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. Alexander

    Wall Street suffers this crisis because of CDOs (collateralized debt obligations). They are guilty. McCain can reform the use of these kind of dangerous instruments.

    September 15, 2008 11:25 am at 11:25 am |
  2. tony

    You don't ever understand how this gov't works-
    Congress makes the laws and have done nothinbg for 2 years-
    By the way all our problems have occurred in the last 2 years -What a surprise-
    If Pelosi and Reid worked for a company they would have been fired for Poor Performance-

    September 15, 2008 11:25 am at 11:25 am |
  3. Freedom Loving Patriot (God fearing too!)

    THE ONLY CHANGE McCain will bring to Washington and Wall St. is "change of mind"

    He'll Flip-Flop and won't stop.

    September 15, 2008 11:25 am at 11:25 am |
  4. RSB

    How will he reform something he doesn't understand? These are the kinds of things he and Palin have no idea about.

    September 15, 2008 11:25 am at 11:25 am |
  5. lovinsun8

    Riiiiiiiiiiiiiiiiiiiiiiiight. With the lobbyists he has running his campaign? "Reform Wall Street" means "give the rich more money" to McCain.

    September 15, 2008 11:25 am at 11:25 am |
  6. Jeff DuShane

    Hey Republicans,

    If you continue to see losses like this on Wall Street, you may not be able to benefit from John McCain's tax plan! Just a reminder that Obama's plan gives more money back to the average taxpayer.

    And he STILL claims the economy is strong........OUT OF TOUCH!

    September 15, 2008 11:26 am at 11:26 am |
  7. Lucie for Obama

    Wake up America Wake up ! McSame knows nothing about the economy like he admitted once... what is he going to reform? Wallstreet? say no to 4 more years of dissapointment..!!
    Obama/Biden 08

    September 15, 2008 11:26 am at 11:26 am |
  8. Allen Hussein

    How would McSame reform Wall Street. By putting Phil "nation of whiners" gramm in charge? That's it, let the architect of the current banking mess, Gramm run things.

    September 15, 2008 11:28 am at 11:28 am |
  9. Phil

    McCain believes nothing wrong and that government should not intervene and make regulations. How can he change Wall Street in that case?

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

    McCain does not have anything to say even on his add. We know him always crying about media attention and when he has it he talk about Obama. Media putting Obama under microscope and they can not find anything and now all I see McCain TV add for free in all the stations. McCain is follower and Obama is the leader. He had all week to talk about energy and all he said all the above is my plan he never give any $ or brake down on his plan he said “ALL THE ABOVE “he means Obama plans. Please ask him what his plans are about the war he just says we need to win just like a child not just like a leader. Senator Obama is a leader young like Kennedy and Celebrity like Ragan

    September 15, 2008 11:29 am at 11:29 am |
  11. Tommy

    McCain couldn't reform Sesame Street !

    September 15, 2008 11:29 am at 11:29 am |


    September 15, 2008 11:29 am at 11:29 am |
  13. Darryl

    Under the Clinton Administration the Anti-Trush Division of the Department of Justic did there Job, Now, the the Bush and the Republican party in the pocket of big business.

    They took the Anti- Trust out of the Justice Department and Under President Bush and John McCain in the the Pockets of Big Business.

    More Lies and distrust from John McCain and Sarah Palin when can they tell us the truth?

    September 15, 2008 11:29 am at 11:29 am |
  14. LB

    I'm voting with MY pocketbook this time around. That means Obama! Both myself and my son can use a $4000 per year reduction on college tuitions over the next several years. I want someone who will actually follow thru with alternative fuels not McCain and Palin who are in bed with the oil companies and will never do anything but off shore drilling and drill in Alaska (her home state) and continue to be the only people who profit from drilling. McCain has never mentioned social security only war. I guess he figures if he kills off enough young kids that less money social security will have to pay out down the road.

    September 15, 2008 11:30 am at 11:30 am |
  15. Realistic

    The Bush/McCain economic policies have gotten us into this ditch, and Senator Senile wants an opportunity to get us out?

    September 15, 2008 11:31 am at 11:31 am |
  16. Ian Minneapolis, MN

    wait a tick. A McCain Ad that doesn't horribly bash and spread lies about Obama? Maybe he's reading the writing on the walls. Let hope he keeps it up.

    September 15, 2008 11:32 am at 11:32 am |
  17. facts are facts

    The McCain campaign tells lies in both ads and in speeches all of which are recorded and in their own words for everyone to see.

    Then the press reluctantly has to publish these lies and McCain claims the press is biased and blames them for his lying. Talk about nerve or simply a lack of judgement and commone sense.

    September 15, 2008 11:32 am at 11:32 am |
  18. Janice Crowley

    Mccain is part of the problem on Wall St. He has the same guys running his campaign that deregulated wall street. The media is doing a D- job informing the people about the Mccain campaign and all of its lies and deception. Mccain is a liar and so is his parrott Palin.

    September 15, 2008 11:33 am at 11:33 am |
  19. Lynn

    Before you can clean up Wall Street, you need to clean up your own campaign Senator McCain. Your negative ads, Palin's false statements and neither one of you talking about the issues, has this Republican not voting in November.

    September 15, 2008 11:33 am at 11:33 am |
  20. Kingsley Orji, Oyigbo, Rivers state Nigeria

    What economic reform has McCain been involved with in the past as a senator? Is he suddenly remembering economic reform now that he is running for president.

    You can't start suddenly doing what you have not done in 26 yrs this year you are running for POTUS. It's pretty obvious. PANDERING.

    September 15, 2008 11:34 am at 11:34 am |
  21. Mark, B'ham., Al.

    The democrats in congress to include Obama.Biden have been the biggest roadblock to reforming Fannie Mae and Freddie Mac so we would not have had to bail them out as taxpayers. Remember Enron, WorldCom and the Dot Bombs started having trouble during the Clinton administration and it took the Bush administration to clean it up! That's the truth!

    September 15, 2008 11:34 am at 11:34 am |
  22. Robert

    Really? Where has he been for the last two decades?

    September 15, 2008 11:35 am at 11:35 am |
  23. Trollmaster

    The best way to reform our crumbling economy is to vote the GOP completely out of existence.

    September 15, 2008 11:36 am at 11:36 am |
  24. My Friends, let me tell you

    my staff and advisors, all of whom work on K Street will fix this mess.

    September 15, 2008 11:37 am at 11:37 am |
  25. My Friends, let me tell you

    my staff and advisors, all of whom work on K Street ,will fix this mess.

    September 15, 2008 11:38 am at 11:38 am |
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