September 16th, 2008
02:45 PM ET
14 years ago

Obama: McCain would make economy worse

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/POLITICS/09/16/campaign.wrap/art.obama.ap.jpg caption="Obama kept up the economic attacks on McCain Tuesday."](CNN) - Sen. Barack Obama said Tuesday that the country is facing the "most serious financial crisis in generations" and argued that rival Sen. John McCain would only make it worse.

"I certainly don't fault Sen. McCain for all of the problems we're facing, but I do fault the economic philosophy he subscribes to," Obama said in Golden, Colorado.

Obama said what's happened in the past few days is "nothing less than the final verdict on an economic philosophy that has completely failed."

On Monday, Lehman Brothers - the 158-year-old Wall Street giant - filed for bankruptcy protection, and 94-year-old Merrill Lynch sold itself to Bank of America. Both developments sent shock waves through Wall Street.

Listen Obama conference call hits McCain on the economic crisis

While Obama was slamming McCain's economic policies, the senator from Arizona campaigned in Tampa, Florida, where he promised to "change the way Washington does business."

"We're going to put an end to the reckless conduct, corruption and unbridled greed that has caused a crisis on Wall Street," McCain said.

Full story


Filed under: Candidate Barack Obama • John McCain
soundoff (195 Responses)
  1. Sue in MI

    Didn't he say that at the Convention, at every stump speech, and on The View? How does that change anything? What does he mean to do-rein in the deregulation he has supported that caused this? Does he even know he helped cause this problem? Could Sarah explain it to him?

    September 16, 2008 03:41 pm at 3:41 pm |
  2. Voter

    McCain won't add "oversight" – that goes against everything he's ever said! (aka government spending and having hands in the private sector)

    McCain's reform = you're on your own!

    September 16, 2008 03:42 pm at 3:42 pm |
  3. Bushwhacked in Eugene, OR

    If any of you Obama-haters listened to this speech, as I did, and you still say he has no substance, or speaks only in generalities, or doesn't offer solutions - then you're either blind, a racist or such hard-line republicans that you'd never vote for any democrat. This speech was filled with specifics, and they made lots of sense to me. Please - LISTEN before you believe platitudes from your ranting talk show hosts.

    September 16, 2008 03:43 pm at 3:43 pm |
  4. Anita from Arizona

    Spot on, Obama. It took a Democrat to dig the country out of the last deficit. It'll take another one. Time to give the Republicans a TIME OUT!!

    September 16, 2008 03:43 pm at 3:43 pm |
  5. yo

    The ECONOMY is fundamentally sound so quit your whining.

    September 16, 2008 03:43 pm at 3:43 pm |
  6. jt

    Obama will be worst.

    Obama will tax the rich then the rich will raise their products or services to the people.

    September 16, 2008 03:44 pm at 3:44 pm |
  7. Blinker

    McCain blames Wall Street for Wall Street's problems. Obama blames............Bush. Obama is losing his grip on this race.

    September 16, 2008 03:45 pm at 3:45 pm |
  8. Bulldog

    "In my administration we're going to hold people on Wall Street responsible and we're going to enact and enforce reforms that make sure that these outrages - and they are outrages - never happen in the first place," McCain said

    But wait, this is completely opposite of what McCain has supported and stood for the last 20 plus years.

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.

    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrats objected against it. Phil Gramm introduced this bill and was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today along with the banking lobbyists he is employing in his campaign. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? Look it up, McCain has truly supported DEREGULATION throughout his career and now all of a sudden he is FOR regulation. He’s blowing smoke and just telling more lies.

    September 16, 2008 03:45 pm at 3:45 pm |
  9. MCCAIN AND REPUBLICAN DEREGULATION ARE THE PROBLEM

    The Reason for America’s Financial Crisis:

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.
    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrates objected against it. Phil Gramm indroduced this bill was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? If you do then vote for McCain.

    Yes that would be the same Gramm that thinks we are "whiner" and a "mental" recession!

    What was this doddering old fool, talking about the morning of 09/16/2008 on American Morning??

    "we need a 9/11 style commission??"

