From -WASHINGTON Associated Press -
Sen. John McCain defended deregulation on Wall Street even as he endorsed a $700 billion bailout of financial firms in an interview broadcast Sunday. In the same interview, McCain defended the Bush administration's proposed bailout of financial firms as necessary, though he acknowledged it could get expensive.
"We're going to take over these bad loans," McCain said. "And we're going to have the taxpayer help you out."
His opponent in the presidential race, Democratic Sen. Barack Obama, said an inadequate regulatory system was partly responsible for the crisis. Both candidates were interviewed on CBS' "60 Minutes."
McCain, the Republican presidential nominee, has long supported fewer regulations for businesses. But as the financial crisis on Wall Street worsens, McCain is calling for more government. Obama said McCain is late in calling for better oversight after years of supporting fewer regulations.
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