INDEPENDENCE, MO., Oct. 1, 2008
McCain: Revamped Bailout Bill Is Better
GOP Nominee Says Rescue Bill Isn't Perfect But Must Be Passed To Avoid Financial Disaster
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Republican presidential candidate Sen. John McCain leaves a meeting on Capitol hill in Washington, Thursday, Sept. 25, 2008. Later McCain will meet at the White House with President Bush, other leading lawmakers and presidential nominee Barack Obama on the financial crisis. (AP Photo/Susan Walsh)
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Play CBS Video Video Senate Jumps To Action The Senate announced it will put an economic rescue bill to a vote, helping Wall Street regain some losses, Bob Orr reports.
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Timeline Financial Meltdown Track major events that lead to one of the most tumultuous times in Wall Street's history.
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Photo Essay John McCain Some call him a hero, some a maverick. Will Americans call him Mr. President?
In an economic speech Wednesday at the Truman Library and Museum, McCain said the original proposal that failed in the House was flawed because it did not contain taxpayer protections, limitations on executive compensation and sufficient protections for people's bank accounts.
"I am pleased that these are being added to improve the original bill," he said.
In fact, the bill that failed did contain limits on executive compensation and provisions for taxpayers to recoup some or all of the bill's aid, as both McCain and his Democratic opponent Barack Obama had advocated. The new version contains increased protection for individual bank accounts, again advocated by both presidential candidates. The new bill also adds tax cuts that neither candidate had linked to the rescue.
If the revised version, up for a vote in the Senate later Wednesday, were to fail, students won't be able to get college loans and families will have trouble buying new homes, he said. Car sales will take a hit and businesses will have difficulty paying employees and securing credit for operations, he said.
"If we fail to act, the gears of our economy will grind to a halt," McCain said.
McCain planned to return to Washington to vote on the bill, which adds substantial tax cuts meant to appeal to Republicans when it reaches the House. The modest changes include an increase in Federal Deposit Insurance Corp. protection for bank accounts from $100,000 to $250,000, as advocated Tuesday by both McCain and Obama.
McCain, whose campaign initially blamed Obama for contributing to the failure of the House bill, avoided attacking, or even mentioning, Obama in the speech at the library where former Democratic president Harry Truman is buried and his papers are kept.
Instead he stuck largely to promoting the broader points of his economic plan, which include a mix of tax cuts, free trade expansion and a one-year spending freeze everywhere except defense.
He also promised that a McCain administration would "apply new rules to Wall Street, to end the frenzies of speculation by people gaming the system, and to make sure that this present crisis is never repeated."
McCain also paid tribute to Truman. After giving his remarks, McCain went off by himself and silently visited the grave of Truman and his wife, Bess, in the library's courtyard.
In his remarks, McCain had noted that Truman "knew how suddenly a crisis could come about," and surmised the former president would not be surprised by today's financial meltdown.
"The costs of unbridled greed on Wall Street, the foolishness of politicians who fed the problem, and the recklessness of politicians who failed to meet the crisis all of these would have a familiar feel to the man from Independence," McCain said.
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When the House turned down the Bail out -the next day the Dollar STRENGTHENED (was worth more) and the price of a barrel of oil DROPPED by over $10.
For ME that''s great - but I haven''t been playing the stock casino for a while. Without the bailout my SAVINGS would BUY MORE and the COST of things like gasoline would follow oil and be CHEAPER.
On the other hand with the Senate vote OIL IS UP and the dollar seems to go DOWN - leaving my SAVINGS WORTH LESS and trending to WORTHLESS.
Seems to me the More CONSERVATIVE investors would be BETTER off if that bail out didn''t happen and the PONZI BELIEVERS would only be BUYING TIME and making matters worse if it does.
Of course if you''re REALLY INTO mortgaging our KIDS and GRANDKIDS FUTURE on BETS on a GRAND ROULETTE WHEEL...
Posted by armydog2 at 11:23 AM : Oct 02, 2008
This is why the GOP will suffer the losses in both houses and in the Presidents office they have made a mess and wanted one last October suprise for us.
Thank you Republicans but come next year you will have to moderate or in 2010 we will moderate you the rest of the way.
Do something about it before it''s too late! Email your Senator and Congressman and DEMAND they vote NO to Bush''s $700 Billion Bailout to Wall Street Firms! We taxpayers already paid Billions in bailouts for AIG, Bear Stearns and others firms and the market is still whole. Now Politicians come on TV saying the same rehearsed talking points to SELL this fraud to Mainstreet but if it''s so DIRE than WHY are leaders adding Billions in wasteful Pork to the Bill?!
Big business and the Washington elite are trying to scare the taxpayers into going along with this rip off!
Unfortunately, the greedy, corrupted, criminal and blood sucking financial SOBs will get bailed out. And note that we do not get any guaranteed return on our money. We need Warren Buffet not Hank Paulson former CEO of Goldman Sachs in charge of the bill! Well the bill will pass, why? Just note yesterdays 777 drop in the Dow and the 5 percent drops in the NASDAQ and S&P 500. Be sure that this was created by the same people with their hands out. They are telling us give us what we want or we will wipe out your pension plans, 401-Ks and IRAs. They are scaring the Congress and the Senate into action! Note that no one in DC has the guts to go against them! BTW - notice all the business men and Senators and Congress now coming forward saying they are now getting many more calls in favor the bailout then against. Bunch of BS..!
Contact banking Comm. Charman Chris Dodd and your Senators and let them know what you think!
Here are links........
http://banking.senate.gov
/public/index.cfmFuseAction=Contact.Form
www.senate.gov
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