(CNN) - Presidential hopefuls John McCain and Barack Obama issued a joint statement Wednesday night on the economic crisis stating "now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people."
Released about 15 minutes before President Bush's scheduled televised address on the economy, the joint statement labeled Bush's proposed economic bailout plan as "flawed."
"The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail," the statement said.
In a separate statement, Obama outlined five principles he said were necessary for the proposal.
The principles included creating economic plan that helped "millions of families facing foreclosure" and not just Wall Street, creating "an independent, bipartisan board to ensure accountability and complete transparency" and protecting taxpayers by creating a economic plan that did not include earmarks.
"This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis," Obama's statement said.
Instead of asking the American people to pay the $700 billion dollars, why can't the government ask 700 American billionaires to make the loan to their rich friends. They have the money and would not miss one billion dollars each. Even better get the $700 billion from the oil companies....they can afford it.
The other solution would be to eliminate all executive stock options plans and bonus plans. They should get a salary only. The extra incentive plans creates an environment to cheat and caused the problems we are seeing today.
George Bush said the same thing about Iraq and look where we are now. Can you really believe any thing this man has to say.
Obama's core principles are EXACTLY WHAT BUSH STATED IN HIS SPEECH. Obama's already RUNNING the country (troop withdrawal, rescue plan, diplomacy, etc., etc.) , I wonder what the final rescue plan will look like.
IMITATION AND STEALING IDEAS IS THE BEST FORM OF FLATTERY.
BTW- did you see the Palin interview? After you see it, it will make sense why McCane did the switcheroo....
This is good, we need a joint bipartisan effort to solve the economic crisis this country faces. This is not a time for partisan politics
THE ECONOMIC CRISIS IS NO WORSE THAN
IT WAS A WEEK AGO WHEN MCBUSH SAID
WE HAVE A STRONG ECONOMY. THE FACT IS
WE ARE NOT IN GOOD SHAPE, BUT THE PANICK
IS NOT FOR THE ECONOMY, IT IS TO ATTEMPT TO
FIX THE MCBUSH POLLS, WHICH ARE IN THE CRAPPER,
WHERE THEY BELONG. FOLKS ITS A ROOOOOOOOOOOOOS.
ITS A SAVE MCSENILE BY THE BUSH ADMINISTRATION, ROOOOS
WATCH THE MARKET TOMORROW !!!!!!
LOGIC DICTATES THAT WHERE THERE ARE TWO OPPOSING IDEAS BOTH MAY BE WRONG BUT IT IS IMPOSSIBLE FOR BOTH TO BE RIGHT. IF YOU RUN AGAINST AN OPPONENT AT WHAT POINT DO YOU DO THE PINKY SHAKE AND HEAD OFF IN DIFFERENT DIRECTIONS. KINDA DEFEATS THE PURPOSE OF A CONTEST. ONE OF THESE NUMB-SKULLS HAS NO IDEA WHATS REALLY HAPPENING AND WANTS TO RIDE THE COATTAIL OF THE OTHER TILL THE SMELL ABATES. YOU GENIUSES GUESS WHO SHOWED UP THUMBING A RIDE. THE WINNER IS THE LEADER OF THE FREE WORLD IN SHORT ORDER. SPOOKY AINT IT?
I applaud John McCain for taking this crisis seriously and putting the debate on hold. I have second thoughts on Obama putting his political aspirations ahead of the countries problems.
Yawn, Obama as usual is playing catch up. McCain has already worked magic and Bush called on EVERYONE to help this crisis.
Finally the do nothing congress will do something, lets just hope before Sep 26 before they leave for break.
American taxpayers don't get the same break.
Where were the Democrats weeks ago when Republicans were working on the oil drilling crisis...yet again Democrats let that one just slip right by and expire with NO ACTION AT ALL.
Democrats = DO NOTHING!
I would like to know which idiot is going to go and vote for a McCain/Republican party now after seeing and hearing all of this!!!!
McCain proposal is just a political game.
Bush is an Idiot .. shame on those Idiots who voted for him
i Pity the fools supporting Mc Cain the senile & demented
It has nothing to do with multitasking it is all about taking responsibility to perform the duties of the job they were elected to do.
With the economy in crisis something that directly affects every person in the United States you would think our elected officials would give this issues at least the same attention given to hurricanes and other disasters. PLEASE put your party politics aside and do what is right!
Scott must be having the same strokes that McCain has now had for 9 days. McCain first wanted to blame everyone he could see, first the SEC chief then Obama for the whole mess. He thought the fundamentals of the economy were strong, now we're about to hit the Great Depression. Finally, after Obama came up with the basic principles that had to be in the bill (which now have won bipartisan acceptance), McCain agrees with those principles. But McCain, as always, flies in to accept credit for the deal for which he has no understanding. Yes, Scott, the President and his buddy who brought you the Iraq war, ate birthday cake together while New Orleans drowned, and now are together again for the economic meltdown.
Scott, you must be one of the 10% of this country still supporting Bush. Are you related?
Glad they came up with a "joint statement," although it sounds like Obama wrote it. That's fine. There will be little doubt to anyone with a lick of sense that Obama actually understands what is happening to the economy - as McCain fumes, flounders, and postures.
And I guess we shouldn't be surprised that McCain is now trying to postpone both debates. Without teleprompters, neither he nor The Pretty Lady will come off as competent to lead.
Where were the Republicans when Obama and the Democrats were stressing the need for regulation in our markets?
SCOTT U REALLY BLV IN WHAT U SAID..I DO PITY YOU..THE REPUBS WITH MCBUSH ON THE MANTLE HAVE PLUNGED THIS COUNTRY INTO THIS CRISIS AFTER CLINTON LEFT A SURPLUS IN THE BUDGET..U REALLY GOTS GUTS!
You are an idiot! Please, for the sake of everyone's sanity, go troll on the Fox news website.
Scott L = DUMBA*S
Good to see the spirit of bipartisanship alive and well.
Repubs are DO EVERYTHING WRONG!!! Kick them out of the WH and Let the Dems take over and make things right.
Repubs are trying to make everyone believe they know what to do when all they are doing is scrambling....AGAIN DO NOTHING REPUBS!!!
It's nice to see that McCain and Obama are doing this; however, I think McCain's return to Congress was purely political. He needs to look like he actually knows something about the economy. At least Obama has half a brain and had an opinion about this.
McCain, get out on that campaign trail and stop stalling!
Mr "fundamentals of the economy are strong" McCain can forget about my vote. 8 years of a Republican white house and 6 years of a Republic Congress. ENOUGH IS ENOUGH! He wants to suspend his campaign because he is losing! NO WAY NO HOW NO MCCAIN-PALIN!!!
IN THIS MORNING NEWS
IT WAS SAID THAT THERE WERE REPORTS
THAT SENATOR MCCAINS CAMPAIGN MANAGER RICK DAVIS
WAS RECIEVING $15,000 DOLLARS EVERY MONTH
FROM THE BIG GIANT FREDDIE MAC
Now these jerks want it to be bipartisan, after they have spent 8 years wrecking the system they want to spread the blame around.
Correction to Scott L...McCain had to play catch-up nearly all day to figure out how to respond to Obama's 8:30 am call.
Scott, how is obama playing catch up? Um, who said the economy was fundamentally strong? Yeah, we really need McShame's help to fix things. What's his advice going to be.... cheat on your wife and marry rich? He's a joke and a chicken.