Watch CBSN Live

McCain: "Greed of Wall Street" To Blame For Economic Meltdown

From CBS News' John Bentley:

(TAMPA, FLA.) – After being mocked by the Obama campaign yesterday for saying "the fundamentals of our economy are strong", John McCain spent most of his rally here today blaming the greed of Wall Street and the lack of federal oversight for the current financial meltdown.

"This foundation of our economy, the American worker, is strong but it has been put at risk by the greed and mismanagement of Wall Street and Washington," McCain said.

"Government has a clear responsibility to act in defense of the public interests, and that is exactly what I intend to do. We are going to make sure that American's accounts are protected."

McCain said he planned to make financial workings of Wall Street more transparent and accessible, and also promised to crack down on CEOs who walked away with huge severance packages.

"Under my reforms, the American people will be protected by comprehensive regulations that will apply the rules and enforce them to the full," McCain said.

"When any Wall Street operator abuses the trust of the public, then they will face the consequences, and they will have a fight on their hands with the President of the United States."

Earlier today, McCain called for a 9/11-style commission to investigate the crisis. Obama responded that a commission was a way for McCain to duck actual presidential leadership.

"Sen. McCain offered up the oldest Washington stunt in the book – you pass the buck to a commission to study the problem," Obama said.

"But here's the thing – this isn't 9/11. We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it, John McCain won't, and that's the choice for the American people in this election."

View CBS News In
CBS News App Open
Chrome Safari Continue