September 17th, 2008
07:29 PM ET
6 years ago

Biden waffles on AIG bailout

Biden shifted his language on the AIG bailout Wednesday.
Biden shifted his language on the AIG bailout Wednesday.

WOOSTER, Ohio (CNN) - A day after saying the federal government should not come to the rescue of insurance giant AIG, Democratic VP nominee Joe Biden shifted his position Wednesday, saying he needs to get more details on the terms of the $85 billion bailout.

"The truth is I don't know what the bailout is yet," Biden said Wednesday afternoon in Maysfield, Ohio. "It looks like they're lending them a little bit of money. I don't know what they've done, I haven't had a brief on it. I haven't spoken to the Secretary of the Treasury."

Biden's answer struck a different tone than his Tuesday reaction. "No, I don't think they should be bailed out by the federal government, I'll tell you what we should do," he said on NBC's Today Show. "We should try to correct the problems that caused this. And what's caused this? The profligate tax cuts to the very, very wealthy that John [McCain] wants to continue. What has caused this is the failure to have regulation...It's this government's policies that have caused [the middle class] to get in great trouble."

Before Biden's Wednesday comments, Barack Obama released a statement saying that any arrangement should protect families that count on the company's insurance.

"It should bolster our economy's ability to create good-paying jobs and help working Americans pay their bills and save their money. It must not bail out the shareholders or management of AIG," said Obama.

A spokesman for the Delaware senator released a statement Wednesday aligning Biden with Obama.

"Joe Biden made it clear that nobody likes bailouts, and we should never have been put in this deep hole as a country," said spokesman David Wade. "Taxpayers shouldn't have to be asked to clean up another mess. But here we are. Senator Obama and Senator Biden agree that whatever happens, the Fed needs to make sure it protects the families that count on insurance, bolsters our ability to create good-paying jobs, and helps working Americans pay their bills and save their money. The answer isn't to bail out the shareholders or management of AIG."


Filed under: Joe Biden
soundoff (232 Responses)
  1. Russell - in MO

    I thought they were keeping Joe locked away in the Obama attic. I see they let him out to say something else stupid. The man cannot even finsh a sentence when asking questions at Senate Committee hearings. How is this CHANGE WE NEED? What a laugh. This is not change we need, he is the sort of old money-grubbing dino we want to change from!

    September 17, 2008 11:42 pm at 11:42 pm |
  2. DREADY1RASTA

    Pssst.....CNN.....zip it up.....your Republican is hanging out.

    September 17, 2008 11:42 pm at 11:42 pm |
  3. Rex

    Both parties knew what the plan was (to give a bridge loan to AIG, bail out Fannie and Freddie, etc, etc.). Now that it turned to crap, they are pointing fingers at eachother. Both parties are like two rivers flowing into the Mississippi. There is no difference. You know, Ron Paul is looking brighter and better each and every day. Thank you CNN, Fox, MSNBC, and the rest of the media for giving us only one choice.

    September 17, 2008 11:42 pm at 11:42 pm |
  4. TruthBeTold

    Its funny watching all you dems say that this is misleading and that CNN isnt reporting fairly....GIVE ME A BREAK....This is CNN actually reporting on both sides fairly for once...but since it goes against ur stupid democratic candidates...its unfair....PLEASEEE......and how come everyone keeps blaming bush?? Are the democrats trying to run against him or mccain?? Even Obama knows now that he cant compare john mccain to bush anymore!!! Besides, all these big companies that are going down the drain were run by democrats, so dont blame bush for this at all....you guys are unbelievable sometimes

    September 17, 2008 11:43 pm at 11:43 pm |
  5. cecil

    The Buck Stops With Sen. Obama, The Next President Of The U.S.A.

    September 17, 2008 11:44 pm at 11:44 pm |
  6. James

    I think Joe Biden is off the mark and he is looking very politically motivated.

    September 17, 2008 11:50 pm at 11:50 pm |
  7. Walt, Belton,TX

    Biden waffle. That's been the highlight of his 36 year career!

    September 17, 2008 11:55 pm at 11:55 pm |
  8. DB

    CNN- WHY are you still "moderating" my last comment? there was NOTHING innapropriate.
    JUST POST IT..

    September 17, 2008 11:56 pm at 11:56 pm |
  9. bolsonon

    I've always liked Joe Biden, all the way back to when he used to sit up in the balcony on the Muppets with that other old guy...

    September 17, 2008 11:58 pm at 11:58 pm |
  10. ruth

    CNN this is one of the most biased headlines and articles I have seen from you guys. McCain totally changed his story. But you didn't report on that. I haven't always agreed with you, but it seems like you are leaning more to the right each day. (Trying to be the new Fox)

    September 18, 2008 12:00 am at 12:00 am |
  11. V

    I don't agree with his analysis of the cause of the problem but I do respect his honesty in admitting that he has not been briefed on the bailout. Biden seems like an alright guy. It is a shame that he is the #2 for such an inexperienced and liberal presidential candidate.

