September 24th, 2008
08:45 PM ET
10 years ago

McCain and Obama issue joint statement on economic crisis

Sens. Obama and McCain issued a rare joint statement Wednesday about the financial and economic challenges the country is facing.

Sens. Obama and McCain issued a rare joint statement Wednesday about the financial and economic challenges the country is facing.

(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.

Filed under: Candidate Barack Obama • Economy • John McCain
soundoff (200 Responses)
  1. No more bush policies please

    Again, the country is in a mess because of the GOP Running congress for six years and the White House for 8 yrs.. Pelosi should of never taken impeachment off the table after the elections of 2006.
    Everyone who voted for Bush might deserve what they get from the policy failures of the Bush/Cheney Whitehouse. I guess Phil Grahamm was wrong that Americans are all about whinning about the economy and that its all in our minds with the problems about the economy.

    September 24, 2008 10:42 pm at 10:42 pm |
  2. LaVelle

    Whats wrong republicans? Your big time boy is running out of war hero stories? Is he running scared?

    September 24, 2008 10:42 pm at 10:42 pm |
  3. Obama- Next Stop.. White House

    Just another SAD & MALICIOUS ATTEMPT to distract the momentum that Barack has going. McClown will you please CUT IT OUT.


    We know your DESPERATE & will SAY OR DO ANYTHING at this point.

    Repeat after me..... President Barack Obama. Get use to it!

    Barack Your Vote!!!

    September 24, 2008 10:43 pm at 10:43 pm |
  4. Tim

    By the way, didn't Biden say anything stupid today?

    September 24, 2008 10:44 pm at 10:44 pm |
  5. Dave in Illinois

    While it might be good politics to tie the proposed rescue plan to helping the "millions of families facing foreclosure" who took subprime loans, the issue is to prevent the collapse of the banking system that would effect other 300 million of us that live in the US. If that happens, the foreclosure problem will be lost in the chaos that ensues.

    September 24, 2008 10:45 pm at 10:45 pm |
  6. Olivia

    Of course Obama was going to put out a seperate statement following the joint statement. That's his way.

    McCain said all that a week ago and obama opted to wait a while before sticking his neck out.

    He seems to have this strong urge to be top dog, have the last word, all that kind of thing.

    September 24, 2008 10:46 pm at 10:46 pm |
  7. Disgusted


    September 24, 2008 10:46 pm at 10:46 pm |
  8. aware

    Obama first always! He has no understanding of bipartisanship. He is more polarizing than Hillary Clinton ever was! 😦

    Forget it Obama! You are a loser! 😦

    September 24, 2008 10:47 pm at 10:47 pm |
  9. Elaine

    McCain is in a panic, which is why he wants to cancel the debates. anybody who thinks McCain is magic is just fooling themselves.

    September 24, 2008 10:47 pm at 10:47 pm |
  10. Republican

    Both sides of our family have voted Republican all of our lives...this election ALL of us are voting straight Democrat due to McBush-Palin (aka McBush & Moosehead), many other Republican families we know are doing the same...jumping ship.. They are trying to strong arm the American people as they strong armed us inot the Iraq War, Amricans have woken up. Besides the numbers don't lie and McBush and illiterate woman Palin are getting destroyed, Obama is about ten times smarter than both of them combined...that's why Obama went to Harvard..

    September 24, 2008 10:48 pm at 10:48 pm |
  11. greg, fl

    we need obama to fix things at this critical times. we can see clearly now that the economy is not strong.

    September 24, 2008 10:49 pm at 10:49 pm |
  12. Chris in Va.

    CNN, why do you post everything this Scoot L. joker blithers on about while others are never posted? I know he is one of ten McShame supporters on here but give us a break.

    September 24, 2008 10:50 pm at 10:50 pm |
  13. Tab

    What magic has McCain worked? McCain is one of the architects of this disaster – he has always pushed deregulation. McCain's campaign manager is still on the payroll of Fannie Mae – $15,000 a month to do nothing. That is do-nothing. McCain said just a week ago that the fundamentals of the economy were sound – what does he know?

