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McCain to Address Economic Crisis

By Michael D. Shear
Sen. John McCain plans to declare the nation's economy in "crisis" this morning at a speech aimed at bolstering his image on domestic issues.

In a speech to a small business group in Southern California to be delivered at 10 a.m. Pacific time, McCain will play amateur economist, describing the development of the housing bubble and the forces that combined to burst it, according to prepared remarks.

"The net result is the crisis we face," McCain will tell the group. "What started as a problem in subprime loans has now convulsed the entire financial system."

The speech is the beginning of an effort to shift the perception that McCain's only expertise is on foreign policy and military matters.

Democrats, including his potential rivals for the presidency, have hammered McCain, saying he appears disconnected from the economic situation for most Americans and has not laid out an economic vision for the country.

In one recent e-mail, a spokesman for the Democratic National Committee cited a comment about the housing crisis that McCain made to a newspaper editorial board, in which he said: "But I can't come down yet and give you a specific solution because I don't claim to be smart enough."

McCain's recent trip to the Middle East and Europe played to his strengths on the world stage even as the economic situation at home was worsening. And a comment he made during the primary campaign -- that he didn't know that much about the economy -- hasn't helped.

Today, McCain will acknowledge the pain that many Americans are feeling, saying that "while I was traveling overseas, our financial markets experienced another round of upheaval. This market turmoil leaves many Americans feeling both concerned and angry."

But while his remarks indicate that he remains open to a wide range of solutions, including government assistance, he makes clear that his patience for a bailout would be very short.

"Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't," he plans to say. "When we commit taxpayer dollars as assistance, it should be accompanied by reforms that ensure that we never face this problem again."

He also will call for immediate meetings of both the nation's top accounting officials and of the nation's mortgage lenders. And he will call on lenders to do everything they can to keep creditworthy customers in their homes.

By Washington Post editors  |  March 25, 2008; 11:10 AM ET
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davidmwe-What I wish, is that you would try to Comprehend WHAT I am saying!

I agree, Dr. No has SOME Brilliant Ideas. However, he is NOT a Commander in Chief, or an Executive ready to deal with Foreign Relations or Trade.

THOSE things, are what the President DOES!

However, there are HUNDREDS of Jobs in the Executive Branch!

I could even possibly be persuaded to help if I was asked-Cough! COUGH!! :-)

Posted by: rat-the | March 25, 2008 2:15 PM | Report abuse

McCain does not know a thing about economy. That was quite evident more than once. Wil his shadow (Lieberman) bail him out on this one too or will he just wear a mike in his ear so he can b e coached?

BTW, what happened to the charges that he has violated his campaign finance rules. I guess we won't hear much about that either! He should be going to jail, not running for president!

Frankly, I think the guy is getting AlZheimer's disease. He sure acts like it.

Posted by: Chance1 | March 25, 2008 2:09 PM | Report abuse

McCain does not know a thing about economy. That was quite evident more than once. Wil his shadow (Lieberman) bail him out on this one too or will he just wear a mike in his ear so he can b e coached?

BTW, what happened to the charges that he has violated his campaign finance rules. I guess we won't hear much about that either! He should be going to jail, not running for president!

Posted by: Chance1 | March 25, 2008 2:07 PM | Report abuse

"There is a HUGE Job ahead!" said rat-the...
Indeed, that is so very true.

Posted by: davidmwe | March 25, 2008 2:01 PM | Report abuse

Hi again rat-the. Not to argue, but I also wanted to set the record straight, for Dr. Paul's sake if not for clarity.

Ron Paul has earned some 20+ delegates, not 0 as stated.
Yes, that is too little, but he has a strong support base and has earned some.

Yet, the main point is if he is so, well, what you say above about him- how is he a member of the selected Joint Economic Committee? (One of 20 from the House and Senate)

You can say what you like on these forums, but Ron Paul does have some sound ideas and in any event is willing to lay it out the way it is. On the economy he has some major credentials...

Posted by: davidmwe | March 25, 2008 1:21 PM | Report abuse

davidmwe-If you go to my Home Page, look back across my comments, you will find ample evidence of this Truth.

I ADMIRE Dr. No's Ideas and Inputs. Do I think every one should be done? No. Do I think he should be President? No.