    Why?? What does that have to do with the economy??

    I know it was early in the morning so hopefully, your napping now, so you will be able to speak coherently later today.

    On 09/15/2008, Americans lost over $700 billion from retirement and pensions.

    Exactly how is that a "sound" fundamental?
    Of course, since Palin has been to a bank, I am sure she is FULLY qualified to help dig us out of the hole.

    Greenspan" "We cannot afford John McCain's tax cuts".

    No Bush 44!

    McCain ; “We have seen self interest, greed, irresponsibility and corruption undermine the hard work of the American people".

    Finally something true out of this man's mouth.

    His party is guilty of all his accusations, since Republican have held the WH and a majority of Congress, for the last 6 of the 8 years
    .
    We truly cannot afford 4 more years of this know nothing.

    McCain: ”We will stop multi-million dollar payouts to CEOs who have broken the public trust”.

    Does this mean that Carly Fiorina your new BFF, who took $21 million in cash as her departing gift after running HP into the ground, will be tendering her resignation?

    Oops, hope that wasn‘t “sexist“.

    September 16, 2008 03:45 pm at 3:45 pm |
  10. Susan

    McCain would be a total disaster. If he wins, Better start up the fires for the soup kitches. That is if you can afford the wood to make the fire! No McCain, No Palin!

    September 16, 2008 03:45 pm at 3:45 pm |
  11. California Gold

    McCain keeps giving the same terse, angry answers with "we're going to put an end to..." but ignores what occurred that resulted in the collapse of our financial institutions. Well we know it has to stop and we know McCain has supported the industry wide deregulation that caused the mess. So now he is the one to save the day? HAHAHAHAHAHAHAHA

    September 16, 2008 03:45 pm at 3:45 pm |
  12. Justin, ny

    Its a pretty strong argument obama makes. We've tried the republican economic philosophy for the last 8 years, and look where its gotten us...... Don't you think its worth trying something different?

    obama/biden '08!!!!!!!

    September 16, 2008 03:45 pm at 3:45 pm |
  13. W. Axl Rose

    And taxing small businesses into oblivion would help the economy?

    September 16, 2008 03:45 pm at 3:45 pm |
  14. sophia nyc

    McCain would make the entire world miserable.

    September 16, 2008 03:45 pm at 3:45 pm |
  15. Anonymous

    Simple question for McCain: How?

    How are you going to reform anything?

    How come you haven't reformed anything in nearly 30 years in DC?

    How can you make corporations not pay CEOs exhorbitant salries?

    How will you explain to the conservative base that you are now suddenly in favor of firm governemnt regulation of business?

    September 16, 2008 03:46 pm at 3:46 pm |
  16. Jon

    McCain certainly hasn't offered any suggestions for how to make the economy better, so that leaves only one other option, right?

    September 16, 2008 03:46 pm at 3:46 pm |
  17. Ommi

    84000 people lost their jobs in the month of August alone
    "NOT ANOTHER 4 YEARS"

    Fannie Mae & Freddie Mac lost $30 BILLION because of the Bush Administration
    "NOT ANOTHER 4 YEARS"

    Thousands of homes foreclosed every day now
    "NOT ANOTHER 4 YEARS"

    American does not need another senseless war.
    "NOT ANOTHER 4 YEARS"

    KATRINA and how it was handled was a national disgrace
    "NOT ANOTHER 4 YEARS"

    4000+ American soldiers dead in Iraq & over 150000 Iraqi’s
    "NOT ANOTHER 4 YEARS"

    Bush fired US attorneys illegally
    "NOT ANOTHER 4 YEARS"

    CIA agent Valerie Plame cover leaked by Bush & Cheney Administration
    "NOT ANOTHER 4 YEARS"

    The corruption of ENRON
    "NOT ANOTHER 4 YEARS"

    Republican lobbyist JACK ABRAMOFF
    "NOT ANOTHER 4 YEARS"

    Bush Commutes Scooter Libby's Prison Term
    "NOT ANOTHER 4 YEARS"

