John McCain On The Politics Of Finance

CBS Evening News Exclusive: Couric Asks McCain About The Moves He's Making To Mend The Fiscal Crisis

(CBS)  After Sen. John McCain announced he would suspend his campaign in order to focus on his congressional work ironing out the $700 billion bailout package - and proposed delaying the first presidential debate - he came to the CBS News broadcast center to explain the politics of the situation to CBS News Anchor Katie Couric. What follows is a complete transcript of their interview.

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Katie Couric: Sen. McCain, why is it necessary for you to take this extraordinary step of suspending your campaign?

John McCain: 'Cause these are extraordinary times. The financial crisis is on the verge of a very, very serious, most serious crisis since the end of World War II. That's according to Mr. Bernanke, Secretary Paulson and others. Any expert. This is a most serious situation. And it could … not only be United States markets, but world markets as well.

Couric: In fact, you met with economists this morning, and a number of financial experts, and it seems to me they really shook you up.

McCain: All they did, really, was confirm what we're already hearing from people we most admire and respect in America. The most respected people. I don't, in fact, I don't know anyone that doesn't believe that … this crisis is of such enormous proportions that it has the possibility, I don't think it's gonna, 'cause I think we're gonna act, but could have the possibility of wrecking the economy in ways that we've never contemplated.

Couric: Do you and Sen. Obama agree to the changes that need to be made in this bailout package?

McCain: We certainly agree the some. We said - we have - we have some, not all. But, certainly some. We have some common ground, yes.

Couric: And what are your primary objections to the way it stands right now?

McCain: There are numerous ones. One is that there's not the transparency that I think is necessary. I think we need to have, clearly, oversight. People that we respect and admire from both parties. Like Mayor Bloomberg of New York … and Mitt Romney and others … to oversight this.

And I also think we need to seriously consider something along the lines of what we had during the Depression. To guarantee home loans. I think that's necessary. There are a number of other measures that I think need to be taken in order to convince the American people that a trillion dollars or $700 billion, depending on who you talk to, of their money, that's $10,000 per family in America.

Couric: I know that Sen. Obama initially called you this morning at 8:30 to talk about issuing a joint statement about this bailout. You decided to go a step further by suspending your campaign and asking that Friday debate be delayed. Political observers say whoever gets out front on this issue will benefit the most in November. Was this an effort to do that? And was this at all, Senator, politically motivated?

McCain: Well, I don't think, at this time, that we can worry much about politics, Katie. I think the American people expect more of us. And I would hope that we would respond that way. Senator Obama called this morning. We - I called him back. We discussed that we do agree, and I'd be glad … to join in a common press release or statement, but now is not the time for statements. Time is now to act. And … most experts …

Couric: Did you suggest suspending both of your campaigns?

McCain: Yes. Sure. Yeah. I said …

Couric: And what was his response?

McCain: Well, I'd - I, frankly, I think he … has to consider it. I don't know if he had considered it or not. But I did tell him that I thought we both ought to do that. On the subject of delaying the debates, we've got 41 days left in this campaign. We could move it up a few days. Because we know we have to act. Everybody that I, well, look, it's clear to me we have to act before the weekend. We have to show the markets, the world markets, that we're gonna address this issue seriously.

Couric: Sen. Obama said, when he spoke to the press earlier today, he said, "With regard to debates it's my belief is that this is exactly the time when the American people need to hear from the person who, in approximately 40 days, will be responsible for dealing with this mess."

McCain: Well, you know, it's funny because I asked Sen. Obama months ago to go to town - hold town hall meetings around the country. I said, "I'll fly," well, "I'll …co-provide the airplane." I asked him to go to town hall meetings every other day to … the cities around America, and he refused.

He refused to do that. Although I've repeated, and still request that he would do that. So it's interesting that, somehow, that he wouldn't engage in town hall meetings and discussions with … me with the American people. But, look … I hope that we can get this thing resolved tomorrow. We could … it resolved tomorrow. And I hope that we would do that in a bipartisan fashion. We have to for the American people.

Couric: How optimistic, though, are you, senator, that something will get hammered out?

McCain: I believe the options are so dire, and the consequences of failure to act, are that I believe we'll come to an agreement. And I believe we can do it quickly. And we must do it. This is not just gonna affect Wall Street. This will affect every family in America. This will have a ripple effect throughout our economy, particularly as far as jobs are concerned … that would be so harmful.

