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. kenny cole

    My Father say Thats ERATICATION

    October 14, 2008 04:48 pm at 4:48 pm |
  2. Chris from STL

    What is capital gains tax ????
    Joe six-pack.

    October 14, 2008 04:49 pm at 4:49 pm |
  3. Jorgor Barrie

    So what if Obama was Muslim or Arab? This question posed and brilliantly answered by CNN's Campbell Brown should be taken very very seriously by all Americans and Westerners in general.

    If I may I want to add that the Bible, the Torah and the Koran are all books of God and that the Koran do recognise that.

    Being a Muslim or Arab or Jew or Indian or Chinese or Black or White or Green etc. MUST never be a yardstick to measure whether a human being or a citizen of a country (including the US) is fit to run for a public office including the Presidency.

    That a tiny minority of Muslims or a tiny minority of Jews or a tiny minority of Orthodox Christians etc. are fanatical does not make all Muslims, Jews or Orthodox Christians etc. fanatical.

    The difference between Obama and McCain is that Obama is more intelligent, cool, not erratic and not impulsive, virtues and qualities that make him have the capcity, ability and sound reasoning to make sound JUDGEMENTS such as his decisions to oppose the Iraq war and issue early warnings to the Bush administration and the Congress about the economic dangers the US and the World are facing now due to the financila meltdown.

    I know America and Americans will be wise enough not to let Barack Obama slip their grip by losing the lections because some idiots and ignorants think and stupidly believe he is Arab or Muslim. I urge America and all Americans to put aside Race and Religion and Age and vote the candidate with the right judgement and foresight given the trouble America is in now and the trouble America has brought to the World because of the rotten and incensitive poolicies of Bush, Cheney and Ramsfeld.

    October 14, 2008 04:50 pm at 4:50 pm |
  4. Tired of the Nonsense

    To Tainopower –

    why don't you take off the hooded sheet and join the rest of us.........by the way –

    Who's ahead in the electoral vote????????


    October 14, 2008 04:51 pm at 4:51 pm |
  5. bottom line

    Steady, fiercefully patient, and honorably worthy of holding office in this time of crisis is Barack Obama. The name alone sounds strong enough to bridge the gaps between where we are and where we want to be but the substance of the man is even greater.

    Obama/Biden 2008!

    October 14, 2008 04:52 pm at 4:52 pm |
  6. Schneider (I) - CA


    October 14, 2008 04:56 pm at 4:56 pm |
  7. Latoya

    Wait a minute, if the democratic party is not Orwellian, then precisely why does it aim to expand the role of government? Adding more programs and more laws and giving Congress unchecked authority to regulate sounds pretty Orwellian to me...

    October 14, 2008 04:57 pm at 4:57 pm |
  8. Regine Arlington, Virginia-Communist

    The S-U-R-G-E is working Senator McCain and VICTORY is on the way. Can you admit the S-U-R-G-E is working, LOL
    The Obama/Biden S-U-R-G-E is working thank God.

    Northern Virginia (Communist) for Obama
    Virginia is for LOVERS not fighters

    Obama/Biden 08

    October 14, 2008 04:57 pm at 4:57 pm |
  9. Rob Kole

    Accounting lesson,

    Does anyone think that no one has bought stock as they went down? If you bought on Friday and sold today you probably have a capital gain. As far as helping everyday people.. where do you think most of retirement money is in? MUTUAL FUNDS...and what do mutual funds buy STOCKS. Stocks that have capital gains! SO reduction in capital gains taxes will help everyday people.

    Increased tax deduction for kids.. good.
    Redcution of business tax – netrual but if it keeps business from shutting down and jobs here then good.
    I do not want money taken out from retirement plan for most people will spend on comsumer goods. If people couldn't control spending before $10,000 is not going to help that much and what happens when they retire?

    October 14, 2008 04:57 pm at 4:57 pm |
  10. Ed

    A vote for Obama is a vote for Communism.

    October 14, 2008 04:58 pm at 4:58 pm |
  11. Andy - Atlanta, GA

    McCain plobably has capital gains on some of his houses, and maybe so do his friends in the good old boys club, but the average homeowner obviously does not.

    Is it just me, or are all his economic suggestions aimed at helping himself & his demographic?
    1. Tax cuts for the rich.
    2. Eliminate capital gains tax.
    3. Eliminate mandatory 401K withdrawal at age 70+.
    4. Inject presidential politics into bailout talks.

    Doesn't really portray an image of caring for the people.

    October 14, 2008 04:59 pm at 4:59 pm |
  12. Sylvia, Dallas,GA

    The real Christian conservative ticket is Obama. Integrity, honesty, honor. What can you ask for in a leader.

    GOP, aren't you guys tired of the Pin heads that represent you.

    Limbaugh, Orielly, Shawn Hannity, Lou Dobbs, McCain, Palin,
    Come on, really you guys can't do better than bold face liars.

    These people run from the truth and spread lies.

