October 9th, 2008
04:30 PM ET
10 years ago

Obama targets McCain plan, says he's erratic

Obama got tough on McCain's mortgage plan Thursday.

Obama got tough on McCain's mortgage plan Thursday.

DAYTON, Ohio (CNN) - Barack Obama called John McCain’s plan for the government to buy back bad mortgages “risky” because it leaves already burdened taxpayers with the bill.

“We have to act to fix our broken economy and restore the credit markets. But taxpayers shouldn’t be asked to pick up the tab for the very folks who helped to create this crisis,” he told an 8,000 plus crowd in a Dayton minor league baseball stadium. “It’s a plan that would guarantee that American taxpayers lose by handing over $300 billion to underwrite the kind of greed and irresponsibility on Wall Street that got us into this mess.”

Obama also got a little personal; seizing on the fact that the McCain campaign originally indicated Tuesday he supported purchasing mortgages of strapped homeowners at a discount. But by Wednesday his proposal had changed and instead called for the government to buy the mortgages at face value even if they were worth more than the home itself.

Related: Obama: McCain's mortgage plan shows 'erratic' leadership

“This is the kind of erratic behavior we’ve been seeing out of Senator McCain, you remember the first day of this crisis he came out and said the economy was fundamentally sound, then two hours later he said we were in a crisis,” Obama said. “I don’t think we can afford that kind of erratic and uncertain leadership in these uncertain times. We need steady leadership in the White House. We need a President we can trust in times of crisis.”

Obama said McCain would be encouraging lenders to “keep up their bad behavior” because they would not be punished for poor business decisions. Obama also said McCain’s proposal “wasn’t particularly new” as he himself had encouraged buybacks as a way to keep people in their homes and the Treasury secretary was given the power to renegotiate mortgages in the congressional bailout package.

Ohio boasts an unemployment rate of over 7%, and Obama said he has been “fighting” to extend unemployment benefits for those seeking work while McCain has done “nothing.”

The Dayton rally and “jobs” themed bus tour marked the beginning of a concerted personal push by Obama in Ohio. While he has visited the state eleven times since the end of the primary season, he has recently left the state to surrogates, including his running mate Senator Joe Biden. Thursday and Friday, Obama will cover the southwestern and central portions of the state.

Filed under: Candidate Barack Obama • John McCain
soundoff (224 Responses)
  1. Rudy NYC

    You gotta admit. McCain has gone full tilt around the loop 'd' loop on this one.

    October 9, 2008 02:26 pm at 2:26 pm |
  2. Bob Indianapolis IN

    "You and I together will confront the ten trillion dollar debt that the federal government has run up and balance the federal budget by the end of my term in office," McCain began, making his way to pork barrel spending. "Across this country this is the agenda I have set before my fellow prisoners and the same standards of clarity and candor must now be applied to my opponent."


    Do we really need Section 8 material in the White House?

    October 9, 2008 02:26 pm at 2:26 pm |
  3. Billy

    Calling McCain erratic is like calling the Chicago Cubs a team on a cold streak.

    October 9, 2008 02:27 pm at 2:27 pm |
  4. Rob

    Maybe we should ask Rezko how to handle it. just a thought....

    October 9, 2008 02:27 pm at 2:27 pm |
  5. Veterans For Obama

    In this time of crisis we need strong leadership. McCain is only in this for himself. McCain proved he is not putting country first when he selected Palin as his 2nd.

    Obama/Biden 08

    October 9, 2008 02:27 pm at 2:27 pm |
  6. Obama = Leader of our Free Nation

    Way to go Barack. We will take back the country from the Fascist GOP!

    October 9, 2008 02:27 pm at 2:27 pm |
  7. Mike

    I was surprised when John McCain proposed this, or at least the way in which he did, during the debate.

    He said that we "must..buy..bad..loans"

    One thing you should know at this point in the race is the impact and the politics of language.

    Buying up bad loans doesn't sound like a particularly good idea at the moment.

    What the heck were you thinking?

    October 9, 2008 02:28 pm at 2:28 pm |
  8. California Gold

    If McCain's plan is so great, then why doesn't he suspend his campaign, run to Washington DC and make this plan law?

    October 9, 2008 02:28 pm at 2:28 pm |
  9. Republican Voting OBAMA

    President Obama bring it on home. Erratic is calling him sane at this time. I think his campaign is in dire straights right now and the are throwing the kitchen sink at President Obama right now.

