Wednesday, October 1, 2008

McCain calls revamped bailout bill an improvement


McCain warns that a full-fledged financial disaster could occur if new bailout bill fails

By MIKE GLOVER Associated Press Writer | AP
Oct 1, 2008


Republican presidential candidate John McCain said Wednesday the resurrected financial bailout bill isn't perfect but warned that the nation's financial crisis will become a full-fledged disaster if the plan fails.

In an economic speech Wednesday at the Truman Library and Museum, McCain said the original proposal that failed in the House was flawed because it did not contain taxpayer protections, limitations on executive compensation and sufficient protections for people's bank accounts.

"I am pleased that these are being added to improve the original bill," he said.

If the revised version, up for a vote in the Senate later Wednesday, were to fail, students won't be able to get college loans and families will have trouble buying new homes, he said. Car sales will take a hit and businesses will have difficulty paying employees and securing credit for operations, he said.

"If we fail to act, the gears of our economy will grind to a halt," McCain said.

McCain planned to return to Washington to vote on the bill, which adds substantial tax cuts meant to appeal to Republicans when it reaches the House. The modest changes include an increase on Federal Deposit Insurance Corp. caps for bank accounts from a limit of $100,000 to $250,000.

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3 comments:

Laree said...

Janet

Lou Dobbs on Imus in the Morning, on the Bail Out Bill. Hint he isn’t interested in a Crap Sandwich, thanks anyway.

http://www.wabcradio.com/Article.asp?id=913480&spid=22807

Yeah the opposition to this 700 Billion Dollar Bail Out is piling up. Who gets to come back later, and claim they didn’t know any better when it is being reported every where? Credibility? Forget Accountability this is the drama driving some politician’s re election chances or not.

If you can get Lou Dobbs podcast up, his interview is really, really good. The Republicans and Independents are behind McCain taking the road less traveled per this 700 Billion Bail Out. If McCain doesn't want to be seen as George W Bush's 3rd Term, he needs to stop carry the Presidents Water.
Just Say No to the Paulson Splurge.

Laree said...

Janet,

Can Gwen Ifill be impartial,unbiased neutral moderator? Imus has his doubts.

http://imustimes.wordpress.com/2008/09/29/imus-questions-ifills-veracity/

Laree said...

Janet

"Sarah Freakin Palin" has her own song, and it is free for download ....Sarah Freaking Palin, fan of Ronald Reagan..it is catchy.

http://www.myspace.com/jayspeight