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

McCain makes new 401k proposal

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/10/mccain2.jpg caption=" 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. Gadissa

    watch your poll while it goes down to the drain while I'm watching my retirment going down.

    October 10, 2008 02:07 pm at 2:07 pm |
  2. Jen

    McCain just keeps coming up with "plans"- without giving them much thought.

    He is evidently panicked and is just throwing things out there to see what sticks.

    October 10, 2008 02:07 pm at 2:07 pm |
  3. John Wheeler

    McCain has change his strategy and decision making. It used to be:
    Now it s just:
    "Steady hand at the tiller?" I think not

    October 10, 2008 02:08 pm at 2:08 pm |
  4. Andy - Atlanta, GA

    I'm 100% pro-Obama & anti-McCain, but this does sound like a good idea. I guess if you try 100 different tactics, one has got to work!

    October 10, 2008 02:09 pm at 2:09 pm |
  5. Oh my GOD!!!

    This man is like a losing pitcher. Keeping throwing and keeping throwing and maybe out of the 100 pitches you may get a strike. I'm so done with the republican party. Full of hate, if you can win on the issues then step out of the race.

    October 10, 2008 02:09 pm at 2:09 pm |
  6. carol

    It seems John McCain has a new idea every minute.......and you want this dithering man to be in charge of this country..P...L...E..A....S...E.
    McCain looks old, tired and worn out....why not just go home and live a nice wealthy life style....because the state of the country won't affect you or Cindy.
    You can live in a different house every day....won't that be nice, meanwhile folks across the country are losing theirs!!!!!
    McCain has the nerve to say Sen Obama doesn't understand...NO McCAIN IT'S YOU WHO DON'T UNDERSTAND and even worse you don't really care!!!
    COUNTRY FIRST campaign has been an absolute disgrace......how dare McCain say COUNTRY FIRST, when we are seeing daily he is only worried about McCAIN FIRST!!!!

    October 10, 2008 02:09 pm at 2:09 pm |
  7. Rob

    This from the NY Post:

    "A man at the center of a voter-registration scandal told The Post yesterday he was given cash and cigarettes by aggressive ACORN activists in exchange for registering an astonishing 72 times, in apparent violation of Ohio laws. "

    Obama doesn't have to worry about the fact that he has no solutions, no experience, no idea; he's got people stealing the election for him, why bother?

    Yeah, I guess I'd feel pretty confident too if I had someone stealing the election for me.

    October 10, 2008 02:09 pm at 2:09 pm |
  8. madeline

    it seems the media is letting mccain and palin slide big time.
    they are not calling them out on having hate rallies where people yell,off with his head,kill him,treason.if something happened to obama they would just say,oh what a shame.
    they are stoking the fires of racism in this country and cnn let's it slide.
    i am very disappointed in people like anderson cooper who is not keeping them honest.
    i remember him running rev wright on a loop for days and only one short story about palin's crazy pastors and mccains.no story at all about the aip.but now this stuff is life threatening and he says nothing.what a coward.imagine that,someone says kill him.off with his head and mccain and palin say nothing to admonish it.
    that says all we need to know about their character.
    even if you're voting mccain that should disturb you,but for most voting him it probably doesn't because they wish those things would happen anyway.

    October 10, 2008 02:09 pm at 2:09 pm |
  9. Gadissa

    what more can you promis me.
    Suspending campaign.

    October 10, 2008 02:09 pm at 2:09 pm |
  10. Reagan

    You puppets do realize when all of these thousands and thousands of ACORN Fraudulant voter forms are thrown in the trash O'Hamas poll numbers are going to take a nose dive.

    You do know that?....Don't you?

    October 10, 2008 02:09 pm at 2:09 pm |
  11. No McCain

    McCain keeps jumping from one plan to the other – like a lost dog.

    He has NO idea and NO intelligence – better off just shut up.

    McCain Palin have NO credibility.

    October 10, 2008 02:10 pm at 2:10 pm |

    When it comes to International reportage, CNN trus Amampour, Nick Robinson is an experienced war rporter and CNN value him most. When it coms to "Situation Room" CNN trust in the experience of Blitzer Wolf. Frankly speaking the current global economic situation needs experienced leader like John Mccain. I weep inside of me when I read different comments that relegate John to the background, it is unfortunate, and unAmerican, America value history, American value experience, America val;ue track records, but today we see American following jamboree, and day dreaming. The whole world is waiting, waiting to see American trwing to the wind what they value most. MY CANDID ADVICE IS, PLEASE AND PLEASE VOTE MACCAIN.

    October 10, 2008 02:10 pm at 2:10 pm |
  13. IAMWMD

    Joe Biden's zinger from Missouri: Sarah Palin said she was in the 2nd grade when I was elected to the Senate but she fails to mention that she was in the 6th grade the last time John McCain came up with a good idea.

