Chris Wallace Grills John McCain on Socialistic Bailout Vote

Chris Wallace Grills John McCain on Socialistic Bailout Vote and whether or not it is akin to Barack Obama's self avowed socialistic policies.

Transcript:
WALLACE: In your radio address yesterday, you raised the "S" word, socialism.

MCCAIN: Sure.

WALLACE: But you did it indirectly, so let me ask you for some straight talk. Do you think that Senator Obama is a socialist? Do you think that his plans are socialism?

MCCAIN: I think his plans are redistribution of the wealth. He said it himself, "We need to spread the wealth around." Now, that's one of...

WALLACE: Is that socialism?

MCCAIN: That's one of the tenets of socialism. But it's more the liberal left, which he's always been on. He's always been in the left lane of American politics.

That's why he voted 94 times against any tax cuts or for tax increases. That's why he voted for the Democratic resolution, budget resolution, that would impose taxes on — raise taxes on some individual who makes $42,000 a year.

That's why he has the most liberal voting record in the United States Senate.

WALLACE: But, Senator, when we talk...

MCCAIN: So is one of the tenets of socialism redistribution of the wealth? Not just socialism — a lot of other liberal and left wing philosophies — redistribution of the wealth? I don't believe in it. I believe in wealth creation by Joe the Plumber.

WALLACE: But, Senator, you voted for the $700 billion bailout that's being used partially to nationalize American banks. Isn't that socialism?

MCCAIN: That is reacting to a crisis that's due to greed and excess in Washington.

And what this administration is doing wrong, and what Paulson is doing wrong, is not going out and buying up home loan mortgages, home mortgages, and giving people new mortgages at the new value of their home so they can stay in their home.

They're bailing out the banks. They're baling out these institutions.

WALLACE: But you voted for that.

MCCAIN: Of course. It was a package that had to be enacted because the economy was about to go into the tank.

During the — during the Depression, we had a program to take care — where they went out and bought homeowners' mortgages, and then over time they even made money as the values of homes began to increase.

If we don't turn — the housing market was the catalyst — the greed and excess, and Fannie Mae and Freddie, which some of us proposed legislation to rein in — the Democrats were in charge of Congress for most six — for the last couple of years, and they did not act, and so — and Senator Obama did not act.

But the point is that, of course, when a — when a — that's the reason why we have governments, to help those who need help, who can't help themselves, and when time of crisis to step in and do what's necessary to preserve the lives and futures of innocent people.

It wasn't Main Street America that caused this. It was Washington and Wall Street.

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[ShadowM2069]

So now that the bailout isn't doing what it was first created for, now we're just another trillion in imaginary debt. When the dollar's value plummets it won't matter how many dollars we've created. It says right on any cash, "US Note", nothing more than an IOU from the government. But you can't east promises. We'll see our true colour when the chips are down and people are starving. I'm praying for everyone leading this heard. Hoping we don't all go off the cliff together.

[whozyourdaddy2]

Slip of the tongue, Johnny Boy, listed to 2:17 and hear McCain correct himself about the Dems being in charge for the 6 years, er, I mean couple of years.

This all started way before Dems took office.