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

Obama: McCain would make economy worse

[cnn-photo-caption image= 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. Shari, NY

    Anyone who says the economy is sound in one breath and contradicts his statement in the next is brewing a recipe for disaster. The poor man has lost it and his party is blinded by prejudice.

    September 16, 2008 03:48 pm at 3:48 pm |
  2. Rodger

    Georgia attacked the breakaway provinces first! McCain's #1 foriegn policy advisor is a paid lobbyist for Georgia. This whole situation stinks! I thinks they got the go ahead from McCain. If there aren't any problems in the world...he'll create one! Yes, Country First!
    Your wife is rich...retire NOW!

    September 16, 2008 03:48 pm at 3:48 pm |
  3. joey from nc

    considering i pay 1/4 of what i make in taxes and i am AT POVERTY LEVEL. I can't wait for the rich to feel the hurt just like 95 PERCENT OF THE NATION!!


    September 16, 2008 03:48 pm at 3:48 pm |
  4. Go Sarah!

    Do you think the recent stock market collapse or troubles in the banking system are good news?

    Well, according to CNN's Candy Crowley, the Obama campaign does.

    On Monday's "Anderson Cooper 360," after CNN senior political analyst David Gergen said "what happened over the weekend with the economy and the bottom falling out of the financial the opportunity for Obama to seize the momentum back on his side," Crowley actually said, "[J]ust as foreclosures were showing up on B-17, or in the real estate section, along comes this horrific headline out of Wall Street...I mean, this is what they wanted."


    I kid you not. The transcript of this disgraceful exchange follows (video embedded right, h/t Steve Malzberg):

    September 16, 2008 03:48 pm at 3:48 pm |
  5. ktodman

    I'm still awaiting the MSM to report on Obama's Treason. Trying to talk the Iraqi Government into stalling draw downs until after the elections. Two days and counting. I am still waiting.

    September 16, 2008 03:48 pm at 3:48 pm |
  6. Susan

    If nutsy McCain gets in, I'll have to put my money in an old sock and bury it in the backyard.

    September 16, 2008 03:49 pm at 3:49 pm |

    McCain has had 26 years to change Washington. He didn't do it. You can't claim you are the candidate for change when you think things are OK as they are. By the way, our economy is the opposite of strong, check your Blackberry for current stock prices.

    September 16, 2008 03:49 pm at 3:49 pm |
  8. Losing my mind in Virginia

    All i have to say to republicans is listen to allen greenspan.

    September 16, 2008 03:49 pm at 3:49 pm |
  9. Proud American

    Wake up America! Lets stop the bleeding before its too late. No more Republican neglect. They've shown they dont care about us. Lets show them the same.
    Obama/ Biden '08

    September 16, 2008 03:49 pm at 3:49 pm |
  10. T Allen

    John McCain has been part of the Washington D. C. scene for at least 26 years and he now thinks it is broken and needs to be fixed??
    What was his first CLUE?

    September 16, 2008 03:49 pm at 3:49 pm |
  11. Terry, Butte, Mt


    let's reinterate, Phil "Nation of Whiners" Graham was the creator of the Enron loophole that deregulated the Energy Industry.

    McCain originally opposed it early this century, but was lobbied by Graham (Lobbyist for UBS) in 2007 to vote against the bill that would have closed the loophole. Senate Bill S.2058.

    While McCain ran for president, Graham was McCain's chief Economic Advisor and wrote McCain's economic policy that he still stands by. Graham's economic plan is heavily dosed with MORE government deregulation.

    It is only now that the economy has taken a HUGE hit yesterday that McCain has flopped to be for government regulation.

    Don't buy it, McCain wants to deregulate, regardless of what he says now on the stump.

    September 16, 2008 03:50 pm at 3:50 pm |
  12. KG

    Obama's answer "regulate, regulate, regulate." Yet more proof, that when push comes to shove, Obama goes running back to Jimmy Carter's policies. And, what did that get us? Double digit inflation, double digit interest rates, double digit unemployment.

    Our economic system has been powerful and strong for 100+ years. It is what made the US the country it is. It's what has given us, the opportunities we've had and continue to have. Look around the world. Americans have far greater opportunities than any other people from any other country. And yet, with a two year hiccup, Obama wants to scrub the very ideals which have made us what we are and roll back to some socialistic type of regulated economy and scrap the free market.

    By the way, the Democrats have been in charge of Congress for the past two years. They've had the true power to fix these issues and have done absolutely nothing. Yet, they want you to blame this whole thing on the Republicans. Give me a break!!

