McCain Says Fed Should Stop Government Bailouts - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

McCain Says Fed Should Stop Government Bailouts

Posted: Updated:
By BETH FOUHY
Associated Press Writer
GREEN BAY, Wisc. (AP) - John McCain says the Federal Reserve
needs to stop bailing out failed financial institutions.
Addressing a business group in Wisconsin, the Republican
presidential hopeful said the Fed should get back to what he called
"its core business of responsibly managing our money supply and
inflation."
The Fed engineered an $85 billion takeover of insurance giant
AIG this week, one of a series of failures of major financial
companies that have rocked Wall Street. The government seized
control of housing giants Freddie Mac and Fannie Mae earlier this
month.
The Arizona senator reiterated his call to fire S-E-C chairman
Chris Cox, saying there needed to be greater accountability in
Washington.
      
(Copyright 2008 by The Associated Press.  All Rights Reserved.)
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