McCain: I was misled on financial bailout

[sabra]

Source: The Arizona Republic

Under growing pressure from conservatives and "tea party" activists, Sen. John McCain of Arizona is having to defend his record of supporting the government's massive bailout of the financial system.

In response to criticism from opponents seeking to defeat him in the Aug. 24 Republican primary, the four-term senator says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.

"Obviously, that didn't happen," McCain said in a meeting Thursday with The Republic's Editorial Board, recounting his decision-making during the critical initial days of the fiscal crisis. "They decided to stabilize the Wall Street institutions, bail out (insurance giant) AIG, bail out Chrysler, bail out General Motors. . . . What they figured was that if they stabilized Wall Street - I guess it was trickle-down economics - that therefore Main Street would be fine."

...

In his new book "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System," Paulson belittles McCain's contribution to the response, noting that "when it came right down to it, (McCain) had little to say in the forum he himself had called." He also called McCain's decision to return to Washington, apparently without a plan, "impulsive and risky" and even "dangerous."

McCain said Bush called him in off the campaign trail, saying a worldwide economic catastrophe was imminent and that he needed his help. "I don't know of any American, when the president of the United States calls you and tells you something like that, who wouldn't respond," McCain said. "And I came back and tried to sit down and work with Republicans and say, 'What can we do?' "

Read more: http://www.azcentral.com/12news/news/articles/2010/02/22/20100222mccain-tarp0222-CP.html

[no_hypocrisy]

1. Let me be the first to say it:

:rofl:
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[JaneQPublic]

23. No doubt McCain was also "misled" by that e-mail from the Nigerian princess (nt)

:rofl"

[ixion]

2. Politicians and "Pundits": two of the most easily "misled" groups in existence

In short: At the helm of civilization are a bunch of weak-minded, mediocre morons who can't tell their a** from a hole in the ground.

[Enrique]

3. was that when he suspended his campaign for 45 minutes? n/t

[Name removed]

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[Name removed]

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[muffin1]

16. Thank you!

:thumbsup:

[livetohike]

5. He doesn't even understand anything about the economy, Mr.

"the fundamentals of the economy are good". One would think that being in D.C. as a Senator so long, he could make an effort to understand issues. Such a joke that Bush called on him for help.

[BeFree]

6. See? Not even McCain can work with republicans

McCain said. "And I came back and tried to sit down and work with Republicans and say, 'What can we do?' "

And what did they do? Nothing. Nothing but screw us over.

They are Tiger Wood Republicans; screw everything they can while disregarding their family - the American public.

[L0oniX]

13. Tiger Wood Republicans ....LMFAO

[wtmusic]

7. Bullet dodged. nt

[KansDem]

9. So McCain was "misled" on the bailout; he was "misled" on "his" pick for veep in 2008...

What makes anyone think someone who is so easily "misled" can be POTUS?

[HeresyLives]

10. Well until they figure out what's causing it,

they won't be able to fix it; and it certainly isn't some local 'housing meltdown'.

They are still mistaking symptoms for root causes.

[valerief]

11. These pols sure are gullible and have poor memories and use bad judgment a lot.

Now what good are they? Oh, yeah, they keep us quiet while they shovel money to the wealthy.

[doc03]

14. According to Hank Paulson's book when McCain suspended

his campaign to save the nation and called for a meeting on the problem when Paulson asked McCain about his solution he was speechless and Cheney even chuckled at McCain's lack of input. Then basically Obama took charge of the meeting.

[old mark]

15. So McCain was misled about Palin, was misled about the bailout,

seems to have abandoned "Country First", and is obviously no longer a "Maverick" but a GOP party line wimp, begging for another chance.

And he could have been president......


mark

[ThomCat]

21. If he was president, he would be doing whatever advisors

told him to do. He would have been another Reagan, reading a script and pretending they were his own words.

The republican party would have backed him up on the charade too, and insisted that he was a brilliant economic tactician. :eyes:

[global1]

17. What A Crock......nt

[MidwestTransplant]

18. What a tool. That guy is pathetic.

[CBR]

19. One thing is certain, McCain is a damn fool. nt

[lpbk2713]

20. Kinda makes you look pretty inept, doesn't it Mac?

But then we have gotten used to your inept decisions.



The most prominent example being ...

[cbdo2007]

22. What's funny is that if he had come out AGAINST the bailout he probably would have won.

[Dappleganger]

40. I think so too.

And if Obama had come out against the bailout he'd have won by even more votes.

[blondeatlast]

24. Are mavericks so easily misled? Yeah, I didn't think so either... nt

[gratuitous]

25. "Misled" sounds so much better

Than saying "I got played like a fucking Stradivarius." So, all better now, Tea-baggers and CPACers?

[TwilightGardener]

26. Oh, man. This is pathetic, even for Johnny Mac.

[Orsino]

27. But you're still wealthy, Senator...think we should trust you to manage our money? n/t

[Vinca]

28. He probably just forgot what was said.

That's what happens when senility starts to kick in.

[LynneSin]

29. So why did the idiot stop the campaign in order to focus on it?

Oh publicity stunt?

[yurbud]

30. a great headline: McCAIN ADMITS TRICKLE DOWN DOESN'T WORK

[KonaKane]

31. But Congressional Democrats COULDNT have been misled on Iraq, right?

Deja, meet vu.

[Mike 03]

32. John McCain is a bald-faced liar.

He was in direct communication with Paulson, and his liaison, Lindsey Graham, throughout that process.

Worse for McCain, he called a meeting where the bail out was discussed, and he had NOTHING to contribute. He stormed out of the room in humiliation.

[spanone]

33. mccain was once a hero...now he's just another lying, slimy politician...anything to get your vote

[Mike 03]

34. Kick and Rec. McCain has been totally discredited now. People need to

understand what a complete phony this guy is.

[blondeatlast]

37. Only problem for us Zonies is that Hayworth is his opposition.

Since Napolitano is occupied, we haven't got any reasonably strong contender for Senate.

[Mike 03]

39. I know, this is frightening. I think Hayworth is easier to defeat than McCain, and I

am praying some Dem contender comes along.

[bridgit]

35. Oh FFS, poor Sydney, he's always in some Keating 5 flummox or other matters not which side...

He just doesn't get it. Hayworth is going to roll his old ass unless McCain becomes more stable than that

[11 Bravo]

36. Grandpa went on to say, "I'm an old man, and they tricked me! Those young whippersnappers ...

shouldn't oughta fool a senior citizen!

[fascisthunter]

38. funny... he usually does the misleading

what makes any one think he isn't doing just that now?

[Rambis]

41. flibaldeefloo

[donheld]

42. .

[DaveinJapan]

43. More than 55 MILLION Americans voted for this guy...

that's the part that really stuns me

[BR_Parkway]

44. Better headline - "McCain admits that "trickle down" is a failed policy

and doesn't work as promised"

[surrealAmerican]

46. That's what's so ground-breaking about what he's said here:

if trickle-down doesn't work, you will not solve problems with more tax cuts for the wealthy. I'm guessing he didn't think through the implications of what he just said. It's not surprising; he's not exactly an intellectual heavyweight.

[reflection]

45. McCain himself noted

that he had little or no economic knowledge during the 2008 campaign. Which made his selection of Palin as his running mate even more amazing, as she exhibited zero understanding of *anything*, including financial systems. As disappointing as Obama has been to date, I shudder to think of the shape we would be in had McCain been elected. In any event, "I was misled" is a sorry excuse from anyone who seeks to hold the highest office in this country.