September 15th, 2008
10:20 AM ET
6 years ago

McCain vows to reform Wall Street

McCain is vowing to reform Wall Street in a new ad.
McCain is vowing to reform Wall Street in a new ad.

(CNN) - Amid the news of major bank failures on Wall Street, John McCain is pledging to reform the nation's financial system in a new ad released Monday morning.

"Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it," the ad's narrator states. "Tougher rules on Wall Street to protect your life savings. No special interest giveaways. Lower taxes to create new jobs. Offshore drilling to reduce gas prices."

McCain pressed the message at a campaign event in Jacksonville, Florida Monday morning.

“We will never let this happen again. We will clean up Wall Street. We will reform government," he said. "This is a failure.”

Responding to the ad, Obama campaign spokesman Bill Burton said McCain's pledges do not match his record in the Senate.

“John McCain has been in Washington for twenty-six years and hasn’t lifted a finger to reform the regulations that could’ve prevented this crisis," Burton said. In fact, his campaign is run by some of the very same lobbyists who fought against these regulations and worked to put special interest giveaways in our federal budget."


Filed under: John McCain
soundoff (410 Responses)
  1. independant

    NOW he vows reform. Where was he when these firms were investing in all of the sub-prime loans? Did he really think it would all just work itself out. I think in his quest for "small government" he ggave us "small minded government" going from oversight in the boardroom to oversight in the bedroom. (Marrige is NOT a social institution; its a legal institution. A man and a woman; two men; two women; its a legal arrangement – nothing more. leave it alone and protect the citizens of this country. The marriage issue protects no one!)

    September 15, 2008 11:38 am at 11:38 am |
  2. Anita from Arizona

    Two years of a Democratic majority in Congress is not the cause of the SubPrime mess. Ask your Republican president and Congress six years ago who started this mess. Who changed the laws to trust the banks to be honest with their lending practices? Who changed the tranparency?

    September 15, 2008 11:38 am at 11:38 am |
  3. rbt

    The McCain economic platform was written by Phil Gramm. Phil Gramm is the man responsible for the deregulation of both energy and banking that gave us huge price increases for oil and the subprime mortgage crisis that precipitated this banking meltdown. Not pointing this out by the MSM is journalist negligence!

    September 15, 2008 11:38 am at 11:38 am |
  4. true blue

    mccain, you and the republicans are responsible for this mess. there's no way your executive experience (=working briefly for your father-in-law) can fix this.... you know you're clueless.. you can lie as much as you want but the truth remains...

    September 15, 2008 11:38 am at 11:38 am |
  5. John Hussein OBAMA

    It's ok that McCain thinks the economy is fundamentally strong. after all, he's only a POW so what does he know? and exactly how will he fix Wall Street? This would fly if he had chosen Romney for VP, but with a Gov. from Alaska who has left her state in debt, the GOP ticket is extremely weak.

    GOBAMA!

    September 15, 2008 11:40 am at 11:40 am |
  6. ProudDemocrat

    Palin lies checked by factcheck.org

    Palin claims Alaska "produces nearly 20 percent of the U.S. domestic supply of energy." That's not true.

    Alaska did produce 14 percent of all the oil from U.S. wells last year, but that's a far cry from all the "energy" produced in the U.S.

    Alaska's share of domestic energy production was 3.5 percent, according to the official figures kept by the U.S. Energy Information Administration.

    And if by "supply" Palin meant all the energy consumed in the U.S., and not just produced here, then Alaska's production accounted for only 2.4 percent.

    September 15, 2008 11:42 am at 11:42 am |
  7. Tammy in Boise

    Fired up and ready to go for the next President of the United States Barack Obama!

    September 15, 2008 11:42 am at 11:42 am |
  8. JSAM

    The whole government can take some responsibility for this along with the FED which has been giving away money to these banks at below market rates. But the bottom line is that the market punishes people for bad investments and they have to be purged from the system. The longer we prop them up the longer the pain will last.

    September 15, 2008 11:42 am at 11:42 am |
  9. O

    These crises were under the Republican watch. How can anyone consider voting for more of the same.

