October 14th, 2008
03:50 PM ET
6 years ago

Obama weighs in on McCain plan

Sen. Obama campaigned in Ohio Tuesday.
Sen. Obama campaigned in Ohio Tuesday.

DAYTON, Ohio (CNN) – Before heading to greet workers during a shift change at a local factory, Barack Obama told reporters the government’s plan to buy shares in the nation’s banks was “a good one.”

The plan “gives taxpayers a better chance of getting their money out,” he said. “It also gives the treasury some more direct mechanisms to monitor and apply some ground rules to participating banks.”

Watch: Obama lays out his plan to help the middle class and the economy

Obama said he was still “concerned” about “cracking down on excessive CEO pay” and wanted to make sure that was part of the Treasury Department’s plan going forward. He also said he wants the discussion about “guarantees to bank loans” to continue as that might help loosen credit for small business owners.

The Democratic nominee said he had yet to fully review the $52 billion economic plan John McCain put forward Tuesday, but said a heavy emphasis on a capital gains tax cut did not seem like a sound idea.

“I will tell you that nobody really has capital gains right now," said Obama. "So if the idea is to cut capital gains taxes - when I don’t know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains - that probably is not going to be particularly useful in solving the financial crisis.”


Filed under: Candidate Barack Obama • Economy • John McCain
soundoff (210 Responses)
  1. Bruce

    sign of leadership...needs time to look at it,,not just react..this is the steady hand that we need

    October 14, 2008 03:57 pm at 3:57 pm |
  2. Scott in Atlanta

    Please read the article entitled "Make-Believe Maverick" in the October 16th edition of the Rolling Stones magazine. Even though they're a popular music publication, they've had some remarkable insight into the political arena.

    I dare you to read it "That one is a friend of Karl Marxs too"

    October 14, 2008 03:58 pm at 3:58 pm |
  3. Spencer/Commonwealth of Virginia

    John and Cindy will profit from capital gains and that's why it's in his bill. What a loser! I see how much you're looking out for the little guy John.

    OBAMA/BIDEN 08

    October 14, 2008 03:58 pm at 3:58 pm |
  4. DebM, Allentown, PA

    If you really look at McCain's plan, with a few exceptions, the people who benefit the most from it are the wealthier Americans who have the most stock holdings.

    Yes, I'm one of those people who would do very well with a reduced capital gains rate for the next 2 years, but I'm not the one who needs help. It's the people with much lower incomes or no jobs who need help. McCain's plan won't help them. McCain can't even make a good show of hiding whom he really wants to help out. It's all about his rich buddies.

    October 14, 2008 03:58 pm at 3:58 pm |
  5. Bridgette-PA

    GET HIM OBAMA. NOW GO AND GET SOME REST FOR TOMORROW'S DEBATE. WE NEED YOU FIRED UP AND READY TO GO!

    OBAMA/BIDEN 08!

    October 14, 2008 03:59 pm at 3:59 pm |
  6. Windy1

    I just read on another site that "McCain Transition Chief Aided Saddam In Lobbying Effort." Its detailed, and shows a long history of how William Timmons was involved with shady characters who illegally lobbied for Saddam while Iraq was declared a rogue state. Seems to contradict McCain's current positions. I think McCain's judgment regarding certain matters need to be questioned

    October 14, 2008 03:59 pm at 3:59 pm |
  7. mitch

    obama always makes sense. i bet he was an awesome teacher at columbia.

    October 14, 2008 04:00 pm at 4:00 pm |
  8. Just a coincidence?

    Yesterday Obama introduced his Economic Strategic Plan = the Dow SHOOTS UP 937 points

    Today McCain introduces his Economic Plan = the Dow DROPS DOWN 100+ points so far!!

    JUST A COINCIDENCE? I DOUBT IT!

    PEOPLE HAVE WAY MORE CONFIDENCE IN BARACK OBAMA!!

    October 14, 2008 04:02 pm at 4:02 pm |
  9. Bob Indianapolis IN

    ENOUGH OF THE BUSH/MCSAME TAX CUTS FOR THE RICH!!!

    October 14, 2008 04:03 pm at 4:03 pm |
  10. chuck

    McCain is going to tell everyone he can what they want to hear. Obama is telling everyone the truth. Big difference in leadership if you ask me.

