McCain: More of Nothing on the Financial Crisis


Should we start counting the days before John McCain has anything real to say about the current financial crises? In a speech on Tuesday, he offered not a single concrete proposal. Today, as Barack Obama was delivering a speech on the financial crisis, McCain issued the following statement:

On Tuesday, I addressed the housing crisis and its devastating impact on our financial markets and the household budgets of millions of hardworking Americans. The fact is that there are about 4 million homeowners in danger of losing their homes. We have a responsibility to take action to help those among them who are deserving homeowners, and as I said this week, I am committed to considering any and all proposals to do so. Any action must further look to the future to make certain this never happens again.

As I said on Tuesday, I believe the role of government is to help the truly needy, prevent systemic economic risk, and enact reforms that prevent the kind of crisis we are currently experiencing from ever happening again. Those reforms should focus on improving transparency and accountability in our capital markets — both of which were lacking in the lead-up to the current situation.

However, what is not necessary is a multi-billion dollar bailout for big banks and speculators, as Senators Clinton and Obama have proposed. There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face.

This is a complex problem that deserves a careful, balanced approach that helps the homeowners in trouble, not big banks and speculators that acted irresponsibly. I again call on our lending institutions, where possible, to step up and help Americans who are hurting in this crisis.

Again, not one specific proactive idea. McCain is quick with the usual anti-Democratic rhetoric. And he has a populist point about no bailouts for irresponsible corporate actors rings. But does he intend to spend the next seven months campaigning as Mr. No? McCain notes that he is willing to consider proposals placed before him. He’s apparently not interested in coming up with any of his own. Is that a model of economic leadership that will play well in the fall?

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