September 22nd, 2008
09:15 AM ET
6 years ago

McCain wants stronger oversight on bailout

CNN

Watch: Sen. John McCain is calling for an oversight board to keep financial firms in check.

(CNN) – John McCain is expected to say Monday morning he is not comfortable with Treasury Secretary Henry Paulson's proposal that appears to give the administration unprecedented power to oversee the nearly $1 trillion federal bailout of the nation's debt-ridden investment banks.

Instead, McCain will call for a bipartisan oversight board that could include financial experts such as former Massachusetts Gov. Mitt Romney, Berkshire-Hathaway CEO Warren Buffet and New York City Mayor Michael Bloomberg.

"We will not solve a problem caused by poor oversight with a plan that has no oversight," McCain is expected to say.

Watch: Margaret Thatcher discusses economic reforms in History

"I believe we need a high level oversight board to impose real criteria for who gets help and who does not; and to ensure that we have a careful steward of the taxpayer’s dollars," McCain will say according to his campaign. "It should be bipartisan and have qualified citizens who have no agenda but the protection of taxpayers and the financial markets."

Related: McCain, Obama to weigh in on proposed rescue plan

Meanwhile, McCain told NBC's Today Show on Monday that he thinks the country is in "the most serious crisis since World War II." Those comments appear at odds with the Arizona senator's initial reaction to the collapse of investment bank Lehman Brothers one week ago when he declared the fundamentals of the economy remained "strong."

Soon after he made those remarks, McCain sought to clarify his remarks by noting that he was referring to the “American workers.”

“They are the fundamentals (of) our economy and the strength of it and the reason why we will rebound,” McCain said in an interview last week on CNN’s American Morning.


Filed under: John McCain
soundoff (244 Responses)
  1. aj

    mccain has no clue to this crises, he says one thing then another, at
    least obama wants to look INTO THIS IN OTHER WAYS BEFOR BLABBING HIS MOUTH, ABOUT A SERIOUS AMOUNT OF MONEY.
    AND HOW IT WILL PLAY OUT IN THE LONG RUN, AND HOW IT WILL EFFECT THE TAX PAYER, IF THE CEO WILL WALK AWAY WITH NO
    RESOPNSIBILITY AND WITH A FIST FULL OF MONEY, THEIR HAS TO BE SOME ACCOUNTABILITY TO WHAT HAS HAPPNED., NOT THROW GOOD MONEY AFTER BAD, WHO KNOWS WHAT SHOE WILL DROP NEXT. ACCOUNTABILITY NOW, NOT AFTER THE FACT.

    AJ

    September 22, 2008 11:31 am at 11:31 am |
  2. Cam

    If Americans had any sense, they would call Bush and McCain and their deregulating ways what they are: economic terrorism.

    McCain is so worried about winning the war in Iraq but is clueless as to how the cost of that illegal war combined with people like McCain being asleep at the switch (can he accept any responsibility?) are destroying America from the inside out.

    Terrorists around the world are rejoicing that another Republican administration may get in to continue their work in destroying America. I think Bush and McCain's strategy is to destroy America to the point where even terrorists don't see America as a threat. They are succeeding.

    September 22, 2008 11:31 am at 11:31 am |
  3. Liam 'Paid' Cash

    J.Sidney McCain must practice with a mirror before his televised changing claims, with such a straight face! Sidney may not remember but Cindy and he own 7 -10 homes have 13 garages and 13 cars with a hired team of accountants to sort out paperwork.
    Tony Harris @CNN tries to make Sidney a credible candidate into millions of homes. This candidate for president, McCain is the re-incarnation of the Italian fascist Benito Mussolini given his established elitist credentials and disconnected delusions.
    McCain / Phil Gramm championed the wild west settings of Wall Street seen today and pretend to be recent discoveries.

    September 22, 2008 11:31 am at 11:31 am |
  4. Franky

    Hey guys, I just wanna say something real quick about this bailout...

    If you are gonna pay for my won money that I lost, I don't know what the hell are you doing!! Dems and Reps better realize that this is a BIG risk!!! I don't even know where to start!! Because if this fails, I GUARANTEE you we will be worse later than now...

    September 22, 2008 11:32 am at 11:32 am |
  5. Kevin S

    Tom in Delaware,

    If sarcasm is all your Reps have left then its time to send Ole' McSame out to pasture. Oh wait, you've NEVER had anything BUT that sort of trash talking when it comes to real issues!

    Obama/Biden 08', 12'

    September 22, 2008 11:32 am at 11:32 am |
  6. Dana

    Paulson needs check and balances.

    The American people will not give a blank check to Bush and his cronies. They all need to regulated from the botton to the top!!! Obama talked about regulation 2 years ago but Mccain top advisers was paid to lobby against regulations and now we are in a big mess.

    No Mccain wants to flip flop and regulated after the bird was let out of the freaking cage!! NO How, No Mccain and definitely No Palin!!

