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. spiderweb

    After seeing McCain economic plan, there's no risk on voting for Obama....it's sensible and a chance to reshape America for good. Speaking of risk, McCain is the biggest risk of all.

    October 14, 2008 04:23 pm at 4:23 pm |
  2. Conservative for Obama

    This post from a previous entry should be repeated:

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

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

    It's Pretty obvious who sucks the most wouldn't you say?

    October 14, 2008 04:23 pm at 4:23 pm |
  3. J UAN CARLOS

    MR,,,,,,,,,,,,OBAMA,,,,,,,,,,,,,YOU,,,,,,,,,,NEED,,,,,,,,,,,TO,,,,,,,,,UNDERSTAND,,,,,

    THAT,,,,,,,,,,,,,,,LOWERING,,,,,,,,,,,,,CAPITAL,,,,,,,,,,,,GAINS,,,,,,,STIMULATES,,

    INVESTMENT,,,,,,,,,,,,AND,,,,,,,,,,,EMPLOYMENT,,,,,,,,,,,,,,,,,THAT'S,,,,,,,,,A,,,,,,,

    GOOD,,,,,,,,,,,,,,,,,IDEA,,,,,,,,,,,,WHEN,,,,,,,,,,,ECONOMY,,,,IS,,,,,,,,,,,WEAK

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

    Can't wait for McCain to detail his plan tomorrow during the debate without the notes..."my friends", he's going to look like an idiot!!!

    "THAT ONE"/"SAY IT AIN'T SO JOE" 08!!!!!!!!!!!!!!!!!!!!!

    October 14, 2008 04:25 pm at 4:25 pm |
  5. Emma

    It just shows that McCain is pandering to the electorate. Anyone with capital gains has not felt the downturn of the economy. Who are these folks with so much capital gains that we must reduce their tax liability?

    Is it Cindy McCain?

    October 14, 2008 04:25 pm at 4:25 pm |
  6. Betty777

    Obama, you go! Tomorrow remember that it doesn't matter if he doesn't look at you, most of us know what that is about and it is not about 'being able to see through you' as one of the those lying Republicans said. He didn't look at your because he was intimidated by your character and brilliance. Unfortunately for racists they have a problem with a person of color having any intelligence. Particularly since he finished 894 of a possible 900 at Anapolis. And let's not go there about Palin, everytime she comes on CNN, I turn the channel.

    October 14, 2008 04:25 pm at 4:25 pm |
  7. Raymond J.

    If I had disposable income I qould have bucks in the market and an ulser,
    I work day to day and don't get a single foot ahead,
    What John M proposes is for the 7 figure income crowd. I wish I was there..

    October 14, 2008 04:25 pm at 4:25 pm |
  8. Melissa

    All McCain did during that thing was slam Obama. Oh and wait... sprinkled the occasional point about the economy in there while he STILL bashed Obama.

    I've never seen anything like that. Obama actually talked about the economy, McCain played fear tactics through his whole speach.

    October 14, 2008 04:26 pm at 4:26 pm |
  9. Doug D

    The buy shares plan Obama is praising belongs to Bush and the republicans – oopsie!

    October 14, 2008 04:26 pm at 4:26 pm |
  10. Louis - Los Angeles

    Emphasis on Capitol Gains? What are we still in the Reagan Era? Trickle down economics equals trickled on economics for those of us working people who don't own seven houses and thirteen cars. Even Bush Sr. called that Voodoo Economics. I guess that's why McCain picked Palin because she comes equiped with a Witchdoctor and a teleprompter!

    October 14, 2008 04:26 pm at 4:26 pm |
  11. UCLAdy04

    Also...the captial gains tax rate is a measely 15% right now. Millionaires are paying less on their earnings from their investments than I am paying on my salary! Yet McCain only wants them to pay 7.5% on millions of dollars of yield on investments?! That is LESS than what I pay in freaking sales tax! That is INSANE!

    October 14, 2008 04:27 pm at 4:27 pm |
  12. Ken in Dallas

    McCain's still reading from the laissez-faire playbook. His unthinking fixation on tax-cutting proves that he hasn't learned a thing from recent events, and that his calls for regulation of financial markets are lip service to a policy change he doesn't truly believe in.

