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. Tracey

    We will! have an Obama Christmas!!!!!!!!!!

    September 24, 2008 11:00 pm at 11:00 pm |
  2. Scott R

    Actually, it's the Republicans who are DO NOTHING

    This is a major crisis - the economy need liquidity, or it will cease to function. This is being held up by Republicans who don't want the government to engage in such large scale intervention. Well, this is an emergency, and there is no other entity but the US Government who can do this.

    McCain on the other hand is clearly in panic mode. He has been for the past few weeks because of the economic issue is clearly his weak point.

    The fact that he feels he needs to "suspend his campaign" - pull a publicity stunt like this to get his name back on the headlines - in the face of this crisis is sad.

    A President in office will have to deal with many crises at once. The fact that McCain feels that he can't deal with both debating for a few hours one night AND working on the economic crisis is a bit frightening.

    Right now he is only 1 of 100 Senators. They have been doing just fine without McCain in DC - they have been working on this for the past two weeks. His addition will be negligible.

    This is clearly a publicity stunt on his part to appear "presidential" after being on the defensive and appearing so weak on the economic issue.

    September 24, 2008 11:00 pm at 11:00 pm |
  3. Bill Charlotte,NC

    But JOhn McFrantic told Katie Couric he didn't agree to make the statement. That's what Obama gets for trying to work with snakes. They will bite you!

    September 24, 2008 11:00 pm at 11:00 pm |
  4. al in tennessee

    To Scott L - Invest some time in reading the facts. Wall Street has over extended itself and blunder the credit system with bad investments - now looking for people they never represented to bail them out. This is about paying off bonds and treasury notes owned by foreign countries and other rich people. Democrats or Republican got nothing to do with bad investments. Yeah, they were lax on oversight of a greedy industry.

    BTW, it not an "oil drilling crisis" it an ENERGY CRISIS that must be solved by finding other energy sources and conservation.
    You must be next contestant on the ARE U SMARTER THAN A 5TH GRADER"

    September 24, 2008 11:00 pm at 11:00 pm |
  5. Bradley In Colorado

    Five bucks says that Obama did all the work and McCain, needing to pander once more to any *coughfalsecough* Democrats who would heed him, agreed to go along with it.

    Johnny, this will work about as well as threatening to not debate Obama. You're no leader – you're a coward.

    Obama '08

    September 24, 2008 11:00 pm at 11:00 pm |
  6. Brian in VA

    Democrats = DO NOTHING? I thought republicans were the ones that wanted less government. Can you guys please make up your minds, or better yet, stop lying?!?

    September 24, 2008 11:01 pm at 11:01 pm |
  7. REG in AZ

    A simple rational paraphrase is offered regarding what President Bush said to explain why the current financial crisis occurred. That is: an open market environment with minimally enforced regulation, simply allowed run away greed in the absence of conscience driven controls and had the natural result of exactly what has happened. Said another way, the aggressive pursuit of totally open markets, while in theory is seemingly attractive, in reality is inherent with the potential for drastic consequences and reality dictates the real need for conscientious government regulations diligently applied; not advocating for excessive control but for adequate checks and balances to insure a few don’t abuse the system. Now we the voters can see the truth in all of that and then demand that government recognize and avoid the problems with irresponsibly seeking totally open markets that encourage a few to abuse and benefit from the laxness of the system and instead demand they install enough controls and regulation to insure a productive market without abuse or we can simply wait for another go around of more of the same. The theory of totally open markets as an academic theory seems attractive but when the human element with the naturally inherent greed and aggressive ego characteristics is introduced, the result is unavoidably disastrous.

    September 24, 2008 11:02 pm at 11:02 pm |
  8. vawini

    Scott, keep doing some research online. It was Obama's idea to meet up. Gee!!!!

    September 24, 2008 11:03 pm at 11:03 pm |
  9. Janice Il

    Isn't there phone records that would prove who called who first. Somebody lied it would be interesting to know who?

    September 24, 2008 11:04 pm at 11:04 pm |
  10. Jim Doyle

    Typical Republican "thinking", Scott. The Repugnants have fillibustered a record number of times to stop anything the Democrats tried to do. A record number. More times than at any time in the history of our country. And then idiots like you turn around and repeat the talking points about them doing nothing. You might try thinking for yourself for a change, and what the hell magic has McCain worked?

    September 24, 2008 11:04 pm at 11:04 pm |

    Scott I'm sorry to inform you but if the Repugs would have listened years ago, the DEMS would not have to keep bailing them out. It is amazing how our nation have to hit crisis mode and the Repugs use it as a FEAR TACTIC during the presidential campaign. They did it in 2000 and 2004. NOw look where it has gotton WHat should be the land of the free. We will be the land of the lost!!

    September 24, 2008 11:06 pm at 11:06 pm |
  12. Frank R.

    Bush is submits an aweful plan to Congress, with absolutely no oversight of the very people that are responsible for this mess.

    McCain takes advantage of the crisis to attempt to postpone the Presidential debate, in which he will do very badly, and cancel the VP debate next week, which will expose Palin as an absolute numbskull.

    Only Obama keeps a cool head, does the research, and comes up with a plan that actually helps Americans.

    Let McCain continue trying to fool the American public with his transparent political antics, we are on to him, we are not as dumb as he hopes.

    September 24, 2008 11:06 pm at 11:06 pm |
  13. VP - North Carolina

    Bush in McCain's pocket and McCain in Bush's pocket... take your pick...

