Morning Update: Debating Finance
Both presidential candidates responded to news of the AIG bailout on Wednesday. Sen. John McCain (R-AZ) said the focus of any bailout should be “to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG,” not to help the “management and speculators who created this mess.”
Sen. Barack Obama (D-IL) said the AIG bailout is the “final verdict on the failed economic philosophy of the last eight years.” Like McCain, Obama said the Federal Reserve must “ensure that the plan protects the families that count on insurance” and should not bailout AIG shareholders and management.
In an interview with FOX News’ Sean Hannity on Wednesday, Gov. Sarah Palin (R-AK) said she generally does not think taxpayers should “be looked to as the bailout, as the solution to the problems on Wall Street.”
Sen. Joe Biden (D-IL) said on the Today show Wednesday morning that he opposed the AIG bailout, but later seemed to back off of that position.
Over fifty chief executives (WSJ) from financial firms including Merrill Lynch, Citigroup, Barclays, J.P. Morgan, and Wells Fargo will meet with Obama economic adviser Dan Tarullo and McCain economic adviser Doug Holtz-Eakin on Thursday in Washington.
