WASHINGTON--With the retooled "change is coming slogan," John McCain accuses Barack Obama of not producing a plan to solve the economic crisis, triggered by the collapse of the mortgage market.
MCCAIN-PALIN 2008 LAUNCHES NEW TV AD: "MUM"
From the McCain campaign...
For Immediate Release
Contact: Press Office
Tuesday, September 23, 2008
ARLINGTON, VA -- Today, McCain-Palin 2008 released its latest television ad, entitled "Mum." The ad highlights that while John McCain was outlining an economic recovery plan, Barack Obama was staying "mum" -- refusing to outline a solution, take a position on bailouts and even criticizing his running-mate for having a position. The ad will be televised nationally.
VIEW THE AD HERE: http://www.youtube.com/watch?v=s18LfIDpaIs
Script For "Mum" (TV :30)
ANNCR: In crisis, experience matters.
McCain and his Congressional allies led.
Tough rules on Wall Street.
Stop CEO rip-offs.
Protect your savings and pensions.
Obama and his liberal allies? Mum on the market crisis.
Because no one knows what to do.
A risk your family can't afford.
JOHN MCCAIN: I'm John McCain and I approve this message.
AD FACTS: Script For "Mum" (TV :30)
ANNCR: In crisis, experience matters. McCain and his Congressional allies led. Tough rules on Wall Street. Stop CEO rip-offs. Protect your savings and pensions.
· On Friday, John McCain Outlined A Detailed Economic Recovery Plan That Called For Tougher Rules On Wall Street, Including The Creation Of The Mortgage And Financial Institutions Trust. MCCAIN: "First, to deal with the immediate crisis, I will lead in the creation of the Mortgage and Financial Institutions trust -- the MFI. The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safe guard the life savings of all Americans by protecting our financial system and capital markets. This trust will work with the private sector and regulators to identify institutions that are weak and fix them before they become insolvent. The MFI is an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers. This will get the Treasury and other financial regulatory authorities in a proactive position instead of reacting in a cri sis mode to one situation after another." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: "Reforms To Prevent Financial Firms From Concealing Their Bad Practices." MCCAIN: "Second, I will propose and sign into law reforms to prevent financial firms from concealing their bad practices. An inexcusable lack of financial transparency allowed Wall Street firms to engage in reckless behavior that padded their profits and fattened executive bonuses when times were good, but now imperil the financial security of millions of Americans when their bets turned sour." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: Bring "Regulatory Clarity" To The Financial Markets. MCCAIN: "Third, we need regulatory clarity. The lack of transparency in our financial markets went unnoticed by the regulatory agencies scattered throughout Washington charged with protecting the common good. We've got the SEC, the FDIC, the CFTC, the SIPC, the OCC, the Fed. At best, this confusing assortment of regulators and institutions was egregiously lax in carrying out their responsibilities. At worst, they engaged in the old Washington game of guarding their bureaucratic turf, instead of safeguarding the public interest and protecting investors." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: Protect Consumers And Investors. MCCAIN: "Fourth, we must ensure that consumers and investors are protected. Our regulatory system must protect consumers and investors by punishing individuals who engage in fraud, break contracts, or lie to customers -- like the predatory lenders who know you can't afford an adjustable rate mortgage, but mislead you into signing one. These actions are criminal and the people who commit them should be behind bars." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: "The Consequences For Corporate Abuse Will Not Be More Enrichments." MCCAIN: "And corporate governance rules will be reformed so that shareholders have a clear say in determining the pay of CEOs and other senior executives. On my watch, the consequences for corporate abuse will not be more enrichment, but more likely an indictment." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: "The Treasury Department Will Follow Consistent Policies In Deciding Whether To Guarantee Loans." MCCAIN: "Fifth, in cases where failing companies seek taxpayer bailouts, the Treasury Department will follow consistent policies in deciding whether to guarantee loans. It must have well developed remedies for a financial crisis. With billions of dollars in public money at stake, it will not do to keep making it up as we go along." (John McCain, Remarks, Green Bay, WI, 9/19/08)
· McCain: "The Federal Reserve Should Get Back To Its Core Business." MCCAIN: "Finally, the Federal Reserve should get back to its core business of responsibly managing our money supply and inflation. It needs to get out of the business of bailouts. The Fed needs to return to protecting the purchasing power of the dollar. A strong dollar will reduce energy and food prices. It will stimulate sustainable economic growth and get this economy moving again." (John McCain, Remarks, Green Bay, WI, 9/19/08)
ANNCR: Obama and his liberal allies? Mum on the market crisis.
