mconder
Member
- Joined
- May 16, 2007
- Messages
- 2,492
This is just rich! How long have you been in Congress McCain? What does the Constitution say about Congress's responsibility toward the monetary system? What have you done McCain? This man has no shame.
McCain says Fed should get out of bailout business
GREEN BAY, Wisconsin (Reuters) - U.S. Republican presidential candidate John McCain admonished the Federal Reserve on Friday to get out of the business of bailouts and get back to managing money supply and protecting the purchasing power of the dollar.
"The Federal Reserve should get back to its core business of responsibly managing our money supply and inflation," the Arizona senator told a group of business leaders in Wisconsin, an electoral battleground state.
"It needs to get out of the business of bailouts."
McCain, who laid out some of his ideas for solving the financial crisis on Wall Street, said his reforms would increase transparency among financial institutions.
"I will propose and sign into law reforms to prevent financial firms from concealing their bad practices," he said.
In a swipe at the Bush administration, McCain said the Treasury Department under his watch would follow consistent policies for guaranteeing loans.
"In cases where failing companies seek taxpayer bailouts, the Treasury Department will follow consistent policies in deciding whether to guarantee loans," he said.
"With billions of dollars in public money at stake, it will not do to keep making it up as we go along."
McCain did not identify what criteria should be used for determining which companies would be eligible for government support and which ones would not.
The Republican presidential candidate also took a swipe at Democratic rival Barack Obama for his ties to executives at mortgage giants Fannie Mae and Freddie Mac, which the government has taken over.
McCain says Fed should get out of bailout business
GREEN BAY, Wisconsin (Reuters) - U.S. Republican presidential candidate John McCain admonished the Federal Reserve on Friday to get out of the business of bailouts and get back to managing money supply and protecting the purchasing power of the dollar.
"The Federal Reserve should get back to its core business of responsibly managing our money supply and inflation," the Arizona senator told a group of business leaders in Wisconsin, an electoral battleground state.
"It needs to get out of the business of bailouts."
McCain, who laid out some of his ideas for solving the financial crisis on Wall Street, said his reforms would increase transparency among financial institutions.
"I will propose and sign into law reforms to prevent financial firms from concealing their bad practices," he said.
In a swipe at the Bush administration, McCain said the Treasury Department under his watch would follow consistent policies for guaranteeing loans.
"In cases where failing companies seek taxpayer bailouts, the Treasury Department will follow consistent policies in deciding whether to guarantee loans," he said.
"With billions of dollars in public money at stake, it will not do to keep making it up as we go along."
McCain did not identify what criteria should be used for determining which companies would be eligible for government support and which ones would not.
The Republican presidential candidate also took a swipe at Democratic rival Barack Obama for his ties to executives at mortgage giants Fannie Mae and Freddie Mac, which the government has taken over.
