again what has the do nothing congress and senate done to prevent any of this? I can say our gas prices have double since dems took control and I thought Bush was the oil man.
"LOL! At least the story doesn''''t begin about how he was dumb enough to be shot down and spent an eternity in a POW camp."
McCain recently said that we would never surrender.
I guess he forgets his own past.
I have heard similar statements through this campaign and NOT ONCE has a reporter called out McCain on the FACT that our country was NOT founded on judeo-christian values. It was indeed established by our Constitution to be a secular nation with a clear separation of "church and state".
SHAME ON YOU PELLEY and every other reporter who let''s similar statements go unchallenged.
(I have edited and re-submitted - cbsnews.com removed the original post. Hopefully this post won''t offend anybody''s tender beliefs.)
Posted by McCainO8NC
in six years Bush had wielded his mighty veto pen just once against a Republican Congress. In 18 months he has used it a total of 9 times. Those poll numbers you mention are much lower for the Republicans (www.pollingreport.com) and the American public will hold them responsible in November.
"You libs love to lay blame it on Bush but again what has the do nothing congress and senate done to prevent any of this? I can say our gas prices have double since dems took control and I thought Bush was the oil man."
You must have a very selective memory.
GW Bush has done his best to make sure his oil buddies get even richer.
You also forget that GW Bush and the Republicanazis still have a great amount of control over the Senate, and the Republicanazis continue to support GW Bush.
Maybe if they - the Republicanazis - had a set of balls, this country wouldn''t be on a downward spiral.
What have the Republicanazis done to prevent this?
Nothing - they still support GW Bush and they still turn a blind eye to his destruction of the USA.
We all know that GW Bush failed at running his own companies - yet you morons continued to support him.
Don''t blame the Dems for what you''ve done to this country.
You only have yourselves to blame.
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