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. Pat

    If John McCain is shifting with the wind on this one, what will he shift with as President. He is very erratic and unpredictable. That is a dangerous combination in these hard times.

    Maybe he had better go back to negative campaigning, People don't like it but at least it makes more sense than the policy statements he is making.

    October 9, 2008 02:39 pm at 2:39 pm |
  2. Not that on, but!

    Everyone is up in arms about the "That one" comment made by McCain in the debate Tuesday night...I was more offended by the statement he made to the African American gentleman that asked what was in the bailout for everyday folks...McCain says to him, "I bet until this, you've never heard of Fannie Mea or Freddie Mac"...that was offensive to me! Does he think the brother has never been to college, and needed a student loan????

    October 9, 2008 02:39 pm at 2:39 pm |
  3. hard workin ohio

    Is it true that some states in the south may secede if Obama wins?

    October 9, 2008 02:39 pm at 2:39 pm |
  4. 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 thought 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 02:39 pm at 2:39 pm |
  5. Brina

    McCain has been changing positions from morning till night. He has reversed or back off of everything he has said in this campaign alone. He's 72 and referring to Americans as "his fellow prisoners".....people need to stop playing like this man is not unstable.

    October 9, 2008 02:39 pm at 2:39 pm |
  6. Nathan

    I am an Obama fan, but the erratic argument is very similar to the argument against Kerry that he was a flip flopper. Changing your opinion because you have more information makes sense. Calling it flip flopping or erratic is anti-intellectual.

    October 9, 2008 02:39 pm at 2:39 pm |
  7. The Stallion & The Champ vs. The Old Mule and Winky Half-baked Alaska

    Has John McCain't stuck with one position, policy, or plan for more than one day before he changes his mind or "principles" for the sake of appearing to be a m-a-v-e-r-i-c-k?

    This guy is more dangerous than Bush! Ready? Shoot! Then aim? No loose cannons in my White House! And to think that clueless Little Miss Ice Chip could be one heartbeat away from his leadership is more than mind boggling and viscerally frightening especially after witnessing the pure and utter hatred they have sown and spewn in the last weeks.

    October 9, 2008 02:39 pm at 2:39 pm |
  8. That one is Karl Marxs friend too

    On July 28th, the day after his speech at the Democratic convention catapulted him into the national spotlight, Barack Obama told a group of reporters in Boston that the United States had an “absolute obligation” to remain in Iraq long enough to make it a success.”The failure of the Iraqi state would be a disaster,” he said at a lunch sponsored by the Christian Science Monitor, according to an audiotape of the session. “It would dishonor the 900-plus men and women who have already died. . . . It would be a betrayal of the promise that we made to the Iraqi people, and it would be hugely destabilizing from a national security perspective.”In late winter, 2008, on the campaign trail, Obama says he wants to bring the troops home yesterday — you decide — was he lying then or is he lying now?

    Obama- Not ready to lead- Talk about flip flopping..

    October 9, 2008 02:39 pm at 2:39 pm |
  9. Dee

    I just read an article about the Illinois sheriff who has the lovely job of evicting innocent renters because the home owner didn't or isn't paying his mortgage payments. This is the first time I have heard anyone talk about these people.

    When we bail out those who choose to invest in property to rent to others, we are not helping the people who are the tenants. They did nothing wrong and yet we are doing nothing to help them. Just like we are doing nothing to help the average every day man/woman who are loosing their homes or on the brink of it. How does buying mortgages at the face value help anyone but the banks? and how do you quantify how that will help our economy? What data do you have to show the American taxpayer who is footing the bill for this?

    Fact and Data, that is what we as Americans need right now. Not more smoke being blown up our tails. Too many politians think that American taxpayers are idioits, we need to show them differently. We have the power to make the changes happen, we just have to believe in our own ability to make it happen.

    October 9, 2008 02:39 pm at 2:39 pm |
  10. kathy

    Obama is aa complete fool!!! Don't be fooled by his smooth talk.

    October 9, 2008 02:39 pm at 2:39 pm |
  11. barbara

    Come on Ohio!! Yes we can!! Ohio and Pennsylvania for
    "That One"

    October 9, 2008 02:39 pm at 2:39 pm |
  12. New Day

    Rob – or Charles Keating? I wonder where anyone finds any moral high ground defending either a slum lord or a white-collar crook who bankrupted an institution and cost many elderly people to lose their life savings. I understand your candidate is losing and it's got you upset but, the only person to blame for McCain's potential loss is McCain. He ran a pathetic campaign.

