McCain Opposed to Housing Bailout
ROBERT SIEGEL, host:
Today, Republican presidential candidate John McCain focused on the housing and credit crises.
Senator JOHN McCAIN (Republican, Arizona; Presidential Candidate): It's time to help American families.
SIEGEL: The Arizona senator called on the financial industry to hold meetings to address the problems.
Sen. McCAIN: The top mortgage lenders in this country working together, they should pledge to provide maximum support and help to their cash-strapped but credit-worthy customers.
SIEGEL: As for a government action, McCain did not offer specifics. He said he opposes bailouts for the irresponsible, and he called for more transparency and accountability.
Sen. McCAIN: When we commit taxpayer dollars as assistance, it should be accompanied by reforms and insure that we never face this problem again.
SIEGEL: That's Senator John McCain speaking today in California.