John McCain “The U.S. Congress needs to back a short-term plan that can restore confidence.”


Short-Term Memory

From: JohnMcCaindotcom

WASHINGTON, Sept 30 (Reuters) – Republican Sen. John McCain on Tuesday backed increasing the limit on bank deposits guaranteed by the federal government to $250,000 from its current level of $100,000.

In an interview with CNN, McCain said he spoke to President George W. Bush on Tuesday morning and recommended that Federal Deposit Insurance Corp. limits be raised to help protect Americans’ bank deposits.

McCain’s opponent, Democratic Sen. Barack Obama, made a similar suggestion on Tuesday in a statement.

“Also the treasury has the ability to buy up a trillion dollars worth of mortgages. We should move forward on that as we are crafting this rescue bill,” McCain said.

A day after the House of Representatives failed to approve a $700 billion Wall Street bailout, sending the U.S. stock market into a tailspin, McCain said the U.S. Congress needs to back a short-term plan that can restore confidence.

“We’re not going to get a unanimous vote. But I’m convinced that yesterday’s events and reactions of $1.2 trillion being wiped out .. Americans are frightened right now,” he said. “We’ve got to give them a short-term plan … then a long term plan.”

One Response to “John McCain “The U.S. Congress needs to back a short-term plan that can restore confidence.””

  1. rosettasister Says:

    An email from an insider:

    Leave it to the politians.

    Where there is a way to screw it up, our congress will find a way!!!

    This is a pure show of how selfish they are,
    to look for votes instead of doing the right thing to stablize the markets.

    Pure example,

    Pelosi, at such a sensative time,
    she goes and tries to prop herself and the democates up with that speech.

    Do the politians let the “children” of the US public make decisions about the financial markets,
    which they have no clue about!!!

    Or do we let the “adults” in the FED Reserves. and Treasuries make the proper decisions.

    Such a shame how the public rather not pay the taxes,

    but will be unknowingly welcoming the next great depression for the next 10 years,
    if this action does not pass.

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