    Sex Predator MARK FOLEY whose job in congress was to protect our children.
    "NOT ANOTHER 4 YEARS"

    Gas Prices jump from $0.89 per gal in 2000 to $4.00+ per gal right now in 2008
    "NOT ANOTHER 4 YEARS"

    National debt increases $1.93 BILLION each DAY now over 9 trillion TOTAL
    "NOT ANOTHER 4 YEARS"

    American major banks bankrupt
    "NOT ANOTHER 4 YEARS"

    Illegal WIRE TAPPING dishonoring the constitution of the United States of America
    "NOT ANOTHER 4 YEARS"

    No child left behind a disaster for our children
    "NOT ANTOHER 4 YEARS"

    Bush finally admits he was a drunk but lied about it back in 2000 campaign
    "NOT ANOTHER 4 YEARS"

    Hundreds of millions in profit for oil companies and their CEO'S.
    "NOT ANOTHER 4 YEARS"

    Our soldiers sent to battle field WITHOUT proper armor.
    "NOT ANOTHER 4 YEARS"

    "Mission Accomplish banner on aircraft carrier with BUSH, We are still at THIS DUM WAR.
    "NOT ANOTHER 4 YEARS"

    Wall Street big CEO BONUSES, NO OVERSIGHT, & NO REGULATIONS led to banks going under.
    "NOT ANOTHER 4 YEARS"

    AIG need 76 billion to be saved from going under. .
    "NOT ANOTHER 4 YEARS"

    HP Latest Mega Company to cut 28000 jobs
    "NOT ANOTHER 4 YEARS"

    A vote for Mccain/Palin/Bush will be the same as the last 8 years.

    September 16, 2008 03:46 pm at 3:46 pm |
  18. Sylvia

    and I say Obama will make it worse
    didn't you hear him on O'Reily....he wants us to work hard so "we" can help out the waitress down the street.....
    excuse me???

    September 16, 2008 03:47 pm at 3:47 pm |
  19. The Great One

    With Obama in the oval office the economy will rebound for sure!

    September 16, 2008 03:47 pm at 3:47 pm |
  20. Lynn:60 yr old Obama supporter

    How can McCain take on "reckless conduct, corruption and unbridled greed" when the very people who helped create these situations are key advisors to his campaign. Who ither than lobbyists does McCain have as advisors? Just more of the same lies and hypocrisy.

    September 16, 2008 03:47 pm at 3:47 pm |
  21. KEATING 5 V.2008

    The Reason for America’s Financial Crisis:

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.

    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrates objected against it. Phil Gramm indroduced this bill was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? If you do then vote for McCain.

    Yes that would be the same Gramm that thinks we are "whiner" and a "mental" recession!

    And yes, the other 4 were Dems, but they are not running for President.

    September 16, 2008 03:47 pm at 3:47 pm |
  22. Linda from Prescott AZ

    obama is correct and mccain as usual is wrong, lies, is dis-honest, a loose cannon, a war monger and just plain wrong.

    September 16, 2008 03:47 pm at 3:47 pm |
  23. TROY

    The vast majority of Americans are so easily fooled and even more easily led. OBAMA is right, McCain would most difinitely make our economy worse.

    September 16, 2008 03:48 pm at 3:48 pm |
  24. Bulldog

    Don't let the Republicans and the McCain camp to blame democrats for the current financial crisis. It is clearly the Republicans who support free market and deregulation that they have pushed through as bills which has had a direct role in America's financial crisis. The democrats have tried to put more regulation in the markets to prevent our financial crisis only to be blocked by Republicans. So for Republicans to blame Democrats is an outright LIE.

    September 16, 2008 03:48 pm at 3:48 pm |
  25. Patriot

    It means No real vetting process for Sarah Palin!
    It means they really believe the American People are that Stupid!
    Unfortunately, there are too many that will listen and believe that it's the Media or some liberal plott to bring her down, when she herself said "I will cooperate fully in the investigation" sad day on Nov 4 when the American people truly show how ignorant we are and elect these two in office

    September 16, 2008 03:48 pm at 3:48 pm |
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