Couric: Since this is such a huge issue, Sen. McCain, what about changing the subject of Friday's debate, which was to have been focused on foreign policy, and switch it to the economy?

McCain: Well, I think they are connected. But … let's worry about that, if we decide to do the debates or not. Certainly energy independence is something that is there are a lot of commonality of the issues … that will be addressed … in the debates that … are ahead of us. And, look, I look forward to them. I've always enjoyed them.

Couric: Let me ask you about a new Washington Post poll. It shows Sen. Obama recapturing the lead in the race. And that more people trust him on handling the economy. What's your reaction to that? And why do you think that's the case?

McCain: Well, I'm the underdog. I've always been the - I've always been the underdog. And I enjoy being the underdog. And we're gonna campaign hard, and I think we're gonna be up late on election night. So, obviously, one of my response is we've seen other polls that have the have the race virtually tied. But, look, whenever I see a poll that isn't favorable to me [laughter] I say, "That's a terrible poll. And there's no reason to pay any attention to it." And then [unintelligible] "Oh, these pollsters are really smart people."

Couric: They are brilliant.

McCain: Yeah. [laughter]

Couric: In our new poll, speaking of polls, President Bush has a 16 percent approval rating when it comes to the economy. Does that make it more difficult for you because you are Republican, even though you're keeping that on the down low sometimes?

McCain: Oh yeah. Yes. Yeah.

Couric: Does it make it more difficult for you to really distinguish yourself on this issue?

McCain: Yes. Well, I think the purposes of campaigns are to present myself. I understand that the tactic of the opposition, I understand it is, is to try to tie me closely to President Bush. I understand that. And my job, as a campaigner, is to show my record where we've had differences on everything from the conduct of the Iraq War to climate change to spending. And really, the most important thing is give them a positive vision for the future of this country. And they're paying attention. And I'm glad of that.

McCain: Earlier today, senator, I spoke with your running mate, Sarah Palin, and she told me that if action is not taken a Great Depression is, quote, "The road that America may find itself on." Do you agree with that assessment?

McCain: I don't know … if it's exactly the Depression. But I know of no expert, including Mr. Bernanke, the head of the Federal Reserve, and our secretary of treasury, and the outside observers ... every respected economist … in this country is saying, "You better address this problem, and you better do it now, or the consequences, obviously, of inaction are of the utmost seriousness." So I agree … with Gov. Palin. There's so much at stake here. That's why I am confident that we'll sit down and work together on this thing.

Couric: But isn't so much of this, Sen. McCain, about consumer confidence?

McCain: Sure.

Couric: And using rhetoric like the "Great Depression," is that the kind of language Americans need to hear right now?

McCain: Well, listen, I've heard language from respected people: "oh, we're staring at the abyss." I've heard all kinds of things from people. I don't think we need to scare people. But I certainly think we need to tell them the truth. And tell them what's at stake here.

Couric: And everyone says, and I say, this is the greatest crisis since the end of World War II. You cannot … I mean, to tell it, American citizens that everything's fine, I think just would be, that would be outright deception. I think it's of the utmost … seriousness. And this is a crisis of enormous proportions. But we can fix it. And America's best days are still ahead of us.

Couric: Last week you claimed the fundamentals of the economy were strong … as you know. [Laughter] Now you're sending your campaign, your running mate and you, are using words like depression. Why the change in attitude?

McCain: Well, first of all, I said we're in a serious crisis. I was talking, obviously, about the workers of America. They're the most productive and the most innovative. They're the best. And they are the heart and soul of our economy.

And I believe that we can and we must have our better days ahead of us. But we've got to take decisions. And one of them is government spending, by the way. One of the major reasons why we're having difficulties is because we let spending get completely out of control. Earmark and pork-barrel projects. Sen. Obama asked for over $900 million in earmark … pork barrel projects. That's not part of the answer. That's part of the problem.

Couric: Well, you're running mate has asked for her fair share of pork barrel projects too.

McCain: And she's cut them out. And she has vetoed a half a billion dollars worth of earmark projects. And I'm very proud of her record of cutting spending and giving taxpayers' dollars back to them in the state of Alaska.

Couric: Finally, Sen. McCain, I'm curious, as far as talking to people out on the campaign trail, are they mad as hell about this bailout plan?

