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. Copy Cat

    McCain is just trying to steal Obama's message of change. McCain was losing, so he had to change his campaign message from experience to reform (which is code word for change). McCain is just acting like the samed old Republicans by running a negative campaign and trying to steal Obama's message. McCain is no longer a maverick, but just acting like the same old Washington Politician who will say and do anything to win.

    September 15, 2008 10:49 am at 10:49 am |
  2. Rudy NYC

    Is he calling for a Surge?

    September 15, 2008 10:49 am at 10:49 am |
  3. Anonymous

    Americans, it's one thing to be cool about something, and another to be right about something- MClin and Palin might be cool, are they right about what is happening right now to our economy- look at what is happening to our banks. We are loosing almost everything that our fore fathers have built. We lost our health care, our education, our homes, are we about to loose our finances completely- the purpose of our hard work and retirement- I rather have money to pay higher taxes than to have none at all.

    September 15, 2008 10:49 am at 10:49 am |
  4. Pick Me! Pick Me!

    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….
    ________________________________________

    Hmmmm..... could it possibly be the same place as the REPUBLICAN CONTROLLED CONGRESS was the prior SIX YEARS?

    How quickly one forgets just how long the Republican Party was in control of both houses. McCain's party held the reigns for six years and during those six years what was accomplished? What makes anyone think that things would change? Nothing changed four years ago for the second Bush dance when McCain was one of the powers that be, why would it change now?

    September 15, 2008 10:49 am at 10:49 am |
  5. champ

    Americans, it's one thing to be cool about something, and another to be right about something- MClin and Palin might be cool, are they right about what is happening right now to our economy- look at what is happening to our banks. We are loosing almost everything that our fore fathers have built. We lost our health care, our education, our homes, are we about to loose our finances completely- the purpose of our hard work and retirement- I rather have money to pay higher taxes than to have none at all.

    September 15, 2008 10:50 am at 10:50 am |
  6. Zonker

    Will he do the same thing now that he tried to do for the failed Lincoln Savings & Loan as a member of the "Keating Five"? This is a man who believes that the free market is the best solution to economic woes, which means regulation is against his nature.

    September 15, 2008 10:50 am at 10:50 am |
  7. carol

    Just what is he going to reform.....he's been part of it for the past 8 years!!!!!
    Here we go again, tell the people what you think they want to hear and try and make yourself believe you were not part of it!!!!
    Most intelligent free thinking Americans can see through this nonsense by now and they want you Mr Country First and Mrs Bridge To Nowhere...GONE, GONE, GONE.
    The rest of the world must laughing at the sideshow you two have put on in the attempt to make them and the American people believe you are capable of being in charge of this country.
    ENOUGH, ENOUGH, ENOUGH.

    September 15, 2008 10:50 am at 10:50 am |
  8. Letha

    You Obama people are so stupid. It was Clinton and the democrates who deregularized the laws that alowed this to happen on Wall Street.

    September 15, 2008 10:50 am at 10:50 am |
  9. Kel in Auburn, AL

    McCain would vow to do anything if he thought it would get him elected.

    September 15, 2008 10:50 am at 10:50 am |
  10. Thomas

    After how many years in Washington you have now seen the light?
    John , look around the room, being surrounded by yes men isn't change nor enlightenment !
    Especially when half your staff are lobbyist that worked in banking.

    I don't care how many houses you own.
    I'm just concerned that you can't remember where they are.

    I have one house , my home and I want to keep it !

    All the best

    September 15, 2008 10:50 am at 10:50 am |
  11. McCain=the draft

    McCain has proven himself to be a bold face liar, so who in their right mind would believe anything he has to say. He has no credibility.

    No more liars in the White House!

    September 15, 2008 10:50 am at 10:50 am |
  12. Independent from GA

    If we are fixing our cars and just found out that we were using the wrong wrench for the past eight years, should we still continue to use this wrench even though we know it's not gong to fix anything? Or should be throw away the incorrect tool and pick something new? At lease we will have a higher chance of success with the new tool.

    I didn't know who I was going to vote for previously. John McCain and Sarah Palin have proven to me that they are NOT honest and they've thrown their integrity down the drain. They've lost my trust.

    September 15, 2008 10:50 am at 10:50 am |
  13. Anthony

    Regardless of the high level of disrespect that the angry women of The View displayed towards Senator John McCain, they can never stop the McCain/Palin ticket from surging ahead. Experience and credibility are much more important than celebrity status.

    I will be voting for the true American hero John McCain come November and then for Senator Hillary Clinton in 2012.

    The Democratic Party and its undemocratic lleaders will pay a big price for denying us the most qualified democratic nominee, Hillary Clinton!

