Posted by: Lipstick Piggy | September 29, 2008

Senator McCain | Response on Bail Out Failure

Subject: McCain Verbated Statement on the Economy

West Des Moines, Iowa
17:14:13 walk out

 I speak to you in an hour of crisis for our nation’s economy. I believe the challenges facing our economy could have a grave impact on every american worker, small business owner, and family, if our leaders fail to act. I share the anger, and frustration that that many Americans feel towards reckless and corrupt mismanagement on Wall Street and in Washington. I returned to Washington last week to work on a bipartisan rescue plan. It was the only plan that, at that time on the table, lacked enough support to pass, it also lacked sufficient accountabilty and transparency to justify expenditurof the taxpayers money. At the time the concerns of all members were not being heard. My colleagues were worried about the size of the plan, and the risked it posed to taxpayers. I shared those concerns and i laid out principles that must be adhered to. Those principles included responsible overshight, effective transparency, added protections for the taxpayers and a cap for excessive salaries for executives. I also believed that the legislation should have no earmarks. I worked hard to play a constructive role in bringing everyone to the table. The plan is now significantly improved. We strengthen tax payers protections and oversight and the taxpayers were on the hook for less money upfront. Dont get me wrong it isnt perfect and the fact the taxpayers could have to spend a single dollar to create stability in our economy is a decision that i do not také lightly.

I was hopeful that the improved rescue plan would have had the votes needed to pass bc addressing the credit crisis is a vital importance to families, small businesses, and every working american who must be assured that their assets are safe and protected. And that our economy would continue to function. Today i spoke to fed chmn bernanke, secy paulson,  congresional leaders and now its time for all members of congress to go to back to the drawing board. I call on Congress to get back obviously, immediately to address this crisis. Our leaders are expected to leave partisanship at the door, and come to the table to solve our problems. Senator obama and his allies in congress infused unecessary partisanship into the process. Now is not the time to fix the blame. Its time to fix the problem. I would hope that all our leaders, all of them, can put aside short term political goals and do whats in the best interest of the American people. Thank you.”


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