Posted on 09/28/2008 5:11:27 PM PDT by buccaneer81
McCain tells 'Dispatch' that bailout is emergency measure 'to stop bleeding' Republican nominee says Paulson, Bernanke convinced him plan needed Sunday, September 28, 2008 7:36 PM By Joe Hallett THE COLUMBUS DISPATCH Along with Sen. Barack Obama, Sen. John McCain has embraced a $700 billion bailout of the nation's troubled financial industry.
In a telephone interview with The Dispatch from Washington yesterday, McCain said that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke convinced him that the rescue plan is necessary.
"I'm sure everybody understands that this was something that just had to be done," McCain said. "I'm kind of sorry in a way, but the tone of voice that Bernanke and Paulson used about this crisis, I've never heard anything like it in the years that I've been in public office, or alive."
McCain and his running mate, Alaska Gov. Sarah Palin, will appear at a rally this morning at Capital University. In advance of the visit, McCain talked with The Dispatch about the financial crisis and other topics:
Dispatch: Some commentators criticized you for what they called erratic statements and actions last week heading into negotiations on rescuing the economy. Describe how you played a productive role in all this.
McCain: I'll leave that up to others to make that judgment. This was an issue that was transcendent. I suspended my campaign and came back to Washington because I thought that it was vital to do so. Sen. Obama said he was available to discuss the issue by phone. I didn't want to phone it in. I'm proud that we were able to get this done, and I'll give the credit to everybody else.
Dispatch: In the final analysis, what makes you think this bailout plan will work?
McCain: Well, I think that it has to. The world's financial structure as well as this nation's is under enormous pressures. I don't think it's our recovery. What I think it is, is an emergency measure to try to stop the bleeding. We've got a long way to go. This isn't the beginning of the end; it's the end of the beginning if we pass this, and I'm optimistic that we will.
Look, we've got to create jobs for working families, working families have to be able to educate their kids, they have to stay in their homes, and that's the key to this. In the meantime, we couldn't allow them not to be able to go and get the loans that small businesses need, the credit that people need to do the things that are necessary to educate their kids. This was a critical moment, but it's certainly a long way from ending the financial difficulties that working families are undergoing right now.
Dispatch: You have campaigned frequently in Ohio. Can you win the presidency without winning Ohio?
McCain: It would be very, very hard. You and I both know that you've got to go all the way back to Jack Kennedy (in 1960 to find a nominee who lost Ohio and still won the presidency). I think it would be very difficult, and I don't intend to find that out. I will campaign as hard as I can in the state of Ohio. I've got a real head wind, and I know that I'm the underdog.
Dispatch: Polling indicates and even Democrats concede that race will be a factor against Sen. Obama in Ohio. How would you feel if you won narrowly in this state and race was the deciding factor?
McCain: I just don't think that could possibly happen because I rely on the good judgment of the people of Ohio and America. Times are too tough. They're going to make a decision based on who they think can best bring some kind of economic future to working families in Ohio and across this country. I just have an abiding faith in the American people that, particularly in these times, that they'll make the choice based on who is best to lead.
Dispatch: What would you say to voters who are inclined to make race the basis for their vote?
McCain: I wouldn't do that. I urge them strongly that these are too perilous times, both national-security-wise and economically. All I can say to them is do what they think is best for them and their country.
jhallett@dispatch.com
The best discussion I've seen of Paulson's political leanings is in Robert Novak's article Hank Paulson's DNA. It seems to say Paulson has donated to both parties, and his allegiance is not political, but rather to his own power and wealth.
I can take all three at once with ease!
Political donations of Henry Paulson
$336,250* Republican (51%)
$13,990 Democrat (2%)
$311,300 special interest (47%)
total: $661,540
The best discussion I've seen of Paulson's political leanings is in Robert Novak's article Hank Paulson's DNA. It seems to say Paulson has donated to both parties, and his allegiance is not political, but rather to his own power and wealth.
Political donations of Henry Paulson
$336,250* Republican (51%)
$13,990 Democrat (2%)
$311,300 special interest (47%)
total: $661,540
So, yeah, he's donated to both parties. But he's donated more than 25 times as much money to Republicans than Democrats.
Paulson largely Democrat party staffers leaked the Repub GOP bill ideas submitted to him to Obama. Obama used them in the Thursday meeting to blow it up .
Paulson reportedly knew about the leak and warned no one .
Rush reported about that fact on Friday.
Paulson is no repub . Just an sleazy operator trying to bail out his buddies who are mostly Dems .
Give it up burty. No one who is a rat donates 25x as much money to Republicans.
Oh, damn it. You’re onto me. Yes, Paulson and I are best buds. Keep quiet about it though.
Good , that solved the riddle of the day.
So move on.
But feel free to check up on Mrs Paulson donations sometime .
Thanks for bailing out our buddies. American taxpayers are so generous.
My fear?
The government bailouts keep coming.
Until things get so bad that the government can't bail them out. Then we only question will be whether we speak Russian or Chinese.
I agree. The economy may well crash in six months. But in the meantime, we'll keep pouring money into a black hole.
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