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GOV. SARAH PALIN TELLS FOX NEWS CHANNEL’S SEAN HANNITY
‘THE CORRUPTION ON WALL STREET’ IS RESPONSIBLE FOR THE FAILING INSTITUTIONS

Palin: ‘CEO’s and Top Management’ Have Been ‘Addicted’ to ‘O-P-M, Other People’s Money’

In a two-part interview, with the first part airing tonight on FOX News Channel’s “Hannity & Colmes” at 9PM, Governor Sarah Palin talks about the economy and who is to blame and her and McCain’s strategy to try to fix it. Excerpts of the first part of the interview are below. Thursday night’s excerpts will be released tomorrow.

*Mandatory Credit: FOX News Channel’s “Hannity & Colmes”

On fixing the economy:
“Through reform, absolutely. Look at the oversight that has been lack, I believe, here at the 1930s type of regulatory regime overseeing some of these corporations. And we’ve got to get a more coordinated and a much more stringent oversight regime…government can play a very, very appropriate role in the oversight as people are trusting these companies with their life savings, with their investments, with their insurance policies, and construction bonds, and everything else.

“When we see the collapse that we’re seeing today, you know that something is broken and John McCain has a great plan to get in there and fix it.”

On the danger of a presidential candidate using the economy for political gain:
“Well, there is a danger in allowing some obsessive partisanship to get into the issue that we’re talking about today…It is that profound and that important an issue that we work together on this, and not just let one party try to kind of grab it all or capture it all and pretend like they have all the answers. It’s going to take everybody working together on this.”

On who is responsible for the failing financial institutions:
“I think the corruption on Wall Street. That’s to blame. And that violation of the public trust. And that contract that should be inherent in corporations who are spending, investing other people’s money, the abuse of that is what has got to stop.

“And it’s a matter, too, of some of these CEOs and top management people, and shareholders too not holding that management accountable, being addicted to, we call it, OPM, O-P-M, “other people’s money.”

“Spending that, investing that, not using the prudence that we expect of them. But here again, government has got to play an appropriate role in the stringent oversight, making sure that those abuses stop.”

On AIG getting government bailout:
“Well, you know, first, Fannie and Freddie, different because quasi-government agencies there where government had to step in because of the adverse impacts all across our nation, especially with homeowners.”

“It’s just too impacting, we had to step in there. I do not like the idea though of taxpayers being used to bailout these corporations. Today it was AIG, important call there, though, because of the construction bonds and the insurance carrier duties of AIG.”

“But first and foremost, taxpayers cannot be looked to as the bailout, as the solution to the problems on Wall Street.”

On reaction to Obama’s attack on McCain for saying that the “fundamentals” of the economy are strong:
“Well, it was an unfair attack on the verbiage that Senator McCain chose to use because the fundamentals, as he was having to explain afterwards, he means our workforce, he means the ingenuity of the American people. And of course, that is strong and that is the foundation of our economy.”

“Certainly it is a mess though, the economy is a mess. And there have been abuses on Wall Street and that adversely effects Main Street.”

“It is, somebody was saying this morning, a toxic waste there on Wall Street, affecting Main Street. And we’ve got to cure this.”

On if there should be an investigation on relationships between political donations from Fannie and Freddie Mac and the bankruptcy and its impact on the economy:
“I think that’s significant, but even more significant is the role that the lobbyists play in an issue like this also. And in that cronyism — it’s symptomatic of the grade of problem that we see right now in Washington and that is just that acceptance of the status quo, the politics as usual, the cronyism that has been allowed to be accepted and then it leads us to a position like we are today with so much collapse on Wall Street. That’s the reform that we’ve got to get in there and make sure that this happens. We’ve got to put government and these regulatory agencies back on the side of the people.”

On how she and McCain can follow through on their promises in a divided Washington:
“Yes it is gridlock and that’s ridiculous. That’s why we don’t have an energy policy, that’s why there hasn’t been the reform of the abuse of the earmark process. And real reform is tough, and you do ruffle feathers along the way. But John McCain has that streak of independence in him that I think is very, very important in America today in our leadership. I have that within me also. And that’s why John McCain tapped me to be a team of mavericks, of independents coming in there without the allegiances to that cronyism, to that good ole’ boy system. I’m certainly a Washington outsider and I’m proud of that because I think that that is what we need also.”

On drilling and ANWR:
“But, no secret, John McCain and I agree to disagree on that one. And I’m going to keep working on him with ANWR.

“Well, I’m very, very encouraged, as we all understand that John McCain knows, more so than any other leader in our nation today, that for national security reasons we must be an energy independent nation. We must start taking the steps to get there. That’s why he has embraced offshore drilling. That’s why he has embraced the ideal of the alternative fuels also. And I’ll keep working on him with ANWR.”

“It’s a nice thing about him, too, is he is not asking me or anybody else to check our opinions at the door. He wants that healthy deliberation and debate with it.”

On her family’s reaction to be picked as the VP nominee:
“It was a time of asking the girls to vote on it, anyway. And they voted unanimously, yes. Didn’t bother asking my son because, you know, he’s going to be off doing his thing anyway, so he wouldn’t be so impacted by, at least, the campaign period here. So ask the girls what they thought and they’re like, absolutely. Let’s do this, mom.”

On if the political attacks by the democrats on the republicans will be effective:
“You can’t underestimate the wisdom of the people of America. They’re seeing through the rhetoric, and they’re seeing through a lot of the political cheap shots, also. And they’re getting down to the facts and the voting records that are going to show that stark contrast.”

On if Republicans in Washington have lost their way in recent years:
“I believe that Republicans in Washington have got to understand that the people of America are not fully satisfied with all the — all the dealings within the party. The same — it applies for the other party, also. Americans are just getting sick and tired of politics as usual, that embracing of the status quo, going with the flow and just assuming that the people of America are not noticing that we have opportunities for good change. We have opportunity for a healthier, safer, more prosperous and energy-independent nation at this time. People are getting tired of a process that’s not allowing that process — that progress to be ushered in.”

On if she’s spoken to McCain about her role in a McCain administration:
“Sure have. I’m very excited about the role that I will play as his partner. And I will focus on energy independence and reform overall of Washington and tax cuts for Americans and reigning in spending.”

On how she thinks Americans will be impacted if the energy dependency isn’t solved:
“In that $700 billion transfer of wealth, that’s when the price of oil was up as high as it was there at the $140 mark. But, of course, that transfer of wealth, still, that imbalance of trade is something that we need to tackle also. Yes, those dollars should be circulating within our own economy. It’s a matter of national security. It is a matter of our future prosperity. Energy is inherently linked to security and prosperity.”

“We sort of have a “do nothing Senate” right now where nobody’s wanting to really pick up the ball and run with it and take the steps that we have to take to become more energy independent. And it’s going to take…a change in leadership in order to really crush that gridlock and get going on this.”