ORLANDO, Fla. — Republican John McCain on Tuesday called for a crisis commission to probe the root causes of the country’s financial mess.
McCain also promised reforms and to expose and end the “reckless conduct, corruption and unbridled greed” that he said had caused the financial crisis on Wall Street.”
McCain did six morning television interviews Tuesday, where he struck a populist chord against Wall Street greed. He called for a commission to probe the financial situation — such as the high-level panel that investigated the Sept. 11, 2001, attacks. And he reiterated that no more taxpayer money should be used to rescue private institutions such as the mega-insurer AIG.
Hours later, he used a rally before several thousand in Tampa to promise that “if Gov. Palin and I are elected in 49 days, we’re not going to waste a moment in changing the way Washington does business.”
McCain, who has a background as a free marketeer and is advised by former Sen. Phil Gramm and other backers of a light regulatory touch, said the country needs effective regulation of every investment, from savings accounts to risky Wall Street products.
“Too many people on Wall Street have been recklessly wagering instead of making the sound investments we expect of them,” McCain said.
He said investment schemes too complex to understand or regulate have risked traditional earnings.
“So much of the loss and damage to our economy could have been avoided if these practices had been exposed to the light of day, said McCain. “People have the right to know when their jobs, pensions and our whole economy are being put at risk by recklessness on Wall Street.”
“We don’t need a dozen federal agencies doing the job badly; we need the best federal agencies to do the job right,” he said.
