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. TONY

    COME ON PEOPLE!

    IT IS NO MORE DIFFICULT TO UNDERSTAND THAN THIS:

    MCCAIN IS DESPERATE AND DESPERATE PEOPLE DO DESPERATE, INCOHERENT, DISPICABLE THNGS.

    I DOUBT IT SERIOUSLY, BUT I HOPE WHEN HE LOSES IN NOVEMBER THAT HE HANDLES IT WITH A LITTLE MORE DIGNITY THAN THE WAY HE HAS RUN HIS CAMPAIGN.

    October 14, 2008 04:15 pm at 4:15 pm |
  2. Michael

    Can Obama get any dumber?!!!!!

    The idea of the capital gains tax cut for the next two years is to make it more attractive to invest in the markets. The markets are about as low as they can get. Anyone who invests now or in the near future would have the potential to realize capital gains over the next two years. And the tax cut on capital gains over the next two years provides added incentive for the infusion of new private money in the markets.

    Obama is way to stupid to be running for President!!!!!!

    October 14, 2008 04:15 pm at 4:15 pm |
  3. FreeNLovIt

    Hillary is too good to be JAILED in the Supreme Court, if Obama wins the White House.

    A Supreme Court is a BORING job. There are more fights that still need to be fought out, and that's on the Senate floor.

    I would love for Hillary to be Prez, but oh well, the show must go on...

    Consider the fact that her mother is 90 years old. Hillary can probably make another un in 2016.

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

    Deb M–that was the most honorable comment one could make. May your blessings continue to grow. I am also an individual who would benefit from McCain's plan, but like yourself, me and my husband aren't the ones who need the help. Even under Obama's plans we believe we would still be okay. Although, we are a bit anxious to see how his plan to increase those making over 250K will play out. None the less, i am still voting for Obama. Republicans have had 8 years. It won't hurt to give Democrats 4. Let's see if there will be any improvements. Heck, can it get worse than where we're at now?

    October 14, 2008 04:16 pm at 4:16 pm |
  5. ZING!

    The stock market's tanking... I know, we'll cut taxes for the people who are making money off of shorting in a bad market!

    That will TOTALLY inspire faith in the markets!

    Most people I know who play the markets in terms of speculation don't care a bit about capital gains taxes. (Which, by the way, are only applicable on speculators. If you hold the shares past 12 months, the capital gains taxes don't cover you.) All this would do would inspire GREATER market fluctuation.

    October 14, 2008 04:16 pm at 4:16 pm |
  6. That one is Karl Marxs friend too

    Scott in Atlanta- I would be happy to read Rolling Stones article if you will read the article by Robert Meyer at renewamerica
    It is very clear about Obama's policies. I understand people wanting change, but I do not believe it is prudent to spread the wealth. That policy has not worked for Russia, China, or any other Socialist Society. It doesn't work and Mr Far Left Obama believes in this-

    October 14, 2008 04:17 pm at 4:17 pm |
  7. TONY

    HEY RM:

    I HEAR YOU MAN.

    I WORK IN A NURSING HOME AND HOSPICE AND MCCAIN REMINDS ME OF ONE OF THE PATIENTS THERE WHO JUST CONSTANTLY ROAMS TEH LOBBY AND HALLS LOOKING FOR HIS ROOM. WE NO SOONER GET HIM SETTLED AND TEHN HE IS BACK IN THE HALLS BABBLING AND WALKING AROUND IN CIRCLES.

    MCCAIN IS THE ONE WANDERING ALL OVER THE PLACE AND PALIN RULES AT BABBLING!

    October 14, 2008 04:17 pm at 4:17 pm |
  8. Obamalism

    I don't think Obama really understands capital gains...

    Why invest if you're going to get 35% of it taxed? No investing equals no capital for companies to do business. No jobs, no economy, increase welfare....!!!!.ding..!!!!..now I see where Obama's going with this.

    It's called an incentive. It's something the democrats and socialists currently taking over our government have no clue about.

    October 14, 2008 04:18 pm at 4:18 pm |
  9. Juanito, Seattle

    Abortion? Homosexuality? Hollywood? ACORN? All strong in democratic values. With Obama in front of, and behind them, the rug will certainly be pulled from under America. If Obama supporters would look at his stand on these issues, and acknowledge them, maybe they would then understand why the Muslim nations/peoples dislike America. It's these kinds of things that keep them teaching their own beliefs because they don't want their children to be like that.

    October 14, 2008 04:18 pm at 4:18 pm |
  10. Belle

    I am troubled that Senator Obama says McCain is lying about his tax cut plan when Fact Check on CNN says it is a blatant Falsehood on Obama's part.

    As a Democrat, I expect TRUTH from my leadership. Truth...not garbage.

    Come on Senator Obama, climb up out of the gutter and be honest.

    October 14, 2008 04:18 pm at 4:18 pm |
  11. Sam Benegal

    Why McPalin's supporters are looking so grim in her campaign events in Scranton, Pennsylvania today? Feels like they are in a funeral home...

    I BETCHA they are also looking to find a way to jump from the SHIP!!!!!!

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

    MCCAIN VOWS!

    MCCAIN PLDEGES!

    MCCAIN PROMISES!

    PROBLEM IS HE CAN'T SAY HOW!...ON ANYTHING!

    October 14, 2008 04:19 pm at 4:19 pm |
  13. aware

    Obama will say anything he thinks you want to hear! He wants the "power" of the USA presidency!

