October 6th, 2008
03:55 PM ET
6 years ago

McCain suggests Obama at fault for bailout delay

McCain suggests Obama at fault for bailout delay.
McCain suggests Obama at fault for bailout delay.

(CNN) – John McCain said Monday at a New Mexico campaign event that the House’s delay in passing the financial bailout bill last week was to blame for the market’s steep drop – and seemed to blame opponent Barack Obama for that delay.

"Even after [Obama] refused to lift a finger to prevent this crisis, when the crisis hit, he was missing in action,” said McCain, who announced two weeks ago that he was suspending his presidential campaign to support continuing efforts to address the crisis.

“He didn't start making calls to round up votes until after the rescue bill failed in the House and the markets crashed. We continue to see the price of delay today as the markets continue to fall. Today the Dow has fallen below 10,000. And yet, members of his own party said they felt no pressure to vote for the bill."

An initial compromise package, which was backed by Democratic leadership, the White House and Senate Republicans, was scuttled after objections from the House GOP over some of the measure’s provisions.

In the wake of the defeat of the measure, both Obama and McCain called members of Congress to urge support for a revised package, which passed late last week.

Obama’s campaign blasted McCain’s comments: “On a day when the markets are plunging and the credit crisis is putting millions of jobs at risk, the one truly angry candidate in this race kept up his strategy of ‘turning the page’ on the economy by unleashing another frustrated tirade against Barack Obama,” said Obama spokesman Tommy Vietor.


McCain also attacked Obama Monday over the subprime mortgage mess, accusing the Illinois senator of being “silent on the regulation of Fannie Mae and Freddie Mac” adding that “his Democratic allies in Congress opposed every effort to rein them in.”

“As recently as September of last year he said that subprime loans had been, quote, ‘a good idea.’ Well, Senator Obama, that ‘good idea’ has now plunged this country into the worst financial crisis since the Great Depression. To hear him talk now, you’d think he’d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did.”

The Obama campaign said that McCain had taken the Democratic nominee’s quote out of context, and released a transcript of those remarks, which began with a reference to the subprime mortgage fiasco today.” In his September 2007 speech, Obama said that “subprime lending started off as a good idea – helping Americans buy homes who couldn't previously afford to…

“But as certain lenders and brokers began to see how much money could be made, they began to lower their standards. … Most everyone knew that some of these deals were just too good to be true, but all that money flowing in made it tempting to look the other way and ignore the unscrupulous practice of some bad actors.”

Both campaigns have accused their opponents of ignoring warning signs about Fannie Mae and Freddie Mac because of ties between campaign advisers and the troubled mortgage giants.


Filed under: Candidate Barack Obama • John McCain
soundoff (233 Responses)
  1. George James

    If McCaine says Obama is responsible for World war 2, I will not be surprised.

    October 6, 2008 05:49 pm at 5:49 pm |
  2. cecil

    McCain Tell Gov. Palin To Keep Winking , Maybe That Will Help You.

    A Few Betchas and Might Help Also.

    But You Keep Lying

    GOP Trying To Flirt There Way Into The Big House, You Betcha!

    October 6, 2008 05:49 pm at 5:49 pm |
  3. cejh

    McCain and Palin are both pathetic. What about Palin's husband movement for Alaska to not be part of the USA. How patriotic is that! Stop the attacks. We're sick and tired of hearing the smears. No one is falling for it. Its a poor example for school-age kids. I was able to use this ridiculous, poor example of campaigning to stop a dispute at school. The kids were acting like these two idiots and I encouraged them to be like Obama and ignore stupid comments.

    October 6, 2008 05:49 pm at 5:49 pm |
  4. Susan Anderson

    John McCain is following all the same directions as George Bush's advisors would have hime follow. He is an embarrasment to me. I have given up on the Republican party after many years and am looking for someone to make me proud to be American again. John McCain frightens me, he is a clone of George Bush. Is Carl Rove somewhere hiding in the background??? And how could he care about America in chosing that woman to run with him?? what was he thinking? She is about as fit to run our country as I am. I am truly embarrased for him. What is going to be his next malicious slander aimed at gaining his own seat of power?

    October 6, 2008 05:49 pm at 5:49 pm |
  5. Susan

    Cowboy John strikes again. I don't think it was Obama who came into Washington like a bull to save the day. McCain cannot even take responsibility that he interrupted delicate negotiations. As for all his bravado, he lied when he said he would stay there until a bill was completed. John McCain – a Legend in his own mind!

    October 6, 2008 05:50 pm at 5:50 pm |
  6. REG in AZ

    McCain has obviously become desperate and has thrown any conscience regarding honesty and real pertinence to the side. While he slings mud with questionable merit at Obama he still avoids any specifics on the issues and to provide anything creditable for believing he would be any different from Bush-Cheney. How can he expect any rational and objective person to put any faith in him and the totally unqualified and arrogant Palin.

    October 6, 2008 05:50 pm at 5:50 pm |
  7. Sandra

    Obama didn't want to get involved in the whole mess. He just said "Call me if you need me". That coming from the man who very likely will be our next president. It was more important for him to campaign than to get involved. Is that really the sign of a good leader?? You really think he can run the country?

    October 6, 2008 05:50 pm at 5:50 pm |
  8. REG in AZ

    McCain has obviously become desperate and has thrown any conscience regarding honesty and real pertinence to the side. While he slings mud with questionable merit at Obama he still avoids any specifics on the issues and to provide anything creditable for believing he would be any different from Bush-Cheney. How can he expect any rational and objective person to put any faith in him and the totally unqualified and arrogant Palin?

    October 6, 2008 05:51 pm at 5:51 pm |
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