    And as for congress – they have done plenty – but everything they have done has been held up in the senate by republicans. Prior to 2006, when the congress was run by republicans, it was one of the most corrupt in history.

    Scott L is just spouting talking points without knowing any of the facts.

    September 24, 2008 10:52 pm at 10:52 pm |
  14. Nat J

    Once again, the emperor has no clothes. This guy doesn't get it. For eight years he saw nothing inherently ailing in our economy. Now, having fiddled too long and let the foxes have their pick of the finest, plumpest hens, we are now at the brink of economic collapse. He takes no blame; instead he derides Congress for having the audacity to not accept his plan which places the economy at further risk in its lack of fundamental, and eminently reasonable, checks and balances that not only the Democrats but stalwarts of his own party are demanding. I'm not saying Congress has not earned its chops on occasion, but they are entitled, and in fact have a Constitutional obligation to the people, to examine safeguards, contingencies and measurable objectives that will make this a plan that serves taxpayers, investors and homeowners, and not just the institutions that started this whole debacle. When deregulation comes down to nod-and-a-wink oversight and Wall Street's audacious expectation that they will be given a blank check, with absolutely no risk of accountability, and we allow it to happen, then maybe we really are as stupid as the government and its corporate masters think we are. We had a war shoved down our throats by this little man's hubris; we don't need economic ruin in the form of a sketchy blueprint for recovery added into the mix. Furthermore, CEOs' compensation should be capped, and for the life of me I'm not sure why there isn't a great hue and cry for current and former heads of these financial services firms to give back some of their ill-gotten lucre. It's obscene and, indeed, utterly unpatriotic to continue to award the bloated compensation packages these people are walking away with for having run their respective companies into the ground. Even though Goldman Sachs has survived the carnage (so far), take a look at what Henry Paulson, the champion of the administration's bailout plan, took home in his last three years as CEO of GS. This bailout will happen, because there really is no choice, but it may not be what the president and his corporate beneficiaries want. When he gets a solidly bipartisan bill from Congress a week from now, let's see if W's time-is-of-the-essence pitch still holds or whether he vetoes it. Eight years of war, cronyism, a do-nothing domestic policy, and now, the ultimate unraveling of the economy with no compunction about letting the people who caused it play a major and lucrative role in fixing it. Welcome to your legacy, Mr. Bush. Have fun back on the ranch.

    September 24, 2008 10:52 pm at 10:52 pm |
  15. Vin in Texas

    McCain worked his 'magic' ??..right !!! For last 26 yers he has been working 'magic' and for last 8 years the republicans have been working magic...

    The country is sick and tired of this magic and circus...

    What next , McCain will call for postponing the election? So Bush can be there for another term...??

    September 24, 2008 10:53 pm at 10:53 pm |
  16. Sebastian

    I find Senator McCain's announcement before television cameras yesterday dispicable.

    He sought to pull a fast one on Obama after Barack initiated the call to work together on this bailout bill.

    September 24, 2008 10:53 pm at 10:53 pm |
  17. Maggie From Virginia

    Scott L,

    It's over for the Republicans. Face it!

    September 24, 2008 10:55 pm at 10:55 pm |
  18. Joseph

    Hmmm...let's see. The Republican/De-regulator policy has a presidential candidate named John McCain who:
    1) Was at the center of the last financial crisis, the Savings and Loan Crisis
    2) Takes economic advice from Phil Gramm, whom he also proposes as his Treasury Secretary, and who HAPPENS to have authored the legislation that caused this whole financial crisis
    3) Has a Fanny Mae lobbyist (they paid him $2 million), Rick Davis as his campaign manager (I know Repubs will say Obama took advice on his VP nominee from a former Fannie CEO for about 3 weeks...not the same as having Davis run MCain's whole campaign for 19 months!!!)
    4) Obama has offered a plan to protect Main Street, not just Wall Street, by giving judges the ability to help people who are facing foreclosure (and whose foreclosures drive down all of our property values!!!)
    5) McCain is scared, so he's trying all kinds of gimmics–fire the SEC chief, try to show up Obama by suspending the campaign–he's just trying to convince us that he no longer believes that the funadmentals of our economy are strong!

