October 14th, 2008
03:50 PM ET
10 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. Frank G in Deerfield, IL.

    When you have nothing to say you say anything. The McCain/Palin ticket is an unfortunate representation of one of our major American political parties. Reading off of note cards, winking and unbecoming personal attack behavior is not going to do it. And telling us "I know how to fix it" no matter what the subject matter and then not telling us how is typical McCain nonsense. Whatever the imperfections of the Obama/Biden ticket, if America elects McCain/Palin, in a couple of years we shall all be thinking George Bush was a great President. That is if these backward looking ideologues don't all get us killed first, either financially or literally.

    October 14, 2008 04:33 pm at 4:33 pm |
  2. Charlie

    @ Bob – San Francisco.
    You need to be careful with sarcasm in these blogs. You need to specify that you are pro Obama or some won't get your message.

    October 14, 2008 04:33 pm at 4:33 pm |
  3. Turnabout is fair play

    McLame, what the hell is wrong with you? Most of us normal WORKING folks earn less than the 5 million dollars you set as normal and therefore do NOT make enough to invest to have capital gains. This proves just how out of touch concerning the economy you are that you still have that mindset. Obama is going to CRUSH you on November 4th.

    October 14, 2008 04:33 pm at 4:33 pm |
  4. Republican for Obama

    I think George Orwell's description is look into the McCain Campaign's entire strategy and one Sarah Palin (aka Troopergate) clearly embraces.
    The adjective Orwellian describes the situation, idea, or societal condition that George Orwell identified as being destructive to the welfare of a free-society. It connotes an attitude and a policy of control by propaganda, misinformation, denial of truth, and manipulation of the past, including the "unperson" — a person whose past existence is expunged from the public record and memory, practiced by modern repressive governments.
    Boy, does this depict McCain and Palin or what???

    October 14, 2008 04:34 pm at 4:34 pm |
  5. Michael

    Hey CNN moderators. How come there is no coverage in the ticker about the real reason behind the McCain capital gains tax cut.

    Obama does not get it. He is way to dumb, just like all of you and the people posting here.

    The reason is to attract more private investment into the tax markets. THERE WILL BE CAPITAL GAINS OVER THE NEXT TWO YEARS. It is not about tax relief this year, but about helping the stock markets recover so EVERYONE WILL BENEFIT and see their 401ks start to recover.

    CNN is selling the American people out by going in the tank for Obama. I hope every pinhead moron Democrat who doesn't get it about the McCain capital gains tax cut, never recovers a single penny of what they lost in their 401ks.

    October 14, 2008 04:35 pm at 4:35 pm |
  6. Amy

    Sen Obama is showing that he is a thoughtful leader who takes time to evaluate plans before agreeing or disagreeing with them. His point about no one really having capital gains right now is absolutely correct. I feel as though McCain is trying to pander to those with the most right now. Those of us in the middle and toward the bottom know that we have no chance of that really benefitting us.

    October 14, 2008 04:37 pm at 4:37 pm |
  7. think people

    If people were able to do as Obama said and take up to 10k out of 401K tax free; that would make the situation even worse.

    This is a perfect example of Obama pouring honey in your ear because it is what you want to hear... weather it will harm the country or if he can actully DO even a quarter of the things he says he cares not, just as long as you like it for the next 20 days.

    October 14, 2008 04:38 pm at 4:38 pm |
  8. Republican Voting OBAMA

    This is great Mr. Obama, You hit the nail on the head no one has any gains this year and we will need to keep our head above water in order not to fall in next year.

    Thank You President Obama

    October 14, 2008 04:38 pm at 4:38 pm |
  9. dd

    smart guy

    October 14, 2008 04:39 pm at 4:39 pm |
  10. in chicago

    People – you're all so uneducated it's rediculous. DO your homework. You are voting for a socialist that wants to spread the wealth? seriously? I have been working hard all my life to pay for some lazy person? NO thanks. My kids will have to go to community service for 2 years in some random country rather than go to college? ARE YOU CRAZY? open your eyes before it's too late.

    October 14, 2008 04:39 pm at 4:39 pm |
  11. JJ

    Ok, I'm glad Obama admitted he hasn't looked at McCain's full plan instead of just mouthing off and attackin git without reading it.

    But I do agree with the capital gains tax. Who has capital gains when the stock market is literally in the toilet?????

    October 14, 2008 04:39 pm at 4:39 pm |
  12. Independent but Leaning

    I am astonished at the lack of fundamental understanding of the market and capital gains taxes by "the enlightened one" and his worshippers on here. Unbelievable that poeple think guy is the answer for our economic woes.

