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.
I used to have so much respect for Sen McCain...and still admire and appreciate his sacrifices for the nation. But I agree with Sen Obama. McCain has shown to be an increasingly hostile and angry man. Someone who's impulsive behaviour would prove to be detrimental to our well being as a country.
MCains plan is CRAZY and just plain discriminatory. I pay my bills on time, sold my house with the big house paymentand bought one I could afford. I can see stopping forclosures, and refinancing at better rates, but forging part of the loan...HELL NO..why should they get a big break when things pick up again. The market will suffer..they can sell their home for less than others, becuase of the break they were given.
John McCain looks like he foaming at the mouth when he gets up in front of an audience with clear signs of mental health problems.
If John McCain didn't keep voting against veterans health care. perhaps he could have gotten that stress syndrome taken care of before now.
John McCain seems dazed and confused and that's one sorry sight for an old veteran. I think it's time that John went to the old solders home and relax because he seems to be at wits end every day lately.
McCain says "he can fix the economy, catch Bin Laden, bring gas prices down" etc... HOW?
McCain is not the only erratic one. His wife is just like him. They sure would not represent the U.S. very well. Maybe both of them should answer questions about their Keating 5 ties? They act like two people that think they are owed something!! We do not owe them a thing!
At least he's not inferring that Obama is an unAmerican secret Muslim terrorist sympathizer like the McCain/Palin camp seems to be conveying to its supporters. Calling someone's behavior erratic is nothing compared to the truly nasty rhetoric coming from the other side.
this is a rehash of already approved programs..nothing new everthing is there and in place, the reason Mccain thinks it is good is ti can be implemented quickly because things are in place...but......
Mr..McCain why would I want to suppor this ? I pay my mortgage, live within my means, and this plan will benefit those who did not.
It will penalize me and other who ahve played by the rules.
it will also enocurage people to not pay thier mortgages because we can get it written down...come on..this is a plan for disaster...not for help.
This plan is a joke and once again shows mccain is out of touch..if this si so good why did not propose it right away....no ...no Mccain...No Palin....we cannot afford this type of reactionary leadership.
Bottom line: taxpayers should NOT be on the hook as McCain's plan calls for. If anyone is rescued, ONLY primary residences should be 'saved'. People with 7 houses, 5 in default, should have to get rid of the 5. In our desire to keep people in their houses, we should not be protecting their investment income properties they bought in a frenzy to 'flip'. "Let the Buyer Beware"!
And I agree completely......McCain IS erratic, fanatic, combative, and does not see what the mainstream of the country sees from Cindy's Ivory tower.
Mcbush must think that we are crazy. letting him and his looney conservative cronnies in the banks eat out money. idiot
Maybe someone can help me out here. Why does McCain always says he knows how to catch Bin Laden. He said the same during the last debate. The last time I checked Bin Laden was the most wanted person. Why is Mr McCain not giving whatever strategy or idea he has to catch Bin laden to the government officials so Osama can be captured . Way to put Country First.
To those who want "that one '08" bumper stickers–stick that phrase into google and there is one on zazzle (I think is the site). CNN won't let me post the link it seems.
I think it important to show support in every and all ways for this great candidate.
He speaks on the issues, and not on character-sliming.
Can Palin be made to stop trying to stir up hate crimes???????
I don't know of any, but voting her away would be a darn good move!!!
Rob, maybe John McCain should ask Charles Keating how to handle it? After all, John McCain "palled around" with this financial terrorist. Who would know more about bilking taxpayers? Come on, get your head straight. The economy matters and we don't need someone like John McCain making it worse.
We love here in Kenya Mr. Obama!
Keep cruising on....
I wonder if we will be buying out one of the 17 homes that the McCains own as part of this deal. Maybe then we can get the same spa treatment that Palin and AIG received after the bailout
A VOTE for obama is a VOTE for the FOREIGN SPECULATORS. They will ? Help themselves to AMERICA. We need a President who is experienced and a PROUD American. You will get what you VOTE for. Remember, TALK IS CHEAP, and the foreigners are JUST WAITING to sit down and TALK.
Obama has forgotten that majority of home mortgage defaults were in chicago because he was the champion of helping those who cannot afford the housing loans to be approved by his pals in fannie Mac anyway. He has also forgotten that he used to brag about his help for them to get the loan when he was campaigning against Hillary and now he's trying to tone it down.. who is erratic? Is it not a fact that even the homeless in chicago were able to get a loan without them getting the house nor the money which were pocketted by his corrupt friends. We would like to emphasize, Obama is not corrupt but he allowed himself to be sorrounded by corrupt friends and acquaintances, that is not a sound presidency to bet.
Who woke the old guy up. This plan is john's and he is the one that refers to Obama's health plan as socialist wow what does he think what he is proposing is daaaaaaa
John Retire with dignaty
Poor lil old John.
If this was not the truth then I would denounce it. Poor McCain is calling his supporters "my fellow prisoners". Well, since Moses is history I will vote for "That One" to bring me out of captivity.
I'll take McCains experience over Barrack Hussain Obama anyday!!
I don't trust Obama as far as I could throw him.........wait, better not use that phrase..........he's pretty skinny.......could probably throw him a foot or two!!!!!
Anyway, Barrack HUSSAIN Obama has ZERO experience!!!!!
Texas Nick – I totally agree. John McCain 2000 would be completely ashamed of John McCain 2008!
If I don't have a job will McCain let me stay for free..... What about those Flippers and investors, do they get a break....... Maybe you want protection from falling values of your seven properties.
"Thanks but no thanks" I want jobs so people can pay what they owe anything else is a bridge to nowhere!
Cadaverick is erratic! If you want to know how well a candidate will run the oval office then look at how well they run thier campaign. Obama's has ran like a well oiled machine with very few if any noticable mistakes etc. He has kept it managed very well, on message, disiplined, technologicaly advanced like never seen before etc. mcPain bankrupt his campaign, had to go threw two staff changes, still has no message, still cannot get support from his party and had to flip-flop to gain what support he does have, has a VP who is not ready, has blogs dedicated to hundreds of gaffes, a faux suspension...etc
Is that how you want your country to be ran...erraticly and angry at everyone even our allies like Spain
Seriously, I don't understand how anyone can vote for McCain at this point. He's gone around in circles on big oil, the bailout bill, immigration, you name it. The guy can't make up his own mind and I wonder if he thinks before he rushes into things. He's no Maverick – He's no Leader. Let's get someone in the White House who can put some intelligent thought into situations before rushing in. Obama may not have that much experience, but no one can argue the guy is pretty darn smart. McCain? Not so much.
Never realized that McCain is super good at Karl Marx's Communist Economics: "for the government to buy back bad mortgages". Where did he learn that??