McCain Blames Recession On Wall St.

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

(CBS)  Pelley: You place a great deal of responsibility on this current emergency on the administration.

McCain: Yes. Yes

Pelley: This is the president of your party.

McCain: Yes, it is.

Pelley: Are you saying that the Bush administration has failed?

McCain: I say the Bush administration has failed. I say the Congress has failed, Democrats and Republicans. I remind you the Democrats have had the majority in Congress for the last two years. So everybody's failed. And the cozy, old-boy, special interests that have prevailed in Washington have harmed the American people, frankly, in the most terrible fashion.

Pelley: What are the differences between you and Senator Obama on taxes. In your plan, who gets a tax cut?

McCain: Well, in my plan everybody does.

Senator Obama's plan would cut taxes more than McCain for the middle class, but Obama would raise taxes for those making more than $250,000 a year. And last week, McCain turned up the temperature on the rhetoric.

"His tax increase along with the enormous federal programs he proposes are the surest way to turn a recession into a depression," McCain said.

Pelley: You and Senator Obama propose cutting taxes in different ways. But in the last few days the federal deficit broke all records.

McCain: Yes.

Pelley: It's now $400 billion that the federal government is in the red. Is it smart to cut taxes for anyone in this economic emergency with that kind of a deficit?

McCain: Well, number one, Scott, the worst thing you could do is raise taxes on anybody. And I don't know which iteration we are talking about of Senator Obama's. He's had four or five different positions on which taxes he would increase, which ones he wouldn't. I think the major point here is that spending got out of control. How many Americans know that the size of government increased by 40 percent in the last seven years? We Republicans for six of the eight years presided over the greatest increase in government since the Great Society. Republicans came to power to change Washington. And Washington changed us.

Pelley: But how do you cut the budget?

McCain: Oh, easy. Look

Pelley: That much.

McCain: Look, if you were able to increase the budget and the size of government by 40 percent, don't you think you could cut some of it?

Pelley: What are you gonna cut?

McCain: I think we'll frankly, you can eliminate so many agencies of government that are outmoded. Obviously I would scrub defense spending. Obviously we would look at every institution of government. I would stop these protectionist tariffs. I would stop subsidizing sugar.

Pelley: Did I just hear you say you’re gonna cut the defense budget?

McCain: I think there's areas in defense where we can save a lot of money in cost over runs.

[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)?