McCain says Fed should stop government bailouts

GREEN BAY, Wis. (AP) -- John McCain says the Federal Reserve should get out of the bailout business.

Speaking to a business group in Wisconsin, the Republican presidential nominee said the Fed needs to get back to -- in his words -- "its core business of responsibly managing our money supply and inflation."

McCain also criticized Barack Obama for ties to Freddie Mac and Fannie Mae.

The Democratic nominee took large campaign contributions from both institutions, and Jim Johnson, the one-time head of Obama's vice presidential search team, received a multimillion-dollar severance deal after stepping down as Fannie Mae CEO.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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