McCain tells 'Dispatch' that bailout is emergency measure 'to stop bleeding'

The Columbus Dispatch ^ | September 28, 2008 | Joe Hallett

[buccaneer81]

McCain tells 'Dispatch' that bailout is emergency measure 'to stop bleeding' Republican nominee says Paulson, Bernanke convinced him plan needed Sunday, September 28, 2008 7:36 PM By Joe Hallett THE COLUMBUS DISPATCH Along with Sen. Barack Obama, Sen. John McCain has embraced a $700 billion bailout of the nation's troubled financial industry.

In a telephone interview with The Dispatch from Washington yesterday, McCain said that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke convinced him that the rescue plan is necessary.

"I'm sure everybody understands that this was something that just had to be done," McCain said. "I'm kind of sorry in a way, but the tone of voice that Bernanke and Paulson used about this crisis, I've never heard anything like it in the years that I've been in public office, or alive."

McCain and his running mate, Alaska Gov. Sarah Palin, will appear at a rally this morning at Capital University. In advance of the visit, McCain talked with The Dispatch about the financial crisis and other topics:

Dispatch: Some commentators criticized you for what they called erratic statements and actions last week heading into negotiations on rescuing the economy. Describe how you played a productive role in all this.

McCain: I'll leave that up to others to make that judgment. This was an issue that was transcendent. I suspended my campaign and came back to Washington because I thought that it was vital to do so. Sen. Obama said he was available to discuss the issue by phone. I didn't want to phone it in. I'm proud that we were able to get this done, and I'll give the credit to everybody else.

Dispatch: In the final analysis, what makes you think this bailout plan will work?

McCain: Well, I think that it has to. The world's financial structure as well as this nation's is under enormous pressures. I don't think it's our recovery. What I think it is, is an emergency measure to try to stop the bleeding. We've got a long way to go. This isn't the beginning of the end; it's the end of the beginning if we pass this, and I'm optimistic that we will.

Look, we've got to create jobs for working families, working families have to be able to educate their kids, they have to stay in their homes, and that's the key to this. In the meantime, we couldn't allow them not to be able to go and get the loans that small businesses need, the credit that people need to do the things that are necessary to educate their kids. This was a critical moment, but it's certainly a long way from ending the financial difficulties that working families are undergoing right now.

Dispatch: You have campaigned frequently in Ohio. Can you win the presidency without winning Ohio?

McCain: It would be very, very hard. You and I both know that you've got to go all the way back to Jack Kennedy (in 1960 to find a nominee who lost Ohio and still won the presidency). I think it would be very difficult, and I don't intend to find that out. I will campaign as hard as I can in the state of Ohio. I've got a real head wind, and I know that I'm the underdog.

Dispatch: Polling indicates and even Democrats concede that race will be a factor against Sen. Obama in Ohio. How would you feel if you won narrowly in this state and race was the deciding factor?

McCain: I just don't think that could possibly happen because I rely on the good judgment of the people of Ohio and America. Times are too tough. They're going to make a decision based on who they think can best bring some kind of economic future to working families in Ohio and across this country. I just have an abiding faith in the American people that, particularly in these times, that they'll make the choice based on who is best to lead.

Dispatch: What would you say to voters who are inclined to make race the basis for their vote?

McCain: I wouldn't do that. I urge them strongly that these are too perilous times, both national-security-wise and economically. All I can say to them is do what they think is best for them and their country.

jhallett@dispatch.com

[ncalburt]

This is OLD News from Sat and he is talking in general terms .
Why does everyone freak out all the time here .Something does have to be done just like the S&L solution in 1988-89.

[Maelstorm]

We will wait until tomorrow. Everyone needs to be on the phones. This isn’t as bad as the bill could’ve been but it still is ugly and the more I look at the more it looks like a scam to protect the few the powerful and Democrat constituents. This bailout will make it easy for the same banks who issued high risk loans to continue doing so. They should be more cautious but when they see the government willing to bail them out and buy their bad loans it becomes an invitation to fleece the government and the taxpayer. Where is the crisis? 95% of Banks and most loans (only 13.6% are sub- prime and only a fraction of those are in default) are ok. The problem is the biggest and most heavily regulated banks issued the most subprime loans so the idea that some how this destory the market I think is an exaggeration. We is the structural instability to suggest this? It seems to me that it would be a good thing for people with unreliable credit not to be taking out huge loans for homes and business or tuition. Why not freeze tuition rates at a rate so people can go to college without taking out loans. Liberals are always talking about sacrifice. ;-)

[WKL815]

And here I thought a good old fashioned blood-letting was in order.

