McCain’s revisionist history lie about the TARP bailout

Posted by AzBlueMeanie:

This morning the Arizona Republic reported on comments made by Sen. John McCain during a meeting with the Editorial Board. Sen. John McCain: I was misled on bailout:

[S]enator McCain says he was misled by then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. McCain said the pair assured him that the $700 billion Troubled Asset Relief Program would focus on what was seen as the cause of the financial crisis, the housing meltdown.

"Obviously, that didn't happen," McCain said in a meeting Thursday with The Republic's Editorial Board, recounting his decision-making during the critical initial days of the fiscal crisis. "They decided to stabilize the Wall Street institutions, bail out (insurance giant) AIG, bail out Chrysler, bail out General Motors. . . . What they figured was that if they stabilized Wall Street – I guess it was trickle-down economics – that therefore Main Street would be fine."

* * *

McCain said Bush called him in off the campaign trail, saying a worldwide economic catastrophe was imminent and that he needed his help. "I don't know of any American, when the president of the United States calls you and tells you something like that, who wouldn't respond," McCain said. "And I came back and tried to sit down and work with Republicans and say, 'What can we do?' "

Once again Johnny Liar is oblivious to the existence of newfangled technology like videotape, audio recordings, newspaper reports or even books. Johnny Liar is so used to the Arizona McMedia simply reporting whatever he says without any fact-checking that facts don't matter – his situational reality is whatever he says it is at that moment.

To his credit, Republic political reporter Dan Nowicki at least cited a passage from Henry Paulson's new book about the financial crisis.

In his new book "On the Brink: Inside the Race to Stop the Collapse of the Global Financial System," Paulson belittles McCain's contribution to the response, noting that "when it came right down to it, (McCain) had little to say in the forum he himself had called." He also called McCain's decision to return to Washington, apparently without a plan, "impulsive and risky" and even "dangerous."

Reporting at the time is undisputed that it was McCain who first suspended his campaign in a desperate gamble to save his faltering campaign, and then McCain called Bush to ask him to call the meeting. Anyone with any recollection of the television news coverage of that meeting will recall that McCain sat largely silent at the meeting and it was Barack Obama who demonstrated his leadership skills. The auto bailout plan did not even occur until after the election. McCain's revisionist history about these events is a lie.

McCain lied to the Republic's Editorial Board – that collection of enablers who have been making excuses for and covering for John McCain for decades. I would like to know whether any of these editors called McCain on his obvious lie at the time he said it, or whether they just nodded their heads in agreement with a "harrumph." I expect to see an editorial opinion from the Republic criticizing McCain for his audacious lie to the Editorial Board.

Here is a commentary from Keith Olbermann to help get you started.

Visit msnbc.com for breaking news, world news, and news about the economy

Bonus at the end of the video: check out the Faux News chyron that says "J.D Hayworth, former Arizona congresswoman." Whoa! That's one big girl.

What's the McCain campaign theme again – "character matters"? Yes it does Johnny. And being an habitual liar is not character.

BTW, the betting pool is still open as to when McCain will suspend his senate campaign in a desperate attempt for attention from his adoring Arizona McMedia.