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McCain, Palin Rally Supporters

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Wednesday, September 17, 2008; 3:30 PM

ALASKA GOVERNOR SARAH PALIN: John McCain is all about putting government back on the side of the people. He and I, we're going to take our case for that reform that is needed in our government to voters of every background, in every party, or no party at all. And with your vote, we're going to Washington, D.C. to shake things up.

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(APPLAUSE)

Here's how I look at the choice that we have in this election. In politics (inaudible -- break in tape) the old "politics as usual" and that's why we need that reform to get there. We need to take the maverick of the Senate and put him in the White House.

(APPLAUSE)

John McCain is -- he's going to get our economy back on track. This is so important. I know you woke up yesterday morning and you heard the news and you realized, too, we're hutting. He's got to help us, and he will put the economy back on track.

Politicians in Washington tend to like to talk about the economy and job creation. But the people who actually create most jobs in this great country, they're the small-business owners. People like Todd...

(APPLAUSE)

People like Todd with our commercial fishing business and my sister and her family just -- with a brand-new service station that they just built and opened up, or Todd's folks owning a hardware store. Our family, like your families, we know that the best way to help small businesses is for government to take less from them, leave more for them, so that they can expand and create jobs.

(APPLAUSE)

It's a pretty system principle, and it works. And that is the way that we create jobs and hire more people, and that's exactly what we're going to do in a McCain-Palin administration.

(APPLAUSE)

Now, we've got to be aware that our opponent has a very different plan. He wants to raise income taxes, and he wants to raise payroll taxes.

(BOOING)

And raise investment income taxes and raise the death tax and raise...

(BOOING)

... business taxes. That's his plan. He actually proposes to raise taxes in this hurting economy, this time of hurt in America. In a hurting economy, that increase in taxes would equate to about billions and billions of dollars on you -- taken from you.

And even with all those new taxes, still, our opponent would need more taxes to pay for the enormous new federal programs that he's proposing. But here's a little straight talk for our opponent. His tax plans really would kill jobs and hurt small businesses and make even today's bad economy look like the good old days.

To grow our economy, Ohio, you know this. To grow our economy and to avoid a recession, to bring new jobs to this state or save the jobs that you already have, we need relief for every taxpayer and for every business in America. And we also need serious reform on Wall Street, and John McCain is the guy who will get it done.

(APPLAUSE)

Reform on Wall Street is necessary. It's going to affect every single one of you. Almost two out of every three Americans have a stake in the market, and that's through pensions and 401(k)s and IRAs and the like. Families across America have a right to expect that their interest and their investments will be protected.

Instead, what's going on now, huge investment banks are going under because of their own bad practices and then they're asking the public to bail them out. Federal agencies are failing to defend you, are failing to defend the public interests.

And reckless CEOs are walking off with multi-million dollar severance deals; money taken from what's left of some of these companies that they were supposed to be serving. It's going to take a man of action and a proven reformer to clean up Wall Street, and that man is Senator John McCain.

(APPLAUSE)

Now, as for my part as mayor and as governor, I always knew that I was accountable to the people who hired me, the people of Alaska. And in a McCain-Palin administration, we will never forget that, first and foremost, we will be there working for you.

(APPLAUSE)

And John and I, we've discussed some new responsibilities that I'm going to have as vice president, and I look forward to these.

First, I'll help to lead the mission of energy security.

(APPLAUSE)

As governor, my job has been to oversee such a great portion of the oil development and production levels in our domestic supply here in the U.S. I had to take on the big oil company interests and kind of break up a monopoly up there in order to get competition in order to ramp up some production initiatives that are underway.

I got agreements through competition to build a nearly $40 billion national gas pipeline, and that's going to feed very hungry markets when it's built. And when that last section of pipe is laid, America will be one step closer to energy independence, and that's good for our economy and it's good for our security. (APPLAUSE)

As your vice president, I will help John McCain implement his "all-of-the-above" strategy for energy independence. I drove by a gas station the other day near here, and I saw that gas is now nearing four bucks a gallon again. Here in Ohio, gas prices are making a full tank at the pump kind of seem like a luxury.

The cost of living, of course, is going up. Groceries going up. Everything's going up, but the value of your paycheck has gone down all because of energy and transportation costs.

And people blame Washington for this one for doing next to nothing. And on that one, they got it right.

(APPLAUSE)

John McCain, though, he's going confront our energy problems once and for all. He's not going to just talk about it. We're going to expand our use of alternative fuels. We're going to drill now to make this nation energy independent.

(APPLAUSE)

And, Ohio, to make this nation more energy independent and to help power the American economy with clean coal technology, we're going to be looking to the hard-working people here in this state to help us out on that front. So thank you, Ohio, for that.

(APPLAUSE)

You all know it's a matter of national security and future prosperity. We need American energy resources brought to you by American ingenuity and produced by American workers.

(APPLAUSE)

Second, I'm going help lead the mission of reforming government. We're going to make government more transparent and more accountable and more open to those who want to serve. We're going to recruit the best to serve you and to help those people who have desired to participate in their government, regardless of party affiliation, regardless of whether they have that Washington experience.