    September 22, 2008 11:32 am at 11:32 am |
  7. Dave From Philly

    So, Sen. McCain is for a bi-partisan commission to oversee our financial system. Why is he not for a bi-partisan commission to oversee Gov. Palin's allegied abuse of power.

    Here is a start, force the executives of these companies to fortfiet all of their earnings for every year they were in charge of these companies. Then let the tax payers bailout the companies that are in trouble.

    September 22, 2008 11:33 am at 11:33 am |
  8. Sujith, NE

    So McCain said he doesnt know any economy, but off-late he has a lot to say about it? He is even suggesting "solutions"?! GOP is full of it.
    And all you feminists, dont forget to check out the perverts at work when Palin gives her speeches.
    McCain couldnt take his eyes off her posterior on the day he introduced her.Now, we all know Cindy is old, but on national television...?, com'on !

    September 22, 2008 11:33 am at 11:33 am |
  9. ET from OMAHA

    Something is wrong with some people who called themselves republicans.
    I call them ignorants and stupids. How can you accept to be used by the rich folks of your party? They all need to go back to school and learn COMMON SENSE 101.

    September 22, 2008 11:33 am at 11:33 am |
  10. Alan Boyer

    Obama laid out a plan. this looks like CNN is trying to help shore up Mccain. this is BS.

    September 22, 2008 11:34 am at 11:34 am |
  11. juiceball

    The Repubs are destroying this country from within!!! McShame can't go a day without telling lies and more lies. How can we trust them when they lie about everything – including the size of Palin's crowd yesterday, which the fire chief stated was about 25,000 -30,000. Lies, Lies, and more Lies!!

    September 22, 2008 11:34 am at 11:34 am |
  12. Frank from Peterborough

    Just for comparison sake the American people should review the collapse of the Soviet Union due to shady economic policies that culminated with their invasion of Afghanistan.

    All the above seems eerily familiar with the U.S. today and these comparisions are being made on blogs all over the country but not here on CNN. Perhaps CNN is sensoring any blogs along this line.

    September 22, 2008 11:34 am at 11:34 am |
  13. PALIN can I ask you a question

    America, we can not trust McCain or Palin or any republican for that matter. McCain doesn't know squat.

    Palin is a witch who credits Pastor Thomas Muthee a African witch hunter from Kenya with her rise in power. Google it.

    Palin has hired friends to key positions as mayor and governor. Are they members of her crazy church?

    If so and she does the same thing when she gets in office we could all be ruled by her friends and maybe even members of her church. To me that's a scary thought.

    September 22, 2008 11:35 am at 11:35 am |
  14. HB

    Isn't this the same strategy Obama called for? Why does it seem that Mccain is copying Obama?

    September 22, 2008 11:35 am at 11:35 am |
  15. darko

    Anyone else notice how the ticker's new Fact Checks are about as biased as they can get?

    A FACT CHECK IS NOT SUPPOSED TO HAVE AN OPINION FOR A CONCLUSION.

    CNN fails in impartial journalism...again.

    September 22, 2008 11:35 am at 11:35 am |
  16. Biff

    REPUBLICAN MANTRA...

    PRIVATIZE THE PROFITS.....

    "SOCIALIZE" THE LOSSES.

    Bear Sterns, Lehman Brothers, Fanie Mae, Freddie Mac, AIG...

    de-regulate... de-regulate... de-regulated energy... (look what happened).. de-regulated housing..(look what happened) de-regulated Wall Street.. (look what happened)...

    What's wrong people.... too much 'logic" for you.... too many of 'them-thar new-fangledy FACTS"?

    September 22, 2008 11:35 am at 11:35 am |
  17. Republican Women for Obama

    Wow, how can McCain claim to regulate Washington when he won't even rule Phil Gramm out as Treasury Secretary. Phil Gramm is the king of deregulation.

    McCain simply can't be trusted.

    With 7 houses and 13 cars and 100 million in wealth earning 4-8% interest, he could care less about our social security. He's only concerned with besting his father and grandfather who were admirals. With all of his negative and deceitful attack ads, McCain has shown that his ambition outweighs his integrity.

    September 22, 2008 11:35 am at 11:35 am |
  18. RoFL

    That's hilarious! Considering it was McCain/Republican majority's lack of oversight that caused so many problems (deregulation, Iraq, spending, borrowing, etc.). Give me break. LOL

    Credibility please.

    September 22, 2008 11:36 am at 11:36 am |
  19. Dwayne - Naples, FL

    Laura from Northern Cali...Spot on! It seems like the Republican's only respect anything that comes from McCain's mouth even though Obama sets the tone days or months ago. I guess the only strategy left now for the GOP (seeing that McCain is out of touch) is to open the paper to see how Obama reacts and then latch on to his ideas and insert 'my friends'.

    McCain is pathological liar and I wish more media would pick up on that FACT!! Maybe at the debates? We can only hope for McCain/ Palin to be exposed for the GOP Robots that they are....

    September 22, 2008 11:36 am at 11:36 am |
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