Posts Tagged ‘Emergency Economic Stabilization Act’

Where have you gone, John McCain?

March 1, 2010

One thing we knew about John McCain, he was a straight shooter. He said what he believed, he stood behind what he said. McCain voted for the Emergency Economic Stabilization Act of 2008 (popular name: the bank bailout), which passed both houses of Congress and was signed into law by President Bush on October 3, 2008. McCain was one of 74 senators voting for the bill.

McCain’s opponent in the Republican primary, JD Hayworth, has been blasting McCain for voting for the bailout. McCain’s rejoinder:

We were all misled [by Treasury secretary Paulson].  We were all misled.  I mean, he said that they were going after the toxic assets.  The toxic asset–his word–was the housing market.  He testified to that.  I mean, we were all misled.  So what did he do then?  They started pumping money into the financial institutions. Now the financial institutions are fine.  Wall Street’s doing great.  Main Street is in deep trouble.

C’mon, Senator. The toxic assets—the underwater home mortgages—were held by the financial institutions. You knew then—everybody knew—that the money was to bail them out. Paulson didn’t mislead you. Nor did Bernanke. You voted for it to prevent a catastrophic collapse of the financial sector and with it, the world economy. You thought it was the right thing to do.

Now your right wing opponent criticizes you for your vote, and your defense? “We were all misled.”

We liked the old McCain—the straight shooter, the truth teller—better. Wonder what happened to him.