    September 16, 2008 03:50 pm at 3:50 pm |
  13. Convicted felon who can't vote

    Yes McSame will make things worse. Hearing his economic advisors, I'm petrified of McSame. This country is literally falling apart and electing McSame will put the name in the coffin.


    September 16, 2008 03:50 pm at 3:50 pm |
  14. MikeH

    If anyone can turn this recession into a full-blown depression, it is Phil "Nation of Whiners" Graham, McCain's economic advisor.

    McCain's voting record speaks for itself. Tax breaks for rich folks entitlement cuts for average people.

    September 16, 2008 03:51 pm at 3:51 pm |
  15. TONY

    It looks like Ohio, Florida, Virginia and possibly Missouri will decide this election. It will be interesting to see if the people who are suffering in those states stick with what got them there or will they step in a new direction. . . .

    September 16, 2008 03:51 pm at 3:51 pm |
  16. Proud to be American

    I fault the economic philosophy McSame as Bush subscribes to – too... he only voted 90% of the time with the current President. He subscribes to the same ecconomic policies not putting anything new on his ticket. He and Painlin have wonderful sound bites on how they will change things but their record begs to differ...

    September 16, 2008 03:51 pm at 3:51 pm |
  17. California Gold

    I'm for McCain's statement "We're going to put an end to [insert your topic of the day] statements. Trouble is McCain is directly responsible for relaxing and eliminating regulation. McCain's life long friend and campaign financial advisor and policy person is Phil Gramm: Americans are whiners. That is change to make matters worse.

    September 16, 2008 03:51 pm at 3:51 pm |
  18. Grace Needed

    Hey Senator McCain, how do you envision dealing with this recklessness and corruption when you have obviously contributed to it in voting for deregulation? If you are so upset with unbridled greed now, why didn't you see that this might happen sooner and vote against deregulation? It's because you are as reckless as they are. You selected a Vice President without proper vetting. You took a gamble, a high risk to win without thought for your country's future. You are no longer the honorable hero you once were when we supported you in 2000. To be honorable requires honesty and you sir, have not been honest and are not being honest now. Your recklessness has cost this country already. We are praying it won't cost our future anymore!

    September 16, 2008 03:51 pm at 3:51 pm |
  19. tennessee

    Obama does not have a plan and would destroy America!!!

    September 16, 2008 03:52 pm at 3:52 pm |
  20. Gary, Detroit

    McInsane blames everything on Wall Street yet ignores the " reckless conduct, corruption and unbridled greed " in Washington. It's in Washington where economic policies and all those so called "free trade " agreements are written.

    September 16, 2008 03:52 pm at 3:52 pm |
  21. Debby

    Wait Barack you benefited from one of those failing banks remember. I don't see you giving the people their money back that contributed. Raising taxes on small business making over 250 and less than a million to pay for tax breaks on others isn't going to jump start the economy. It will only force small companies to lay off or fold when their payroll, corporate and the capital gain taxes go up. Small business's are the stronghold of rural communties that keep local people employed. Rasing taxes in a bad economy for employers is not the way to put more people back to work.

    September 16, 2008 03:52 pm at 3:52 pm |
  22. Will-South Dakota


    September 16, 2008 03:52 pm at 3:52 pm |
  23. Silence Dogood

    Obama, what will you tell you corporate Lobbyist friends when they come to call? Will you still be promising the pure vision of fuzzy nonspecific utopia?

    #1 – tell the lobbyists you lied and will not do what they say. (good luck)
    #2 – tell America you lied to them saying you did not take lobby money

    Perhaps voters can help you avoid this situation.

    September 16, 2008 03:52 pm at 3:52 pm |
  24. The FISH that still STINKS

    No not Palin, she's just a prop. McCain, Mr. "I don't know much about the economy" is the problem. Old man shouldn't be allowed to drive, let alone run the LARGEST ECONOMY IN THE WORLD!!!

    September 16, 2008 03:53 pm at 3:53 pm |
  25. Wendy in NC

    All of you who say you don't know what Obama's plan is, need to watch his speech this morning. He outlined his core principle plans (the ones which we've known about for at least a year because we read his plans) in his speech this morning. He has taken these plans to Wall Street and Sec. of Treas., and anyone else who would take the time to listen. So stop saying he has no plan when it's been crystal clear to me for over a year.

    September 16, 2008 03:53 pm at 3:53 pm |
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