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.

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

    McCain's comments made in Florida sounds like he is going to withdraw from the election.

    September 16, 2008 03:54 pm at 3:54 pm |
  2. Frank

    Before folks of average means consider voting for McCain, they should check the historical record about who runs the economy better.

    Over the past 60 years, Democrats have outperformed Republicans in producing economic growth. Taking an average eight-year span of time (a two-term presidency) a Democrat will produce 9.3% greater economic growth.

    So don't vote your fears or your prejudices. For once, wise up and vote your pocketbook.

    September 16, 2008 03:54 pm at 3:54 pm |
  3. SamSunny

    John McCain has been a supporter of deregulation for years. John McCain's friend, and most probable selection for Sec. of Treasury, Phil Gramm, wrote the legislation on deregulation.

    Deregulation and Wall Street lobbyist have caused this horrible financial mess we are in, starting with allowing the subprimes in the housing market. Phil Gramm is still John McCain's advisor on the economy. If you think John McCain will straighten up Wall Street you are living in a dream world.

    September 16, 2008 03:54 pm at 3:54 pm |
  4. gt

    maybe at the hollywood fund raiser tonight , the dems will get enough money form hollywood fat cats to pay off the national debt.

    September 16, 2008 03:54 pm at 3:54 pm |
  5. j.williams, san diego

    the 2nd. biggest recipient of special interest money from freddie mac and fanny mae is OBAMA and he's only been in the Senate for two years (inexperience) and he wants to lecture us on economy ??? NO OBAMA-NO SOCIALISM-NO OBAMA.

    September 16, 2008 03:54 pm at 3:54 pm |
  6. LS

    I don't doubt this about McCain one bit.

    You people voting for McCain because of Palin, you need to realize that Palin is not qualified to be VP, nor is she more qualified for president than Obama.

    The 'executive' terminology doesn't mean squat if Palin doesn't have the common sense. Anyone can be labled an executive, but doesn't do any good if they don't have common sense or the knowledge. Palin and McCain definately don't have what it takes.

    Look at all of Palin's discrepancies in office as governor – look at Palin's level of education. In which there is no comparison to Obama and Biden's high level of educational achievements and educational Success.

    We need smart leaders in the White House – not the some old crap.

    Thanks

    September 16, 2008 03:55 pm at 3:55 pm |
  7. Pitbull without lipstick

    He already has made the economy worse with that stupid Phil Gramm on his team and the fact that McCain wants to give tax cuts only to the super-rich. The reason we are in the trouble today with the economics is because of the GOPS!

    September 16, 2008 03:55 pm at 3:55 pm |
  8. I said Thanks, but No Thanks to another 4 years of g.o.p. corruption, arrogance and incompetence

    You Americans are nothing but a bunch of whiners.
    -Phil Graham- King of Deregulation and McCain's Secretary of the Treasury.

    September 16, 2008 03:55 pm at 3:55 pm |
  9. Jackson

    Yet Obama has no answers besides: Bigger Government.

    Thank God half of America realizes what an idiot Obama is!!

    September 16, 2008 03:55 pm at 3:55 pm |
  10. Tainopower

    AND THE COMMUNITY ORGANIZER IS GOING TO FIX IT? I HAVE MORE TRUST ON MCCAIN THE OSAMA.

    September 16, 2008 03:55 pm at 3:55 pm |
  11. sandee in Portland

    Well, if McCain wants to stop corruption and reckless conduct, then he should start with Palin suing to stop the investigation into "Troopergate". If, as she said, she has done nothing wrong, then why try to stop it. Let the truth show she's innocent. This is corruption at its best.

    And, on the economy, I think history has shown it takes the democrats to put us on the right track. It took a democrat to pull us out of the Great Depression and Clinton took over an administration in a recession and pulled us out leaving a budget surplus which good ol' Bush has managed to squander and put us owing the most debt in history.

    Go Obama! Go Democrats

    September 16, 2008 03:55 pm at 3:55 pm |
  12. ricky from orlando

    flip floping mcbush I mean mcsane i mean mc out of touch is a joke if he is elected i'll never vote again!

