John McCain on John McCain
"NBC-WKYC-OH"
Interview
TRANSCRIPT:
REPORTER: The $700 billion, staggering figure, bailout bill now in front of Congress. Would you vote for it as its presently constructed? Why or why not?
JOHN MCCAIN: I have not had a chance to see it in writing, so I have to examine it. I pointed out yesterday that I think it has to have several components. One is that we absolutely have to have oversight. We need the best minds in America to oversight it. This is the largest bailout in history, a trillion dollars as much. We need people like Warren Buffet, and Mike Bloomberg, and Mitt Romney to have an oversight of this. We cant put that responsibility in the hands of one person. I think the second thing thats very important to this is, we make that the taxpayers are going to get rewarded for this overtime as our economy recovers. And I think also, its very important that we have an oversight that is effective and transparent. Its got to be all transparent as well. And finally, the homeowners have to be a very big part of this bailout, because its the homeowners, and the Freddie and Fannie, and the cronyism, and old boy network in Washington and Wall Street that started this.
REPORTER: [] How do you convince them that this bailout is in there best interests?
MCCAIN: Well I have to see it and be convinced myself. Ill be looking at it, I have not seen the details of it. Ive had conversations with Secretary Paulson, who I admire a great deal. And we have to act, theres no doubt about that. The question is that I got to examine the details of this.
REPORTER: Are you worried that this is going to get stamped through without proper scrutiny?
MCCAIN: [nodding head], I am worried about that, but I also understand the need for urgency. So its a careful balancing act here, I expect to be making a decision on this very soon. And I understand the urgency and the fragility of the markets. But we dont want to do something that just bails out Wall Street, that really has Main Street at heart.
REPORTER: Many people in Ohio remember the chapter some years ago of Lincoln Savings, and your involvement with Charles Keating, and trying to draw some comparisons between then and now. I mean, is there some relevance in that chapter, which I think you have acknowledged was maybe not your proudest moment?
MCCAIN: Well I think the key to it is that Bob Bennett, who was the investigator said that I had done nothing wrong and that I was kept in that investigation for political purposes. He happens to be a democrat by the way. So look, it was a very unhappy period in my life. But the fact is that I moved forward and I have been the greatest voice for reform and against corruption in Washington of anybody.
REPORTER: Was that a learning experience for you?
MCCAIN: Well, I think it was an experience that obviously you would learn from every experience. But the point is that I have been on the forefront of every reform and bi-partisan effort in Washington in recent years. And Ive reached across the aisle to do that, and Ive taken on my own party. Senator Obama has never taken on his own party on any issue.
REPORTER: [] No Child Left Behind, would you be in favor of reinstating that or renewing that?
MCCAIN: Absolutely, but it needs to be fixed. Weve got to have the lessons learned.
REPORTER: And your thoughts about Charter Schools? []
MCCAIN: Charter schools work, charter schools provide the competition necessary to improve public education. Were seeing that all over America today. They provide the competition, it may not be always better. []
LABEL: JM JM WKYC-05-OH 09-23-08 (RAD#277) UGV
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Sen. John McCain (R-Ariz.) made an overnight change in the homeowner bailout he proposed at Tuesdays presidential debate, making it more generous to financial institutions and more costly for taxpayers.
deidasassy 3 years ago