Friday, September 26, 2008

McCain in his own words on his economic knowledge

McCain: "I Am Not An Expert On Wall Street." During a town hall meeting in Concord, New Hampshire, John McCain said, "Now, I am not an expert on Wall Street. I am not an expert on some of this stuff." I have studied carefully this latest proposal by the Secretary of the Treasury, and all I can tell you is, one, I am glad he is there. Everybody thinks that Hank Paulson, the Secretary of Treasury is respected in world markets." [McCain Town Hall Meeting in Concord, New Hampshire, 12/17/07]

McCain: "I Don't Pretend To Be An Expert On" The Stock Market. During a Republican debate in 2000, McCain was asked if the stock market was in a bubble. He said, "Oh. I'm afraid that it's becoming that, but I don't pretend to be an expert on that. I am very concerned about this rapid rise. I think all of us who observe it are, but I do have enormous faith and confidence in Mr. Greenspan, and I would heed any warnings that come out of his mouth, and I will pay close attention." [Fox News, Republican Debate, 12/2/99]

McCain: "I Don't Claim To Be Smart Enough" To Solve The Housing Crisis. The magazine American Banker reported, "Sen. McCain has offered occasional comments on the [housing] crisis, including hinting for a broader government role in combating it. In advance of the New Hampshire primary in early January, he repeatedly voiced concern for borrowers facing foreclosure, and suggested increased government intervention may be needed if Treasury's plans fall short. 'Obviously, the worse it gets, the more there is a role for government,' he told one local newspaper. 'But I can't come down yet and give ... a specific solution, because I don't claim to be smart enough.'" [American Banker, 3/11/08]

McCain On Bernanke: "I Don't Have The Kind Of Expertise To Know Exactly Whether He Has Cut Interest Rates Sufficiently." During an MSNBC Republican Debate in Michigan, Maria Bartiromo asked, "Senator McCain, has Federal Reserve Chairman Ben Bernanke cut interest rates aggressively enough? Has Ben Bernanke cut rates aggressively enough?" McCain answered, "I don't have the kind of expertise to know exactly whether he has cut interest rates sufficiently or not. And that's why we put that responsibility in the hands of the head of the Federal Reserve. I do know that this nation has faced some pretty good blows in the last month or so with the credit crunch and the subprime lending. I'm glad whenever they cut interest rates. I wish interest rates were zero. But we leave those responsibilities to the smartest people we can find, and I think that so far he's done a good job." [MSNBC, Republican Debate in Michigan, 10/9/07]

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