    September 16, 2008 03:56 pm at 3:56 pm |
  13. Tim

    Hmmm...McCain boasts that he's going to stop BS in washington, but he's been part of it for the last 30 years. I see a big fat lie here.

    September 16, 2008 03:56 pm at 3:56 pm |
  14. Sarah.....and my last name isn't Palin!

    CNN it's about time to start talking about the healthcare policies for both candidates. NYTimes has a great Op Ed piece out today. Many Americans will see that we can't afford John McCain's healthcare plan. Employer based coverage will cease to exist. Please have your reporters talk about this.

    September 16, 2008 03:56 pm at 3:56 pm |
  15. THE VOICE OF COMMON SENSE (Independent Voter - Charlotte, NC)

    McCain's plan is more of the same...Bush's version of "Trickle-Down Economics"...look at our economy now! Well, it sure seems to suggest that this doesn't work! The rich take those tax breaks and spend them on themselves, not the hard working poor of America!!! Just look at all the businesses that have gone to China in the last 8 years!!!

    September 16, 2008 03:56 pm at 3:56 pm |
  16. John in Ohio

    Given that McCain wants to increase tax cuts and increase spending, yeah, he'll be a disaster. You can't reduce revenue and increase expenditures. It just doesn't work.

    September 16, 2008 03:56 pm at 3:56 pm |
  17. Terry From Texas

    KG
    I agree with you 100 percent.
    Why can't the Obama supporters see that!!!!!!!!!

    September 16, 2008 03:56 pm at 3:56 pm |
  18. Joel Miller

    Obama is right. McCain is wrong despite his populist rhetoric. For the past 28 years, Republican presidents and Republican congresses have been destroying workers rights, shipping jobs overseas, deregulating banking and insurance, breaking and discrediting unions, trampling on OSHA, the NRLA, etc. McCain can sing the praises of American workers but he has never stood up for workers in auto, steel or other basic industries when their factories were shut down, when they were forced to take crippling cuts in wages and benefits and now with the financial crisis: what about those pensions? Its time for a change. Its time for imaginative solutions that provide real jobs and security for Americans.

    September 16, 2008 03:57 pm at 3:57 pm |
  19. I said Thanks, but No Thanks to another 4 years of g.o.p. corruption, arrogance and incompetence

    KG: The Democratic congress can't get past Bush' s vetos. Your comment shows that you are a firm believer in no regulation of the markets, just like your candidates next treasury secretary, Phil "you're a bunch of whinners, Graham.

    September 16, 2008 03:57 pm at 3:57 pm |
  20. George from Minneapolis

    McCain has no specifics. NONE.

    September 16, 2008 03:57 pm at 3:57 pm |
  21. Vernon

    Just love the way Obama can spin his web on change. Blame the Gov....but how about CEO of major companies. IT's there job to run a tight ship....and seems there all sinking. Most due to nothing but Greed.

    September 16, 2008 03:57 pm at 3:57 pm |
  22. worldwisdom

    John McCain, I'm still waiting on the HOW!!! HOW are you going to change those things. HOW are you going "to put an end to the reckless conduct, corruption and unbridled greed that has caused a crisis on Wall Street." Thats the difference to you and Obama. He says HOW is going to do it. John McCain is just empty rhetoric and pandering. Lacks any depth and is selfishly ambitious.

    September 16, 2008 03:58 pm at 3:58 pm |
  23. Jasmine in Germany

    It is clear that Obama knows more about the economy in this day and age than McCain does.

    September 16, 2008 03:58 pm at 3:58 pm |
  24. Bama

    Hello, Obama is not an economy expert......Someone wrote this speach for him. If you want to look at the problems with Fannie & Freddie, go look at the Democrats. The Republicans have been trying to reform these for years. The Dems will raise taxes on everyone. There is no way Obama is going to cut taxes for 80% of people in America. He can't do that plus have all the new programs he wants. I mean, come on, how gullible are you people.

    September 16, 2008 03:58 pm at 3:58 pm |
  25. david

    I agree with Obama!! Mccain cannot be trusted. I take that back, Mccain and Palin can't be trusted.

    OBAMA/BIDEN 08...

    September 16, 2008 03:58 pm at 3:58 pm |
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