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. Ian M

    "For the change we need"

    Uh isn't that Obama's slogan?

    September 15, 2008 10:26 am at 10:26 am |
  2. Tony

    McCain vows, McCain promises, McCain pledges, etc.etc.etc.

    Sound familiar, just like BUSH!

    WAKE THE HELL UP PEOPLE!

    September 15, 2008 10:26 am at 10:26 am |
  3. Amy

    I may have believed McCain's claims if they were made back in 2000, but the McCain of 2008's words and actions don't back that up. In 2000 I thought he was trustworthy. In 2008 I can't trust him further than I can throw him. He's running an honorable campaign...my rear!

    September 15, 2008 10:27 am at 10:27 am |
  4. Independent Voter to Democratic Voter

    Is McSame serious??? If he was able to "reform" Washington he would have done it a long time ago. I am not trusting anyone who clearly stated just months ago that he didn't know anything about the economy. NO WAY, NO HOW, NO MCSAME/PALIN!!!!!

    September 15, 2008 10:27 am at 10:27 am |
  5. nerakami

    McSame needs to reform his own campaign.... from dishonorable to even a trickling of integrity... perhaps?

    I have no respect for John McSame. A man who lies to become President, undoubtedly will continue to lie and deceive the American people as President.

    George Bush taught us that....

    September 15, 2008 10:27 am at 10:27 am |
  6. JK Ashburn, VA

    Wall Street is only part of the problem. Its the crooks in Congress who let Fannie and Freddy get away with murder all these years that is the bigger problem. Members of Congress need to go to jail. We the taxpayers will be paying to clean up that mess for generations to come. Where's the outrage?

    September 15, 2008 10:27 am at 10:27 am |
  7. David from Ohio

    I would love to find out how senator McCain is going to fix this problem. I just am not sure that this subprimed loan business will be fixed if he is going along with Bush's policy.

    Senator Obama also needs to address how the banking business needs to be regulated, especially now lots of investment banks are absorbed by bnaks (ie, Merrill is bought by BOA and Bear is bought by JP).

    I don't want to see my 401k to diminish to 0. Please do something whoever the next president is.

    NO Bush policy for sure 08

    September 15, 2008 10:27 am at 10:27 am |
  8. Stud

    The only thing McSame and Palin has "proven" is the fact that they will say one thing but their records reflect another. Just like the past 8 years.

    September 15, 2008 10:28 am at 10:28 am |
  9. Anonymous

    So is McCain for regulation or against it?

    In his response this morning, he said regulation cause the recent failures. Now, a few hours later, he wants tougher regulations?

    September 15, 2008 10:28 am at 10:28 am |
  10. JC

    I am dumbfounded at the McCain campaign's ability to say he is an agent of change and a "maverick" when he hasn't done a thing to change the way Washington's done business in more than 20 years in the Senate.

    September 15, 2008 10:28 am at 10:28 am |
  11. Keith COrnelius

    Where has the DEMOCRATIC CONTROLLED CONGRESS been the last two years they were in control. They sat back and watched and were more concerned with Obama's presidential campaign and then go on a 5 week vacation in august for the last 2 years....

    September 15, 2008 10:29 am at 10:29 am |
  12. ChicagoJosh

    McCain doesn't know a thing about Wall Street. He's just trying to add some tough words to get in on the same media cycle. He's so clueless about what is happening to anything in this country. When it comes to world finances, I'd trust Cindy over John any day.

    September 15, 2008 10:29 am at 10:29 am |
  13. Ken in Dallas

    McCain's not to be trusted, he himself is a fraud. How can we even entertain the idea that he could be the man to reform a fraud-ridden banking system?

    Ludicrous.

    September 15, 2008 10:29 am at 10:29 am |
  14. Boye

    You know what, John McCain has inspired me. I too would reform Wall Street because it seems like just anyone can do it (even someone who lacks the understanding of the ECONOMY). Please, spare us the BS.

    September 15, 2008 10:29 am at 10:29 am |
  15. TESAP:SAVANNAH, GA

    HOW........... when he stated he does not know alot about economics or the economy... when his financial advisers stated that we "Americans" are whiners... stated that we are in a mental recession.....

    REALLY SENATOR... YOU CAN FIX A PROBLEM YOU DON'T THINK WE HAVE????

    THAT'S A-MAA-ZING

    POST THIS CNN................

    September 15, 2008 10:29 am at 10:29 am |
  16. mike

    how in the hell is mccain going to reform wallstreet? will people believe anything politicians say?

    September 15, 2008 10:29 am at 10:29 am |
  17. David

    The idea of McCain and Palin fixing Wall Street is ludicrous at best. I don't think either of them even understand how the capital markets function, and they are so tied up with special interests there's no way they will make any tough decisions. If America wants to fix this, Obama is the only chance.

    September 15, 2008 10:29 am at 10:29 am |
  18. Leon, Atlanta GA

    That's a joke.

    Reform Wall-Street?

    Coming from a guy who has a bunch of lobbyists in his campaign staff?

    You've got to be kidding me.

    Wake up and see the light, people!
    See through the lies.
    My 401k has tanked today.
    Lehman Bros CEO walked away with 40Million
    Customers/TaxPayers/Investors/Employees left holding the you know what.

    Unbelievable.

    BO/JB 08

    September 15, 2008 10:29 am at 10:29 am |
  19. elizabeth

    Anyone who believes McBush/Palin needs to have their head examined.

    September 15, 2008 10:29 am at 10:29 am |
  20. Tony

    JOHN MCCAIN USE TO BE AN HONORABLE MAN, A RESPECTED MAN, AND A MORAL MAN.

    HE HAS SOLD OUT COMPLETELY ALL TO WIN THIS ELECTION. HOW SAD FOR HIM AND WHAT A DISCGRACE TO HIS COUNTRY.

    MCCAIN AND PALIN HAVE MADE "COUNTRY FIRST" NO MORE THAN A CAMPAGN SLOGAN.

    September 15, 2008 10:29 am at 10:29 am |
  21. Debby

    Hey Burton where have you been he has vetoed every earmark and that goes for your golden boy's billion dollar one.

    September 15, 2008 10:30 am at 10:30 am |
  22. Todd in SC

    Come on people WAKE UP! Half the reason the regulations on Wall Street and the mortgage industry are so watered down is BECAUSE of John McCain and his buddy Sen. Phil Gramm , who wrote the law refered to as the Enron loophole. CNN you need to start doing your job as a news organization and give the WHOLE story, not just the part that looks good and shiny or comes from the camaign.

    September 15, 2008 10:30 am at 10:30 am |
  23. Chris

    McCain/Palin love to mention the word "reform" but they haven't outlined any policies that will do that. I wish he would just go away.... If Obama is half as tired of this man as I am then I can see why he seems a bit frustrated.

    September 15, 2008 10:30 am at 10:30 am |
  24. Christine

    Where is Obama ad??????

    September 15, 2008 10:30 am at 10:30 am |
  25. Jerry

    EDIT:

    “We will probably let this happen again. We will fail to clean up OUR mess. We won't reform OUR government," he said. "This is OUR failure.”

    Sorry John, you guys have had your chance and you've blown it. BIG TIME.

    Move on.

    September 15, 2008 10:30 am at 10:30 am |
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