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

McCain vows to reform Wall Street

[cnn-photo-caption image= caption="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. jaye

    Just empty promises from John McCain.
    I don't believe anything he says – his campaign lies prove to me that he is not a man of his word. He only wants to get elected.

    September 15, 2008 11:03 am at 11:03 am |
  2. Proud to be American

    Wow McCain the man that voted 90% with the current Administration and states that he does not know much about the economy.... even today he stated the ecconomy is fundementaly sound... going to reform Wall Street.... how can he make these statements with a straight face.... John McCain is Bush 3rd term.... wake up America we witness today a company that has been around for 158 years going bankrupt....

    vote for the sake of our future .....

    Obama and Biden 2008!

    September 15, 2008 11:04 am at 11:04 am |
  3. Bruce

    Wall Street the home of the rich and famous. Sure McCain is going ot help those people out. After all most of them earm more than $250,000.00 a year and most of the investors are Republican voters. Got to do what yo got to do for the good old boys.

    September 15, 2008 11:04 am at 11:04 am |
  4. RoFL

    Ok, that's hilarious. And how is McCain going to "reform" Wall Street? After another 26 years of "experience"? Or is it after McCain adds more lobbyists and special interests to his campaign?

    Is anyone really buying this nonsense from McBush? Give me a break.

    September 15, 2008 11:04 am at 11:04 am |
  5. Truth Be Told

    over this past weekend, mccain said in one of his rallies that bleak as it may look, our economy is fundamentally strong. say what? can he tell that to the millions of people out of work and thousands more to be added after today. can he tell that to the mothers and fathers of these companies who are losing their hard end savings for their children's education? can he tell that to the children of these workers who are facing hardships? oh, yeah, he can't because he's nothing but an empty promise in an empty suit.

    September 15, 2008 11:04 am at 11:04 am |
  6. tularosa

    If we pretend for a little while that McCain might actually try to change something, who is going to support his proposals? His fellow Republicans are the ones who got us in this mess in the first place. They are not going to support a maverick president who will undo the changes they have done. The Democrats won't even take action when they're in the majority, preferring instead to debate over the Turkish slaughter of Armenians a century ago. It would be a Jimmy Carter presidencey, with the president trying to do the right things but getting zero cooperation from Congress and the voters.

    The more probable truth is that McCain will try to trim the loose threads from government, but nothing major.

    September 15, 2008 11:05 am at 11:05 am |
  7. Dan

    How about this for a response ad:

    "McCain states:"

    "Our economy in crisis. Only proven reformers ... can fix it. Tougher rules on Wall Street to protect your life savings. No special interest giveaways. Lower taxes to create new jobs..."

    "Barack Obama and Joe Biden are those reformers. Tried. Tested. True. That's Change for America."

    September 15, 2008 11:05 am at 11:05 am |
  8. Pat

    Obama can not fix it either...He can not be trusted. He lies, Biden lies, Hillary lies, McCain lies, Plain lies, Clinton lied, Regan lied, Carter lied, Kennedy lies, Lott lies, democrats lie, republicans lie. Every year we re-elect the same ole congress and they wear the same lipstick, then they spend the next year blaming the other party for their lack of results. Almost every highway you drive on is a result of an earmark. Lobbyists have jobs no matter what party holds an office...large corporations hire lobbyists too, ship our jobs overseas and we want to blame the Government.

    September 15, 2008 11:05 am at 11:05 am |
  9. Anonymous

    Since the Arizona Diamondbacks are fading, will he also reform Major League Baseball?

    "Reform." The new answer to everything. It used to be "POW." Then "Experience." Then "Palin." Then "Change."

    September 15, 2008 11:05 am at 11:05 am |
  10. pj

    Lie after lie from the Republicans.

    Over and over. Remember the "Iraq time tables" lie that McCain told repeatedly about Romney?

    McCain repeats and repeats the lies – and relies on the Americans who aren't paying any attention to eventually believe them.
    How stupid are we? He's banking on us being really ignorant.
    It's the stonewalling party of Bush & Nixon all over again.

