On AIG Bailout:
Asked whether he agreed with the government bailout of insurance giant American International Group on today's "Good Morning America," Sen. John McCain answered ambiguously, in stark contrast to a Tuesday interview where he adamantly opposed it. (emphasis added)Did McCain not know that there would be "literally millions of people whose retirement, whose investment, whose insurance were at risk here" when he opposed the bailout just yesterday?
"I didn't want to do that. And I don't think anybody I know wanted to do that. But there are literally millions of people whose retirement, whose investment, whose insurance were at risk here," the Republican presidential nominee told ABC News' Robin Roberts, sounding somewhat accepting of the Fed's action on AIG.
On his experience on the Senate Commerce Committee:
With Wall Street’s financial institutions in turmoil, Sen. John McCain (R-AZ) argued in a series of interviews today that his experience on the Senate Commerce Committee meant he knew “how to fix this economy.” “I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy,” McCain told CNBC’s Squawk Box...
... But, as the Washington Post points out, the Commerce Committee doesn’t oversee “every part of our economy,” let alone “the very areas now in crisis“:In fact, it is the Senate Banking Committee that has oversight of “banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage.”
According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through “regulation of consumer products and services … except for credit, financial services, and housing” — the very areas now in crisis
On the need for regulation:
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