    October 14, 2008 04:39 pm at 4:39 pm |
  13. Linda Schatzer

    You know what is a real con job by McCain...he will not have seniors pay tax on any money they take out of their 401k. Oh and he will not raise taxes on anyone...nope...how he will pay for his package is in his own words by cutting programs..he has already stated he will cut social security benefits and medicare benefits. So while he is saying they wont have to pay taxes...he is going to lessen their ssi and medicare benefits. Obama has stated and said how his programs will pay for themselves. McCain is trying to get the older vote...I sure hope the people realize the full scope of his plan that he isnt telling them. It is up to every young person to let their grandparents and parents know just exactly how Mccain will pay for his programs. Sorry,,this is one senior that isnt stupid McCain. You are still out to help the rich who are investors...this doesnt help the young struggling families. I also noticed today that not one word was mentioned of jobs for people....now how does he think he will pay for his programs. Yep thats right...take away what we have left.

    October 14, 2008 04:40 pm at 4:40 pm |
  14. Buckeye

    Nobody has capital gains?? Tell that to the superrich who are making windfall profits in the midst of this freefall. Go Green!

    October 14, 2008 04:41 pm at 4:41 pm |
  15. Brian

    Man, Obama is smart. Just listen to his comments... spot on. Quick analysis, thorough understanding.

    Obama is a real leader.

    Meanwhile, McCain is a self-proclaimed "Maverick" (although he voted with Bush over 90% of the time) who is hell-bent on proving his "Maverickyness" to America by spewing out any distraction, campaign gimmick, dirty trick, or negative ad that comes into his mind.

    McCain is a loser.

    Vote for real change in November...

    Obama/Biden '08!!!

    October 14, 2008 04:42 pm at 4:42 pm |
  16. Dem in CA

    Did ACORN cost Hillary the election? If you can register multiple times and vote the same day – via absentee? 800k to the primary from Obama – now we find out about it?

    I am a democrat and cannot stomach voting for Obama – it is an ethical issue for me.

    October 14, 2008 04:42 pm at 4:42 pm |
  17. Walt, Belton,TX

    I'm for McCain, because I haven't given up on my Country yet!

    October 14, 2008 04:42 pm at 4:42 pm |
  18. nelson

    Gotta agree with above statement regarding "sign of leadership"
    in all of Obama's responses he has been very good at point
    making and always shows maturity in his decisions and rebukes.
    I am sooooo sick of Mccains "what I did yesteryear " I think I
    will puke next time he says it! Rolling Stones article hit it right
    on the head.. spoiled little rich kid. Palin go back to where ever
    people will listen to your hatred of anyone who disagrees with you and take #1 DUD with you, pls

    October 14, 2008 04:42 pm at 4:42 pm |
  19. Farrell, Houston, Tx


    October 14, 2008 04:42 pm at 4:42 pm |
  20. Scott in Atlanta

    Stop harping about how Capital Gains tax cuts will stimulate investments... You've had 8 years to run that krap and look at us now. All you really want to do is:

    Get all you Can
    Can all you get
    and sit on the Can.

    Well the hell with you all. Bring on the change this country needs!

    Obama/Biden 08

    October 14, 2008 04:43 pm at 4:43 pm |
  21. surprised????????????????????'

    pitiful old warmonger and secessionist palin....a snail has more intelligence than the two together...WOW I feel good!

    October 14, 2008 04:43 pm at 4:43 pm |
  22. Scott in Atlanta

    Stop harping about how Capital Gains tax cuts will stimulate investments... You've had 8 years to run that krap and look at us now. All you really want to do is:

    Get all you Can
    Can all you get
    and sit on the Can.

    Well the hell with you all. Bring on the change this country needs!

    Obama/Biden 08

    October 14, 2008 04:43 pm at 4:43 pm |
  23. Denise Bolin

    The dirty campaign run by McCain & Palin is despicable and obviously not working. Palin is a lying machine inciting hate and trying to divide our nation. Whoever wins the race, McCain and Palin have created a toxic environment of racism and hypocrisy, making it that much harder to begin solving our global problems. Have some dignity – McCain you're to blame because you're feeding that idiot her stump speeches. SHAME ON YOU!!! I no longer admire you.

    October 14, 2008 04:44 pm at 4:44 pm |
  24. Denise Bolin

    Obama is an honorable, intelligent, charismatic leader with a capital "L". McCain and Palin are liars with a capital "L". Go out with honor and dignity, not shame and hypocrisy, John.

    October 14, 2008 04:46 pm at 4:46 pm |
  25. Diane Dagenais Turbide

    Clear difference that shows how Obama actually gets it! Who has capital gains now!

    October 14, 2008 04:46 pm at 4:46 pm |
1 2 3 4 5 6 7 8 9