Saturday, September 27, 2008

John McCain Interviewed by CBS' Katie Couric: Transcript (9-24-08)

Read the full transcript.

Katie Couric: Sen. McCain, why is it necessary for you to take this extraordinary step of suspending your campaign?

John McCain: 'Cause these are extraordinary times. The financial crisis is on the verge of a very, very serious, most serious crisis since the end of World War II. That's according to Mr. Bernanke, Secretary Paulson and others. Any expert. This is a most serious situation. And it could … not only be United States markets, but world markets as well.

Couric: In fact, you met with economists this morning, and a number of financial experts, and it seems to me they really shook you up.

McCain: All they did, really, was confirm what we're already hearing from people we most admire and respect in America. The most respected people. I don't, in fact, I don't know anyone that doesn't believe that … this crisis is of such enormous proportions that it has the possibility, I don't think it's gonna, 'cause I think we're gonna act, but could have the possibility of wrecking the economy in ways that we've never contemplated.

Couric: Do you and Sen. Obama agree to the changes that need to be made in this bailout package?

McCain: We certainly agree the some. We said - we have - we have some, not all. But, certainly some. We have some common ground, yes.

Couric: And what are your primary objections to the way it stands right now?

McCain: There are numerous ones. One is that there's not the transparency that I think is necessary. I think we need to have, clearly, oversight. People that we respect and admire from both parties. Like Mayor Bloomberg of New York … and Mitt Romney and others … to oversight this.

And I also think we need to seriously consider something along the lines of what we had during the Depression. To guarantee home loans. I think that's necessary. There are a number of other measures that I think need to be taken in order to convince the American people that a trillion dollars or $700 billion, depending on who you talk to, of their money, that's $10,000 per family in America.

Couric: I know that Sen. Obama initially called you this morning at 8:30 to talk about issuing a joint statement about this bailout. You decided to go a step further by suspending your campaign and asking that Friday debate be delayed. Political observers say whoever gets out front on this issue will benefit the most in November. Was this an effort to do that? And was this at all, Senator, politically motivated?

McCain: Well, I don't think, at this time, that we can worry much about politics, Katie. I think the American people expect more of us. And I would hope that we would respond that way. Senator Obama called this morning. We - I called him back. We discussed that we do agree, and I'd be glad … to join in a common press release or statement, but now is not the time for statements. Time is now to act. And … most experts …

Couric: Did you suggest suspending both of your campaigns?

McCain: Yes. Sure. Yeah. I said …

Couric: And what was his response?

McCain: Well, I'd - I, frankly, I think he … has to consider it. I don't know if he had considered it or not. But I did tell him that I thought we both ought to do that. On the subject of delaying the debates, we've got 41 days left in this campaign. We could move it up a few days. Because we know we have to act. Everybody that I, well, look, it's clear to me we have to act before the weekend. We have to show the markets, the world markets, that we're gonna address this issue seriously.

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