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. pam Eugene OR

    Obama has such a great sense of humor! I sure don't have any capital gains to worry about this year, but I got a good laugh from his comment.
    You can bet if McCain thinks anything is a good idea it has a plan built in to make the rich folks happy.
    I gave Barack another $50 today and can't wait to vote for him.

    October 14, 2008 05:34 pm at 5:34 pm |
  2. Un-Decided Voter, Now Decided

    Thanks Deb M,
    Your blog clearly explains to some ignorant and not so bright people here that Capital gains tax does not affect pre-tax monies/ retirment accounts.

    October 14, 2008 05:36 pm at 5:36 pm |
  3. Laurie

    Obama is a man of intelligence, honor, and integrity. He is capable of doing what is right for our country. McCane is a victim of his personality– emotionally unstable and unscrupulous. McCane will be our nightmare should he get elected.

    October 14, 2008 05:36 pm at 5:36 pm |
  4. tulsa

    Don't forget the 12 years teaching constitutional law at Chicago University.
    We need someone with that kind of intelligence in the WH.

    October 14, 2008 05:36 pm at 5:36 pm |
  5. tulsa

    That's no oops.
    You see, if a good idea comes along, Obama accepts it and even gives credit. That's called being a "grown up".

    October 14, 2008 05:38 pm at 5:38 pm |
  6. Accountant Guy

    Your done McBush, so if you really want to put country first, pack up your stuff and go back to Arizona. While your at it buy eskimo barbie a one way ticket to Alaska and tell her we don't want her back in the states!!

    Obama/Biden '08

    October 14, 2008 05:38 pm at 5:38 pm |
  7. Damian

    Do not rely on sound bites for your information. Do some actual research. There really is more to McCain's plan than a capital gains tax cut. Which, by the way, is a good idea to keep your money in your pocket. We don't want the government to steal away our retirement and give it to people that don't way to work.

    October 14, 2008 05:41 pm at 5:41 pm |
  8. thomas

    The politicians are scrambling to save the beast as it's victims lie bleeding on the battlefield.

    October 14, 2008 05:41 pm at 5:41 pm |
  9. Simmy

    Go Obama/Biden! Did anyone see that sinking ship article by Tara (republican) Wall? I believe in free speech; it's a wonderful thing. But could someone please tell, Tara Wall, J.T., the dj/McCain's god son from Wisconsin to please shut up until 2013?

    October 14, 2008 05:42 pm at 5:42 pm |
  10. your are a fool McCain

    That proves again that McCain has no clues about the ecomics.

    Obama/ Biden 08

    October 14, 2008 05:45 pm at 5:45 pm |
  11. NJ

    Let them duke it out. By far Obama has more shady characters in his closet. And of course if they do ,the Obama Camp will bring up the race issue. No matter which Candidate, everyone has the right to know what character makes their core, it has nothing to do with the color of your skin Sen Obama. If it did you wouldn't have gone to

    October 14, 2008 05:46 pm at 5:46 pm |
  12. Olivia

    McCain had to bring out his new proposals today instead of yesterday ,to stop Obama from possibly taking the proposals and offering it all as his own. He did this frequently and blatantly in the primary, and some even in the general. So, he made obama make his proposals first.
    He outfoxed obama!

    October 14, 2008 05:47 pm at 5:47 pm |
  13. Texun

    McCain's proposal, to cut capital gains taxes is nearly useless, as Obama pointed out. It's a pity that McCain has Phil Gramm and other failed economists advising him. He might do better on his own, eventhough he doesn't claim to understand economics.

    October 14, 2008 05:48 pm at 5:48 pm |
  14. Sherry Martin

    Blaw, Blaw, Blaw. All I hear and see is the same old stuff. One says one thing, the other says the same thing in a different way. They are both just saying what they think we want to hear, and badmouthing the other for doing the same.