    Stick a fork in them Joe, they're almost done

    Obama/Biden 08

    October 10, 2008 02:11 pm at 2:11 pm |
  14. Erik

    Senator McCain, you are not "my friend" and I don't want your old-school maunderigns to influence my retirement savings.

    October 10, 2008 02:11 pm at 2:11 pm |
  15. Enough CNN!

    Why do Obama supporters think McCain is drowning? National polls keep him oever 40% and Obama never goes over 51%.
    Obama is down in the polls today.
    Obama is stealing votes! People that wanted to go with him as the less of two evils may choose not to vote now.
    Obama has not won, not even close.

    Obama supporters, stick to the article and debate the issues of the day, stop saying desperate, drowning, and McNames.
    You would be so proud if your mother, wife, daughter had done what Sarah Palin did, no matter what your personal political beliefs are.
    Stop name calling, lets focus on the country.
    Obama and his personality issues campaigning, the man has you all so distracted, you never pay attention to the fact that he can never campaign on his record of accomplishing anything because he hasn't.
    You all need to really get in the mindset of what is going on here.

    October 10, 2008 02:11 pm at 2:11 pm |
  16. carol

    the only ticket that could have been worse than obama-biden would have been obama and momma!!!!!

    October 10, 2008 02:12 pm at 2:12 pm |
  17. gabriel

    Ohh CNN your moderation/censorship is tooo much !!!

    maybe you can post this.

    McCain/Palin !!!!

    Sarahcudda 2012

    October 10, 2008 02:12 pm at 2:12 pm |
  18. syd

    This man admits several times he doesn't understand the economy.We are in an economic crisis,the worst since the depression and some people still want to vote for this man?
    No wonder we're the laughing stocks of the world.
    Can we really be that stupid?
    That's like someone going for the job of an accountant but tells the hiring manager,I want to be an accountant at your firm but I can't do math and I can't read.

    October 10, 2008 02:12 pm at 2:12 pm |
  19. PA Independent

    Too little, and about 2 1/2 weeks too late.

    October 10, 2008 02:13 pm at 2:13 pm |
  20. Proud to be American

    Give it up John you are a fool and making the American campaign process look foolish too.... look no one takes pleasure in seeing an old American hero fade into some mean grumpy monster of man that use woman to do all his dirty work ... not a good thing. Hey next debate sit, don't walk around I wanted to offer you a seat through the television :0(..

    Stop the hate John I am sure with your diverse childeren you know better than that... let Peace and Love shine and you and Mrs. unethical give it up and go home... you need to retire in the sunset it is okay you did not make Admiral nor President... I suppose you accomplished a lot... Put your Country first and drop out of the race NOW!

    Thank you,

    Obama and Biden 2008

    October 10, 2008 02:13 pm at 2:13 pm |
  21. No McCain, No Way,No Palin!

    Big deal- gosh how long did it take u to think of this? I've lost 30% of my children's educational mutual fund over the last two weeks- u got any big plan for that? You republican losers have done so much to destroy America- that we should be shouting from roof tops to have u and Bush tried for treason.

    October 10, 2008 02:14 pm at 2:14 pm |
  22. We love Sarah

    You people (republicans) are idiots!

    McCain throws horse dung at you and you call it gold. You hate the idea that other poeple in America might gain power and that scares you to death.

    Maybe it's your guilt.

    If we don't worry about it, why should you?

    You rather trust two idiots (Palin and McCain) to run this country, than allow real leaders a chance to help us get out of the rut that we are in.


    October 10, 2008 02:15 pm at 2:15 pm |
  23. JJ

    Another plan? Man McCain, you are running out of time and getting desperate by the day.

    October 10, 2008 02:16 pm at 2:16 pm |

    McCain said "my fellow prisoners".

    Also, he proposed a spending "freeze" last week. This week he suggested that govt. "buy" all the bad mortgages??????

    What is up with this kind of thinking? You be the judge.

    October 10, 2008 02:17 pm at 2:17 pm |
  25. tom

    Purchase at full value? That means rewarding the bankers et.al. for making poor investment decisions AND for their predatory lending tactics. I suggested 3 weeks ago on AC360 blog: to buy up mortgages for 50 cents max on the dollar and let homeowners have a new mortgage for that amount (plus $10k) at 4% interest. This lets homeowners keep houses at an interest rate they can afford (if not then I'm sorry it's the best we can do). It lets the taxpayer at least get a return somewhere close to the historic inflation rate and let's banks have some needed liquidity (while penalizing them for being greedy SOBs) and gets rid of some substantial bad debt – which they need to do desparately. The extra $10k is so the government can bundle the loans and resell (at tax payer cost), to investors. That let's investors that buy the loans get a 4% return plus $10k up front, and the gov't gets out of the loan business more quickly.
    This won't solve every loan problem.

    October 10, 2008 02:17 pm at 2:17 pm |
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