McCain: NBC 10/26/08 Part 2 of 4

John McCain on John McCain
"Meet the Press"
Interview

TOPIC: McCain, Palin, Bailout, Taxes, Socialism

TRANSCRIPT: BROKAW: But there's this continuing use of the phrase "socialism"- how would you describe the $700 billion bailout that has the United States government buying shares in American banks, in effect nationalizing those banks to a degree and even your own mortgage plan of spending $300 billion to buy bad mortgages, from banks, having tax payers who have done the responsible thing in effect subsidize people who've done the dumb or wrong thing?

MCCAIN: Because we are in a financial crisis of monumental proportions, the roll of government is to intervene when a nation is in crisis. A homeowner's loan corporation was instituted in the great depression they went out and they bought people's mortgages and over time, people were able then to pay back those mortgages and the treasury actually made some money. This treasury, in this administration is spending its time bailing out the banks. The cause of the crisis was the housing crisis as we know and home values, as long as they continue to decline, then we're not gonna see a turnaround in this economy. A lot of other things have to happen[...]but at least, let's understand, that we oughta keep people in their homes. That's the American dream, and they say now, that maybe their gonna address that problem, let's address it first, and so, when a nation is a crisis, that's when a government has to intervene. Now a lot of the times you were talking about, 2004, other times, times were pretty good overall, you had different, you have to have different roles of government in different times. I'm a fundamentally, obviously, a strong conservative, but when we're in a crisis of this nature, that's when government has to help. That's what our fundamental belief, reason why we have government- in times of crisis we go in and try to help the people, especially in this situation, where they're the victim of a drive by shooting, by excess, greed and corruption in Washington and Wall Street. And again, I, and others, said we have to have legislation to reign it in. Senator Obama didn't lift a finger.

BROKAW: Well you did, you made your comments about Fannie Mae and Freddie Mac at the time of the accounting issues, when that was first raised, can you cite a time...

MCCAIN: In reality, we proposed legislation, I made a statement, that said, look, it's not just the accounting, this whole process is gonna lead to disaster. I'll be glad to provide you with the letter.

BROKAW: Let me ask you quickly about your $300 billion bail out of mortgages, some people have said, look, if there's a homeowner out there who's done the irresponsible thing and a bank is looking at that foreclosure and saying- hey I don't have to work this out, I can just get the government to pick it up, why should a tax payer in Waterloo, Iowa or Akron, Ohio, have to subsidize somebody who's done the dumb, wrong thing?

MCCAIN: Well, in simplest terms, if their neighbor next door, throws the keys on the living room floor and leaves then the value of their home is going to dramatically decrease as well. And again, this has been done before, as I said, during the great depression...

BROKAW: And that's when republicans called it socialism under FDR.

MCCAIN: Well, look, uh, in the great depression, there were some things that worked and some things that didn't work, but for the government to do nothing, in a face of a massive crisis of proportions that we have not seen [...] it's hard for us to imagine how, in retrospect, how serious the great depression was, but the fact is that Senator Obama, by the way, opposes that, and I want to use some of the $750 billion to go and buy those mortgages and that, I think, will stabilize the market, it's not the only thing that needs to be done, but I think it's a vital first step so Americans can realize the American dream. [...]And by the way this is primary residences, there a lot of circumstances that[...]

LABEL: JM JM NBC 10-26-08 10.45 (LAD#57) ZZ

Category:

News & Politics

Tags:

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• Meet
• the
• Press
• taxes
• socialism
• socialistic
• bailout
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• mae
• freddie
• mac
• 300
• billion
• hoover

[bowser510]

Mcain is a morron,surely even the redest of necks can be intelligent enough to see this.For the sake of everyone VOTE OBAMA!!!

[chefsanders70]

McShame

[alexiam09]

JC 2 has used every cool aspect of a video game, and filled it directly into the best video game ever! If you would like to enjoy it for absolutely free rather then having to pay money for it, only head out to JC2DownloadXcom (replace X with . ) .

[tickyul]

Time to unwind this mess. I do not know if the USA can realistically escape the "socialist" title anymore. Let see, we prop up Amtrak, USPS, Many Airlines, Fan- Fred to name a few. Then we have a ponzi scheme name Social Security. Medicare and Medicaid are two programs that have huge future obligations they cannot meet, oh I guess they can by printing more debt. Am I supposed to consider this a serious country? Oh, let's not forget the constant globetrotting missions the military is always on.

[iOxygen]

bY THE WAY I HOPE HE WILL STOP USING THE NAME OF JOE THE PLUMBER.HE LOOKED SO STUPID IN THE CAMPAIGN STAGE..IF HE IS SMART ENOUGH HE KNOWS THAT HE IS THE ONE WHO COULD BENEFIT OBAMA"S PLAN....THE TRUTH OF THE MATTER IS THAT HE NEEDS TO FIRE HIS ADVISERS, ALL THEY DO IS USED SCARE TACTICS AND BEING NEGATIVE TO OBAMA. THEY SHOULD STAY THE COURSE AND EXPLAIN WELL TO PEOPLE WHAT THEY CAN DO TO THIS COUNTRY...I USED TO IDOLIZED MCCAIN I THOUGHT HE IS A RESPECTABLE INDIVIDUAL AND A TRUE SOLDIER......

[iOxygen]

iT IS SO EMBARRASING THAT MCCAIN FORGOT WHAT HE SAID FEW YEARS AGO AND IT COME BACK TO HIM. I'M SURE HE KNOWS THAT THE ONLY WAY TO GET OUT OF THIS DEBT IS TO ASK CORPORATIONS FOR A TAX INCREASE AND STOP WAR IN IRAQ WHERE WE ARE SPENDING BILLIONS OF DOLLARS. IN ORDER TO SAVE OUR COUNTRY AND RESPECTED AGAIN ALL OVER THE WORLD IS FOR HIS CITIZENS TO BE TAKEN CARE OFF FIRST LIKE BILL CLINTON...

[littletateislove]

wow bitch please obama 08 all the wayy

[dance2noise002]

" and these are different TIMess my friend! " -_-

[dance2noise002]

LOL yeah "joe the biden"

[Elysium3006]

Dear Mr. McCain,

My name is NOT Joe!! I am NOT a plumber!!

My name is Tamara, and I'm a Nurse. Please stop speaking for me and stating that we are all "Joe the Plumbers"? This is just a tactic to try to get everyone to think you're just like us. Well, you're not. We don't own 11 houses and 13 cars. We can barely afford to pay for one, if we're so blessed. Oh, and please stop using fear to intimidate us in to voting for you. As always, your wife looks beautiful.

Sloppy kisses,Tamara Beezley RN

[mollyvital]

i don't know in what minute mccain did burp by accident . but i am actually for obama!!!!!mccain is always talking about how obama's character is bad, he needs to talk more about what he is going to do if he becomes president. THAT I HOPE HE WONT.

[SmileySmilerton]

WOOHOOHOO! His makeup is starting to sweat off!!!! backpeddle, backpeddle, excuse, excuse, excuse!!

If Americans vote this guy in... all is lost.