The Democrats’ plan, presented by John McCain

In yet another signal that John McCain is looking for change in Washington, the Republican presidential candidate urged lawmakers to adopt five improvements, originally suggested by the Democratic Party, to the government’s $700-billion proposed bailout of the US financial system.

Of course, McCain says these are his ideas. But we know the truth.

McCain lays out 5 fixes to financial recovery plan – CNN.com

CNN) — In his first press conference in nearly six weeks, Sen. John McCain urged lawmakers Tuesday to adopt five of his proposed improvements to the government’s proposed financial rescue plan.

President Bush has asked Congress to act quickly on the $700 billion bailout he proposed following news of failing financial institutions and frozen credit markets.

McCain, speaking in Freeland, Michigan, said the proposed plan has to allow for greater accountability, including a bipartisan board to “provide oversight to the rescue.”

“That oversight is absolutely essential,” McCain said, also arguing against the unprecedented power granted to Treasury Secretary Henry Paulson in managing the plan.

As called for by Nancy Pelosi and other key Congressional Democrats over the past few days.

He said the plan must also help taxpayers recover the $700 billion planned for the bailout.

“That money simply can’t go into a black hole of bad debt with no means of recovering the funds.”

Lawmakers wanted to know why the government couldn’t get stakes in the companies participating in the program or any other concessions. “It’s essential that the taxpayers of this country are compensated for their assistance,” said Sen. Jack Reed (D., R.I.).

The Arizona senator also called for complete transparency in regard to crafting and implementation of any legislation.

“This can’t be cobbled together behind closed doors. The American people have the right to know which businesses will be helped, and what selection will be based on, and how much that help will cost,” he said.

“This is eerily similar to the rush to war in Iraq,” said Rep. Mike McNulty (D., N.Y.), voicing deep skepticism. “We have been told repeatedly by this administration that the economy is fundamentally sound, and then all of the sudden they say the economy is going to collapse. That is unacceptable.”

McCain also called for a cap on executive pay for companies getting federal help. Senior leaders of any firm bailed out by the federal government “should not be making more than the highest paid government official,” he said.

Also called for by the Democrats; this time most prominently by Barney Frank and Nancy Pelosi. “The party is over for this compensation for C.E.O.’s who take golden parachutes as they drive their companies into the ground,” Ms. Pelosi said.

Finally, McCain said it would be “unacceptable” for Congress to add earmarks and so-called pork barrel legislation to this plan.

This is about the only thing I’ve seen that I hadn’t already read from a Democrat … but I don’t think that even the Democrats would be silly enough to attempt to attach any earmarks or pork-barrel spending to this proposal, except perhaps adding provisions to ensure that American homeowners have some sort of recourse to refinance their mortgages in an attempt to keep their houses.

Time will tell … but it seems like McCain is with the Democrats on this one … so perhaps we can convince him to support Obama for President as well.

4 Comments

  1. The gall of the McCain campaign is getting out of hand this is the latest:

    McCain campaign spokesman Tucker Bounds responded to Obama’s speech, saying in a release:

    “Whether calling for a bipartisan oversight board or prohibitions on golden parachutes, Barack Obama is simply following in John McCain’s footsteps while trying to respond to this financial crisis.”

    Senator McCain has followed Senator Obama on Change; Government Transparency; Golden Parachutes, etc.

    I first saw Senator Obama in February 2007, and all of these were issues he was discussing back then. Senator McCain has no ideas of his own so he resorts to copycatting and callit them “his maverick ideas” PLEASE!
    Obama/Biden ’08

  2. THE BAILOUT?
    Why not bring Alan Greenspan into the mix. He’s the one who warned about this meltdown back in April. Remember, when the democrats voted against his advised legislation to prevent this mess. And, how about Newt, who suggested that we consider a plan B, and consult with the advisers who successfully turned the economy around before, during the Reagan administration. Why are we looking to Paulson and Bernecke? Aren’t they the ones at the helm when this mess took place? An independent panel should determine who will benefit from this bailout … and, who’s asses will be saved by it … and, if any of those people are the ones pushing it through? Let’s not be rushed by foxes, who might be guarding the chicken coup … AGAIN !!!

  3. Screw it. If the government is bailing out Wall Street, I’m heading straight to Washington D.C. with my principle balance and interest bill in hand (on time every month mind you), my car payment, and my student loan I haven’t applied for yet so I can get bailed out too.

    If we reward the idiots, why not reward people like me who bust ass and play by the rules and do it right?

    I still don’t get it.

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