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. Doug

    I'm confused, is he lying now, or was he lying earlier when he said the fundamentals of the economy were strong? It is getting rather hard to keep up with which lie is the "truth of the day".

    September 15, 2008 10:37 am at 10:37 am |
  2. inat

    Bush reformed corporate / CEO accountability (Enron fallout) so frankly, the current administration has earned respect for protecting us from further fallout. If McCain be the "Same" and do it on wall street, then I'll be happy

    September 15, 2008 10:38 am at 10:38 am |
  3. jfs Memhis, Tn

    He's the one that helped to make this problem !!! I guess he feels that his "Keating Five" experience will help give him direction. GET REAL !

    September 15, 2008 10:38 am at 10:38 am |
  4. Phil Newton in Murphy, Oregon

    McCain's economic advisor is Phil "Nation of Whiners" Gramm, whose insanely stupid deregulation led to the mortgage meltdown.

    And McCain is going to FIX this?

    Yeah. Tell me another one.

    OBAMA 08

    September 15, 2008 10:38 am at 10:38 am |
  5. p Coleman

    We have a Rep. president, we have a Dem. congress what is wrong with this picture? Neither party is doing anything for the American people, They are worring about this election which is not going to change anything. 1 person will not make a difference in the next 4 years, it will take many more years to clean up this mess. It is also going to take the cooperation of both parties working with many business people to start with ACCOUNTABLITY FOR THIER ACTIONS

    September 15, 2008 10:39 am at 10:39 am |
  6. Matthew Price

    Why do we keep focusing so much of our attention on McCain-Obama in these matters when this is clearly a Congress/Senate responsibility? Is it because they are NOT doing their jobs?
    We take too much of our time telling each other what is wrong and who is to blame for it.

    September 15, 2008 10:39 am at 10:39 am |
  7. Thebe

    The Cindy and John McCain/Palin/Rove ticket is sooo funny. Notice all of the BACKPEDALING they're engaged in over the past 48 hours?

    Anyone who is even marginally considering McCain must remember his recent famous words:

    "The fundamentals of our economy are strong."

    Tell us Cindy and John McCai/Palin/Rove in WHOSE economy?

    September 15, 2008 10:39 am at 10:39 am |
  8. Geeta in MN

    John McCain will say anything at this point to get elected. This man just cannot be trusted. I guess republicans have begun to spin "honor" also in as many versions as they claim exist of the "Bush doctrine". Do truth and principles matter anymore?

    September 15, 2008 10:39 am at 10:39 am |
  9. Jean 2

    Remember the Democratic controlled Congress is in name only.



    September 15, 2008 10:39 am at 10:39 am |
  10. Charles Shaw Liverpool, NY

    I for one voter will not be fooled again, by the promises of these two major political parties. What does an America voter have to choose from? Neither of these parties have a clue about the rule of law, or the Constitution of the United States Of America, that they have sworn to up hold. Both are in bed with big money, with nearly 2 billion dollars already spent this Presidential campaign whose interest do you think they are going to represent?
    I'm voting for my freedom and Liberty, I'm voting Bob Barr, and the Libertarian party...

    September 15, 2008 10:39 am at 10:39 am |

    Yea, WHATEVER!!!!!

    September 15, 2008 10:39 am at 10:39 am |
  12. CM

    Ummmm, how do you reform when you don't understand the problem?

    They need to come up with a better word then 'reform'. Reform what? How will they do this?

    At least Obama outlines his plans on his website and in his daily town hall meetings.

    September 15, 2008 10:39 am at 10:39 am |
  13. Ed

    Wasn't it Gramm, McCain's former co-chair, financial advisor and one of his many lobbyist, who led the changes in the banking laws that has resulted in this crisis.

    September 15, 2008 10:39 am at 10:39 am |
  14. Sue

    Is palin, his reformer sidekick going to help him? The bridge to nowhere is still on...despite the lie that she killed it.

    September 15, 2008 10:40 am at 10:40 am |
  15. Mado in Canada

    I tremble at the thought of a McCain/Palin presidency. An OLD, probably senile man who wants to be president so bad he would sell his soul, and a raving lunatic of a VP candidate who parrots lies better and more often than bluebeard's trained parrot. Can't the American people see what is in store if these two get elected? The Bush past is surely prologue for the next administration! Palin may well BE RIGHT. If they win the election, this will surely be THE END TIMES that she and her nutty churches preach about!!

    September 15, 2008 10:40 am at 10:40 am |

    McCain needs to reform his brain.

    September 15, 2008 10:40 am at 10:40 am |
  17. Travis

    Sarah Palin appointed a high school friend as the head of the Alaska State Division of Agriculture who gave as a qualification for her appointment that she'd always "loved cows." If she were President, would she appoint a friend to be Fed chief because he had a coin collection?

    September 15, 2008 10:40 am at 10:40 am |
  18. Mikey

    How are they going to reform Wall Street. Neither understands economics. This must be some sort of joke. This is the same guy who was saying that the economy was fundamentally strong a few months ago.

    Are they going to rely on the architect of the McCain economic plan, Phil Gramm? What's the plan going to be, "quit your whining – the problems are all in your head."

    Or have they now figured out how dead wrong and are getting rid of Gramm and starting over on economics? If they really want a stronger economic team, they could replace McCain and Palin, too.

    September 15, 2008 10:40 am at 10:40 am |
  19. Accountant Guy

    I think McBush has dementia. How does he expect to reform Wall Street, when he himself said he doesn't even understand the economy and that the economy is fine. Who is stupid enough to believe anything he says!! THANKS, BUT NO THANKS TO MCBUSH AND PALIN!!

    Obama/Biden '08

    September 15, 2008 10:40 am at 10:40 am |
  20. David in New York

    John McCain reform Wall Street. How? He has admitted he is weak on the economy. He has been is Washington for decades and never tried to fix Wall Street before, so how does he intend to do it now. Let's hear specifics not talk. The problem is that if asked specifics, he would be speechless. If he wanted to fix the economy he should have picked an expert...Mitt Romney as a running mate, not Miss Lip-Stick from Wallawho!

    September 15, 2008 10:40 am at 10:40 am |
  21. brian

    McCain's comments actually have nothing to do with this crisis. These banks are failing because of the entire lack of regulation of the HOUSING market. This has NOTHING to do with taxes or gas prices. I'm starting to wonder if McCain has a clue about anything anymore.

    September 15, 2008 10:41 am at 10:41 am |
  22. Kansas for Obama

    Wall Street stopped using the Abacus a long time ago John, they have things called computers to do their math now.

    I have to laugh, the man who admits he knows little about the economy and doesn't know how to use a computer vows to fix Wall Street.

    September 15, 2008 10:41 am at 10:41 am |
  23. Rob

    McCain again said this very morning that the economy is fundamentaly – too bad he isn't.

    September 15, 2008 10:41 am at 10:41 am |
  24. M.B. from Berlin FOR OBAMA

    Hey guys give big hands to McCain...
    this was an ad, I just have to watch it over and over again.'s a positive one. Not one of the 3.5 million "is he ready to lead" blabla ads. Great. But the ad's content... a little girl, leaving her town in debts and the old man, that does know as much about economy, as China knows about human rights... I guess, these two guys are NOT ready to lead the country, and especially not our economy!

    Nice try McCain. But I guess, if you really wanted to change something at Wall Street, I guess 26 years were quite a long time to do. But you blew it, man.

    Obama/Biden for landslide

    September 15, 2008 10:42 am at 10:42 am |
  25. Sarah


    September 15, 2008 10:42 am at 10:42 am |
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