[donnab]

Some people can’t see the forest for the trees. Harry has only been here a couple weeks.
Obama vs McCain?
If they can’t see the differences ...they deserve what they get in the end.
McCain worked hard on this bill while Barry played politics out on the stump.
The bill is very different than the one that Pelosi was dreaming she could ram through.
For those that are jumping support...I have to ask just how much they really understand about ALL of this.
Or where we will be if Obama gets elected.
2006 elections sure did work out for us, didnt they?

[Harry Wurzbach]

eh, shut up. Other than ACORN there's not much of a difference between the two. Expanding government by the largest amount ever is a more pressing matter than that matter.

There's no point in supporting the GOP when they are willing to give up on their principles to win an election just because the other guy may be a little worse. Look at Bush, genius. What the !@#$$? Look at what we got for supporting that genius for the last 8 years? The government has exploded and he rammed through the largest expansion in an entitlement program since the '60s.

Go ahead and continue to be a useful idiot. Socialism at a little slower pace! What a great campaign idea.

[AmericaUnited]

Other than ACORN there's not much of a difference between the two

That's just gross ignorance and stupidity. It was posted on an earlier thread what the diffrences were and they are quite a bit more than what your lame and ignorant bleating above claims.

[2nd_Amendment_Defender]

You can bet I’m going to be on the phone tomorrow. This is a huge SCAM. I see nothing behind this bill but pure greed. It is not good for America. It is not good for the economy. I am torqued. What torques me off even more is that it will likely pass despite whatever I say.

I thought it was horrible what Clinton did with selling pardons before he left office. It seems Bush wants to do even worst than his predecessor.

[Truthsearcher]

Yeah, and now they want to get Obama in so we can learn how bad it can really get.

[Tempest]

He has failed the Leadership test and drank the Kool-aid, Paulson's been serving.

You're a follower John not a maverick.

[narses]

” Otherwise, I’m not seeing much of a difference between the two. “

Obama Doesn’t Want His Daughters Punished with a Baby

http://www.youtube.com/watch?v=eNzmly28Bmg

CNN on Obama’s Infant Born Alive Act Rejection

http://www.youtube.com/watch?v=QPZCXcTwZPY

Jill Stanek on Obama and Born Alive Infant Protection Act (MUST SEE)

http://www.youtube.com/watch?v=VIdbYjmbFzo

Obama Cover-up Revealed On Born-Alive Abortion Survivors Bill

http://www.nrlc.org/ObamaBAIPA/ObamaCoverup.html

Explosive Audio Found Obama arguing against BAIPA

http://www.youtube.com/watch?v=ypDwNpgIUQc

Babies left to die!

http://www.youtube.com/watch?v=VIdbYjmbFzo

[ncalburt]

Calm down. Go t Powerline and read the comparison of the old and new bill.
I am not for it but read about the facts.
Something along the lines of the 1988-89 S&l bailout has t be done to get this crappy paper from bring down the market.
That fool Paulson made this situation worse by setting up an expectation of a big bailout for Wall Street with his fellow Dems ( he is a Dem).
As usual Bush as allowed the completely out played in the PR game by the Dems and looks like a fool.
Bush ‘s moronic new tone set up this entire mess up by keeping dems in key positions .

[TADSLOS]

This should be no surprise to anyone. McCain never fails to make an effort to disappoint conservatives with bi-partisan stuntsmanship. He’s a pro at it. Maverick and all that. But, he is the 36% back door nominee. So he’s got that going for him.

[livius]

I’ve been scanning threads on this and seeing lots of new posters - all of them foaming at the mouth about McCain and saying they’re going to vote for Obama. I think I’m smelling troll-smell on a lot of them.