    October 14, 2008 05:00 pm at 5:00 pm |
  13. Tom

    Boy...McCain has a new economic plan every week. Sort of like Ben & Jerry's ice cream flavor of the week. If you don't like this plan, just wait until next week.

    He is not interested in actually fixing the economy. He is just trying to find a "plan" (if you can call his grab bag of ideas a plan) that will get him votes.

    Maybe Palin should try her hand at suggesting a plan. That should give Tina Fey some good material for SNL.

    October 14, 2008 05:01 pm at 5:01 pm |
  14. bibi

    It will be a sad day all around the globe if Obama loses the election. People in America please vote for Obama. He will make the world a safer place. Please think about us. With the power of his words he will reach the hearts and minds of all leaders around the globe. He does not need bombs and guns to do it. He is loved all over the world. It will give the world the lift that we need . Please think if Mc Cain becomes ill and he will be most of the time Palin will run riot and will start upsetting leaders around the world. Putin will come straight after her. That woman is so uneducated. How will she converse with other leader? She will not understand the questions. The world will be in total chaos with more wars.

    October 14, 2008 05:02 pm at 5:02 pm |
  15. Does Obama Palin Comparison?

    Capital Gains tax cut will be have a HUGE impact in stimulating the economy. This is the kind of creative thinking that is needed to actually create wealth....and not just redistribute it, and Obama would...

    October 14, 2008 05:02 pm at 5:02 pm |
  16. BM

    It's strange that McCain waited until Obama laid out his plan on economy before he laid his out. He has no ideas of his own. He stole Obama's slogan, now he copies his economic plan. McCain is pathetic, so pathetic that his own party is not supporting him.

    October 14, 2008 05:02 pm at 5:02 pm |
  17. Obama/Biden 08!

    I truly didn't expect Mccain to unveil a plan at all today; so it was a bit of a shock to hear him laying it out at that rally CNN showed. It was very disappointing to say the least, 60% of it is what we've already been hearing for the last three-four weeks and the 35% that's new is tax breaks that only make the poor, poorer and the wealthy, wealthier.......sigh No change Mccain. Thanks but no thanks.

    Go Obama! Tomorrow night's debate is already in the Obama column!!

    October 14, 2008 05:05 pm at 5:05 pm |
  18. Mike in LR

    I guess BO doesn't understand that capital gains affect small businesses as well as individuals. I also guess he forgot to mention that McCain's plan also allows for relief in capital losses. Oh well I wouldn't expect him to be truthful completely. After all he's a politician.

    October 14, 2008 05:06 pm at 5:06 pm |
  19. Debby

    Is Obama kidding no one has capital gains thats as lame as telling the plumber to share the wealth. I can't believe this guy might be our next President how scary. CNN stop deleting my comments everyone has a right to post on these blogs not just Obama supporters.

    October 14, 2008 05:06 pm at 5:06 pm |
  20. Frodo one

    On another thread...congress to loan TO CONGRESSPERSONS!!!!

    Never saw that one coming? $700B. of course they've gotta pad their pockets

    October 14, 2008 05:06 pm at 5:06 pm |

    Couldn't someone, anyone in McCain's camp check on this "capital gains" issue?? Seems like someone said something that sounded good years ago, but has not been relevant for quite some time and they had no idea, but still threw it out to the public!

    It's like here honey, have some chicken soup and that cold will go away!!! Capital gains shows up for discussion like the ultimate

    Is this what it's going to be like in a McCain/Palin administration? Even the ones briefing him are not briefed themselves!!! Of course, the ones briefing him should be the ones who do know.

    Scary stuff!!

    October 14, 2008 05:06 pm at 5:06 pm |
  22. Jen, Gainesville

    Right on!! Obama is so intelligent. He spot the sour point right away, while McCain is still trumpeting his useless plan.

    October 14, 2008 05:06 pm at 5:06 pm |
  23. Terry

    I have to truly, admire Obama's intelligence....he doesnt react without reading all the info first,.....he gets my vote as a 1st time voter....I have been listening to both McCain and Obama, and I think Obama shows he's the one with the steady hand on the tiller.....McCain simply looks bitter and angry....and his tone ws disrespectful when CNN newsgal Dana Bash was interviewing him.


    October 14, 2008 05:06 pm at 5:06 pm |
  24. Beverly, NYC

    Independent but Leaning October 14th, 2008 4:31 pm ET:

    I guess you're leaning McCain which might account for the fact that you don't understand capital gains. I will keep it simplet for you and other Mccain people. The market has been crap for not only the last wee but the last 3 quarters, if you bought a stock @150 sold at 200 $50 taxable gains, given the market if you bought that same stock and sold it for $130, $20 loss. Obama's statement above is correct. On my 401K stmt I have far more losses for 3rd qtr than gains.

    October 14, 2008 05:07 pm at 5:07 pm |
  25. Sin City Indy

    21 days and counting then hopefully all of you uneducated folks who have not done your due diligence concerning either candidate will be silenced.
    Read, Learn, Make an INFORMED Decision on your own. We owe it to our Country whichever side you are on.

    October 14, 2008 05:07 pm at 5:07 pm |
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