John McCain Feels Duped By Henry Paulson
As the Republican presidential candidate in the fall of 2008, no one had more power to upend the Wall Street rescue package than Arizona Sen. John McCain.
But McCain now feels duped by former Republican Treasury Secretary Henry Paulson.
“We were all misled," McCain said Sunday on NBC's "Meet the Press." "What did he do? He started pumping money into the financial institutions. Now the financial institutions are fine -- Wall Street’s doing great. Main Street is in deep trouble.”
Paulson and other former Bush administration officials told Congress at the time that the $700 billion lawmakers approved would be used to buy toxic debt from the real estate market. Instead, the former Treasury secretary made direct injections into some of the biggest banks in the country, and the Obama administration even used the money to prop up major U.S. companies, like General Motors.
"Whoever thought when we passed that we would own General Motors and Chrysler, GMAC," McCain said. "It's beyond what anyone had anticipated."
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Sources: Politico, AP, CBS News, Google Maps
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