McCain Flip-Flops on AIG Bailout

By Jeralyn, Section Elections 2008
Posted on Wed Sep 17, 2008 at 07:37:00 PM EST
Tags: John McCain, AIG, Barack Obama (all tags)

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Yesterday John McCain opposed federal intervention to keep AIG alive. Today he supports it. Sen. Obama had a great line today when commenting on McCain's changed position:

"But it sounds like he got a little carried away, because yesterday, John McCain actually said that if he's president, he'll take on the - quote - 'old boys network' in Washington. I am not making this up. This is someone who's been in Congress for 26 years - who put seven of the most powerful Washington lobbyists in charge of his campaign - and now he tells us that he's the one who will take on the old boy network.

"The old boy network? In the McCain campaign, that's called a staff meeting," Obama said.

Good one.

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McCain Flip-Flops on AIG Bailout | 12 comments (12 topical)

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Ive been watching... (5.00 / 2) (#2)
by Thanin on Wed Sep 17, 2008 at 07:47:17 PM EST

the Obama quote all day. Cracks me up everytime.

Obama's now hitting McCain on Social Security (5.00 / 1) (#3)
by steviez314 on Wed Sep 17, 2008 at 07:48:11 PM EST

Sometimes events just have a way of overtaking the campaigns' strategies

Just Awesome (5.00 / 1) (#4)
by glanton on Wed Sep 17, 2008 at 08:05:16 PM EST

Hopefully millions of Americans will see that clip.....

Just curious (2.00 / 1) (#5)
by patriotgames on Wed Sep 17, 2008 at 08:38:18 PM EST

other than attacking McCain, where does Obama stand on AIG. I can't find where he has made a stand one way or the other....

mccain and the economy.. (none / 0) (#6)
by 18anapple2 on Wed Sep 17, 2008 at 09:21:47 PM EST

Senator MCcain FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate

May 25, 2006

"For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay."

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx0 02Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20060525-16.xmlE lementm0m0m0m

What would this bill do?
Sets forth operating, administrative, and regulatory provisions of the Agency, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; (7) golden parachutes; and (8) reporting.
http://www.govtrack.us/congress/bill.xpd?bill=s109-190&tab=summary

Donations from lawyers and lobbyists (none / 0) (#7)
by 18anapple2 on Wed Sep 17, 2008 at 09:28:01 PM EST

Also from Open secrets
Contributions as per sectors.
Lawyers & Lobbyists
Barack Obama $24,279,665
John McCain $8,801,162
Ralph Nader $29,405
Bob Barr $5,050
Cynthia McKinney $700


Wait I missed that part before lobbyists... (none / 0) (#8)
by rafaelh on Wed Sep 17, 2008 at 10:21:04 PM EST

where it says Lawyers and...
Why mix them both? I know the conventional wisdom is that we don't like lobbyists to have too much influence on a campaign, but what is the problem with lawyers?


llawyers nd lobbyists (none / 0) (#9)
by 18anapple2 on Wed Sep 17, 2008 at 11:10:05 PM EST

http://www.opensecrets.org/pres08/sectorallc.php?cycle=2008


: Then (none / 0) (#13)
by rafaelh on Wed Sep 17, 2008 at 11:55:02 PM EST

the question is why Open Secrets mixes them. Because again, receiving bunches of donations from lawyers and getting it from lobbyists are two different things when it comes to affecting policy. And didn't the Obama campaign refuse to take lobbyist money during the primary and the general election? That would mean most of the money is coming from the lawyer part.

AIG is on CRP's Heavy Hitters list, which profiles (none / 0) (#10)
by 18anapple2 on Wed Sep 17, 2008 at 11:13:49 PM EST

the 100 all-time contributors to federal candidates and committees.

http://www.opensecrets.org/news/2008/09/aig-government-bails-out-a-hea.html

hmmm two sides of the same coin....
government (by extention the military) as a tool of Big business and NOT vice versa.

campaign contributions from fannie and freddie (none / 0) (#11)
by 18anapple2 on Wed Sep 17, 2008 at 11:24:30 PM EST

Obama, Barack $126,349
McCain, John $21,550
http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

: more on fannie and freddie (none / 0) (#12)
by 18anapple2 on Wed Sep 17, 2008 at 11:30:47 PM EST

http://dyn.politico.com/printstory.cfm?uuid=28F13661-3048-5C12-000140B077704AAA..
again two sides of the same coin