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. deborah, WV

    McCain has consistently supported deregulation of the financial markets - just like Bush, and it was this deregulation that caused the initial mortage meltdown that has now spawned the current financial mess. Economists are using words like catastrophic, grim, severe and depression .

    Voting for McCain to help our economy would be like hiring the wolf to guard our sheep!

    September 16, 2008 03:59 pm at 3:59 pm |
  2. Nick - Arlington, VA

    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!!
    ----------------------------------–
    KG – two years does not easily wipe away the 12 previous of republican rule and the current 8 of an incompetent republican president. Furthermore, it has been the LACK of regulation (including the Enron loophole, which was authored by McCain's top econ adviser Phil Graham) that has allowed these companies to get away with risky business ventures with out money.

    STOP DILUTING YOURSELF

    OBAMA-BIDEN 2008

    September 16, 2008 03:59 pm at 3:59 pm |
  3. McCain Invented the Blackberry

    So what if McCain thinks he doesn't know as much about the economy as he should? So what if Carly Fiorina thinks he isn't qualified to run Hewlett Packard?

    The man INVENTED THE FREAKING BLACKBERRY!

    There's nothing he can't do!

    September 16, 2008 03:59 pm at 3:59 pm |
  4. Arkansas Undertaker

    Obama is exactly correct. The Republicans got us in this mess in the first place and now they want to elct another republican as President.

    September 16, 2008 04:00 pm at 4:00 pm |
  5. Kel in Auburn, AL

    It's amazing. Obama and his campaign tell the truth and catch so much heat for it. McCain lies, misleads, and puts forth disingenuous statements, and people eat it up.

    If you care for hypocrisy, the GOP is your answer.

    September 16, 2008 04:00 pm at 4:00 pm |
  6. Joe in MN

    McCain would probably deregulate the financial sector just so we can sell it off to every country in the world, so we wouldn't have to be afraid of terrorists anymore...they would just own us.

    September 16, 2008 04:00 pm at 4:00 pm |
  7. Liviu

    KG, you are confusing Congress with Government!

    September 16, 2008 04:01 pm at 4:01 pm |
  8. JusLaugh

    Of course it would. He just tweaked a couple of lines in Bush's economic plan and called it "reform".

    Those who can't see the danger in a McCain presidency are looking through biased eyes.

    September 16, 2008 04:01 pm at 4:01 pm |
  9. Hillary Democrat

    Obama is wrong. If the democratic congress would have done something about the mortgage crisis 2 years ago we would not be in this mess. They were warned. It's the democratic congress who fault our economy is in a mess.

    September 16, 2008 04:01 pm at 4:01 pm |
  10. ron

    I am waiting for one!!! repuklican to stand up and say that George Bush was good for this country!...

    September 16, 2008 04:01 pm at 4:01 pm |
  11. Anonymous

    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!!
    -------------–

    I'll give the Democrats 2% of the blame for being in control of Congress the last two years, albeit without a fillibuster-proof majority and with a veto-happy Repub in the WH.

    The other 98% I'll give to the GOP, incontrol of the WH for the last eight years and Congress for twelve of the last fourteen.

    Fair enough?

    September 16, 2008 04:02 pm at 4:02 pm |
  12. Que Quedas

    it is funny that the democrats have been in power for the last two years and the thuglicans are trying to push blame to them......well the problem stems from before two years ago and because peoples loans started to default around two years ago.....others with adjustable mortgages have been stuck because of lessened property value and these deregulator rethugs let everything get out of wack......now we are in the dominoe effect of a bad economy......but for the thugs to try and put it on the 2 year democratic congress in absurd........but nice try

    September 16, 2008 04:02 pm at 4:02 pm |
  13. Bruce

    Bush tax cuts cost us trilliions. Deregulation, started by Bush the elder in 1981 and brought to new heights by Bush the younger, cost us unkown amounts, possibly trillions. Savings and loan bailout and Enron meltdown have to included in this category. The war for profit has cost us billions. So I guess the plan was soaring deficits, a weak dollar, monumental national debt, rising unemployment, no energy alternatives, crumbling infrastructure, and all the while maintaining solid fundementals. Mission accomplished.

    September 16, 2008 04:02 pm at 4:02 pm |
  14. kim

    kg are you warped?dems have had control over congress for the last 2 years out of 8 so yes the republians are at fault. I hate that it took nearly another depression to reveal the damage that the rePubs and their economic philosophy caused, but Im glad it is out in the open for the whole wide world to see. The headlines in the past few days was like giving the repubs a bath, the dirt has been washed off and now the whole republican party is standing there naked in the middle of the floor for the whole world to see. They had it coming.