    September 15, 2008 10:50 am at 10:50 am |
  14. Louise

    McCain and Sarah Palin will be great leaders of this country. And can you all please stop going on about how he has no policy for fixing the economy – its just been said (again) in this add. Stop wasteful spending, keep taxes lower to keep jobs going and drill our own oil to ease the price of it for us.

    September 15, 2008 10:51 am at 10:51 am |
  15. Laughable

    John McCain fix this? Seriously? When Greenspan says McCain's tax policy, of borrowing money from China to pay for the tax cuts for the rich, won't work? Never!! I'm one of the 1% of Americans who will see their taxes rise under an Obama administration, and I say it can't happen soon enough! Right now under the Bush/McCain plan I'm paying less to the government, but paying more for gas, food, and I'm losing my shorts in the struggling market! My insurance company, AIG, may go under at any moment. College tuition is skyrocketing, and I have two in college. I'm watching my own small town businesses struggle to stay afloat, while Cindy McCain wears $300,000 outfits. Face it, under Republican rule our country has lost its edge in the global economic market place, has lost its moral standing, and has lost the respect of our allies. For my 3 children, I'm voting Democrat. If the Republicans win again, God help us.
    Obama/Biden

    September 15, 2008 10:51 am at 10:51 am |
  16. AllthatMatters

    McCain is a Whacko and is so out of touch..He sat there in Florida today saying the economy is in sound shape. What a nut..people walking out of Lehman Brothers with their personals and he thinks everything is okie dokie. No pretty legs will make this economy better or a Senile ole man. Repubs here is your record:

    1. Loss of Jobs 2. Loss of Homes 3. Loss of Income 4. Loss of Health Care 5. High Gas Prices. NO MORE LIES NO MORE LIES, NO MORE LIES........WE WILL WIN WE WILL WIN...OBAMA/BIDEN 08

    September 15, 2008 10:51 am at 10:51 am |
  17. Steve

    Delighting Democrats: "The fundamentals of our economy are strong," McCain reiterates at a Florida rally THIS MORNING, before noting that "these are very, very difficult times."

    [youtube=http://www.youtube.com/watch?v=igAmVs0cvY8&w=640&h=390]

    September 15, 2008 10:51 am at 10:51 am |
  18. Brenda fl

    well say

    September 15, 2008 10:51 am at 10:51 am |
  19. Phoenix

    I'm sorry, I can't fault McCain, I will fault the American people for voting for failure.

    September 15, 2008 10:51 am at 10:51 am |
  20. Republi-CON

    Obama has been saying we are in an economic crisis since last year

    Last month by listening to J McBush, I thought the economy was fundamentally sound and in great shape and he accused Barack of Socialism that would retard American capitalism by desiring to impose regulations to protect the little people and provide security in the market.

    I guess McBush just got word on Sunday evening that America's economy is in a catastrophic slide...
    and I bet Phil Graham would be McBush's prime candidate to devise a reform plan. The funny thing is that Phil Graham devised the scheme that is crashing this great nation.

    vote McCain/Palin....to finish us off

    September 15, 2008 10:51 am at 10:51 am |
  21. Joe

    McCain has nothing here, he and the Republicans had years to prevent this and did nothing. On top of that Phil Gramm (McCain's top economic adviser until he called the US 'a nation of whiners' over the economy) is responsible (with McCain's help) for stripping the same regulations that would have prevented this problem!

    Don't believe McCain when he says he will fix the problem that he created!

    September 15, 2008 10:51 am at 10:51 am |
  22. Shari, NY

    Ha, ha, ha! He will either steal Obama's ideas or his original plan will kick in when there is a blizzard in July.

    September 15, 2008 10:52 am at 10:52 am |
  23. Elle

    That's definitely much to do with a Democratic congress and Republican President. They can't agree on anything! Get a Obama in there and you will see so much done our heads will spin. Get McCain in there, and just like Bush, he'll veto everything and we won't see any progress made.

    September 15, 2008 10:52 am at 10:52 am |
  24. MEP

    Remember: these changes are only necessary because of bank failures caused by Republican economic policy. In a scene from a Coen Brothers movie where a son advises his father to run on the" change platform." Pappy answers " Impossible.I am the incumbent." Just how does he plan to implement his " reform"
    As a Republican, " maverick" or not, McCain must shoulder full responsibility for high gas prices, out -of -control military spending, the collapse of Wall Street and life changing situations of those who have lost their homes and their jobs. Does John Mc Cain really think the Republican party will abandon all their platforms and policies?
    I don't.

    September 15, 2008 10:52 am at 10:52 am |
  25. Rudy NYC

    McCain's top economic adviser, I mean former economic adviser, authored this mess with legislation that deregulated the industry to "spur" investment.

    What these firms did was make a single dollar in hand worth 30 in paper. Then paid top executives ridiculous salaries for being so clever. That is why they are in such dire straits.

    September 15, 2008 10:52 am at 10:52 am |
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