McCain on AIG: Let It Fail

The Washington Independent / The Heritage Foundation ^ | 2009-03-26

[rabscuttle385]

Speaking at the Heritage Foundation, Sen. John McCain (R-Ariz.) said he opposed the 90 percent tax on AIG bonuses that passed the House. “I don’t support bills of attainder,” he said, to loud applause. He said he opposed the idea of controlling the salaries and bonuses of TARP-taking executives, focusing instead on creating a subcommittee to see where the money was going and to oppose any more bailouts. “The problem started when we bailed out AIG,” he said. “I would have let AIG go bankrupt. If they have to fail, they fail.”

[rabscuttle385]

McCain's speech at The Heritage Foundation [03/26/2009] [The Heritage Foundation]

[rabscuttle385]

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[GeronL]

??

2 headlines from the same place don’t seem to jibe well

[Reagan69]

McCain might have just pulled out a victory if he hadn’t suspended the campaign to run back to DC only to vote FOR the first TARP.

MIGHT have.

[silverleaf]

The problem started when we bailed out AIG,” he said. “I would have let AIG go bankrupt. If they have to fail, they fail.”

If memory serves me, John McCain was the GOP presidential candidate and head of the GOP party when AIG was bailed out. I don’t recall his objection. I also recall him voting YES on TARP.

[rom]

Oh John. You’re so funny. Why’d you vote for TARP?

[Deb]

I would agree if it were any other company, but AIG is the insurance company of the entire world. It is one-of-a-kind and if it fails the entire globe will be plunged into an horrific, decades-long depression.

McCain continues to prove his brain has atrophied.

[meandog]

More and more McDS I see!

[TADSLOS]

If memory serves me, John McCain was the GOP presidential candidate and head of the GOP party when AIG was bailed out. I don’t recall his objection. I also recall him voting YES on TARP.

Not just YES. He strong armed the republican congress into voting it into law. McCain is a slimy, disingenuous bastard.

[Gene Eric]

>> McCain might have just pulled out a victory

Which McCain are you talking about?

[Eric in the Ozarks]

If he had suspended his campaign, returned to Washington and plainly stated, “No bailouts, period,” he’d be in the White House today.

[meandog]

He also helped keep us safe, didn’t he?

[kabar]

You left off the sarcasm tag.

[Little Ray]

Are you sure someone else wouldn’t see that as an opportunity and take their place?

[Canedawg]

As was said about him during the campaign, he IS erratic.

[Deb]

You mean after the Worldwide depression? I don’t think people understand what AIG is, the press sure hasn’t explained it..

[Jim Robinson]

If AIG fails, others will pick up the pieces. Capitalism is always better than socialism.

In this present crisis, Government is not the solution; government is the problem. ~~Ronald Reagan

McCain suspended his campaign to go back to Washington because of this present crisis. Had he taken Reagan's principled stand for the constitution, for liberty, and against socialism at that time, he may have saved the nation from this abominable socialist.

[EBH]

You know, I keep wondering about this. If AIG would have “failed” which isn't really what would have happened...they would have filed bankruptcy under either 7 or 11. Most likely under 11 which is reorganization. They are so big reorganization should have been a no brainer with a company of this size.

It would have kept government's nose out of the tent. All this talk about investment losses etc. is a bit of hogwash to me. All my investment statements clearly indicate they may lose value. It is my loss.

I am really believing we were sold up the river by Bush and Paulson. Goldman Sachs got bailout funds from both the government and AIG. So much of a mess...

Let them file bankruptcy.

[swarthyguy]

Wassamatta, John, that campaign suspension thingie didn’t work out too well?

Where wuz ya when Bush first gave AIG 80Bill, 50Bill+ to FMFM, and then the ultimate gift that has kept on giving, that effing TARPosity?

NOW you come out. Sheesh. You coulda triangulated from the cabal that gave us TARP - Bush, Paulson, Geithner, Bernanke, Pelosi, Reid, Obama....BUT NOOOOOOOOO!

[Little Ray]

You’re right about that. I don’t understand AIG.