    Obama/Biden 08/12

    October 9, 2008 02:28 pm at 2:28 pm |
  10. Deb, Allentown,PA

    This message is for all of you McCain supporters who rail against Obama's supposed plans to make us "socialist"?

    First of all, you're very wrong. Secondly, would you all like to comment on McCain's plan to buy these bad mortgages? You know what that is, don't you? Umm, yep, it's socialism. You betcha!

    October 9, 2008 02:28 pm at 2:28 pm |
  11. Who is Sarah Palin?

    Wow, CNN took a break from splashing McCain's attacks on their network to talk about what Obama is saying? Thanks CNN! And thanks for the commentary from Glenn Beck! I was almost going to vote for Obama until he reminded me that, it's OK to not to vote for Obama. Just because I'm a racist doesnt mean I have to face my prejudices and maybe change my mind. Thanks Glen!

    October 9, 2008 02:28 pm at 2:28 pm |
  12. Old White Guy

    McCain's plan is nothing more than catch phrases with absolutely no substance.

    John McCain and George Bush gave you their plan over these past 8 years, how did that work out for ya?

    John McCain repeatable indicated that one should be judged by their actions well John, you get a failing grade because this country's economy is much worst off than before you and George Bush deregulated the banking industry.

    October 9, 2008 02:28 pm at 2:28 pm |
  13. ready for change

    mccain and his running mate have scraped the bottom of the barrel, not only are they liers, and dishonest, THEY ARE RACIST, VOTE OBAMA-BIDEN

    October 9, 2008 02:28 pm at 2:28 pm |


    "Sooner or later people are going to figure out that if all you run is
    negative attack ads you don't have much of a vision for the future, or
    you're not ready to articulate it."

    -John McCain, 2000

    This is why I supported him 8 years ago and is the same reason I now hope he loses. True Maverick for Barack Obama.

    October 9, 2008 02:28 pm at 2:28 pm |


    October 9, 2008 02:29 pm at 2:29 pm |
  16. Hey McCain- Thanks but no thanks

    And we certainly don't need a leader who has incredibly BAD judgment; one who selected a dodger of a court subpeona! How can this woman be allowed to continue to run for this office when here she is openly defying a court order!!!!

    Why isn't anyone questioning this?

    October 9, 2008 02:29 pm at 2:29 pm |
  17. north of 49

    Erratic is putting it mildly. Mccain is on the ropes!!

    October 9, 2008 02:30 pm at 2:30 pm |
  18. insanity

    I saw Mica on MSNBC suggesting that when someone uses 'erratic' they're just using campaign buzz words.
    That's a load of crap. McCain is erratic, hence everyone calls him erratic. McCain is too impulsive to be a leader of a country. He could be a leader of a small armed force, but definitely not a country.

    October 9, 2008 02:30 pm at 2:30 pm |
  19. Bill from Ohio

    McCain is just stabbing in the dark at this point. This plan makes no sense.

    October 9, 2008 02:30 pm at 2:30 pm |
  20. Concerned

    He's right!!!! McCain has shown nothing but pure erratic behavior and even more now with this "Who is Barack Obama" question...when there's only more or less 20 days before election... McCain isn't ready!!!!

    October 9, 2008 02:30 pm at 2:30 pm |
  21. Linda from Prescott AZ

    Senator Obama has hit the nail squarely on the head.
    McCain is becoming more erratic on an hourly basis. I don't know how people could in good conscience vote for him. He has dreamed of being president for years, thinks of it as his just due, well guess what bucko.....you've gone from respected by some as a man who has served well to an old screw loose nut job.
    Take the woman from the back woods of Alaska and your little blondie wife and go back to AZ (even though we can't wait for you to retire from the Senate or lose the next campaign) so we can get someone who will fight for our state.

    October 9, 2008 02:30 pm at 2:30 pm |
  22. Abby

    Every State is in play for Sentor Obama! A landslide in November the name of Jesus!!!

    October 9, 2008 02:30 pm at 2:30 pm |
  23. kirsten

    Erratic? that's all... try offensive, discusting, and hypocritical to name a few adjectives for McCain.

    October 9, 2008 02:30 pm at 2:30 pm |
  24. Matt in Pittsburgh

    And Obama's plan is what? present?

    watch for RICO charges to be filed against ACORN very soon. The investigation already undway includes Howard '52 state' Dean, Donna Brazzile and the Lord High Obama.

    Should make for a very interesting next 3 weeks.

    October 9, 2008 02:30 pm at 2:30 pm |
  25. Janine

    McCain will say and do anything to get elected.

    October 9, 2008 02:30 pm at 2:30 pm |
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