Thursday, September 18, 2008

McCain softens his opposition to AIG bailout

ORION TOWNSHIP, MICH. — Republican candidate John McCain, a day after flatly rejecting a taxpayer bailout for American International Group Inc., said Wednesday the government had been "forced" into proposing an $85 billion loan to the nation's largest insurer.

McCain appeared to soften his opposition to the bailout proposed by the Federal Reserve, treating the plan as a necessary evil to protect ordinary Americans — and asserting that such a financial collapse should not be allowed to happen again. He also called for an investigation to uncover any wrongdoing.

Democratic rival Barack Obama blamed the Republican anti-regulatory fervor of recent years for part of the mess, saying the crisis is "a stark reminder of the failures of crony capitalism and an economic philosophy that sees any regulation at all as unwise and unnecessary."
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