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. Bob, San Francisco, CA

    I'm sick of Obama has having intelligent, rational answers! We need someone who is superstitious and barely educated. We need to vote Republican!

    October 14, 2008 04:08 pm at 4:08 pm |
  2. tulsa

    Senator O.
    Thoughtful and not reactionary. Presidential is the word that comes to mind.

    October 14, 2008 04:08 pm at 4:08 pm |
  3. C

    MCcain can't lead his own campaign, how can any american trust him to lead the country!

    October 14, 2008 04:08 pm at 4:08 pm |
  4. UMMMM...

    McCain take notes... this is a true leader

    OBAMA!

    October 14, 2008 04:08 pm at 4:08 pm |
  5. aware

    Enough Obama!

    Your credibility is nonexistent!

    You spent four years as a community organizer under the tutelege of the Alinsky Method – get power any way you can – or the end justifies the means! :(

    October 14, 2008 04:09 pm at 4:09 pm |
  6. bill canada

    I don't take voting advice from sarah silverman , and I am still making money from my oil stocks . Good luck after november SHARING THE WEALTH america

    October 14, 2008 04:09 pm at 4:09 pm |
  7. Nan

    Very glad he is not just attacking the Republican plan. It is wise to study it and then make a decision on the plan. If something is good in the plan Obama will do the correct thing and give credit where credit is due. He is correct on the capital gains relief. Who has capital gains right now? Oh yea, the McCains

    October 14, 2008 04:09 pm at 4:09 pm |
  8. Mama for Obama

    McCain says as President he will make swift decisions. Thats the problem John, you already make swift decisions, and then cahnge you mind OVER and OVER and OVER again. I like the STEADY hand of Barack Obama, a thoughtful, intelligent man.

    October 14, 2008 04:09 pm at 4:09 pm |
  9. Abby

    So much knowledge. So much understanding. If someone had asked McCain, he would trashed the plan without even reading it. Senator Obama’s education, temperament and judgment is exactly what we need in the white house.

    October 14, 2008 04:10 pm at 4:10 pm |
  10. MD, TX

    If ordinary Americans think that they don't receive a direct impact on capital gains taxes, then they should look at the "instruction manual" of their 401(k) retirement accounts.

    An increase in the capital gains tax will hit the elderly and those close to retirement particularly hard.

    October 14, 2008 04:10 pm at 4:10 pm |
  11. PA voter

    97 more days until George W is out of office.

    Soon his reign will be over, that is unless his buddy Mc90% takes his place.

    God Save the People!

    October 14, 2008 04:10 pm at 4:10 pm |
  12. M. WINNERS

    As is his style Obama will analyze the McCain plan BEFORE commenting on it.

    Betcha most of the stuff in it was stolen from Obama – That's all the repugs have left!

    Now neocons repugs are trying to scare voters over registrations – Just more of the "fear, smear, mock and LIE" tactics that's the hallmark of the McCain/Palin campaign. At least they are consistant on one thing...

    October 14, 2008 04:10 pm at 4:10 pm |
  13. BatCat05

    I guess the idiot that said he was afraid of an Obama presidency at McSame's rally needs to be very, very afraid of the Cyclonic Duo of McCain/Palin, that he's supporting.

    October 14, 2008 04:10 pm at 4:10 pm |
  14. Preco, NY

    McCain are you tired of slime campaign? I thought you guys prefered not to talk about the Economy!

    Do you think we will believe anything you say now? Isn't it too late?

    My friends, it is too late for the McCain campaign to be taken seriously, they come in strong on slimy rhetoric, how will Sister Sarah be able to articulate this new found position or is the leash still off for her?

    God bless America.

    October 14, 2008 04:10 pm at 4:10 pm |
  15. Nan

    Very glad he is not just attacking the Republican plan. It is wise to study it and then make a decision on the plan. If something is good in the plan Obama will do the correct thing and give credit where credit is due. He is correct on the capital gains relief. Who has capital gains right now? Oh yea, the McCains

    October 14, 2008 04:10 pm at 4:10 pm |
  16. Margaret

    It matters not one iota what McCain's 'plan' is.

    When Obama gets on the 3 national networks for a half
    hour the week before the vote and gives what is
    essentially his PRE-INAUGURAL STATE OF THE
    UNION SPEECH, it will be over.

    It's already over.

    October 14, 2008 04:11 pm at 4:11 pm |
  17. GINA, OHIO

    SEE OBAMA YOU ARE BRILLIANT!!!!!!!!! MCCAIN/PALIN TICKET TO NOWHERE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    OBAMA/BIDEN

    October 14, 2008 04:12 pm at 4:12 pm |
  18. al in memphis

    Obama on target here about lack of capital gains. Human nature suggest that when times get tight EVERYBODY hold on to as much as they can. So I see extra capital gains and profits going into pockets instead of investing to create new jobs.

    That why i like the idea of giving breaks to small business that create jobs– people start business to make money which create jobs and improve GDP

    October 14, 2008 04:12 pm at 4:12 pm |
  19. legacy

    America will rise again from the ashes of the bushes!

    October 14, 2008 04:12 pm at 4:12 pm |
  20. For Obama

    A real American. What she possible could of done by flying back to Alaska was to put her son's life in danger if she ran into complications. She has no common sense.

    October 14, 2008 04:12 pm at 4:12 pm |
  21. facts are facts

    If John McCain knew anything about economics he would never have made a policy of deleting the tax on capital gains. He just doesn't understand ordinary people aren't worrying about taxes on something they won't likely ever have they are worried about having a job, or having a home or having food on the table.

    I can understand McCain not knowing much but surely there is someone in his campaign that has some idea of what is happening with the economy and who it's hurting the most.

    October 14, 2008 04:12 pm at 4:12 pm |
  22. rm

    Tony:

    LMAO!!!! I surely don't give a rats behind about some capital gains. I need money in my pocket now!! McCain is so out of touch.

    October 14, 2008 04:12 pm at 4:12 pm |
  23. TONY

    TO A REAL AMERICAN:

    ONLY A HEAD UP HIS *** REPUBLICAN WOULD BELIEVE THAT STROY ABOUT PALIN FLYING BACK TO ALASKA AFTER HER WATER BROKE TO GIVE BIRTH.

    I'M A PHYSICIAN AND THERE IS NO WAY IN HELL THAT OCCURRED.

    EVEN IF IT DID, I SUPPOSE YOU THINK THAT QUALIFIES HER TO BE V.P.

    "REAL" IS NOT A WORD YOU SHOULD THROW AROUND! IT'S OBVIOUOS YOU HAVE BEEN OUT OF THE REAL WORLD FOR THE LAST 8 YEARS!

    October 14, 2008 04:13 pm at 4:13 pm |
  24. DebM, Allentown, PA

    MD, TX, I'm sorry to say that you're uninformed.

    Your 401K is funded with pre-tax dollars. That means that everything that comes out of it will be taxed at regular income tax rates, not at capital gains rates. Capital gains are for stocks and holdings in non-qualified plans.

    Please be better informed before you go spouting off on something about which you obviously know nothing.

    October 14, 2008 04:13 pm at 4:13 pm |
  25. Colby

    Good point on capital gains taxes. McCain keeps harping on this point but due to the downturn in the economy it doesnt really matter. If you're losing money in the market you dont have a gain, hence capital gains tax rates are irrelevant. McCain, once again proving to American that he is out of touch on economic issues.

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