Tags: mccain | bailout | vote | obama

McCain Rejects Wall St. Bailout Vote

By Dave Eberhart   |   Monday, 12 Oct 2009 01:23 PM

Sen. John McCain, R-Ariz., appeared on CNN’s “State of the Union” this weekend and revealed that he now regrets the Wall Street bailout.

He was asked by John King about further government intervention in the still-faltering U.S. economy

“The president has said he’s considering new initiatives to help job creation,” King said. “They passed one stimulus plan and most Republicans, including John McCain, have been pretty critical of this $787-billion stimulus passed early in the year. Should the President do more now through government spending, though tax incentives or should he wait because, as you have said many times, we have so much red ink, we can’t afford much more?”

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McCain, replied, “I would certainly look at any proposal that helps small businesses in America. I would look at proposals that help create jobs. This unemployment in my state is devastating – devastating around America.”

He added a bombshell, however, when revealing his thoughts on the Troubled Assets Relief Program (TARP) that, among other things, green-lighted the federal government to bailout the floundering financial sector.

“What we’ve done, unfortunately, is we bailed out Wall Street, now they’re making billions, they’re making the deals, they’re giving the bonuses, and because they were too big to fail, we pumped – I don’t know, we still haven’t had a full accounting – into those major financial corporations and told financial institutions.”

In 2008 McCain voted for the TARP bailout, but now revealed his disappointment in how the bailout went down .

“We told them they were too big to fail,” McCain told King. “We told the guy on Central Avenue that just shut down his storefront that he’s too small to save. There’s something terribly wrong with that picture, and we were off on the wrong foot by bailing out these financial institutions instead of addressing the housing crisis. And Americans have figured it out and they’re very, very unhappy.”

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