John McCain has already condemned the manner in which Hank Paulson and Ben Bernanke have handled the financial crisis–moves that Hank Paulson said this morning have been made on a “case by case” basis.
This morning in Green Bay, Wisconsin, McCain said:
Reuters: “In cases where failing companies seek taxpayer bailouts, the Treasury Department will follow consistent policies in deciding whether to guarantee loans,” he said.
“With billions of dollars in public money at stake, it will not do to keep making it up as we go along.”
We certainly agree about the need for consistency. We do think, in this case, taking the decisions “case by case” was probably the right way to handle it. McCain also said the job of the Fed should be to manage the money supply and protect the purchasing power of the dollar, not sponsor bailout after bailout.
“The Federal Reserve should get back to its core business of responsibly managing our money supply and inflation… It needs to get out of the business of bailouts.”
No argument there.
See Also: Biggest Bailout in History
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