McCain Discusses Financial Crisis, Rescue Plan by Steve Holland for Reuters

McCain Discusses Financial Crisis, Rescue Plan

By Steve Holland, Reuters September 24, 2008

NEW YORK (Reuters) -- Republican presidential nominee John McCain got an update on the Wall Street financial crisis from several economic experts on Wednesday and was cautious on whether he would vote for a $700 billion bailout.

The Arizona senator said Senate Majority Leader Harry Reid, a Nevada Democrat, was wrong to say on Tuesday that McCain planned to vote for the hotly debated rescue plan.

"I did not say that," McCain told reporters…

McCain's comment came as he met with several economic experts and current and former corporate executives, such as Cisco CEO John Chambers, former Massachusetts Gov. Mitt Romney, former eBay CEO Meg Whitman and former Merrill Lynch CEO John Thain…

"Most Americans feel very strongly that this isn't their fault but it's Wall Street and Washington and the cozy insider relationships that have caused a great part of the problems," McCain said.

He said any package must have "transparency, accountability, CEO responsibility and obviously be in the best interest of the people (of) this country who are going to pay $10,000 per household in order to take the necessary measures to restore our confidence."

While Obama was in Florida getting prepared for his first debate with McCain on Friday in Mississippi, McCain was engaged in a round of meetings with foreign leaders in New York on the sidelines of the U.N. General Assembly.

The list included a joint session with the presidents of Georgia and Ukraine, both of whom are concerned about Russia after Moscow's invasion of Georgia last month. He was also to meet Indian Prime Minister Manmohan Singh.

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http://www.reuters.com/article/politicsNews/idUSTRE48N4TR20080924?sp=true

20080924 McCain Discusses Financial Crisis Rescue Plan