    October 14, 2008 04:03 pm at 4:03 pm |
  11. A Real American

    The best evidence of her affinity and felicitation to the AIP movement is the way that she handled her recent pregnancy after her water broke. She flew over 8 hours back to Alaska to ensure that her child would be a native born Alaskan – as her husband said, paraphrasing "fish pickers don't come from Texas."

    Consider the movement: they obviously would have more affinity towards native born Alaskans and vice-versa. Transplants would obviously tend to value their U.S. citizenship more than native born. So being native born is a positive marker and indication of affinity for the movement – important enough for Palin to take unnecessary risk with her pregnancy.

    Actions speak louder than words. There's no denying these actions. If she's "country first" then that country is Alaska.

    October 14, 2008 04:03 pm at 4:03 pm |
  12. A Sousley

    What about Jobs Baby Jobs??????

    October 14, 2008 04:03 pm at 4:03 pm |
  13. Barbara - 65 yr old white female in NC

    Vote against every Republican incumbent. The RNC is going to loan them money to buy the election. HELP

    October 14, 2008 04:03 pm at 4:03 pm |
  14. Mama for Obama

    McCopy did the capitol gains for his rich supporters, and his wife.

    October 14, 2008 04:04 pm at 4:04 pm |
  15. Phil, Ashburn, VA

    Steady and presidential. Not erratic and uncontrollable.

    October 14, 2008 04:04 pm at 4:04 pm |
  16. TAINOPOWER

    I dint trust obama any more he lied about hid radical views and friends .wont trust him whit my children no way.

    October 14, 2008 04:05 pm at 4:05 pm |
  17. Dave of Houston

    Alert
    The McCain response to your recent Palin-AIP video that tried to link your coverage to Obama's religion is simply a way to bring up Rev Wright. McCain will now justify going back on his earlier promise by saying the media started it.

    October 14, 2008 04:06 pm at 4:06 pm |
  18. Maggie from Virginia

    Spencer, DebM,

    You are exactly right. Every part of his plan benefits him and people like him.

    October 14, 2008 04:06 pm at 4:06 pm |
  19. ujw, ny

    McCain's plan doesn't help people NOW. Tax cuts are great, but some folks need money for basics – gas, food, rent.

    Also, McCain was critical of Obama's plan to allow people to take up to $10,000 out of their 401K without penalty – that it would take money out of the economy. Does he think people are going to withdraw that much from savings and put it in their mattresses? What they might do is catch up on their mortgage payments to avoid foreclosure. Seems like that would help a lot!

    October 14, 2008 04:06 pm at 4:06 pm |
  20. Happy in Arizona

    McCain and Palin continue to lie about Obama. I heard her this morning on Rush Limbaugh, another idiot destroying this country with his comments, and yet, people believe him. Obama is right on, and CEO's deserve nothing more than paying back what they stole, and being tossed in jail for destroying companies.

    October 14, 2008 04:06 pm at 4:06 pm |
  21. get some sense

    mccain's been playing around in cindy's medicine cabinet.

    October 14, 2008 04:06 pm at 4:06 pm |
  22. Annie, Atlanta

    Well, there you have it. Capital gains tax cuts. Let's help the rich, yet again. My son just now got laid off from his job, Senator McCain. How are you going to help him? How are you going to bring our jobs back, or create new ones? Trickle down economics (Reaganomics – whatever) is a complete failure. Check last Sunday's Parade for the candidates tax plans, if you think I'm kidding. When are we going to learn?

    October 14, 2008 04:06 pm at 4:06 pm |
  23. A Real American

    "She flew over 8 hours back to Alaska to ensure that her child would be a native born Alaskan"

    October 14, 2008 04:07 pm at 4:07 pm |
  24. TONY

    MCCAIN, HIS SUGAR MAMA, AND THEIR PALS MAY BE THE ONLY ONES TO BENEFIT FROM A CAPITAL GAINS TAX. THE OTHER 99% OF US WON'T.

    WAKE THE HELL UP AMERICA!

    October 14, 2008 04:07 pm at 4:07 pm |
  25. Don

    need time to look at it, really means needs time to plan an attack of it.

    October 14, 2008 04:07 pm at 4:07 pm |
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