    October 9, 2008 02:39 pm at 2:39 pm |
  13. TERRI

    McCain and Palin have taken their share of stupid pills. Oh yea I forgot you were a POW and she was runner up in a freaking beauty contest!

    October 9, 2008 02:39 pm at 2:39 pm |
  14. Robert, Miami

    I support McCain is this issue.
    We need to buy these loans or else all major banks will go bankrupt. Imagine if these banks go bankrupt, Less credit for americans and small businesses....in the end the economy WILL tank!
    I understand that it's not fair for american's that have no fault to use their tax money for this, but not doing this will be worse for our economy.

    October 9, 2008 02:39 pm at 2:39 pm |
  15. deb in az

    what your comments cant be introduced unless you say something negative about john mccain?

    October 9, 2008 02:40 pm at 2:40 pm |
  16. Moon Maiden from Lake Michigan

    Is It Nov 4th Yet

    October 9, 2008 02:40 pm at 2:40 pm |

    Now, that what’s her name has been relegated to the back pages of the political history book, where her only stated merit will be that she freed Dan Quayle from the public humiliation he as had to endure. She is officially a bigger bobble head than he is.

    The Reptilians should be proud that their campaign has been reduced to an iconic American punch line!

    The Reptilians should just privately concede the election and do an honorable last month so they will live to fight another day. MAYBE they can regroup in time for 2012.

    Continuing down the road the “Liar’s Express” is now touring will only bring out the whole Keating 5 etc, and cause the Reptilians to lose any respect from middle America. Reptilians will not only be a laughing stock, but a dishonored laughing stock.

    This will result in no political clout for decades.

    But hey, what do I know.

    October 9, 2008 02:40 pm at 2:40 pm |
  18. Vanessa / Ohio

    Shame on republican, my whole family is voting first time for the Democrats. We need change for sure.

    October 9, 2008 02:40 pm at 2:40 pm |
  19. Len Smith

    I think that the $700 Billion Bailout Bill, has provisions for helping individuals with mortgages. Why does McCain think there needs to be more. No one ever made me borrow money I couldn't afford, nor ever considered helping me with my mortgage. Senator McCain is a loose cannon and his backup does not have the qualifications to step in.

    October 9, 2008 02:40 pm at 2:40 pm |
  20. Nick - Arlington, VA

    Rob October 9th, 2008 2:27 pm ET

    Maybe we should ask Rezko how to handle it. just a thought….
    awww...how tiny of a violin would you like for me to play?

    McCain is all over the map and is showing a lack of leadership. All he has been doing is trying to adjust his tactics to scor political points. Obama has been the steady hand.

    OBAMA-BIDEN 2008

    October 9, 2008 02:40 pm at 2:40 pm |
  21. Which one?

    Hey rob... Let's ask Bush and Cheney or the Keating 5 how to handle it. Or Sarah Palin if she can formulate an answer to that question without bringing up so called "energy" credentials

    October 9, 2008 02:40 pm at 2:40 pm |
  22. hollerbode

    McCain,I know you are big on "putting the country first" and serving "a greater cause" than yourself...

    So could you please stop all this pandering for votes and lets hear about policies which can indeed get us out of this economic mess?

    October 9, 2008 02:40 pm at 2:40 pm |

    OH, I get it. Obama waits in the weeds for McCain to take a stand, then weed whacks his comments. Great leadership there, Barry. Typical liberal – incapable of REAL leadership.

    October 9, 2008 02:40 pm at 2:40 pm |
  24. Ron

    Ayers did not go on vacation with Obama the way McCain went on vacation with Keating. While he was being wined and dined, and receiving loads of money, McCain closed one eye and looked the other way while the Lincoln Savings and loan fraud, took the taxpayers to the cleaners. I am sure that this is not important to the people who lost their live savings..... Way to go John !!!! you talk about judgement..... and what about your little wallflower Palin, looks to me like she shouldn't be bragging about how clean she is ?

    October 9, 2008 02:40 pm at 2:40 pm |
  25. Tim

    President Obama, I'm positive I'm not alone when I say you've made me believe in this country again, or at least the potential this country has. Let's all come together next month and be the City on the Hill for the world again.

    October 9, 2008 02:40 pm at 2:40 pm |
1 2 3 4 5 6 7 8 9