    Remember: His tutor said, get power any way you can, including lying, cheating and stealing. The ultimate rule is that the ends justify the means! :(

    October 14, 2008 04:19 pm at 4:19 pm |
  14. N O - M A S

    MCCAIN'S,,,,,,,,,,,,MORTGAGE,,,,,,,,,,,HELP,,,,,,,,,,,,,,,,,,,IS,,,,,,,,,,,100%,,,,,,,,,,

    ON,,,,,,,,,,,,,THE,,,,,,,,,,,MARK,,,,,,,,,,,FOR,,,,,,,,,,,,HOMEOWNERS,,,,,,,,,,,,,,,,,

    AND,,,,,,,,,,,,OUR,,,,,,,,,,,FINANCIAL,,,,,,,,,,,,,SYSTEM,,,,,,,,,,,I'M,,,,,,,,,,,,A,,,,,,,,,,,

    MORTGAGE,,,,,,,,,,BROKER,,,,,,,,,,,,,18,,,,,,,YEARS,,,,,,,,,,,EXPERIENCE

    October 14, 2008 04:19 pm at 4:19 pm |
  15. Dana

    CNN,

    I am a election judge. I wish you would have a election judge on your show. It is very hard to commit voter fraud. Voter Fraud and Voter Fraud Registration is two different things. If you have someone register 73 times, they only can vote one time at the precinct they live in. We have checkpoints put in place to catch someone trying to vote more then one time. It don't matter if it is through mail, early voting or coming in on election day!! Give us judges some credit please. I think the Gop don't have nothing else and they are pushing this

    October 14, 2008 04:19 pm at 4:19 pm |
  16. Greg285

    If McCain brings up Ayers, this will be his final nail in his pathetic Presidential campaign and rightfully so! He has run a disgusting and negative campaign that has not focused on the issues, but on personality instead, as if anyone outside of the Republican base cares about! If he brings this up, the only folks energized by this will be the Republican base, not the Independents or Moderates, who will be turned off by this line of attack! I hope Obama ‘Chin Checks’ McCain, once and for all….

    October 14, 2008 04:19 pm at 4:19 pm |
  17. FreeNLovIt

    I want a BLACK Prez. It will FREE America from the bondage of race. It will show America that NO MATTER what the color of your skin, we all have a heart and a soul and we all LOVE America.

    Like my uncle said, when you turn off the light, WE are the same color.

    October 14, 2008 04:20 pm at 4:20 pm |
  18. ez

    Early voting is the way to go.

    Registered Republican "voted" Obama/Biden 08

    October 14, 2008 04:20 pm at 4:20 pm |
  19. Michael

    Obama is either extremly stupid like most of the people who post here or a lier. Probably both.

    The capital gains tax cut is to attract more private money into the markets. The more money that is invested in the markets, the more EVERYONES!!!!! 401ks will benifit. More money in the markets means stocks will go up. Not just the rich investers will benifit. EVERYONE WILL. It is not about imediate tax relief, it is about infusing more money into the market.

    Obama and Democrats and the pinheads who vote for them are the dumbest economic people on earth. Get the hell out of the way you morons!!!!!

    October 14, 2008 04:20 pm at 4:20 pm |
  20. WOW---WOW----WOW

    OBAMA,,,,,,,,,,,,IN,,,,,,,,,,,,LA,,,,,,,,,,,,,LA,,,,,,,,,,,,,,,,,LAND,,,,,,,,,,,,,,IF,,,,,,,,,,,,

    PROPOSING,,,,,,,,,,,,,,,,INCREASING,,,,,,,,,,,,SPENDING,,,,,,,,,,AND,,,,,,,,,,

    TAXES,,,,,,,,,,,,WHEN,,,,,,,,,,,,ECONOMIC,,,,,,,,,,,,,WEAK,,,,,,,,,,,,,,,,WE,,,,,,,,,,,

    CANNOT,,,,,,,,,,,,,,,,,AFFORD,,,,,,,,,,,,,,YOUR,,,,,,,,,,,,SOCIALIST,,,,,,,,,,,,,,

    WEALTH,,,,,,,,,,,REDISTRIBUTION,,,,,,,,,,,,,,,,,GO,,,,,,,,,,,,TO,,,,,,,,,EUROPE,,,,,,,

    AND,,,,,,,,,,,,,SEE,,,,,,,,,,ITS,,,,,,,,,,,,,RESULTS::::::::::::;ZILCH

    October 14, 2008 04:21 pm at 4:21 pm |
  21. TONY

    IT BOGGLES THE MIND TO THINK THAT THERE ARE SO MANY PEOPLE WILLING AND EAGER TO VOTE FOR GEEZER AND GIDGET!

    HELLO........................ANYONE IN THERE?

    October 14, 2008 04:21 pm at 4:21 pm |
  22. Obamalism

    Obama's plan offers NOTHING to address the mortgage crisis.

    Nothing will recover if we don't correct the root cause. Does Obama even know that his ACORN thugs (he advocated for them against banks), The Community Reinvestment Act and Fannie and Freddie are the root cause?

    Nope, he just wants to give 'tax credits' (aka welfare) to the 30% of Americans that don't pay income taxes and we can all be 'patriotic'.

    Socialism sucks – NOBAMA

    October 14, 2008 04:22 pm at 4:22 pm |
  23. Ellie

    John McCain sounds like a Democrat with all his promises. Remember him during the last four years. He would disagree with George W. Bush then turn around and vote with him. I think if he gets elected, he will just continue with Bush's policies.

    October 14, 2008 04:22 pm at 4:22 pm |
  24. X-Republican in Texas for Obama

    McCain is a day late and a dollar short.

    October 14, 2008 04:22 pm at 4:22 pm |
  25. Grandma for O

    What McCain plan? McCain had this big press release about him giving his "big" plan on Monday – All we got was a stump speech.

    Then he said he would give it today. All he did was rehash old ideas already thrown out there and criticize Obama – another stump speech.

    Please, the only ideas McCain has given were recycled stolen ones.

    October 14, 2008 04:22 pm at 4:22 pm |
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