    McCain – – can't wait to see you at the debate on Friday! McCain finally wakes up from his coma and realizes there is a problem. The fundamentals of his mentals came home to roost. Hey McCain, you can fly to MS debate Barack and then fly back to Washington, if necessary. If McCain thought that there was going to be a deal in a few days when talking about $700 billion dollars... he is more out of touch than I care to phathom!!!!

    September 24, 2008 11:06 pm at 11:06 pm |
  14. CAW in MD

    Hate to break it to you Scott, but Obama has actually been leading this train, not catching up. He has outlined several times (including again today) the principles that a bailout package would have to achieve. McCain can't decide whether the economy is strong or broken, or whether we have too much regulation or not enough.

    As for drilling, Obama has a better plan than the "let's try everything" McCain plan. I'm sure that trying every single option for generating energy will be cheap, too. But hey, if it helps you sleep at night...

    September 24, 2008 11:06 pm at 11:06 pm |
  15. Mike D.

    That's awesome, Scott. The sarcasm is so thick, I think I can slice it.

    If this were a race between two actual _presidential_ candidates, they wouldn't have to stop campaigning to deal with this. McCain has missed all but one Senate vote this year, so it's not surprising that he feels he has to quit campaigning to deal with this. He can't multitask. (Either that or he can't deal with the downtick in the polls, but that would just be silly.)

    Obama was the first of the two to speak out about this yesterday. It was a really good speech. Too bad you didn't see it on CNN.

    Obama also didn't feel compelled to quit campaigning. He realizes that there are already plenty of people on Capitol Hill, all elected Representatives and Senators chosen by citizens like you and me, dealing with the issue, and too many cooks spoil the broth. Obama also knows that to do something recklessly impulsive, like stopping campaigning to mess with the bailout, would be to take something that should be nonpartisan–the health of the US economy–and politicize it beyond all reason, possibly delaying or impairing it further..

    Personally, I'm awestruck at watching Republican presidential appointees demand that we change our economy into one resembling France's socialized system. What happened to small government? What happened to the invisible hand of the market? We gave the GOP control of Congress from 1994-2006 and the Presidency from 2001-2008 specifically to avoid these problems. What happened?

    I don't think anyone is going to say that a "do-nothing" Congress could create this situation in two years right under the Bush Administration's nose.

    September 24, 2008 11:07 pm at 11:07 pm |
  16. NO more Bush/Cheney Policies

    Again, the country is in a mess because of the GOP Running congress for six years and the White House for 8 yrs.. Nancy Pelosi should never of 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. Phil Graham was wrong that Americans are all about whinning about the economy and that its all in our minds with the problems about the economy.
    Katrina was not real, and this mortgage mess is all in our minds.

    September 24, 2008 11:07 pm at 11:07 pm |
  17. Pitbull without lipstick

    this is the dumbest comment I've read so far, Scott L. Uh you did hear about VETO power right?? AND also people are still electing dems into the congress. YOU are deluded!

    September 24, 2008 11:08 pm at 11:08 pm |

    Now, is this the picture of the year! Forget Palin's soon to be published, no talking Photo Op. for People Magazine that will
    send Americans to their knees, especially Bill Clinton!!!! Yep,
    I think Bill likes Sarah, a lot!

    McCain hated Obama's guts!!! And now, sweet! Right?

    The debate will be interesting. Obama will be good and the
    snoozer will snooze. Too much activity.

    Obama wins the election. Yes we can!!!

    September 24, 2008 11:09 pm at 11:09 pm |
  19. Steve A. , New Braunfels , Texas

    McCain is a cheep shot at nothing, " a drownding man will grab at a straw ", in the end he will vote with "W', just wait you will see.

    September 24, 2008 11:10 pm at 11:10 pm |
  20. Pitbull without lipstick

    Let's initiate a GPA requirement for the presidency. Then McPalin wouldn't be able to run.

    September 24, 2008 11:10 pm at 11:10 pm |
  21. Lee

    The drilling crisis? Are you serious, Scott L, or just an idiot?

    September 24, 2008 11:12 pm at 11:12 pm |
  22. Patrick, Fairfield, CA

    McCain is a sneak. He gets off the phone after Obama initiates a call to him asking for bipartisan leadership with the Wall Street bailout plan, then calls a quick press conference to make it look as though it was his idea all along. What a weasel!

    September 24, 2008 11:14 pm at 11:14 pm |
  23. Jonathan

    Holy underpants! The two individuals striving to lead the American people have realized that there are more important things going on right now than petty partisan politics?! Wow. It's like they represent the will of the people or something. One thing does disturb me about this article, though. I read it, and my reaction was thus.

    They said five points.
    I'm no mathematician...

    But if you give two points and add one more... I don't think that's five. Me personally, I could probably find the other two points with very little issue. But there are people out there (as evidenced by some of the comments you see on these things) who accept single source news. May I very humbly suggest posting the whole story next time?

    September 24, 2008 11:14 pm at 11:14 pm |
  24. Patrick Barnett

    @Scott L:Please tell me what McCain has done in working his magic? Oh wait...went on television to announce he would suspend his campaign after agreeing to issue a joint statement. Then he headed right over to talk to Katie Couric at CBS News. After his announcement that he was heading back to the Hill why did he stop to make a lot of nothing over his return and suspenstion of his campaign. Stop whining.

    September 24, 2008 11:14 pm at 11:14 pm |
  25. Ryan

    McCain worked magic on what? He and his republican congress who has been in control for 12 years made all the regulations disappear that's what happened. Then it be came a free-for-all and we all saw what happened.

    September 24, 2008 11:15 pm at 11:15 pm |
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