    September 16, 2008 04:02 pm at 4:02 pm |
  15. w.l. jones

    It appears a certain candidate economic policy for the country is about like traveling in deep space without sterring jet. Said enough.

    September 16, 2008 04:02 pm at 4:02 pm |
  16. Ken in Dallas

    Taxes are only a small part of how an economic outcome happens. What matters more is what you do with the money. If you invest public money wisely, it will produce a return, just as it does in the private sector. If you spend your money on stupid things, you'll lose it forever.

    For instance, look at the Iraq war. We've already spent the better part of a trillion dollars on that undertaking, and we'll probably have spent the rest of a trillion before it's done. What will our trillion dollars buy us? Anything of real value? If we face facts, we'll admit that Bush's plan to use Iraq as a platform from which to transform the entire Middle East is nothing more than a fantasy, and without that, there's really no prospect of a return on the Iraq investment. Staying in Iraq amounts to throwing good money after bad.

    Now imagine an administration that keeps us in Iraq indefinitely, and launches aggressions against additional countries like Iran and Russia. Is there really anything we want that we can get by fighting with Iran and Russia? Starting wars is economically unproductive, especially if you have no intention of conquering and pillaging the conquered lands.

    A McCain presidency would be an economic catastrophe.

    September 16, 2008 04:02 pm at 4:02 pm |
  17. ron

    Why would the Mcsame brand be any different...are you kiddin' me...

    September 16, 2008 04:03 pm at 4:03 pm |
  18. Mary

    I'm sick and tired of people saying the Democrats have "been in charge of Congress" for the past two years and haven't done anything. They have only a slight majority, not veto proof, and the Republicans have stood in the way of everything the Democrats have tried to do. Until we get more Democrats in Congress, they don't have the "power to fix these issues." The Rebuplicans are still in charge, until November, that is!!

    September 16, 2008 04:03 pm at 4:03 pm |
  19. john

    he would i agree mccain is out of touch

    September 16, 2008 04:03 pm at 4:03 pm |
  20. AMERICAN MORNING

    Everyone should watch this morning's version. McCain and Biden were back to back.

    McCain spoke in very general and angry terms.

    Biden rattled off statistics and specifics of how to achieve them.

    You decide.

    September 16, 2008 04:03 pm at 4:03 pm |
  21. Anonymous

    McCain's senior domestic policy advisor on the economy:

    Addressing the nation’s economic crisis, Holtz-Eakin told reporters traveling with the campaign “there’s no magic solution. And I don’t think that it’s at this moment imperative to write down exactly what the plan has to be.” He also said a president isn’t someone who needs to be heavily involved in policy specifics, which should be handled by “quality” advisers,
    --------------

    By far, the most important and frightening statement made this political season.

    They have no plan, and the president is not heavily involved in policy specifics... Sound like anyone we know?

    September 16, 2008 04:03 pm at 4:03 pm |
  22. Illinois Blue Dog

    Does McCain think we can being to balance our $400 billion deficit or begin to pay off our $9 trillion national debt by cutting taxes for the wealthiest 2% of the population? Oh yeah, cut all earmarks says Sen. McCain. Wait though; there were only $18 billion of earmarks in the most recent budget, which wouldn't even put a dent in that $400 billion deficit. And I won't even discuss that money-pit in Iraq which is putting a hole in all of our collective wallets. We all need to pitch in our fair share (including the wealthiest 2%) and stop whining. When the average citizen doesn't pay their bills, guess what, they go into a deep financial crisis. Sound familiar? Someone needs to balance the budget and pay off the debt sooner or later, otherwise our grandchildrens' grandchildren will still be paying off this generation's financial debt. A financial crisis like the one we are experiencing calls for true leadership, not for a president and a political party that told us to "go shopping" or that likes to talk about lipstick on a pig rather than the issues that face us.

    September 16, 2008 04:04 pm at 4:04 pm |
  23. Tina

    GO OBAMA

    John McBUSH..............John McSAME

    NO WAY
    NO HOW
    NO McBUSH

    September 16, 2008 04:04 pm at 4:04 pm |
  24. Enlightened Voter

    Alan Greenspan, the former Chairman of the Federal Reserve, said on Monday that Mccain's economic plan would be disastrous for the economy and actually destroy it.

    September 16, 2008 04:04 pm at 4:04 pm |
  25. no trickle down...

    Oh except that McCain in the last 24 hours has changed his tune... and is now in favour of making the economy work for the American people, not just big business. So why was he not doing this the last 25 years 364 days...?!

    His campaign slogan should be "Me Too".
    25 years and 364 days of no change, doesn't make him the change agent!

    September 16, 2008 04:04 pm at 4:04 pm |
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