John McCain statement on the situation in the financial markets:
"The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers. I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my Administration. In order to do this, major reform must be made in Washington and on Wall Street. We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors. The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."
Top Line Talking Points:
- Our economy is in crisis. Energy prices are skyrocketing. We need a president who will work to develop new energy technology and reduce dependency on foreign oil. Wall Street is mired in turmoil. We need a president who will lead America from this current situation and ensure reforms are put in place to prevent it from happening again.
- John McCain can do it. Barack Obama can't.
- Look at Obama's record. In his short time in the U.S. Senate, Obama has voted 94 times to raise taxes. That's once every five days the Senate was in session.
- He voted to raise taxes on people making as little as $42,000 a year.
- We can't trust our economy in the hands of someone who simply wants to raise our taxes and create even more bureaucracy in Washington.
- On energy, Obama has said no to offshore drilling, no to clean coal technology, and no to nuclear. But he has said yes to the windfall profits tax. I think we all know how well that failed policy worked for Jimmy Carter, making our country more dependent on foreign oil.
- John McCain wants to prevent this from happening by drilling for American oil in conjunction with developing new clean energy technologies that will bring America closer to energy freedom and independence.
- John McCain's economic policies embrace the small-business owners, entrepreneurs, and every hardworking American. He will put a stop to the greed that has driven our markets into chaos on Wall Street. Businesses should work for the benefit of their shareholders and employees - not the CEOs who have broken the public trust and who receive multimillion-dollar payouts.
- In this time of economic crisis, I feel comfortable knowing that John McCain has the leadership and experience to help lead America forward to prosperity.
