UPDATE: WSJ CEO COUNCIL: McCain Seeks Small-Business Help
(Adds McCain comment on Chrysler in sixth paragraph.)
By Jon Kamp
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Sen. John McCain (R., Ariz.) urged a group of chief
executives on Tuesday to think of ways to help small businesses and extend
credit to help heal the economy.
The Arizona Republican acknowledged that these aren't the responsibilities of
big businesses, but he talked about how angry Americans are about financial
institutions getting bailed out while they are struggling, and he said access to
credit is a big issue.
"My urgent plea to you is think of the small-business person who is the engine
of the economy," McCain said.
He spoke to the annual WSJ CEO Council meeting where nearly 100 chief
executives gathered Monday and Tuesday to discuss business and political issues
and meet with top policy makers.
McCain said he sees a need for both financial-institution reforms and lower
corporate taxes. He also said he's worried about a rise in protectionism that he
thinks will be abetted by President Barack Obama's administration.
He also took a swipe at the administration's move to financially support
battered auto maker Chrysler Group LLC. "Does anybody here think Chrysler's
going to make it?" McCain asked. "I don't."
Meantime, the senator talked about the disconnect between what's happening on
Wall Street, where the stock market has surged since March, and in a broader
economy where Americans are still struggling.
"They love to pick up the paper and see that the recession's over," McCain
joked.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com
(END) Dow Jones Newswires
11-17-091900ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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