McCain, Paul, and the ‘Plunge Protection Team’
"I'm very well versed in economics" is how John McCain responded to a Tim Russert question at last night's GOP presidential debate that referred to a past, possibly self-deprecating statement McCain made about his lack of economic expertise. Yet McCain really seemed to have no clue what Ron Paul was talking about when Paul asked him a question about the President's Working Group on Financial Markets—the so-called Plunge Protection Team—consisting of the Treasury secretary, the Fed chairman, and government regulators—that meets at a principals level during times of financial crisis. Some have conspiratorially speculated that the team has nudged Wall Street banks to buy shares to prop up the U.S. stock market. Here is the exchange:
REP. PAUL: My—my question is for Senator McCain. This is an economic question that I wanted to ask. It has to do with the President's Working Group on Financial Markets. I'd like to know what your opinion is of this and whether you would keep it in place, what their role would be, or you would get rid of this group. And if you kept the group, would you make sure we would see some sunlight and know what they're doing and how they're being involved in our markets?
SEN. MCCAIN: Well, obviously we'd like to see more sunshine. But I as president, as every other president, rely primarily on my secretary of the Treasury, on my Council of Economic Advisers, on the head of that. I would rely on the circle that I have developed over many years of people like Jack Kemp, Phil Gramm, Warren Rudman, Pete Peterson, and the Concord Group. I have a process of leadership, Ron, that is sort of an inclusive one that I have developed, a circle of acquaintances and people that are supporters and friends of mine who I have worked with for many, many years.
REP. PAUL: So you'd get rid of the group?
SEN. MCCAIN: You remember back in 1982 when Phil Gramm—Phil Gramm and Warren Rudman and Gramm-Latta and all of those people got the first real tax cuts done, the real—first real restraints in taxes. I was there. You were there. And I rely on those people to a much larger degree than any, quote, "formal" organization, although the secretary of Treasury is obviously one of the key and important posts that I would have.
Instead of answering Paul's question, McCain gave a general question about whom his economic advisers might be rather that how he would coordinate with the Treasury, the Fed, and Wall Street during crises, such as last August's credit meltdown or the recent market selloff.
Tags: debates | economics | economy | presidential election 2008 | Republicans | Ron Paul | John McCain
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McCain has no idea
It seems to show that McCain really has no idea of what he's doing when it comes to any domestic issue. He'd blow away any foreign country that didn't agree with anything we say, and let the countries internals go to pot. Oh... Wait.. That's what Bush has done! So I guess a vote for McCain is a vote for more of the same of what Bush has given us.
Mr. McCain, ignorance of the laws of economics doesn't look good
Poor McCain, he needs to read a few more books in rational, Austrian school economics. Ron Paul has written one on a gold standard. Ron Paul understands the Federal Reserve and wants to radically reduce its power, and to eventually auction off its building. Please see Mises.org
This is the nail on the coffin for Mccain for my vote. I was wavering between him and Romney. Now watching Mccain's answer really has me scared. The fact that he will rely on everyone to do his job on economics gives free reign to these people to do what they want. Mccain won't have a clue as to what they are doing and that scares me.
Campaign '08-Ron Paul educates
Ron Paul continues on the rEVOLution march to the White House !! I find it very telling how much better informed and skilled he is at bringing out the intricate/ and often hidden details of the other candidates inability to grasp and explain in their own words the real issues and shows they all are puppets. Ron Paul a highly principled man,alone, consistently has engaged the Constituional issues with truth and clarity, and will obligingly call out the ineptness and weakness of all the others. Ron Paul is tenacious in his work to inform and educate the American voters and to cut through all the BS we have willingly grown accustomed to, having it systematically and methodically shoveled onto our heads and accepted sleeping in the deep dung fog of ignorance. Ron Paul is dedicated to illuminating the path out of the fog, he truly is the Watchman. Will we open our eyes and see the way through, that is the question .
Deer in headlights
The look on McCain's face when Dr. Paul asked the question made many people (my self included) laugh out loud. It was like there was one of those cartoon thought bubbles above his head: "Oh my god, what can I say now? Man, I wish I those cameras weren't here."
debates
Quit faking it, John McCain. Next time, ask for a clarification. You know, "Plunge Protection Team"?
ron paul
I love my man Ron Paul...
I will be voting for him... He has been involved in the same circus of interests that i have... from body health... to economic health!
Ron Paul 2008!!
McCain < Ron Paul
Thanks for covering McCain's ignorance on the economy. Clearly Ron Paul understands has far deeper comprehension of what ails our country than the pandering, flip flopping, war-mongering McCain.
US News readers, please do yourselves a favor and research Ron Paul, and see his campaign website to read about his economic revitalization plan. Dr. Paul's plan is a far cry from these other so-called "stimulus" packages which do nothing more than re-arrange the deck chairs on the Titanic.
We need to fix the fundamental problems with our economy, not make superficial changes. We need to elect someone that is proposing bold changes to our system (monetary and fiscal), to actually make a difference. We need Ron Paul.
No More McCain, Ron Paul for President!!!
Ouch!
this has convinced me. Im not for McCain anymore.
the only man that can save our country is Ron Paul.
-he knows Economics like the back of his hand.