    September 24, 2008 10:56 pm at 10:56 pm |
  19. Independent

    Please. it was last week Obama called for Bush and McCain to have a bipartisan approach to this crisis. Bush is did this cause he wants McCain to win. It is political all the time.

    Look what is happening here Obama's ideas are being adopted by Bush (AGAIN).

    September 24, 2008 10:56 pm at 10:56 pm |
  20. KC

    Yes they should continue the debate. McCain and Obama are not on the commitee to write the legislation so they will be no help right now. McCain and Obama can only vote yea or nea on the bill once it is presented. Please people know how your Government works. This is a sad ploy by McCain, I have now lost any respect I once had of him. God Help America if he were to get the job of President.
    And Scott L you ar an uneducated idiot.

    September 24, 2008 10:58 pm at 10:58 pm |
  21. CW

    niether one of the candidates are writing this legislation, they would only be voting up or down for what is written, it does not take alot to do that, just as our next pres. Obama has pointed out. Senator mccain is using stall tactics and a lame attempt to get people to follow his suggestion which quite frankly is stupid, wanting to appear as if he is "leading the charge" to rescue America. Now if anything should be postponed it's the congressional break, not the campaigns. there should NOT be a rush to get this done as the GOP would have us think, too many errors will be made with far worse damage to this country. HAVE THE DEBATES!! DISCUSS THE ISSUES!! AND THE BEST MAN WILL WIN! OBAMA/BIDEN '08

    September 24, 2008 10:58 pm at 10:58 pm |
  22. angryeditor

    Typical childish rubbish to be expected by a section of the country....
    I bet Clinton wrecked the economy too...
    Clinton managed to run the economy exceptionally well with Asa Hutchinson and Kenneth Starr on his tail.
    We call that a.b.i.l.i.t.y!!
    Now you want to give us McCain (and then you'll still be blaming Clinton).
    KNow what youguys need?
    A mirror. Thaz wot!

    September 24, 2008 10:58 pm at 10:58 pm |
  23. BB

    Yes Scott L , the mess from the last eight years is because of the democrats , right? I'm not saying that it is the Repubulicans either. It is this administration in particular that has stolen from the Americans. Unfortunately, McCain is part of that establishment other wise he wouldn't be maintaining the same spin.

    September 24, 2008 10:59 pm at 10:59 pm |
  24. TC

    First of all let's get this straight. Barack made the first bi-partisan offering to McCain at least a day ago. He called him this morning to get it out there together. John McCain decided to grandstand on TV today.

    Second the Republicans have been stalling congress through out the year and the one time they get a political oppotunity to make a fuss and make themselves look like they are interested in energy independence is when Dems have their convention. Opportunistic with no results. They have never cared about the environment or independence until it looked like they could get something out of it.

    Third the statement Barack & John released is joint and the ad on is basically being sent out again with less items because two of the items he asked for is already agreed upon.

    People may wanna watch C-Span because you will actully find that republicans fillabuster alot along with the Bush veto.

    The Dems are just more mature acting than the Reps in congress.

    September 24, 2008 10:59 pm at 10:59 pm |
  25. SWMissouri

    Wow Scott straight from the McCain Talking Points.

    The facts are everyone, including Republican's, saw McCain's actions as a stunt and are not going to be perceived well.

    McCain is not on the Finance Committee or any of the Committee's working on these issues. His presence only serves to distract and annoy those leaders who are working on these issues. He can certainly come in for the final vote on the final bill, as will Obama, but he will have no part of the formation of the bill as he is not in those Committee's.

    So since he can do nothing...what is his purpose for being there? Could it be to "look" like he is doing something to garner support? That, my friend, is a repugnant political act. It's the equivalence of being anti-police and then showing up at the last minute to get your picture shot with a rape victim to show that you are pro-police.

    September 24, 2008 11:00 pm at 11:00 pm |
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