    September 15, 2008 11:06 am at 11:06 am |
  11. Bob

    Drill Here Drill Now . Is not a Stock Market Solution. It does not lower gas prices either. All it does is bring Cash to McBush from big oil.

    September 15, 2008 11:06 am at 11:06 am |
  12. James

    What a nice thing to say. He is going to reform Wall Street. This is another one of the things McCain says but is a complete lie. He thinks the economy is great. Breaking news McCain, IT'S NOT!

    September 15, 2008 11:07 am at 11:07 am |
  13. Your Racist Statement

    Your statement alone "Wake up America, it's ok to vote for a black guy!" Gives insight as to who really has a problem with racism> I bet you have friends you label when you introduce them. LOL

    September 15, 2008 11:07 am at 11:07 am |
  14. Vince - California

    Oh ...... and now it's Wall Street ???????

    September 15, 2008 11:07 am at 11:07 am |
  15. J-M

    Riiiggghhhhtttt....The answer to our economic disaster are the same guys who got us there in the first place, the same guys who TODAY said "the economy is still strong." Rrriiiigggghhhhtttt

    September 15, 2008 11:08 am at 11:08 am |
  16. Bridget

    Economy in crisis? Uhhhh, I thought John McCain said the economy was doing just fine...his former economic advisor called it a mental recession. Which John do we believe now?

    September 15, 2008 11:08 am at 11:08 am |
  17. mel from Ohio

    GIVE ME A BREAK!!! He can't even reform his campaign into something positive how is he going to reform Wall Street!! LOL!! Does he even know where Wall Strret is?

    September 15, 2008 11:08 am at 11:08 am |
  18. Silence Dogood

    "John McCain .... hasn’t lifted a finger to reform ...."

    Unlike Obama that voted "present" over and over. I suppose he redefines "present" as a bold vote for Change. Like the way he redefines (lies) about taking lobby money. Empty suit.

    September 15, 2008 11:09 am at 11:09 am |
  19. JImmy in California

    The man who said several months ago that he did not know much about the economy and the mayor that left her town in Alaska 2 million dollars in debt are going to clean up Wall Street.

    I think I have herd about all the lies from he and the Pitt Bull I want to hear. If I hear anymore from either of them I think I will puke.

    September 15, 2008 11:09 am at 11:09 am |
  20. Rob

    While Phil Gramm is whispering in your ear, McCain, you have zero credibility. You've been a part of the machine for 26 years and helped drive us into this hole we're now in. You are part of the problem, not the solution. If Americans are gullible enough to continue your insanity, I truly fear for this nation.

    September 15, 2008 11:09 am at 11:09 am |
  21. JEROME


    September 15, 2008 11:09 am at 11:09 am |
  22. DB

    Since McCain/Palin is promising to reform Wall Street, I feel more confident that money is safe.

    Are you kidding me? There are no one in the republican presidential campaign who I trust. Republicans talk big about how good they are in terms of business/economy and free market. They KNOW NOTHING.

    What a disaster? Clean them out of the system.

    They believe in trickle-down economy, tax cuts that creates jobs. BS!!!

    September 15, 2008 11:10 am at 11:10 am |
  23. Riaz

    hmmmm.... how exactly ? does he have a plan?

    September 15, 2008 11:10 am at 11:10 am |
  24. Post my comment CNN

    Omgosh HOW??? When his top economic advisor was the facilitator of the deregulation of the housing markets that brought us this huge mess!! How can we trust anything that comes out of McCain's mouth?

    September 15, 2008 11:10 am at 11:10 am |
  25. Jackie in Dallas

    This is almost as ludicrous as Karl Rove's comments yesterday! McCain sat in a Republican-dominated House and Senate for six YEARS under Bush's economic policies that CAUSED a lot of this happen, and did nothing. The Democrats get a slim majority in the House and Senate (but certainly not enough to overrule a Presidential VETO, which Bush has used repeatedly), and it suddenly THEIR fault? How do you figure that, Mr. McCain and all of your supporters?

    Do you really think we are that stupid?

    Of course you do, you've heard a lot of what the bloggers that support you say, and think we are ALL that dumb! Guess what...we aren't!

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