McCain Proposes Suspending Mandatory Stock Sales
October 10, 2008 - 11:31 AMJohn McCain proposed Friday that the elderly be allowed to hang on to the stocks in their retirement funds and not be forced to sell them in a bad market.
The Republican presidential candidate would suspend requirements that people start selling off retirement investments when they turn 70 and a half.
"Spare investors from being forced to sell their stocks just in time when the market is hurting the most," McCain said to cheers at a western Wisconsin rally. "We have to protect investors, particularly those who are relying on investments for retirement."
Retirees forced to sell stocks in the continuing market chaos are taking tremendous losses. The Dow Jones industrials dropped 21 percent of its value in 10 trading days, and swung wildly in early trading Friday while the financial crisis deepened globally.
McCain also told the crowd of his mortgage bailout plan. He said in his debate with Democratic rival Barack Obama on Tuesday that his administration would spend $300 billion to buy bad mortgages and help homeowners refinance into more affordable loans.
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