· The Washington Times: "Obama Mum On Market Crisis." "Democratic presidential nominee Sen. Barack Obama opted Friday not to divulge details of his recovery plan for the financial crisis after a morning meeting with his top economic advisers -- fearing it would stir Wall Street jitters." (S.A. Miller, "Obama Mum On Market Crisis," The Washington Times, 9/20/08)
· Fox News: "On The Biggest Financial Issue of The Day, Barack Obama Would Not Say If He Supported Or Opposed The Government-Backed Rescue Of Insurance Giant AIG." FOX NEWS' MAJOR GARRETT: "On the biggest financial issue of the day, Barack Obama would not say if he supported or opposed the government-backed rescue of insurance giant AIG." BARACK OBAMA: "We don't know all the details of the arrangement with AIG and the Federal Reserve must ensure that plans protect the families that count on insurance." GARRETT: "Obama also wants taxpayers protected but executives and shareholders exposed but on the central question to intervene or not, Obama sidestepped. Advisers said lack of details forced caution. The larger political truth: advisors believe anxiety alone is enough to lift Obama in the polls. That is why on the trail, Obama doesn't talk about specifics of the moment but the nation's overall direction." (Fox News' "The Spec ial Report," 9/17/08)
· MSNBC: Barack Obama's "Statements About The Bailout Have Not Included An Explicit Message Of Support (Or Disapproval) For The Government's Decision." "Obama told the Espanola crowd McCain's claim that he lacked a position on the AIG bailout was false -- though his statements about the bailout have not included an explicit message of support (or disapproval) for the government's decision to rescue the firm." (Athena Jones, "More Obama Economics Proposals," MSNBC's "First Read," http://firstread.msnbc.msn.com, Posted 9/18/08)
ANNCR: Because no one knows what to do.
· Senate Majority Leader Harry Reid (D-NV): "No One Knows What To Do." "The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way. Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help. One reason, Senate Majority Leader Harry Reid said yesterday, is that 'no one knows what to do' at the moment." (Kristin Jensen, "Democratic Congress May Adjourn, Leave Crisis To Fed, Treasury," Bloomberg, 9/18/08)
ANNCR: More taxes. No leadership. A risk your family can't afford. JOHN MCCAIN: I'm John McCain and I approve this message.
· Barack Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?" (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, www.usnews.com, 2/12/08)
· Barack Obama Would Raise Income Taxes. Obama: "[I] would roll back the Bush tax cuts for those making over $250,000." (Sen. Barack Obama, CNN Democrat Presidential Candidate Debate, Manchester, NH, 6/3/07)
· Barack Obama Would Raise Capital Gains And Dividend Taxes. "Sen. Obama wants to raise the long-term capital-gains rate for families making more than $250,000 to around 20 percent or somewhat higher but not above the 28 percent level it reached during the Reagan presidency, an Obama economic adviser says. The same rate would apply to most dividend income for these investors." (Tom Herman, "Tax Report Your Tax Bill: How McCain, Obama Differ," The Associated Press, 6/18/08)
· Barack Obama Would Raise Social Security (Payroll) Taxes. "Obama's proposal ... would impose social security taxes on income above $250,000 per year. He would continue to exempt income between $102,000 and $250,000 from social security taxes." (Teddy Davis, Sunlen Miller, and Gregory Wallace, "Obama Kisses Billions Goodbye," ABC News' "Political Radar" Blog, blogs.abcnews.com, 6/18/08)
· Barack Obama Has Called For A Tax On Oil. Obama: "I think it is appropriate for us to impose a windfall profits tax on our oil companies." (Sen. Barack Obama, Remarks At A Campaign Event, Charlotte, NC, 5/2/08)
· Barack Obama Has Called For A Tax On Coal And Natural Gas. Obama: "What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)
· FactCheck.org: "Obama's Votes Indicate A Willingness To Raise Taxes." "Certainly Obama's votes indicate a willingness to raise taxes, and Obama has not been shy about saying explicitly that he will raise some taxes." ("The $32,000 Question," FactCheck.org, http://www.factcheck.org, 7/8/08)