Do I think he, and the other voice of reason, Kucinich should be Cabinet Members or Advisers in McRomney's Executive Office-YES!

In short, there is an OCEAN of things that need fixing, and only a Group/Team Effort of the Best Conservative Minds can repair it all!

Giuliani, Thompson, Tancredo, Powell, Dr. Ron Paul and Dennis Kucinich are only the FIRST of the Team Members who should be rounded up, and encouraged to participate! ;~)

There is a HUGE Job ahead! Waayyy too much for a pair of Clowns like Billary or Obasama! :-(

Posted by: rat-the | March 25, 2008 1:18 PM | Report abuse

Hi rat-the, well you are right in saying; "No more Sub-Prime Loans!"

Yet, this is not the nature of the bigger picture. Look at your bank account. I suppose it is in USD (United States Dollars). Now, look at the net value of those dollars today, compared to five years ago or so- what do you see? A decline of some 30%+!

Top-news over at CNN today earlier on was "Food prices rising across the world". Inflation is up and you and I are paying more for just about anything, including food... of course in large part to record high oil prices...

That is where it starts- the world of course mainly pays for oil in USD- thus a European country can buy oil in USD, which is of course a buy for them. But to keep things in balance now, every time the USD losses to the Euro, the price for oil will go up. Anything made of an oil by product goes up (plastics, gas, heating oil)

Went to Europe five years ago? Try going today...

We are potentially in a spiral, created by bubbles- the only way is to address the fundamentals. Watch the video on the link above and look into this a bit more- I think you will see a different picture...

Before the federal reserve there were no wild swings and depressions, only natural corrections (which of course is normal).

Posted by: davidmwe | March 25, 2008 1:07 PM | Report abuse

The economy is in the sh*thole because of the Trillions of dollars wasted in Iraq. Untill McCain can admit that, he's living in a fairy tale.

Posted by: thebobbob | March 25, 2008 12:47 PM | Report abuse

"Lenders ended up violating the basic rule of banking: Don't lend people money who can't pay it back,"

In your opinion what would be better for the U.S. economy, a bail out business or a bail out of homeowners?


Posted by: jeffboste | March 25, 2008 12:25 PM | Report abuse

I think Strom McCain is great.

Posted by: steveboyington | March 25, 2008 12:22 PM | Report abuse



I mean what Planet are you living on? Dr. Ron Paul did not win a SINGLE Delegate!

NOT ONE! The only bigger Loser is a person who would still be acting like he could ever in the most incredible circumstances ever be a Winner-Of even a SINGLE Delegate!

Whew! I feel better Now! :-)

Senator McCain is absolutely right about how this Banking Deregulation created by the Clinton's and Timothy Geithner has become a malignant Cancer. The ENTIRE SYSTEM needs to be STOPPED! No more Sub-Prime Loans! No more Home Equity Loans for anything more than say 50% of Value. Do away with the incredibly stupid Capital Gains waiver that encourages House Flipping every two Years! :-(

Encourage Home Improvement Loans! LET Foreclosures occur. The Market will adjust back to a NORMAL FAIR Value! Meantime, Stupid people lose, smart People cash in! :-)

Do not feed me ANY Racially Motivated Special interest bail-outs!

Then, President McCain, get Mitt Romney on Board, and you can then Claim you have a Brilliant Mind! :-)

Posted by: rat-the | March 25, 2008 12:21 PM | Report abuse

McCain is inept economically and he has all but admitted so in the past. Here is what Ron Paul recommends;

"Abolish the Fed - Ron Paul on CNBC"

I'll take his advice on the economy before any of the other candidates. But to be fair, we do have to wait and see what he will have to say... I am not holding my breath though.

Posted by: davidmwe | March 25, 2008 12:04 PM | Report abuse

McCain, God Bless his heart, is a hero no doubt. However, if American think that they'll get something different than 4 more bad years of Georgie Boy has got to getmental health checkups. Perhaps the few rich investors of Defense Contractors, grave diggers, funeral consultants, and the prison Industry are the ones who are looking forward to McCain.

Posted by: lawrence1957 | March 25, 2008 11:56 AM | Report abuse

This will be his major struggle. to show people that he cares about the economy. Hasn't worked so far.

Posted by: parkerfl | March 25, 2008 11:35 AM | Report abuse

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