October 10th, 2008
12:00 PM ET
6 years ago

McCain makes new 401k proposal

 McCain has proposed another economic change.
McCain has proposed another economic change.

(CNN) – John McCain proposed suspending the requirement that investors begin drawing down their IRAs and 401Ks soon after age 70, his second major economic proposal of the week.

"We must also protect investors ­ especially those relying on their investments for retirement," McCain told the crowd at a campaign event in La Crosse, Wisconsin Friday.

"Current rules mandate that investors must begin to sell off their IRAs and 401Ks when they reach age 70 and one half. To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, those rules should be suspended."

Listen: Later Friday afternoon, senior McCain advisor Doug Holtz-Eakin offered more information on the plan

Earlier this week, McCain unveiled a $300 billion plan for the government to purchase mortgages at full value from banks and directly re-negotiate the terms with homeowners. The plan has drawn criticism from economists and from the Obama campaign, which has charged that it would mean major profits for lenders and saddle taxpayers with the cost.


Filed under: John McCain
soundoff (283 Responses)
  1. MARTINS AKINBODE

    CNN is obviously Anti-Republican, Anti-achievrers, and lopesided in this election coverage. I have no doubt in my mind that the fouder and financials of CNN are Democrats, but never democratic in reportge. It is never new President Bush (the current America's President was totally condemned by the CNN in 1984, given "victory" to his rival, but alas CNN not only failed, but failed woefully.

    Everything concerning John MacCain is reported negative, as if he has dosne nothing for his country, and when it comes to Obama, CNN role out hypocritical drums to herald the coming of inexperienced would be leader. We are watching and waiting. America now face sa sistuation that if leadership is left to the inexperienced, they will leave to regret it.

    October 10, 2008 01:53 pm at 1:53 pm |
  2. S. Boatman

    All Of Your Ideas Suck Mccain!

    October 10, 2008 01:54 pm at 1:54 pm |
  3. Jeez

    Go to bed old man...

    October 10, 2008 01:54 pm at 1:54 pm |
  4. Fenarkleman

    McCain's new plan calls for each American to get $1 million every time he says the words, "my friends." Where does he get the money? From his magic bag of fantasy and fun that he keeps with him at all times, even when he is wandering into Tom Brokaw's camera shot.

    Hey, has anyone noticed that we don't see Dick Cheney anymore?

    What happened to him? Is he gone? Did someone flip his switch to "off"?

    October 10, 2008 01:54 pm at 1:54 pm |
  5. Cuban-mami-4-OBAMA

    Wow......... some of the comments here are disturbing.

    You can tell a lot about the character of a man/woman when they are down. McCain has clearly shown us who he REALLY is. Sen. Obama has, indeed, attacked back. What can you do if you are attacked, slandered and lied about? I do not hear any one at Obama/Biden rallies yelling "kill him" or "terrorist"! I do not hear Sen. Obama nor Biden inciting violence.

    The Republicans have convinced me that they have not a shred of decency!

    The Republicans will say and do anything to win. That's scary.

    May God protect Sen. Obama!

    October 10, 2008 01:54 pm at 1:54 pm |
  6. Dan in Waukegan

    Wouldn't that be regulation?

    October 10, 2008 01:54 pm at 1:54 pm |
  7. Obama/Biden08inJesus'Name

    This is a gimmick! This man is not fit to lead!

    Barack & Joe: Ready to lead!

    October 10, 2008 01:55 pm at 1:55 pm |
  8. Brian

    Frankenstein is shooting blanks at black cats in a dark room.

    Shut up McCain! I've heard enough of your stupid proposals and hate-filled rallies! You suck!

    You should be condemned and immediately removed from this race, your senate office and the social security rolls!

    And take your Barbie Dolls home with you when you leave!

    October 10, 2008 01:55 pm at 1:55 pm |
  9. KEATINGECONOMICS.COM

    This is funny. It's like back in Junior High when we held elections. Throwing crazy crap out there just to get attention. "I will make sure we eat Pizza every day!" John McCain, you're a joke. And Sarah Palin is the punchline. I can't believe how pathetic your campaign has become. The McCarthy and Jim Crowe era's are OVER. Welcome to the McCain/Palin and Fox News era! In 20 years if someone ever tries to inject race and patriotism and fear and division into a campaign, that strategy will be conducted with what will be known as McCain/Palin style tactics. Hannity/O'Reilly smears.

    October 10, 2008 01:56 pm at 1:56 pm |
  10. Sue in MI

    Well, this is the "new agenda" item of the day, while Palin is on the "new attack" item of the day. America is scared and tired, and this is all they have? An unproven attack against Barack, and a help-the-wealthy retiree idea from McCain. I want Biden to talk about the Alaska Secessionists that Palin is so intimate with. "Keep up the good work" she told them THIS spring, and the relationship of Mrs. Annennberg (who evidently pals around with terrorists too) to McCain. Both connections are far more troubling than the crap they incite their crowds with. Wear your vest, Barack!

    October 10, 2008 01:56 pm at 1:56 pm |
  11. Pete, Houston Tx

    Senators Obama and Biden are cruising on the road to victory, while Senator McCain and Gov. Sarah Palin are stuck on the bridge to NOWHERE! Poor Mcshame and Palin, the bottom just caved in and you both can get get as low as you want to get....

    I don't want a president who spits out proposals on the fly. It's called pandering! I also can stand a president who would dishonor himself, because he wants to win at all cost. American's want amongst other things, an honorable president. John McCain has thrown honor to the dogs.

