McCain says economic crisis worst since World War II

SCRANTON, Pa. (AP) -- John McCain is calling for greater oversight of the Bush administration's proposed financial-sector bailout.

The Republican presidential nominee says the massive 700-billion-dollar plan being crafted by Treasury Secretary Henry Paulson needs broader supervision.

Speaking to an Irish-American group in the battleground state of Pennsylvania, McCain said he's "deeply uncomfortable" about the bailout, because never before has "so much power and money been concentrated in the hands of one person."

But McCain also called on Congress to move quickly and work with the administration to restore financial stability.

Although he said a week ago that the economy was fundamentally sound, Monday he said he believes the U.S. financial system is facing a major crisis.

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


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 29283059 - local8now.com/a?a=29283059