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McCain Goes Off The Rails On 60 Minutes

From the DNC’s CBS News agit-prop program, 60 Minutes:


McCain strikes bipartisan notes in 60 Minutes interview

September 21 2008

(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

This of course is the problem with McCain. His bizarre attempts at being “bi-partisan.

Which means he apes the Democrats shibboleths of the moment.

CBS gave their write-up on this interview the headline: “McCain Blames Recession On Wall St.”

Isn’t that just tailor made for the DNC?

Never mind that Wall Street “greed” did not cause all or even most of our current financial problems.

And never mind that we are not in a recession. (Though talk like this will help put us in one.)

And lastly, ignore the fact that (the inept and/or criminal) Andrew Cuomo is perhaps the last person who should be heading the SEC, after only Mr. Obama’s top economic advisors Raines and Johnson.

Sheesh, what a disaster.

[Crossed posted from our sister site GetDrunkAndVote4McCain.]

This article was posted by Steve on Monday, September 22nd, 2008. Comments are currently closed.

6 Responses to “McCain Goes Off The Rails On 60 Minutes”

  1. Media_man says:

    McCain harping on Wall Street greed is the very picture of stupidity. Fan/Fred were gov’t creations, CRA was a gov’t creation, all of this was the result of Gov’t intervention in the free markets.

    If McCain wins, it may well be a pyrrhic victory for the GOP.

    At this point, it might be better if the Dems win and REALLY screw things up. Give the GOP a chance to re-brand, give the people a first hand view of what the Dems really stand for (nothing at all, other than their own political power), and then make the changes needed to fix Social Security, Medicare, Public Employee Pensions and Benefits, Medicaid, etc. Privatize the whole mess. Get gov’t out of everything except defense & building roads.

    McCain winning will only drag things out longer & these half fixes will simply prolong the agony.

    Give the Dems the ball already.

  2. Reality Bytes says:

    Look! If we can put up with 8 years of mangling the conservative message, we can sure as Hell endure another 4 so long as (1) we get to kill more bad guys, (2) tear down earmarking practises in Congress, (3) kill more bad guys and don’t forget to kill more bad guys.

  3. Exeter says:

    “At this point, it might be better if the Dems win and REALLY screw things up. Give the GOP a chance to re-brand, give the people a first hand view of what the Dems really stand for”

    You’re right of course, MM – and with Palin at the top of the ticket in 2012, I think the Republicans would win in a landslide that might surpass Reagan’s victory in 1984. But I can’t embrace your strategy, because I’m convinced the following events WILL happen in 4 years under an Obama Administration:

    1 – al-Qaeda will strike the US at least once, on a 9/11 scale;
    2 – the gov’t of Iraq will fall and be seized by extremists;
    3 – Iran will obtain and use a nuclear device, either against Israel or us;
    4 – Russia will renew their interests in the Western Hemisphere, via Venezuela;
    5 – America’s few remaining allies will abandon us;
    6 – America’s military will be so underfunded as to be made feckless;
    7 – America’s economy will be so damaged, it will take President Palin at least 4 years to fix it;

    These are just off the top of my head. So, you’re right that an Obama Administration would strengthen the Republican Party immeasurably – but we might not have an America to fight for in 4 years. THAT would be a Pyrrhic victory, my friend.

  4. Media_man says:

    I take it back – McCain needs to win, if for no other reason than security. We might be living in cardboard boxes though. I’m too old to join the military, but they might be the only place hiring before very long.

  5. Colonel1961 says:

    I think he was (is) boxed in. If he said there was no recession, then he looks like an out of touch rich white guy. If he says there is a recession, then he looks like an out of touch with reality moron – of course, that may play well with independent voters. I’m just sayin’…

    The proper response was (is): ‘We are not in a recession, by any economic definition. Period. We are, however, in tough times. But, America is a great nation and our workers are the best and brightest, and we can overcome any and all obstacles, financial or otherwise. We have done so in the past and we will continue to do so in the future.’

  6. Phil Byler says:

    Relax; you are all over-reacting. McCain continues to support deregulation while saying we need to stop the current bleeding. McCain has to sound concerned about the current economic situation, or else he will be portrayed as out of touch with the common guy. We need the votes of Reagan Democrats to win this year. The reference to Andrew Cuomo is to a New York Democrat; that’s about quietly encouraging the New York Democrats (remember Bill and Hillary Clinton?) to ramp down how much campaigning they actually do for Barack Obama.

    Keep in mind that whatever your concerns about McCain, he is a patriot who knows his stuff on military matters, foreign policy and national security and that Obama is an anti-military socialist who would be a complete disaster at a time we do face a dangerous time in world history. There is a dangerous combination in the making of radical Islamic jihadism and a resurgent KGB Russia aligning itself with terrorist sponsoring states in Iran and Syria and a socialist Venezuela.


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