Monday, February 22, 2010

Truth or Dare: McCain Says He Was Misled Regarding the Bailout

Senator John McCain, who faces a tough reelection battle, says that he was misled regarding the details of the bailout. McCain says that he believed that the bailout would focus on the housing crisis, but that the money went to Wall Street companies, like AIG, and to the auto industry.

But Wall Street firms, including AIG, helped to create and were negatively impacted by the housing crisis. Also, the bailout legislation is drafted broadly and allows the government to purchase bad assets from "financial institutions" and other companies, regardless of whether the assets are mortgage-related.


Alessandro Machi said...

What concerns me is that John McCain doesn't seem to remember how he was screwed over by MSNBC. MSNBC absolutely went around the clock hammering McCain because he wanted to postpone the debate.

Frist came the annoucement from McCain,\

Then came the constant hammering from MSNBC.

For the record, thinking the debate was more important than coming up with a solid, logical plan is just the kind of thing Hillary Clinton had warned us all about. McCain and Hillary have experience to handle a crisis, Barack Obama has a debate to go to and win.

Darren Lenard Hutchinson said...

Did McCain mention MSNBC today? I am not sure the campaigns should have been suspended, but I do know that the legislation was clearly written. There is no way anyone who voted for it could claim being misled. It was drafted very broadly -- even after the Democrats demanded "constraints."

Alessandro Machi said...

The point is the bank bailout bill was rushed, was rejected the first time, then allegedly reworked and then passed.

I thought McCain was right for saying time out. Whatever bill was going to be passed needed to really be well thought out. It looks to me like Barack Obama felt the debate was more important than the bank bailout bill.

I don't know if McCain mentioned MSNBC. He may not have been aware of the hit job MSNBC was doing on him over his desire to suspend his campaign but it was of epic proportions.

Real Time Analytics