In Alaska, we have done things like put the state checkbook online so that everyone can see where their money goes in government. And in a McCain-Palin administration...

(APPLAUSE)

... we're going to bring that kind of openness to Washington. Hasn't been done there before, but again, that's the reason we're going to D.C. We want to shake things up.

(APPLAUSE) And third, another mission that I'm going to be on, I've told Senator McCain about a few things that I've learned as governor and learned as a mom. Ever since I took the chief executive's job up north, I fought for funding for students with special needs, and it's really touched my heart...

(APPLAUSE)

Thank you. It has touched my heart especially with the beautiful addition to our extended family about 13 years ago, a nephew with autism. And now my family and I, we have added special, a good, good perspective, that recently came into our lives four months ago with the birth of our perfectly beautiful baby boy, Trig.

(APPLAUSE)

This new perspective has really added to our lives because we now join so many American families that know that some of life's greatest joys sometimes come with some unique challenges. And we're going to make sure that government is on their side, too.

(APPLAUSE)

Man, and, you know, talking about an issue like that, I just feel America's heart. I feel Ohio's heart. And I thank you for understanding where I'm coming from on that one. I appreciate you, Ohio.

(APPLAUSE)

Ladies and gentlemen, joining the ticket with John McCain is a great privilege, and it's going to be just the most humbling experience, also, to be able to serve beside him as vice president. It's going to be a high but humbling experience.

And I want to tell you some things really quickly about him because he won't say these on his own behalf.

You know, our opponents have been going on lately about how they always, quote, fight for you. But again, since John McCain won't say it himself, I'm going to say it.

There is only one man in this election who has ever really fought for you.

(APPLAUSE)

Ohio, he has fought for you. He's going to keep fighting for you. He's the only great man in this race. And he is ready to serve as our 44th president of the United States of America, John McCain.

(APPLAUSE)

ARIZONA SENATOR JOHN MCCAIN: Thank you.

(APPLAUSE) Thank you very much.

(APPLAUSE)

Thank you.

(APPLAUSE)

Thank you.

(APPLAUSE)

Thank you. I am so proud to be introduced by Sarah Palin, the great governor of the state of Alaska, but I can hardly wait to introduce her to Washington, D.C.

(APPLAUSE)

The old boy, big spender, earmarking, business as usual, me first and the nation second, old boy circuit in Washington is coming to an end. And it's going to end when we are elected to the presidency and the vice presidency of the United States, and it has to happen here in the state of Ohio.

We need your vote. We need you to turn out. We can win in Ohio.

(APPLAUSE)

And we have to win here.

(APPLAUSE)

My friends, if Governor Palin and I are elected in 49 days, we're not going to waste a moment changing the way Washington does business. And we're going start where the need for reform is greatest. In short order, we're going to put an end to the reckless conduct, corruption, and unbridled greed that have caused a crisis on Wall Street in America.

(APPLAUSE)

We're going put a stop to it.

(APPLAUSE)

The working people of Ohio and this nation are the most innovative, the hardest-working, the best-skilled, the most productive, most competitive in the world.

(APPLAUSE)

This -- this foundation of our economy, the American worker, is strong but it's been put at risk by the greed and mismanagement of Wall Street and Washington. The top of our economy is broken. We have seen self-interest, greed, irresponsibility and corruption, yes, and corruption, undermine the hard work of the American people. It's time to set things right, and I promise to get the job done as your president.

(APPLAUSE)

I promise you that.

(APPLAUSE)

You know, Americans put a lot of trust in the bankers and brokerage firms at Wall Street. They depend on the financial service sector to protect their savings, their IRAs, the 401(k)s, pension plans, but many leaders in financing have proven unworthy of that trust.

Government has a clear responsibility to act in defense of the public interest, and that's exactly what I intend to do.

(APPLAUSE)

We're going to make sure that American's accounts are protected. I pledge that the FDIC and the SPIC will have all the support they need to fully back the savings of the American people.

(APPLAUSE)

My friends, too many people -- too many people on Wall Street have been recklessly wagering instead of making the sound investments we expected of them. And when the economies collapse and their companies collapse, only the CEOs seem to escape the consequences while employees, shareholders, and other victims are left with nothing but trouble and debt.

The people who help cause the collapse make off with tens of millions in severance packages, and that's terrible.

(APPLAUSE)

I've spoken out.

(APPLAUSE)

I've spoken out against the excessive corporate executives, and I can assure you that if I am president, we're not going to tolerate that any more.

(APPLAUSE)

In my administration, we're going to hold the people of Wall Street responsible, and we're going to enact and enforce reforms to make sure that these outrages never happen in the first place.

(APPLAUSE)

Too many people on Wall Street have forgotten or discarded the basic rules of sound finance. In an endless quest for easy money, they dreamed up investment schemes that they, themselves, don't even understand with their derivatives, credit default swaps, and mortgage- backed securities. They tried to make their own rules, but they could only avoid the basic rules of economics for so long.

Now, as their schemes unravel in bankruptcies and collapse, it's once again, the public that's left to bare the cost. And I promise you that on my watch, we're never going to let these kinds of abuses go...