    September 18, 2008 12:02 am at 12:02 am |
  12. phil

    Cnn or some sections of it seem a bit biased towards Mccain. Is this
    their way of making the elections more intreasting or is it is because
    Mccain hired Cnn to make his autobiography

    September 18, 2008 12:05 am at 12:05 am |
  13. Matt

    Newest Republican spin from watching Larry King: Don't worry, the economy can recover in 50 some-odd days (sometimes)....we just have to "stay the course."

    Wow. Just wow.

    September 18, 2008 12:07 am at 12:07 am |
  14. Canuck

    Help, Help!!! I live in Seattle and am surrounded by Kool-Aid drinking Democrats. When Mccain wins they will be looking for someone to burn. Jesus was a Republican, Pontious Pilot was a Democrat.

    September 18, 2008 12:10 am at 12:10 am |
  15. Chuck

    The new Obama/Biden mantra:

    "Waffles you can believe in."

    Remember Biden is supposed to be the "experience" on the ticket.

    HA HA NOT!

    September 18, 2008 12:10 am at 12:10 am |
  16. Tax Payer

    "It looks like they're lending them a little bit of money. I don't know what they've done, I haven't had a brief on it. I haven't spoken to the Secretary of the Treasury."

    95 Billion dollars is a "little bit of money" ? Talk about not being in touch with reality.

    September 18, 2008 12:10 am at 12:10 am |
  17. DB

    To "fix the broken" :
    What "jimmy" was saying is;

    "I AM A RACIST PERSON IN AMERICA. I HAVE TROUBLE ADMITTING THAT FACT , BECAUSE RASCISM COMES FROM COWARDICE AND IGNORANCE. SO I AM GOING TO REPEAT SOMETHING I 'HEARED WAS SAID ON THE INTERNETS'- IN ORDER TO MAKE IT SOUND LIKE I ACTUALLY HAVE A GOOD REASON TO VOTE FOR JOHN MCBUSH."

    THAT was "jimmy's point- even if HE didn't understand it...

    September 18, 2008 12:13 am at 12:13 am |
  18. Observer

    Stand up Chuck! Let'em see you....ohh ...oh .... I'm the idiot who told a parapalegic to stand up. And you insipid liberals light up when Bush makes up or mispronounces a word. Palin is going to wipe the floor with this empty suit at the debate.

    September 18, 2008 12:17 am at 12:17 am |
  19. aliou FL

    Where was CNN when Sarapalin was unable to answer a simple question from her audience?

    Donald Trump has said one thing today that made me laugh a lot.

    how can someone who has benefited and even wrote books on how to manipulate the market can accept any deregulation laying down?

    The Trump quest is more tax for the rich, for tricle down. How about a trickle up Donald?

    For the first time Trump, you made an investment you will wish you didn't put out on TV. Obama will be our next president. You Just Can"t bring yourself to see a superior strategist than one you crowned

    September 18, 2008 12:17 am at 12:17 am |
  20. inuk of the north

    Joe should fake a heart attac and get lost.

    OB has enough problems without him.

    Barbra Streisand raised 11,000,000 bucks in one night!

    Obama/Streisand 08

    September 18, 2008 12:19 am at 12:19 am |
  21. OBAMA GET'S IT!

    PALIN WAS ON FOX'S HANNITY TONIGHT, IT WAS A BIG JOKE AS IF HE WAS REALLY GOING TO PRESS HER, AS IF HE DOES NOT HAVE HIS NOSE UP THEIR BEHINDS. SHE PROBABLY HAD A COMPLETE SCRIPT AND COPY OF ALL QUESTIONS. YOU IN THEIR RIGHT MIND WOULD TAKE THAT SERIOUSLY?

    September 18, 2008 12:20 am at 12:20 am |
  22. drew

    and yet mccain is the one who is out of touch.
    and yet palin is the one who waffles on questions.

    democrats are quick to point the finger. but let's take a closer look at YOUR candidates.

    September 18, 2008 12:22 am at 12:22 am |
  23. KATHLEEN

    And WHO came up with this title, CNN? WHO? "Biden "waffles
    on AIG bailout. CNN, It is the media, YOU! that will have to answer
    to hard hit Americans if McCain Palin win this election. Your "reporting"
    is very dismal and flawed!!!! CNN gets worse by the day. What the
    haites are you afraid of? The Republicans have "robbed" this nation\
    and you are not reporting this travesty.

    If Obama loses, CNN will be responsible.Or get "responsible with
    "real news". This one above is definitely "not newsworthy. Biden is
    a good man that cares about Americans!

    Obama Biden 2008

    September 18, 2008 12:22 am at 12:22 am |
  24. ginger

    Question:

    Do you people feed off not having accurate definitions of words and meaning? Stop, take deep breath and look up what words mean and put them the proper context.

    September 18, 2008 12:22 am at 12:22 am |
  25. Biden is a great guy

    Biden may not be suave and sticks his foot in his mouth sometimes, but I trust him. He is one of us. He is more one of us then either Republican trying to get my vote

    September 18, 2008 12:23 am at 12:23 am |
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