McCain campaign on bailout: ‘Trust me’ is not good enough

Campaign advisers said that Republican presidential nominee Sen. John McCain is in consultation with senate colleagues and the ongoing developments on Capitol Hill as the Congress negotiates with the administration on Wall Street bailout legislation. Campaign manager Rick Davis said that McCain is going to participate in this legislation and plans to vote on it, if and when it reaches the floor.

McCain has express some concerns with a plan that would allow the U.S. Treasury to purchase illiquid assets from major financial companies in order to inject liquidity into the financial system. The campaign said that McCain has called for “unprecedented transparency” for unprecedented power and also feels that there is potential for too much power to be concentrated on a single authority. McCain has called for sufficient oversight to accompany the legislation. “Simply trust me is not good enough,” said Davis.

With 43 days to go until Election Day, McCain senior advisor, Steve Schmidt made his feelings about the media clear in a call…with the media. In the call, intended to roll out a new campaign commercial highlighting some of Barack Obama’s associations in Chicago politics, Schmidt said that the ad was necessary because the media is under reporting some of Obama’s controversial friendships. He zeroed his scope on the New York Times.

“Whatever the New York Times once was, it is today not by any standard, a journalistic organization It is a pro-Obama advocacy organization that every day attacks the McCain campaign, attacks Senator McCain, attacks Gov. Pain and excuses Senator Obama…Everything that is read in the New York Times that attacks this campaign should be evaluated from that perspective,” he said.