-he is the only real conservative.
Ron Paul For President!!!
Ron's Improvised Explosive Device
Thanks for explaining this exchange, because it probably went over the heads of 99.44% of the viewers, including mine because I did not know the group's official name.
This was Ron Paul nerdiness at its finest, because as with many of his positions, the question requires a bit of researching before it can be judged one way or the other. If people bother, that is, and that's what saddens me about how this election has gone so far. Ron Paul has very compelling solutions to the problems that plaque us, but it usually takes a grounding in economics and history, plus some research, in order to evaluate them.
Happily, in Ron's six minutes he gathered the most applause of any of the bloviators, yet still had time to plant this nice little delayed-fuse number.
Shocked
It scares me when a presidential candidate who has spent 4 years in the US House and 20 years in the US Senate has no clue what the President's Working Group on Financial Markets is or that it even exists. What is worse is McCain was serving in the US Senate when this group was formed by President Reagan in 1988. Was Senator McCain asleep at the wheel back then? Is he asleep at the wheel today?
It's the Economy, Dummies!
The best was watching McCain's facial expressions progress from an arrogant smirk to genuine puzzlement as he figured out the question had something to do with the names he'd dropped throughout the debate. Ron Paul called McCain on his claim that he was already developing economic strategies up till 2010 in the event he is elected POTUS. Maybe McCain's mother is wrong, and Republicans won't have to hold their noses after all.
McCain, Paul, and the ‘Plunge Protection Team’
How embarrassing for McCain. Is he even aware that people he named for his "inclusive" group he'd "rely" on actually FORM the President's Working Group ("PPT")?
I'm sure you know this, James. Can you explain more about this non-answer to your readers, and how it shows McCain's actually not well-versed on economics?
Plunge Protection Team
Yeah, seems like he didn't have a clue what Dr. Paul was talking about. Just like the media seems to not care about the illegal federal reserve phony money system devaluing our dollars.
McCain and the PPT
McCain said he's not an expert on economics, and this exchange made that painfully clear. He was less than truthful when Tim Russert asked him about that quote in the debate.
Ignorant AND indifferent
McCain hasn't a clue about this group, and therefore no opinion on if its secretive activities -- which could very easily be manipulating the markets in some fashion or another -- should be made public.
Of course, more likely than not, non of the other candidates have an opinion, either. And if they did, they probably would like to have it off the radar screen, anyway.
The whole secrecy thing is sheer nuts. I guess we're supposed to just trust these folks with economic national security secrets. As if!
McCain's economic prowess
McCain reminded me of that Ms. Teen Virginia or whatever state she was from; the one that went on with that incoherent, mangled minute-and-a-half ramble about kids in South Africa "and such as," when asked about why American children don't know how to use maps.
I guess it's not really fair though. Dr. Ron Paul is an intelligent and educated man who has authored several books on economic principles and monetary theory. John McCain is an empty suit who's just skirted by all these years courtesy of his only real support base -- the "mainstream" media.
How is McCain getting votes?
And this is the man leading the republican race? He says jobs will be leaving this country, immagrants will stay in this country, and yesterday he said that there would be "many more wars"! I believe if this man is the republican nominee, half of republicans will vote democrat. We need a true conservative republican in the white house. One that will cut taxes but end the wasteful spending in government so we will have a budget surplus once again. Our grandchildren shouldn't have to pay for our carelessness. The media needs to stop censoring Ron Paul, because he is the ONLY real republican running in this race.
My understanding of the current crisis is that working people can no longer afford to support the greed at the top. It seems the problems we face today were created by too much money floating around in the wrong places that supported manufacturing in overseas markets. Now the fix is to stimulate our economy with more money in the wrong places so the American consumer can buy the products produced in the overseas markets by our cheap dollars. How about a real fix that consists of bringing the jobs back to American and stimulating the manufacturing in this country with cheap money so people can have decient paying jobs that keeps up with the cost of living. The current policy of spent it if you have it and spend it if you don't has got to stop. Who was it that said that deficiets don't matter? I will bet all my savings that it was not Ron Paul. The current administration does not have a clue what Ron is trying to communicate. Unfornatually neither does the majority of the American people. Tell us more lies and get Fox News to support them by brow beating people by telling patriots that they are not patriotic. The only thing I can do is vote for Mr Paul and buy gold.
PPT
it is a beautiful thing to see dr. paul stick it to mccain.
mccain really is an idiot and he proved it once more tonite.
he is "the manchurian candidate".
god bless dr. ron paul - the ONLY statesman of our time!
wow
I think Ron Paul should be allowed to ask all candidates questions, scary thing is most Americans are even dumber than these candidates and wouldn't be able to follow. McCain just admitted he's clueless about the economy, did anyone actually notice but the well informed, well educated Paul camp? If this wasn't funny and telling as to who ill equipped McCain is, you are in a stupor or a coma. Wake up!
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McCain on the "Plunge Team"
A pretty funny video spoofing McCain's reaction to Dr. Paul's query. Who knew an elder Republican Statesman had so much in common with Miss Teen South Carolina?
http://www.youtube.com/watch?v=Tu-tg1kQ8dk
Jan 25, 2008 14:40:48 PM [permalink] [report comment]