ARLINGTON, VA -- Today, U.S. Senator John McCain issued the following statement on the situation in the financial markets and AIG:
"Today, the government was forced to commit $85 billion to stop the collapse of AIG, another in a growing series of events that includes Bear Stearns, Lehman Brothers, Fannie Mae and Freddie Mac. These actions stem from failed regulation, reckless management, and a casino culture on Wall Street that has crippled one of the most important companies in America. The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG. We must not bailout the management and speculators who created this mess. They had months of warnings following the Bear Stearns debacle, and they failed to act.
"We should never again allow the United States to be in this position. We need strong and effective regulation, a return to job-creating growth and a restoration of ethics and the social contract between businesses and America. Important questions remain to be answered by Wall Street. Did executives mislead investors and regulators about the severity of the problem? We must investigate whether or not there was misrepresentation on part of the company executives. If there was, there must be penalties. We need to change the way Washington and Wall Street does business, and as President I will."
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How come I don't see this up Art?
Wall Street Journal editorial board skewers McCain
(CNN) — John McCain's recent comments on the economy aren't just coming under fire from Barack Obama's campaign: arguably the country's most conservative editorial board said Friday the Arizona senator's recent "populist rifting" was downright "un-presidential."
A Friday Wall Street Journal editorial sharply criticized McCain for his recent condemnation of Christopher Cox, the chairman of the Securities and Exchange Committee. The Republican presidential nominee told an Iowa crowd Thursday Cox had "betrayed the public trust" and should be fired.
In the bruising editorial, the Journal said those comments an "assault on Mr. Cox is both false and deeply unfair."
"It's also un-Presidential," the Journal said.
It's up now Rick. And it wasn't up before because I didn't see it.
If this blog fails to meet your high standards, I will glady refund your subscription fees.
As I have suggested frequently before Rick, you should start your own blog.
Thanks Art...but as I've said before...its too much fun busting chops.
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