(APPLAUSE)

We're never going to let...

(APPLAUSE)

Too many practices on Wall Street have been kept hidden from public view to buy time, postpone the inevitable reckoning. Bad investments were made even worse, risks even allowed to multiply by keeping them off the books, derivatives, mortgage-backed securities, and other complicated instruments often disguised, foolish investments, and were sold to insurance companies, pension funds, mutual funds, banks, and individuals.

When the housing markets collapsed and the value of these securities went away, down, way down, our banks couldn't pay their debts. We saw Bear-Stearns collapse followed by Fannie Mae and Freddie Mac, more recently, Lehman Brothers filed for bankruptcy, and a troubled Merrill Lynch sold in order -- to the Bank of America -- in order to survive.

And now we have other banks and insurance companies at risk. So much of the loss and damage to our economy could have been avoided if these practices had been exposed to the light of day.

People have a right to know when their jobs, pensions, investments, and our whole economy are being put at risk by the recklessness of Wall Street.

(APPLAUSE)

And under my reforms for the financial sector, that fundamental right will be protected. Too many firms on Wall Street have been able to count on casual oversight by regulatory agencies in Washington, and there are so many of these regulators that the responsibility for oversight scattered, unfocussed, and ineffective. Among others, we've got the SEC, the CFTC, the FDIC, the SPIC, and the OCC. But for all those big and impressive-sounding names, the fact is they haven't been doing their job right or else we wouldn't have faced those massive problems on Wall Street.

(APPLAUSE)

They haven't been doing their job right.

(APPLAUSE)

At their worst, they've been caught up in Washington turf wars instead of working together to protect investors and the public interest. And we don't need a dozen federal agencies doing the job badly. We need the best federal agencies to do the job right.

(APPLAUSE)

Under my reforms, the American people will be protected by comprehensive regulations that will apply the rules and enforce them to the fullest. There will be constant access to the books and accounts of our banks and others financial institutions.

By law, it will reduce the debt and risk that any bank can take on. And above all, I promise you, reforms to prevent the kind of wild speculation that can put our markets at risk and that's already inflicted such enormous damage across our economy.

My friends, two years ago, I warned the administration, the Congress, that Fannie Mae and Freddie Mac needed to be fixed. And it turns out the problem was a lot bigger. They waited too long. Now, we have a housing crisis, three bail-outs with taxpayer's money, and a financial crisis.

As for the Congress, members in both parties must accept a share the responsibility. Some members seem to measure the financial health of banks and lenders by the size of their political contributions instead of the extent of their debt.

They listen to the lobbyists instead of the accountants. I can promise you the days of dealing and special favors will soon be over, and in a McCain-Palin administration...

(APPLAUSE)

... the public interest in this country will always come first. Always.

(APPLAUSE)

Honest people on Wall Street, and there are many, will have a friend in the White House when I'm president. The financial services industry plays a vital and honorable role in our economy, and I will seek reforms to help them to serve their shareholders and employees. But when any Wall Street operator abuses the trust of the public, then they will face the consequences, and they will have a fight on their hands with the president of the United States.

(APPLAUSE)

I'll fight -- I'll continue the fight to reform Wall Street and protect the savings and pensions of the American people. I'll make sure that Washington works for your interest and not the special interests. I'll fight to make it easier for small-business owners everywhere to grow and hire. I'll fight to make sure you can afford a home loan or a student loan or a small-business loan. I'll fight to make sure we create more jobs here at home and prosperity for all Americans.

(APPLAUSE) We've seen a telling moment in this campaign today. Senator Obama saw an economic crisis and has found a political opportunity. My friends, this is not a time for political opportunism. This is a time for leadership.

(APPLAUSE)

Too often -- too often, we hear people say America is in decline. I reject that. I believe America's best days are ahead of us.

(APPLAUSE)

Governor Palin and I are going to reform Wall Street. We're going to reform Washington. I'm going to fight for you, and I'm going lead our nation forward in the greatest period of prosperity in its history.

(APPLAUSE)

And let's have some straight talk. Senator Obama is not interested in the politics of hope. He's interested in his political future. And that's why he's hurling insults and making up facts about his record.

(APPLAUSE)

Today, he claimed the Congressional Stimulus Package was his idea. That's news to those of us in Congress who supported it. Senator Obama didn't even show up to vote.

(BOOING)

He talks a tough game on the financial crisis, but the facts tell a different story. Senator Obama took more money from Fannie Mae and Freddie Mac than anyone but the chairman of the committee they answer to.

(BOOING)

And he put Fannie Mae's CEO, who helped create this problem, in charge of finding his vice president.

(BOOING)

That's not change. That's what's broken in Washington.

(APPLAUSE)

He talked about siding with the people. Siding with the people just before he flew off to Hollywood for a fund-raiser with Barbara Streisand and his celebrity friends.

(BOOING)

Let me tell you, my friends, there's no place I'd rather be than here with the working men and women of Ohio. (APPLAUSE)

I'm going to fight for you, and together we're going win in November.

(APPLAUSE)

Thank you. And God bless you and God bless America.

(APPLAUSE)

Thank you.

(APPLAUSE)

END

.ETX


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