McCain: I think that people want to know where $700 billion, or a trillion dollars, is gonna go. And I think Americans are ready to act. But they have to be convinced that it's gonna be effective. And that we're not gonna turn around [in a] month or two or six months or a year and ask them … for another resolution to this problem.

I think the American people have every right to demand to know exactly what's going on. That's why I think transparency and accountability and a number of other steps have to be taken in order to make sure the American people know that their tax dollars are being used wisely.

[kopana]

People are really started to get the BUSH, MCSame and others and tax payer revolts are really going to start to happen. Bailing out teh fat cats and we cannot even pay for health care education for the middle class. Bush, MCSAME have represented the Rich, and Super Rich for too long....Power is in the numbers...Give the government back to the people

VOTE OBAMA 08

[tbuckl]

I want to vote to the person who will follow this GREAT American idea and concept and return my America to me and my fellow citizens forthwith..."We hold these truths to be sacred & undeniable; that all men are created equal & independent, that from that equal creation they derive rights inherent & inalienable, among which are the preservation of life, & liberty, & the pursuit of happiness; that to secure these ends, governments are instituted among men, deriving their just powers from the consent of the governed; that whenever any form of government shall become destructive of these ends, it is the right of the people to alter or to abolish it, & to institute new government, laying its foundation on such principles & organizing its powers in such form, as to them shall seem most likely to effect their safety & happiness." Thomas Jefferson

[simon9999-2009]

McBush/ Mooseburger 2008, because things could be worse if we try!

[rightvswrong]

OK Katie (and CBS News, and your Producer, and your Agent) -

You want the American public and Network News viewers to take YOU and your "interview" w Senator McCain seriously?

You need to apologize and express your regret for Mr. Letterman hijacking your internal CBS closed feed in order to make jokes about a presidential candidate.

Would Uncle Walter have allowed such an egregious abuse of Network News for such clearly partisan political humor?
Would Ed Murrow?
Would Dan "What''s the frequency kenneth?; "National Guard forgery" Rather have permitted his video to be used to abuse the image of a presidential candidate?

I DON''T THINK SO!

Whether you or your producers or CBS News management support John McCain or not -- the use of his video image for abusive comedy was unprofessional, partisan and plain wrong!

You and CBS News owe us an apology....

(But I doubt you will...Once again your Nielsen #s will continue to drop...and you just don''t get it!)

regretfully,

RIGHTfromtWrong
Redding, CT

[antoniof123]

This is what Sarrah was talking about ,, NOW IT GET IT !
Posted by XmanBorg at 12:03 PM : Sep 26, 2008

Sarrah doesn''t beleive the world is older than 6,000 years old she is a creationist.

NOW DO YOU GET IT SHE CAN''T HAVE IT BOTH WAYS.

[rjssc]

Sorry Katie,

Once I saw your unaired news feed on Letterman - used to insult McCain during your interview, I decided to look for my news elsewhere. I guess it''s time to get cable.

It was nice watching you, but I''m through!

[xmanborg]

Here is where Sarah Palin got her Foreign Policy Experience with Russia.

For several periods during the Pleitocene Ice Age, enormous glaciers froze much of the earth''''s water, lowering the sea level by 300 feet. The resulting drop in the oceans exposed an Alaska-Siberia"land bridge" between 40,000 and 13,000 years ago, creating a natural migration route for America''''s original inhabitants.

This is what Sarah Palin was talking about ,, NOW IT GET IT !

[xmanborg]

Here is where Sarah Palin got her Foreign Policy Experience with Russia.

For several periods during the Pleitocene Ice Age, enormous glaciers froze much of the earth''s water, lowering the sea level by 300 feet. The resulting drop in the oceans exposed an Alaska-Siberia"land bridge" between 40,000 and 13,000 years ago, creating a natural migration route for America''''s original inhabitants.

This is what Sarrah was talking about ,, NOW IT GET IT !

[xmanborg]

Here is where Sarah Palin got her Foreign Policy Experience with Russia.

For several periods during the Pleitocene Ice Age, enormous glaciers froze much of the earth''''s water, lowering the sea level by 300 feet. The resulting drop in the oceans exposed an Alaska-Siberia"land bridge" between 40,000 and 13,000 years ago, creating a natural migration route for America''''s original inhabitants.

This is what Sarrah was talking about ,, NOW IT GET IT !

