Chat Details

McCain economic adviser Nancy Mitchell Pfotenhauer 09-25-08

This chat will begin at 11 a.m. on Thursday, September 25, 2008.

Nancy Mitchell Pfotenhauer, senior economic policy adviser to Sen. John McCain, joins us on Thursday, Sept. 25, at 11 a.m. to discuss the Republican candidate's positions regarding Wall Street's financial turmoil. You must be registered with www.WashingtonTimes.com to ask questions. To register, click the gray word "REGISTER" on the top right-hand corner of this page, then follow the instructions. Once you're registered, come back to this chat page and then click the orange "Ask a Question" link.

Transcript

1. • The Washington Times is pleased to welcome Nancy Mitchell Pfotenhauer, senior economic policy adviser with the McCain for President campaign. Good morning, Ms. Pfotenhauer. Thank you for being with us again. by Jeffrey Lea
   • Answer: I'm delighted to be with you. by
6. • Will Sen. McCain make reform and revival of the financial sector his first order of business upon taking office? In any case, won't that be forced on him by the ongoing crisis, as the Treasury is likely to be knee-deep in bailing out banks by January? by Silver Spring, Md.
   • Answer: Sen. McCain is already making this his first priority. Whoever assumes office in January of 2009 will inevitably continue to have to deal with this challenge. One of the reasons Sen. McCain immediately focused on the need for independent, bipartisan oversight of this process is because it is highly likely that those implementing whatever plan is agreed upon are not the individuals currently negotiating it (e.g. Treasury Sec. Paulson). by
8. • Is the proposed bailout bill truly good for the country in the long run? by Rockville, MD
   • Answer: It really depends on how the bail-out is structured. The enormously high price tag demands that we solve the underlying problems, not just punt them down the road or complete a deal for the sake of having a deal. This is one of those circumstances where failure is not an option. The risk to our entire financial sector is dire and immediate. Literally every corner of our economy will be affected because of the credit drying up for all Americans from housing to student loans to small and medium-sized businesses. by
11. • It does not sound as if the bailout is in the overall best interest of the country. Does John McCain have the strength to stand against it, his party and president and risk his own potential election to the presidency? by Rockville, MD
    • Answer: Sen. McCain has proven several times over in his life and his career in the Senate that he will put the country's interest over his own. He believes we need to craft the right solution to this problem -- quickly -- because of the dire circumstances facing more than 300 million Americans if we do not. He has taken the unprecedented step of suspending his presidential campaign (including pulling back some $12 million in advertising) only 40 days before this election because he would rather ensure we protect the country's financial security and the life-savings of American families rather than spend his time "politicking." This is the man who said (and meant) that he would rather lose an election than lose a war ... at a time when virtually everyone believed his principled stand would mean just that. by
13. • What other initiatives does John McCain have to move the economy along once he is president? by Rockville, MD
    • Answer: Sen. McCain will put the economy back on track and offer middle-class tax relief with a straightforward plan to keep taxes low on capital formation, double the exemption for dependents, offer a $5000 REFUNDABLE tax credit toward the purchase of health insurance, make permanent the R&D tax credit (tied to ten percent of wages), lower the exorbitant growth rate of federal spending and aggressively pursue free trade agreements to open more markets for U.S. goods. by
14. • Does John McCain believe in a free-market economy, or does he favor one with regular government oversight? Should all areas be regulated, or should only some? Which ones? by Rockville, MD
    • Answer: Sen. McCain believes the free market economy has, over our history, brought unprecedented benefit to the American people. He does believe, however, that there is an appropriate role for regulation and that this role has not been adequately exercised in the financial sector in recent years. As far back as 2002, Sen. McCain called for reform in key areas of corporate governance and worked with Sen. Levin (D, MI) to try to achieve those goals. In the aftermath of the GSE scandals -- when it became absolutely clear there wasn't adequate oversight -- Sen. McCain cosponsored and fought for the strong reform proposals that would have given Fannie and Freddie a regulator (based at the Treasury) that had essential powers such as the right to inspect their books, the right to issue cease and desist orders, the right to assess programs and products and the right to establish minimum capital requirements. by
15. • Sen. Obama was ready to vote "present" on the single most important financial legislative decision in nearly 80 years. Why does Sen. McCain feel it is imperative to delay the debates until there is a viable bailout plan in place? by Jacksonville, Florida
    • Answer: The bottom line is solving this crisis well and quickly is far more important than the day one of three presidential debates occur. As much as I sympathize with the folks who have worked hard to make this happen on Friday, this is (in Warren Buffet's words) the financial equivalent of Pearl Harbor. We simply must deal with this immediately -- and in a manner that ensures the protection of U.S. taxpayers. I believe that most Americans would rather put the first debate (which is on foreign policy, btw) off for a few days rather than risk the financial fall-out that is hanging over our economy right now. Sen. McCain looks forward to these debates ... after all, he's been asking Sen. Obama to do joint town hall meetings for the past several months (something Sen. Obama has refused to do). by
39. • Ms. Pfotenhauer, we're coming to the end of our chat today. Thank you for taking time out of your very busy schedule to be with us. Are there any last words you would like to leave with out readers? by Jeffrey Lea
    • Answer: Thank you for this opportunity. This is a time for the leaders of our country to put politics aside and do their job. by