Read the complete transcript of John McCain's speech given in Pennsylvania. In the speech he makes some proposals to help the economy.
If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this - with tax cuts that are directed specifically to create jobs, and protect your life savings. I will stand up to the corrupt ways of Washington, the wasteful spending and the abuses of power and I will end these abuses, whatever it takes. I will lead reforms to help families keep their homes, and retirees to keep their savings, and college students to pay their tuition, and every citizen to afford health care, and America to reclaim its energy independence. These will be my priorities. We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change. The hour is late and our troubles are getting worse. We have to act immediately. We have to change direction now. We have to fight.
That is what I will do in my term as president, and when I leave office I can promise you that this nation will not be on the same path it is today. I will not play along with the same Washington games and gimmicks that got us into this terrible mess in the first place. I am going to Washington to fight for you.
I will begin by making certain that the 700 billion dollars already committed to economic recovery is not used to further enrich the very people and institutions that invited these troubles with their own reckless conduct. Instead of just propping up institutions deemed "too big to fail" in this crisis, we will use more of this public money to help businesses and homeowners that may be too small to survive.
This financial crisis started with our housing crisis, and we cannot fix our markets and the economy until we fix the housing crisis. My plan will protect the value of your home and get it rising again by buying up bad mortgages and refinancing them so if your neighbor defaults he doesn't bring down the value of your house with him. I will direct the government to refinance troubled mortgages for homeowners and replace them with mortgages they can afford. This is what we did during the Great Depression and we can do it again. Helping families who face default, foreclosure, and possible bankruptcy helps all homeowners, and will begin the process of recovery from this crisis. With so much on the line, the moment requires that government act - and as president I intend to act, quickly and decisively.
When the government does provide funds to shore up companies, the terms will be demanding, there will be complete transparency and the safety net for our financial system will not become a golden parachute for failed executives. Moreover, we will not merely inject billions of dollars into companies and walk away hoping for the best. We will require that those companies be reformed and restructured until they are sound assets again, and can be sold at no loss - or perhaps even a profit - to the taxpayers of America.
And when that is accomplished, in each instance, government will relinquish its interest in these private companies. We're going to get government out of the business of bailouts and equity stakes, and back in the business of responsible regulation. We will learn from this crisis to prevent the next one, with much stricter oversight. No more wild overleveraging, no more liabilities concealed from the public and from shareholders, no more bundling of assets to maximize profit by assuming insane risks. Those days are over on Wall Street. With new rules of public disclosure and accounting, my reforms will make certain these betrayals of shareholders and the public trust are never repeated.
We must restore trust to our financial system. On my orders, the Department of the Treasury will guarantee one hundred percent of all savings accounts for a period of six months. This will calm the understandable fears of widespread bank failure, while also restoring rational judgment to the choices of the market.
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