The same thing happened with Bush and immigration. People with their hair on fire surfaced from nowhere, screamed and spewed. The result was that Bush hatred became the norm here, incredible ugliness was vented - and no bill got passed, no changes were made, nothing got done, and the problem remains to be dealt with by the next administration (which I am sure most Freepers will not like). I think a lot of them, especially the quasi-Stormfront ones, were trolls. That’s one of the vulnerabilities of the Internet, of course, but it’s something we all have to be aware of.

[ThePythonicCow]

Wow !!

Fred's take on this situation has to be about the best I've seen. Spot on, plain sense, a pleasure to read (well, I imagined it being read in Fred's voice, so I should say a pleasure to hear.)

Where'd you find it?

I even agree with his prediction -- likely next major step, after we finish digging out of this hole, will be yet another financial bubble.

The best guesses I've seen as to this next bubble will be something related to energy or infrastructure.

• Some combination of oil, coal, nuclear, wind, solar, geothermal, ... will be getting some serious investment these coming years.
• Ways to run our cars, trucks, homes and factories with less energy will be well received and in some cases well financed.
• The perennial favorite of James Dines (the original gold bug) over these last few years, Uranium, might finally see a strong bid again.
• The infrastructure, such as gas and oil lines (I hear Sarah Palin knows a thing or two about these) and electric power lines (such as T Boone Pickens wants Texas or Congress to fund, from his windmills in West Texas, to the population centers in Dallas and Houston) will show strong growth and opportunities for fame and fortune.
• Congress already has committed vast sums to Ethanol subsidies. I didn't say all this investment would make sound scientific or economic sense.
• Congress will (oops -- just did) fund GM and Ford to make more efficient cars.
• The environmental wackos will moderate (oops again - have moderated) their stance to allow for more nuclear power plants.

The massive pile of new Treasuries being printed as we speak will find their way, via Sovereign Wealth Funds, back into various of these energy related projects, which will require a massive investment to get going.

Whether it's the Global Warming Left, looking for alternative energy sources, or the Drill Here, Drill Now neighbors of mine here in Texas (when they say "here", they mean "here"), or the Saudi's who know but can't publically tell us that their oil reserves have peaked, or the Russians, trying to extend their monoplistic control over energy supplies to Europe, ...

Mr. McGuire: I just want to say one word to you - just one word.
Ben: Yes sir.
Mr. McGuire: Are you listening?
Ben: Yes I am.
Mr. McGuire: Energy.

Sometimes predicting the future is just too easy.

I'm not necessarily rushing into all this Monday morning. For one thing, what I have to invest, some coins I found under my sofa cushions, wouldn't stretch far enough to invest in all these at once. And for another thing, we are still on the down stroke of this last bubble - real estate, mortgages, mortgage backed securities,credit swap derivatives thereof, and financial institutions thereon. We've got our year or three of sack cloth penance in recessionary purgatory to spend first, before this new bubble starts to really stretch its wings.

But over the next ten years, it looks to be the place to be.

[ncalburt]

Your correct.
There is so much phony anger at McCain .
You should have seen the Troll fest on debate night .
its was over the top .
The Obama smear squad considers this site the first one to get shut down under the new Obama Marxist regime .

[LiberalsSpendYourMoney]

Paulson is not a Democrat. He’s a Republican. How many times does this have to be said?

[TheThinker]

Here's Fred's Money Quote:

Lost in this immense, complex mess is the root problem most people are missing: the government is gradually becoming the guarantor of seemingly every important aspect of American secular life, creating incentives and bureaucracies that cause failure and invite fraud.

He sees what a lot of FReepers see and he's right. We're losing America.

[ThePythonicCow]

More energy projects:

• The Three Gorges dam in China will be ramping up its power generation capacity steadily over the next year or two as the remaining generators are installed.

  

• Just this last week (lost in all the other news) a deal that has been in the works for threes years went to Congress, to approve increased exchange of nuclear energy and dual use technology between India and the United States. India is years into a massive nuclear energy development program.

[Toymaker]

CAPTION: Chris Dodd uses Barney Franks to demonstrate what Congress is doing to the American public. Franks later said the demonstration "could have used some lube".

[ncalburt]

yep goolged him .
He is a Repub.
Thanks