    September 15, 2008 11:43 am at 11:43 am |
  10. Farrell, Houston, Tx

    McCain is part of financial corruption, he and his son. Silver Bank was taken over by the FEDs while McCain's son was CEO and taxpayers will foot that bill. Investigate John McCain in his holdings now.

    September 15, 2008 11:43 am at 11:43 am |
  11. banderson

    People always seem to do things that are against their own self interest. If Americans are dumb enough to vote for McCain and Palin whether for race based or sex based issues then they deserve anything and everything they get.

    September 15, 2008 11:45 am at 11:45 am |
  12. A CANUCK

    McCain's going to reform Wall St.?????? He can't even choose a decent VP !!!!!!!!!!!

    September 15, 2008 11:45 am at 11:45 am |
  13. Franky

    "Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it,"

    Well, tell Senator McCain to first, fix his party...TRUST ME!! And second, as for Palin...what is she gonna fix, huh? Her daughter's bad decision?? You guys are just idiots!!!

    I swear GOP, I don't know what your goals are...except for winning.

    September 15, 2008 11:46 am at 11:46 am |
  14. McCain 2 Face

    The word REFORM means nothing.

    We need a PLAN.

    Vote for the black guy, he's got a plan!

    September 15, 2008 11:46 am at 11:46 am |
  15. The Voice of Common Sense (Independent Voter - Charlotte, NC)

    "Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it...."

    Boys and Girls, today's word is...WHATEVER!!! When you hear John McCain say he can fix Wall Street and our Economy, you say...***WHATEVER***, real loud!!! Ok? Everybody, now, let's practice...***WHATEVER*** JOHN MCSAME!

    Baldwin/Castle 08!

    September 15, 2008 11:46 am at 11:46 am |
  16. Kate in NC

    Include his whole statement. He said the fundamentals of the economy are sound!!! He is an old man and he doesn't understand the average American or economics.

    September 15, 2008 11:47 am at 11:47 am |
  17. The truth hurts

    I think Mccain is on the defense now because Obama have turned it around with offense. Obama is talking about issues and attacking on issues not personal attacks!! Mccain/Palin got a lot of explaining to do about their lies and Palin clock is ticking regarding other things coming out on her!!

    September 15, 2008 11:47 am at 11:47 am |
  18. Republicans Hate America

    Warren Buffet (The Richest Man In The World) supports Barak Obama to turn the economy around and thats him knowing he will get taxed big time since he makes over 250K a year. He thinks McCain is a fumbling idiot who does not know how many houses he owns.

    September 15, 2008 11:48 am at 11:48 am |
  19. McDrain/Failin

    Liars! Fabricators! Prevaricators!

    September 15, 2008 11:48 am at 11:48 am |
  20. shawnee, ks

    With McCain's vast knowledge of economics and all things cyber how can we fail? Uh, nevermind I'm drunk.

    September 15, 2008 11:48 am at 11:48 am |
  21. Jeff Brown

    Hey Grandpa Munster... You are full of crap with your "America First" motto. YOUR America is Wall Street, big pharma, insurance giants, the petrol industry, the defense industry, etc. MY America is suffering and the stooge who is President made it that way. YOU are too much like him to do anything positive for our country. Go away and take your lemmings with you!

    September 15, 2008 11:49 am at 11:49 am |
  22. Tony

    DON'T DRINK THE REPUBLICAN KOOL-AID PEOPLE!

    IT IS POISONED!

    September 15, 2008 11:50 am at 11:50 am |
  23. McCant

    "Proven reformers?!!!!!!!!!!!!!"

    You mean like the time you reformed about 800+ more jobs right out of Ohio?! Thanks but no thanks McCain.

    McCain/Palin, the job-killer, dollar-droppers.

    September 15, 2008 11:50 am at 11:50 am |
  24. marlies

    McCain ... seems to always be a step ahead of everything those days. what's up democrats? start waking up!!!!!!

    September 15, 2008 11:50 am at 11:50 am |
  25. Republicans Hate America

    Keith COrnelius - They have been trying to fix the mess that the republican controlled congress has done for the prior 14 years and fighting their filibusters and president Bushes veto streak. Seriously we are so tired of you inbreeding rednecks not remembering past your dating your sister last night.

    September 15, 2008 11:50 am at 11:50 am |
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