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. McCain's Klan Rally

    Most Klan members are erratic and on edge, McCain is no different.

    October 9, 2008 02:35 pm at 2:35 pm |
  2. John

    Rob, when you vote, I am almost certain that your vote will be for naught! Rezko? Which hole are you crawling of?

    Obama-Biden '08

    October 9, 2008 02:35 pm at 2:35 pm |
  3. David Newhall

    This is just one in a long, long, line of rash decisions by McCain. None of his recent decisions have been well thought out.

    October 9, 2008 02:35 pm at 2:35 pm |
  4. Cindy in the Carolinas

    Isn't it a requirment that all politicians flip-flop like a fish out of water? If they stuck to just one opinion, then we would be able to take them at their word. They have to keep us guessing until they get elected. Then they do whatever the Hell they feel like. Which is to forget those that voted for them!!!

    October 9, 2008 02:35 pm at 2:35 pm |
  5. John McCain is desperate

    Hey CNN, I have a question. I'm Latino and I was wondering if you could put one more Latino right wing conservative nut on your panel of experts. You have Costellenos and Leslie Sanchez, but we could use one more to help fool us into thinking being a republican makes you rich, rather then the truth, which is being a republican means you were already rich.

    October 9, 2008 02:35 pm at 2:35 pm |
  6. Denise

    McCain has lost his mind. Someone needs to test his cognitive abilities. He must be experiencing the onset of dementia. God help Americans if they vote him into office.....and that inept psycho he calls a sidekick.

    October 9, 2008 02:35 pm at 2:35 pm |
  7. That Dog Don't Hunt

    This economic crisis will be with us for a while ... it is not a flash in the pan.

    John McCain get's really enthusiastic when talking about potentially going to war with Iran or Russian aggression, etc.

    John McCain, historically has barely had a pulse when talking about the economy.

    Over the next 4 years we are going to need someone capable and interested in providing ORIGINAL though on the economy in a PROACTIVE fashion. Ladies and Gentlemen .... that's not John McCain.

    And if something were to happen to McCain ... Sarah Palin isn't ready.

    Vote with your heads ... particularly in Ohio, Indiana, Virginia Pennsylvania & Florida.

    October 9, 2008 02:35 pm at 2:35 pm |
  8. Mark

    That's nothing new! We all see McCain for what he is – an angry, old troll. He needs to head back to Sedona!

    October 9, 2008 02:35 pm at 2:35 pm |
  9. Mohamed from Virgina

    Mac-temper is done.See you at old folks home

    October 9, 2008 02:35 pm at 2:35 pm |
  10. PoliticoPundit

    It's Senetor McCains fault. Of course.. and he created all this.. Obama's solutions to the problem.

    Let's fix it.. what Obama is doing or proposing to fix the issue? of Course except blaming President Bush and Obama. I want some thing like 1, 2 ,3 4 . when he was asked he shared the emotion of pain thanks but what is his solution . does anyone know if I have missed it. that will help

    October 9, 2008 02:35 pm at 2:35 pm |
  11. JD

    Hey Rob,

    Maybe we should ask Keating or Liddy...What do they or Rezko have to do with our current financial mess? Are those comments at all helpful? Or do McCain supporters simply have nothing else to hold on to. OBAMA-BIDEN 08!!

    October 9, 2008 02:35 pm at 2:35 pm |
  12. Jim Schimmer

    Thats true... I am a republican and in times of dire crisis we have to trust someone who knows what he is talking about....



    October 9, 2008 02:35 pm at 2:35 pm |
  13. HyperD

    This is just another stunt from McCain. We are tired of McCain's demagogue and silly gimmicks. Republicans bankrupted our country, we need them out! Go Obama!

    October 9, 2008 02:35 pm at 2:35 pm |
  14. Dj

    That's not attacking... that's what I would call "matter-of-facting!"

    Keep on pounding your message President Obama... the people are starting to hear you over "THAT ONE's" noise.

    October 9, 2008 02:36 pm at 2:36 pm |
  15. ohio

    Mccain country is in crises suspend your camaign please and move back in one of your seven houses

    October 9, 2008 02:36 pm at 2:36 pm |
  16. chris in boulder

    erratic is being nice...my friends.

    go OBAMA!!!

    October 9, 2008 02:36 pm at 2:36 pm |
  17. John

    Can McCain and Plain answer a mortgage question about how to fix it. Hell no, they are too busy trying to tear down Obama.

    October 9, 2008 02:36 pm at 2:36 pm |
  18. Sam Benegal

    Stick to the issues BO. Let Biden be attack dog. We will do fine. We are already 277 (Real Clear Politics gave 13 electoral votes of Virginia to BO)...

    October 9, 2008 02:36 pm at 2:36 pm |
  19. Female Voter

    Bahh, bahh, bahh, that's Obama talking to his flock.

    October 9, 2008 02:36 pm at 2:36 pm |
  20. James

    mccain is done. when he starts trying to run left of obama to stop the floodgates you know this thing is over.

    That one is president of the United States of America

    October 9, 2008 02:36 pm at 2:36 pm |
  21. Roland

    The truth hurts. McInsane is erratic. I'll go one further . . . he's unstable.

    October 9, 2008 02:36 pm at 2:36 pm |
  22. Los

    I can't wait to see how Palin/McCain supporters try to weave in Ayers, Rezko, Wright, ACORN, or any of the other unrelated matters from their bag-o-red-herrings.

    October 9, 2008 02:36 pm at 2:36 pm |
  23. marc

    seriously...bringing up rezko? its so pathetic its scary.

    October 9, 2008 02:36 pm at 2:36 pm |
  24. concern

    Wake up Mcain Thats already being done by the very bank that Started this mess!! You will find out about it next week sometime!

    PS with no taxs payers money!!!

    October 9, 2008 02:37 pm at 2:37 pm |
  25. Becky CA

    McCain's new plan does penalize home owners like me who bought homes that we could afford and pay our mortgages on time. To help the home owners in trouble, work with the lenders. The lenders should reduce the principal and the interest rates, so that the home owners can stay in their homes. If they go bankrupt, the lenders will not benefit anyway. This is what is in the bailout package. For tax payers to take on this burden makes no sense. The lenders should take on this, because they were irresponsible in their lending practices in the first place.

    All this nonsense about Sen.Obama being a terrorist should stop. He is a sitting senator representing Illinois and won 18 million votes from Americans in the primary (more than Sen.McCain and definitely more than the 140k vote that Gov.Palin got). Respect Americans choice. This is a democracy.

    October 9, 2008 02:37 pm at 2:37 pm |
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