McCain Blames Recession On Wall St.

Candidate Says Deregulation Spurred Economic Growth, Didn't Cause Collapse

(CBS)  Last year, few expected John McCain to be the Republican nominee - he was a lonely advocate of the surge in Iraq, and many Republicans didn't like a man so often at odds with his own party. This former Navy aviator and former POW fought his way to the nomination only to find himself, now, in the thick of the crisis on Wall Street.

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.

[r77432]

I was glad to hear Paul Begala bring up the McCain and the keating five he was involved with showing his bad judgment. I listened to McCain on 60 minutes and he lied about his campaign manager not receiving money from Freddie and Fannie lobbyists. He did until last month. For a man who proclaims to be against lobbyist he and Palin have constantly used them. He also lied about warning about fannie and freddie which also he told a down right lie. Is this what Americans want another Bush lying to us?

[r77432]

Thank God Paul Begala is brings up the McCain mess with the keating five, More should come up on this. He out right lied on 60 minutes. His campaign manager until last month received money every month from freddie mac and a lobbist group. He denied this. He also said he warned people about freddie and fannie which was also a lie. Do we want another president like Bush who lies to us Americans?

[dpn2]

"I remind you the Democrats have had the majority in Congress for the last two years. So everybody''s failed."

I remind you, Mr. McCain, that your fellow Republican Senators have had the filibuster and Duhbya has had the veto for those two years, and they have made liberal use of them.

[chikwane]

To jaxsterling5:
c''mon now! those republican fear-tactics aren''t gonna cut it anymore...nice try though.

basically, this election is about: The Rich vs. The Poor; Republicans vs. Democrats, respectively. I really understand why Rich people vote Republican; but, I''ll never understand why ANY Middle/Lower-Class folks vote republican...its not about Black or White; Old or Young; Male or Female. Republicans only care about one color: "Money Green".

Over the past 8 years (especially with this $700 Billion Bailout for the Rich)GW and the Republicans have proven that to us time and time again. Wake up, Middle/Lower Class...If we elect to put another Republican in office, we''re up shiggity-creek for the next 4 years. Right or wrong?

[leftyintexas]

PFO aims to not only put Obama in the White House, but to build a huge united "progressive" movement that can force the new President to move America massively to the left.

Posted by jaxsterling5 at 11:50 AM : Sep 23, 2008

Gee...I hope you''re right!

[leftyintexas]

McCain is either a liar or just stupid. Either way we don''t need another DUMBYA follower in the White House. Deregulation had A LOT to do with the economic debacle the republicons led this country into. We''ve had enough of the republicon crooks who are a greater enemy of this country than Al Queda ever dreamed of being.

[xmanborg]

McCain Blames Recession On Wall St.

John McLame the Recession didn''t just start LAST WEEK.

Blame the Economy, Bush Administration, Housing Bubble, Sub-Prime Mortgages, Job Loss and many more factors.

[xmanborg]

Fyi

John McLame the US Economy has been in Recession for the past 18+ months where the Frack Have you Been ?

Once again John McLame has his marbles jumbled up facts jacked up.

[ck1rep]

X Republican Excuse me, but apparently, you think it is JUST John McCain who approved 700 billion dollars for the bail out. John McCain is one senator, there are plenty more, that include Senator Barack Obama. Do you even know what you are talking about? McCain did not make the final decision on this. It was a decision made by CONGRESS. Do you know what the Congress is? I''m sorry, but your comment was so ridiculous I just wonder if you understand how the government even works. By the way the President of the United States is George Bush. He makes the final decision.

[ck1rep]

There is so much ignorance which leads to blatent lies and ugliness. The media has taught the liberals and democrats so well. What good students you have been. I look forward to the demise of the media who report only what they want YOU to hear. LET THE FIRING BEGIN! We are not going to take it anymore! The New York Times should be the first to go! Bill Keller you should be FIRED! And NBC you should be next. Katie Couric you are blatently biased. I look forward to the end of your career. I found it ironic how Joe Biden defended McCain on the ad done by the Obama Campaign about the internet and the computer. Apparently, Joe Biden knows that the reason John McCain does not use a computer is because he is physically unable to due to 5 years of torture when his fingers, hands, and arms were broken repeatedly. That was just low OBAMA! Any body who has any sense knows that a President will not be e-maling or using the computer to send information. It is not a secure way to communicate. The 20 year hacker that got into Sarah Palin''s e-mail can tell you that!

McCain/Palin "08

[misha128-2009]

McCain should fire several people he actually has the power to fire; Himeslf as a presidential candidate and Sarah Palin as a VP Candidate.

[intheshade-2009]

Be very, very frightened of this man.

[freetrooth]

Hey Heenjaberg...or whatever you are calling yourself. It seems that you are in the minority on this website...why don''t you find somewhere else to play. I think we need to know about MClames old a@s..He is the one that is sick and has had cancer 4 times and has alzheimers. I can''r beleive that you actually had the nerve to bring up age...I would think that you would not want to go there. Oh yeah and by the way, where where was Mr. McCain born...Hey I will agree you have to be a conservative...I guess you want us to go and dig into Obama the same way that your camp has dug into Palin....when you answer those questions about Palin, then we will think about asking Barry to do it...It does not matter to the rest of the world what you want to know about Barak...we have already made our decision. Quit trying to get us off Sarah Palins back....we are still waiting for her to speak to the media.....it''s been 40 days

[sleepyric]

Dear John McCain - have you asked Cuomo?? Did he say yes? If not, then why are you dropping democrats names?? To fraudulently show you would be bi-partisan? How dumb do you think we are??

[txgrouch2006]

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 it''s time for McCain to SHUT UP!!!!!!!!!!

[heenajberg]

What is wrong with McCaine?? Does he think that by just keeping on repeating "Obama will raise taxes" it will become true??? How many times will journalists correct him by letting him know the raise is only for families making 250K?? Sadly, I used to respect him but his greed of power is clouding his judgement and making him stoop to new lows will absolute lies that he and his party keep repeating!!

[x-republican]

Do Americans understand that they are being asked to give $700 Billion to the same greedy and reckless people who created this mess? Is that how stupid Americans have become? That we now reward recklessness and greed?

John McCain knows better, but once again, John McCain is putting politics before America. He''s disgusting.

[shanev137]

Remember when you go to vote that McCain said last week, "the economy is fundamentally sound"...almost word for word what Hoover said in 1929.

[hokuto1]

my bad: George Will complained in an article that Obama had "never so much as a Dairy Queen."

-- George Will complained in an article that Obama had "never run so much as a Dairy Queen."

[hokuto1]

"Candidate Says Deregulation Spurred Economic Growth,"

Of course it spurred economic growth--if you''re talking about the growth of the incomes of the top 1 percent. Several weeks ago, George Will complained in an article that Obama had "never so much as a Dairy Queen." Well, guess what, McCain''s never held a single private sector job IN HIS ENTIRE LIFE. But he could care less; he''s the Kept Man of a multi-millionaire beer heiress. Why should he have any sympathy for the average joe out on the street who can''t even keep up with the mortgage on one house, not to mention seven (or was it eight--together with thirteen cars and a private plane)?