    Not only is the man unable to tell the truth, he can't even pick one lie and stick with it. It's sad to see the best the Republican party has to offer exposed like this.

    October 14, 2008 04:27 pm at 4:27 pm |
  13. Dan, TX

    What the heck is McCain talking about with ACORN? There is no connection between that group and Obama's general election campaign. Also why does McCain have a web ad that says that Obama voted to raise taxes when CNN's fact check already said it was false?!!!

    October 14, 2008 04:27 pm at 4:27 pm |
  14. Conservative for Obama

    Sarah flew back to Alaska so that her baby could be born in the area she hoped would secede from the USA. It was actually ANTI-AMERICAN sentiments that inspired her to get back to Alaska.

    She did put country first...the country she hoped to create by turning her back on the usa...the country of ALASKA first if this anti-american terrorist is elected.

    October 14, 2008 04:27 pm at 4:27 pm |
  15. THE WORLD IS WATCHING *HOPE IS COMING

    TRY AGAIN MCCAIN.....

    TO LATE

    LALALALALALALALALALALALALALA

    WE CAN'T HEAR YA

    OBAMB/BIDEN 08

    October 14, 2008 04:28 pm at 4:28 pm |
  16. Ken in NC

    Smart people surround themselves with smart people. I guess that leaves no room for Senator Mccain in and Obama Administration.

    October 14, 2008 04:28 pm at 4:28 pm |
  17. Rob Smith, III, Richmond VA

    The outlook on capital gains is a common-sense approach to economics from a common-sense candidate like Obama. I'm certainly proud of it.

    –Your Conservative Democrat Friend from VA

    October 14, 2008 04:29 pm at 4:29 pm |
  18. David

    Obama said that he does not need ACORN. If he does not need them why did he pay them $800,000? Another shady deal of Obama's?

    October 14, 2008 04:29 pm at 4:29 pm |
  19. Baze

    Capital gains tax? Of course McCain wants to cut it, so when the big wigs dump their stocks the moment the market returns to value they'll be able to take home a bunch of cash.

    October 14, 2008 04:30 pm at 4:30 pm |
  20. Obamalism

    You morons didn't even read his plan...

    He wants to shore up the mortgage crisis...the root cause!

    Increase insurance on FDIC so people DON"T pull all their money out of the system for no good reason.

    Lower corporate taxes so our businesses won't have incentive to move overseas. <-- JOBS!!!!!!!

    Obama wants to INCREASE the corporate rate and send even more of our jobs overseas. Who's clueless now?!?!?!

    October 14, 2008 04:30 pm at 4:30 pm |
  21. Machiavelli, Baton Rouge, LA

    That is a very good observation, Senator Obama. Why would McCain offer to cut capital gains when no one is profiting in the markets right now? John McCain is politically pandering or he just has no clue how to profit and loss statement.

    October 14, 2008 04:30 pm at 4:30 pm |
  22. Machiavelli, Baton Rouge, LA

    That is a very good observation, Senator Obama. Why would McCain offer to cut capital gains when no one is profiting in the markets right now? John McCain is politically pandering or he just has no clue how to do a profit and loss statement.

    October 14, 2008 04:31 pm at 4:31 pm |
  23. Independent but Leaning

    “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.”

    OMG! He doesn't understand how this works and how much it would help people and businesses right now. Holy cow! This guys could be our next president?!?!

    October 14, 2008 04:31 pm at 4:31 pm |
  24. DebM, Allentown, PA

    And I should clarify...Roth IRA's (IRA's funded with after-tax dollars) will be subject to capital gains taxes.

    However, anything funded with before-tax dollars, such as 401K's, regular IRA's, ESOP's, etc....those plans are taxed at regular income tax rates as money is withdrawn. There is no delineation between gains vs. dollars in. All monies withdrawn are taxed as regular income.

    There's your tax lesson for the day!

    October 14, 2008 04:32 pm at 4:32 pm |
  25. NC Mom

    Capital gains???? I sure won't have any so the cut wouldn't help me at all!

    Of course Obabma needs time to review the plan so he cdan addresss it inttelligently...he's not a "loose cannon" like the "maverick".

    October 14, 2008 04:32 pm at 4:32 pm |
1 2 3 4 5 6 7 8 9