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From Tampa, McCain Scolds Wall Street

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By WILLIAM MARCH

The Tampa Tribune

Published: September 17, 2008

TAMPA - Following the crisis on Wall Street and criticism of his contention that the economy is fundamentally strong, John McCain injected a new economic populism into his campaign in a brief speech Tuesday in Tampa.

The shift in emphasis by McCain made it clear the economy is likely once again to dominate the presidential campaign for some time, after being partially displaced by energy and security concerns.

The heart of McCain's speech was a tirade against CEOs, the financial industry and "self-interest, greed, irresponsibility and corruption" on Wall Street.

He abandoned the contention he has made all year - and made again in Jacksonville on Monday - that "the fundamentals of our economy are strong."

Instead, McCain said American workers have been betrayed by an economy that is "broken" at the top.

"The foundation of our economy, the American worker, is strong, and put at great risk by the greed and mismanagement of Wall Street," he told a crowd of several thousand at the Tampa Convention Center.

"We've seen self-interest, greed, irresponsibility and corruption undermine the hard work of the American worker. It's time to set things right and I promise to get the job done."

McCain promised to overhaul and strengthen what he called "casual" regulation of the nation's financial markets.

He didn't outline specifics, but in an appearance earlier Tuesday on ABC News' "Good Morning America," he said the nation needs "a 9/11 commission to find out what happened and what needs to be fixed."

In Tampa, he said responsibility for oversight of financial markets "is scattered, unfocussed and ineffective," referring to an "alphabet soup" of agencies including the Federal Deposit Insurance Corp., the guarantor of bank deposits, and the Securities and Exchange Commission, which regulates securities traders.

"We don't need a dozen federal agencies doing the job badly," he said. "We need the best federal agencies to do the job right."

Jacksonville Statement Stuns

McCain's speech in Jacksonville on Monday had hinted at the change in direction, but didn't go nearly as far as he went Tuesday in Tampa.

In Jacksonville, he called himself and running mate Sarah Palin a "team of mavericks" who will "clean up Wall Street," and promised to reform "the outdated, patchwork quilt of regulatory oversight and bring transparency and accountability to Wall Street."

His contention in that speech that "the fundamentals of our economy are strong" had drawn scorn from Democrats and presidential candidate Barack Obama's campaign.

The Dow fell 504 points Monday, or 4.4 percent, the biggest drop since the 2001 terrorist attacks, largely because of the collapse of yet another financial giant, Lehman Brothers investment bank, and financial problems facing still another insurer, American International Group.

Obama spokesman Hari Sevugan called the Jacksonville statement "stunning" and "just the latest demonstration that John McCain and his top economic advisors just don't get it."

Asked whether Tuesday's speech constituted a shift in direction, McCain campaign aides didn't deny it.

"John McCain sees a problem and he wants it fixed - another example of him putting his country first," said McCain's Florida spokesman Mario Diaz.

Campaign spokesman Jeff Sadosky noted in an e-mail that McCain previously has criticized CEO salaries and malfeasance on at least one occasion, in June.

However, Tuesday's speech seemed likely to draw more criticism from Democrats, who immediately said McCain was late to the party, and guilty of hypocrisy, in condemning lax regulation and greed and mismanagement by highly paid CEOs.

Democrats immediately whipped out news releases highlighting two of McCain's top economic advisers:

•Carly Fiorina, who got a $42 million severance package after being fired as CEO of Hewlett-Packard Co., which is now in the process of laying off 24,600 workers.

•Former Sen. Phil Gramm, long known as an opponent of tougher regulation of the banking and finance industry, who aroused controversy in July by saying the nation's economic problems were "a mental recession" and, "We have sort of become a nation of whiners."

Obama: McCain Wants To Pass Buck

Speaking in Golden, Colo., Tuesday after McCain's "Good Morning America" appearance, Obama said McCain "offered up the oldest Washington stunt in the book: You pass the buck to a commission to study the problem."

"This isn't 9/11," he said. "We know how we got into this mess. What we need now is leadership that gets us out. I'll provide it, John McCain won't."

The crowd McCain drew exceeded expectations of campaign planners, who had figured on about 2,000, said McCain's Hillsborough County campaign co-chairman, Commissioner Mark Sharpe.

Some waited as long as 2 1/2 hours after the doors opened at 9:30 a.m. to hear McCain's speech, which began just after noon and lasted about 17 minutes.

The long wait is normal to make sure a large crowd can get through metal detectors, said one event planner for the campaign.

Few seemed to mind the wait for a short speech.

"It was worth it," said Tara Small of Tampa. "He said a lot in 10 minutes."

All of last week, McCain traveled with Palin, who has added excitement to his campaign. Some in the Tampa crowd said they weren't disappointed not to see her.

"She can't be everywhere," said Peg Shaw, 70, who came from Highlands County for the event. "I'm sure she'll be coming to Florida soon."

Outside the convention center, a few dozen Obama supporters waved flags and shouted to passing motorists, drawing cold stares from McCain supporters leaving the building.

Reporter Christian Wade contributed to this report. Reporter William March can be reached at wmarch@tampatrib.com or (813) 259-7761.

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