    October 10, 2008 01:56 pm at 1:56 pm |
  12. simp

    Brian from Canada

    Why don't you take your ignorant behind back to Canada what makes you think we the American people give a rat's A$%^ what you think. You are from Canada afterall, what a laugh.

    Obama/Biden

    October 10, 2008 01:56 pm at 1:56 pm |
  13. linda from South Dakota

    as i said before,, mcccain/palin will do anything to sway voters,, if mccain has been in the"highlight" for some many years,, why hasnt he done more to improve america???? this just proves hes a dirty player and will do anything to hang on to the republican ticket,,, so far ,, the last 8 years hasnt helped us at all,, bush says to"calm down" sure,, whenhes out of office,, he lives high off the hog,,,, he doesnt give a rats ***s about the mericans,,, thats why both he and mccain stated that we were ok,, economy is stable,, then hours later, we find out we are in so much trouble,,, lets elect obama,, who knows how to fix things,, he knows how to work with the people,,,, obama/biden.08,, the yes we can party,,,,

    October 10, 2008 01:56 pm at 1:56 pm |
  14. Roger

    Senator McCain you are making a fool of yourself. End this charade now, accept the fact you have no vision, no plan, and certainly no excuse for choosing the ill-equiped, venemous, ill-mannered Palin to be your running mate. We no longer live in a Ward and June Cleaver world. We need a leader who can look to the future and that sir, is not you and Mrs. Palin.

    Obama/Biden for America!

    October 10, 2008 01:56 pm at 1:56 pm |
  15. Jeffer65

    Good idea for once. Why didn't he come up with this before?

    October 10, 2008 01:57 pm at 1:57 pm |
  16. Sue in MI

    And if anyone of the four is putting her ambition over country and family, that would be Ms. Barracuda. Where is that trooper report?

    October 10, 2008 01:57 pm at 1:57 pm |
  17. Lary Johnson-Tampa,FL

    John McCain Top Economic Advisor just said, “We don’t want to turn our political campaign into another CNBC News show”. What the Hell is wrong with John McCain and his campaign? How can he fix it if he will not talk about it?

    This is another example of John McCain’s campaign just not getting it about our problems. I cannot wait for early Election Days in Florida. John McCain should not even be a Senator. John McCain is defiantly too erratic to be President.

    I forget John McCain campaign is prepare to present Ayers and Rev Wrights greatest hits...this is such BS.

    October 10, 2008 01:57 pm at 1:57 pm |
  18. nerakami

    "Reporters did not get advance warning of McCain¹s announcement, which was not immediately accompanied by any further details from the campaign."
    ==============================================

    That is why no one can take anything you say seriously. We don't know anymore what is real and what is an illusion. Everyday you come up with a new plan and abandon the one from the day before... we are freaked out and you want us to run behind you with these half-baked plans?

    ERRATIC and reckless....

    October 10, 2008 01:57 pm at 1:57 pm |
  19. FAYE, NV

    Nasty attacks against Obama/Biden display Palin/McCain weakness and their inability to address the issues people are faced with. Palin/McCain are violent and enjoys the temperment of angry voters. This is an insult to the USA, we maybe viewed as a country of disgust and bitterness. When you can not fight fair then tell a lie.

    Palin/McCain what are you showing the International leaders with such hatred toward your fellow American?

    Palin with an IQ of 20/09 and McCain has a bit of diamentia, this is the only thing I can come up with on each of them. McCain has to give an account for some of his past behaviors and so does Palin and her belief system.

    CNN: please post this one.

    October 10, 2008 01:57 pm at 1:57 pm |
  20. Dave

    This plan sounds like it has some merit. Too bad I can no longer trust John McCain to carry it out. He's gone back on every promise he's made, especially the one about running a clean campaign. I'm not going to vote for a guy who uses the kind of fear-tactics he's been using lately. So, this plan may be worth looking into... and I hope Obama will look into it, because he's going to be our next president. Because he deserves to be, and John McCain doesn't.

    October 10, 2008 01:57 pm at 1:57 pm |
  21. bob from buffalo

    looks like crazy ol' john got into cindy's medicine cabinet.

    October 10, 2008 01:57 pm at 1:57 pm |
  22. Average American

    All McWar's negative campaigning shows the truth about him. He is scum.

    October 10, 2008 01:58 pm at 1:58 pm |
  23. Alex

    Senator McCain,
    Everyone is getting tired of your 11th hour proposals that will cost us all dearly. We recognize you have served your country and we thank you. But million others have also and your zeal to become President has taken on the look of another overzealous fool named George W. Bush. Try and save your honor and dignity while you still have some and get your campaign out of the gutter. Perhaps someone in your campaign will actually come up with a decent proposal before the clock runs out.....but I doubt it.

    October 10, 2008 01:58 pm at 1:58 pm |
  24. Farley

    I hate to say it but McCains plan to buy up the bad mortgages at todays house value so the tax payers get the profits and the lenders take the bullet of losing all that interest is the best idea to come out of D.C. to date.

    October 10, 2008 01:58 pm at 1:58 pm |
  25. Debby

    Wow a ticker that isn't closed how refreshing. Sounds good to me since people I talked to are really worried about their future investments and they don't even want Obama's tax cuts. They are more worried about keeping their jobs and the investments they have made over the years.

    October 10, 2008 01:58 pm at 1:58 pm |
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