McCain: 'Wall Street Is The Villain'

ABC News ^ | July 27, 2008 | Mary Bruce

[Crazieman]

ABC News' Mary Bruce reports: Sen. John McCain, R-Ariz., blamed Wall Street this weekend for the failing economy. "I think that Wall Street is the villain in the things that happened in the subprime lending crisis and other areas where investigations and possible prosecution is going on," McCain said in an exclusive "This Week" interview with George Stephanopoulos.

McCain also placed responsibility on a "gridlocked" Congress. "I also think that Congress is at fault. We didn’t restrain spending. Spending got completely out of control," he said.

When asked about Congress' progress in passing the housing bill, McCain said he would have voted for the legislation, but noted, "I also see, again, the influence of special interests." When pressed about why he would support it, McCain explained, "it’s better than nothing."

"I think there was a better way to do it. And I think the special interests probably played a role in the shaping of that legislation," he said.

McCain reluctantly offered support for the controversial provision that would enable federal aid for faltering private institutions, such as Freddie Mac and Fannie Mae. "We reached such a situation that, if these institutions failed, the impact on millions of innocent Americans could be very severe," he said. He noted, however, that "in the case of Fannie and Freddie, we should stop their lobbying activities. We should eliminate the pay and bonuses that these people rake in."

McCain agreed with Sen. Barack Obama, D-Ill., supporter Robert Reich who, along with Republican columnist George Will, has proposed that executives at institutions receiving government guarantees should receive government salaries. "That's exactly right," McCain said.

[TigersEye]

Well, isn’t that interesting. Where’s the connection to Area 51?

[LomanBill]

>>Well, isn’t that interesting.

Yes, it is.