    October 14, 2008 05:49 pm at 5:49 pm |
  15. tiff of Lithia Springs

    Way to go Obama. Read the material before commenting. I do hope you get to go over it before tomorrow.

    October 14, 2008 05:50 pm at 5:50 pm |
  16. Chris

    Well if no one will have Capital Gains I guess that takes away one of your wealth redistribution pillars, Mr. Obama. At least you will still have income, payroll and estate taxes for your grand social re-engineering experiment, however.

    October 14, 2008 05:51 pm at 5:51 pm |
  17. Shari, NY

    I am sure that beside myself and many others all over the world, Senators McCain and Obama cannot wait for this to be done with. I actually feel sorry for both, especially McCain who does not have the stamina of yesteryear.

    That One '08

    October 14, 2008 05:51 pm at 5:51 pm |
  18. Olivia

    McCain is not afraid of Obama bringing up the Keating 5.
    He was exonerated.
    The hearing actually made him a better man...a better senator for the people......made him more aware of character and integrity.
    I hope Obama bring up this 20 year fiasco......that way McCain will have the right to hit Obama on all the "OTHERS" he's afraid to talk about.

    October 14, 2008 05:52 pm at 5:52 pm |
  19. Greed is not good

    Does anyone seriously think McCain/Palin care about excessive CEO pay or greed? All they want is extending special tax perks for the rich that don't need them...nor asked for them.

    October 14, 2008 05:53 pm at 5:53 pm |
  20. Paying Attention

    Go Obama !

    Thoughtfull leadership......not reactionary.

    October 14, 2008 05:54 pm at 5:54 pm |
  21. DeVone

    John McCain think the American people are stupid he is just so disrespectful jus listen to the crap that he is telling use
    here is a man who has so many homes that he don't
    know how many that he have Senator Obama is a man
    who has studied his life as the lives of other in simular
    situations and life in American as any caring person
    would like to live so for we who had to struggle a little
    who dream and workk hard my vote is for Senator
    Barack Obama

    October 14, 2008 05:55 pm at 5:55 pm |
  22. Greg In Colorado

    The writing is on the wall. I am really disappointed in john mccain. What low he has hit. Obama isn't a muslim, isn't a terrorist, isn't dangerous, isn't communism... I am a teacher and it is disappointing to me that there are people on here saying this crap!!! Apparently they slipped through the no child left behind act.... GET EDUCATED and stop flapping those ignorant, bigoted minds. Go get 'em Obama. To the conservatives on here... don't you have FOX News to write to????


    October 14, 2008 05:55 pm at 5:55 pm |
  23. I said Thanks, but No Thanks to another 4 years of g.o.p. corruption, arrogance and incompetence

    Ed 4:58 "A vote for Obama is a vote for communism"
    Well, that says it all. Ed is one smart guy. Can't put anything over on old Ed, can you.
    Oh yeah, Ed, how's your 401 K doing under McBush?

    October 14, 2008 06:00 pm at 6:00 pm |
  24. Vic

    Yeah, Scott, we know who Rolling Stones Magazine is - another liberal rag that that is in bed with Obama.

    McCain/Palin ticket is my choice.

    October 14, 2008 06:00 pm at 6:00 pm |
  25. BJGT

    William Timmons, the Washington lobbyist who John McCain has named to head his presidential transition team, aided an influence effort on behalf of Iraqi dictator Saddam Hussein to ease international sanctions against his regime.

    The two lobbyists who McCain aide William Timmons worked closely with over a five-year period on the lobbying campaign later either pleaded guilty to or were convicted of federal criminal charges that they had acted as unregistered agents of Saddam Hussein’s government.

    During the same period beginning in 1992, Timmons worked closely with the two lobbyists, Samir Vincent and Tongsun Park, on a previously unreported prospective deal with the Iraqis in which they hoped to be awarded a contract to purchase and resell Iraqi oil. Timmons, Vincent and Park stood to share at least $45 million if the business deal went through.

    October 14, 2008 06:02 pm at 6:02 pm |
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