[foxecon1]

So, Katie.
How did David Letterman find out about that video clip of you and McCain?
Is David psychic?
Or did you decide to become MSNBC in drag?

[maine11111]

This is what this country gets!! This country had this financial disaster coming!! All you rich people who supported not just the first Bush but both Bush''es. This country allowed Bush to cheat during the election and now the chickens are coming home to roost!! Dont cry now America!! Awww we want a new president. What is the new president gonna do? Huh? What? This country is so deep in debt that the next two presidents wont be able to get us out!!! The problem with this country is the people who really run this country (american citizens) or are supposed to run this country have no backbone and accepts whatever the government tells them. REVOLUTION PEOPLE!!! REVOLUTION!! If the american citizen woke up and realized how much power he or she has then this MODERN DAY SLAVERY WOULDNT TAKE PLACE!!! This man destroyed Iraq and then the american budget AND WASNT HELD ACCOUNTABLE FOR ANYTHING!!!!. We are still paying this man to ruin our country even more!!!!. George Bush should have been impeached for the war in Iraq!!!! This country did nothing!!!!. This country didnt want to go to war and because one man had a grudge against another (Saddam) thousands of people lost their lives and the U.S. lost billions because of that stupid war. THAT''S WHAT THIS COUNTRY GETS FOR LETTING A RUTHLESS DICTATOR, YES DICTATOR GEORGE W. BUSH RUN THIS COUNTRY INTO THE GROUND AND NOT HAVING THE BALLS TO IMPEACH HIM!!! I DARE ANYONE TO RESPOND IN DEFENSE OF GEORGE W. BUSH!!!!

[willubemyfrd-2009]

Hi,

I wanted to draw your attention to this important petition that I recently signed:

"Impeach Senator Barack Obama"
http://www.ipetitions.com/petition/obamaimpeachment?e ....

I really think this is an important cause, and I''d like to encourage you to add your signature, too. It''s free and takes less than a minute of your time.

Thanks!
-----------------------

http://www.ipetitions.com/petition/obamaimpeachment?e

[roccorich-2009]

Open your eyes and read


http://findarticles.com/p/articles/mi_qn4188/is_20050407/ai_n14590294
http://www.federalreserve.gov/boarddocs/testimony/2005/20050406/default.htm

[roccorich-2009]

Open your eyes and read


http://findarticles.com/p/articles/mi_qn4188/is_20050407/ai_n14590294
http://www.federalreserve.gov/boarddocs/testimony/2005/20050406/default.htm

[roccorich-2009]

Open your eye''s and read


http://findarticles.com/p/articles/mi_qn4188/is_20050407/ai_n14590294
http://www.federalreserve.gov/boarddocs/testimony/2005/20050406/default.htm

[dibs977]

Bomb, bomb, bomb,--- bomb, bomb Iran McCain and his pit bull in lipstick are not who I want for President.

[dibs977]

It is a cop-out to say that there is no difference between politicians---that they are all bad. Most law makers are hard working people. If we get the top bad Republicans out, then the good hard working ones will not be pressured to support bad decisions and we can get some team work going. We can solve our problems but it will take all of us working together. George Bush and his cronies must leave power so we can come together and save our economy, our democracy and our planet. If we don''t, I''m very afraid for all three. Vote Obama!

[dibs977]

I think Bush should be impeached too. I think it is unbelievable that way he has raped our country---for himself and his few rich buddies. But it is even more unbelievable that a large percentage of Americans still think that he and Palin are good people. Not only are they both unqualified but they both think they are so great---always treating others with disrespect. They are both stupid and evil.

[dibs977]

I do not believe that George Bush is a conservative. He just says he is to get the votes of conservatives. I think he is a capitalist--period---as he used to say so often in the beginning. He is all about money. He has no spirituality.

[dibs977]

Get over yourself. We are pro choice---not pro abortion. I do not believe in abortion and would never have one---but I have sense enough to know that criminalizing desperate girls and women is not the way to save babies. If we make it illegal, it will just create a black market and that creates some horrors like I never want to see again---as a nurse in an ER---which I have been. As long a 1 in 3 girls is still being sexually molested as a child, we will have girls and woman "acting out" and this usually includes unprotected ***. Locking these girls up is not the answer. Yes, we need trees too---because without them, we will all be destroyed with global warming.