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. JUAN C AR LOS

    S E N A TO R :::::::::::::O B A M A ::::::::::I ::::::::::::::F AU L T:::::::::::R E I D::::::::::

    P E L O S I:::::::::::::A N D:::::::::T HE :::::::::R E S T:::::::::::O F::::::::::::::::Y O U R

    :::::::::D O::::::::::N O T H I N G:::::::::::M A J O R I T Y:::::::::I N:::::::::::::::::

    C O N G R E S S::::::::::::::::::D E M O C R A T S

    September 16, 2008 04:04 pm at 4:04 pm |
  2. INDEPENDANT VET

    LOOK AT A CITY , THERE WAS THIS FARM AN IT HAS A STORE AJOINING FOR YEARS , NOW THE 2 BROTHERS HAVE SPLIT , ONE HAS THE FARM AN THE OTHER THE STORE.

    THE ONE WITH THE FARMM WENT AND PAINTED OBAMA ON THE ROOF OF HIS BARN . SINCE THAT HAS TAKEN PLACE PEOPLE HAVE BOYCOTED STORE .

    JUST GOES TO SHOW YOU HOW PEOPLE REACT TO SOME POLITICION THAT THINKS HE IS OUR NEXT ALMIGHTY GOD .

    SOME ARE NOT READY TO TRADE THERE BIBLES IN FOR THE QUARM . WRIGHT REZKO . # ABC NEWS JERKS THAT DISCARDED THERE LAPEL PINS TO SHOW SUPPORT FOR THERE HOLLYWOOD DARLING . THEY PROBABLEY HAVE ALREADY GOT THERE QUARMS.

    SO UNTILL , DRILL BABY DRILLL MAVRICKS ALLL THE WAY.

    September 16, 2008 04:05 pm at 4:05 pm |
  3. Tim

    That's right KG....Dems in congress haven't fixed our problems over the past two years. That's because of the constant repuglican interference. And it's typical of a Rep supporter like you to think two years should be enough time to fix the damage repuglicans have done over the past eight years and more. You have no case. Obama isn't using Carter's economic plans, you don't even have your facts straight. Once again....typical and that's why this country is such a mess. Go waste your vote on McBush, You must be profitting from it in some way. The rest of us aren't!! Your party is just way out of touch with the majority. You're about to be brought back down to earth. If your nose wasn't in the clouds all the time, you might see how an average American lives.

    OBAMA 08

    September 16, 2008 04:05 pm at 4:05 pm |
  4. Stacy from Loudoun County VA

    I am an Obama supporter but both his plan and McCain’s plan will not reduce the national debt. I think McCain’s is more destructive however and will continue the rift of haves and have nots. But the one thing, whoever becomes President, will have to focus on is getting this country back in the black. Because the most detrimental thing dragging this economy is the mountain of debt that has occurred since G.W. Bush became President. Just calling them like I see them.

    September 16, 2008 04:05 pm at 4:05 pm |
  5. M.Serafin

    KG, funny McCain wanna regulate to too, and he will even look into Ceo's pay stubs...

    This is the only place in the world, where a company, like walmart, can break the workers, treat them bad and still get away with it. They dont even have to pay you a wage so you can live..

    And just because we have been strong for 100+ years don't mean much, evil empire falls, just look at the roman empire and the nazi empire...
    The republican empire is over, thank god..

    September 16, 2008 04:06 pm at 4:06 pm |
  6. bob in L.A.

    No President can make an economy better or worse on his own.
    If they have the backing of the house and senate, they can affect certain decisions on what economic plans are put in place.
    There is only one possible way to fix the economy- spend less, take in more money and stop paying for luxuries like a useless war.

    September 16, 2008 04:06 pm at 4:06 pm |
  7. Jerry

    KG – The Democrats have been in charge of Congress for 20 months (since Jan 2007). Before that, the Republicans were in charge of Congress for 12 YEARS.

    It's absurd how Republicans expect the Democrats to have cleaned up their mess in less than two years, while at the same time, trying to blame them for that mess too!!

    September 16, 2008 04:06 pm at 4:06 pm |
  8. Obama Campaign

    Hasn't Joe Biden been part of the Washington, DC scene for the past 36 years?

    September 16, 2008 04:06 pm at 4:06 pm |
  9. Vernon

    Agree country is hurting. But falling apart? Come on!!
    We all still have better living than over half this world.
    I work in a factory...been doing it all my life. I've down sized in order to make ends meet. But I'm not going to wine and cry like a baby because people think this country is falling apart.
    People need to get facts. And getting anything truthful from the press?
    Not unless we get some changes put in on how they report it.
    There masters at spinning what ever they want.
    Just look at CNN's resent caption they put in.
    " Palin not qualified to run a company "
    Read the story..and of course she is not able to run a major company.
    that is not where her skills lie.
    This is what we are fed on a constant daily barage from the press.

    September 16, 2008 04:06 pm at 4:06 pm |
  10. TKCROW

    I guess Obama's plan to fund the Great Lakes fund with a rollback of the oil company tax breaks (thereby increasing the price of gas to every American) is a great idea and will improve the economy. Obama, the only economy it will improve would be the Great Lakes fund which is in your backyard and sounds very much like a pork barell expendture to me. Keep talking out of both sides of your mouth on issues like this Obama, it makes for great talking points now and then when the left wing media looks back at this election and evaluates how in the world you lost the election after such a commanding lead – this will just be another notch on the gun that cost you the election.

    September 16, 2008 04:06 pm at 4:06 pm |
  11. I Invented the McMuffin... and fire

    Why not deregulate EVERYTHING so we can see the same drastic improvements that we've witnessed in the mortgage lending biz... that worked out well now didn't it. The corporations would NEVER screw the public.

    September 16, 2008 04:06 pm at 4:06 pm |
  12. Tina

    George W and John McCain won't be happy until this country is
    FLAT BROKE.

    STOP THE MADNESS ON NOVEMBER 4th.......VOTE OBAMA

    The REAL and ONLY CHANGE MAKER.

    September 16, 2008 04:06 pm at 4:06 pm |
  13. Nads

    Mccain is such a snollygoster.

    September 16, 2008 04:06 pm at 4:06 pm |
  14. Independent for McCain

    Can't wait to buy my new toaster with that huge savings I'm getting from the tax cut!!!! Thanks Obama and Biden your great! Such doom and gloom on this board. Why does it always have to be someone's fault if something bad happens. Do you really think that the GOP is always to blame and the Dems/Libs do everything right 100% of the time? Come on folks. It's not always the gov't's fault when things go wrong. Consolidation and bankruptcy are actually things that should happen in a capitalist country. The bigger should buy out the smaller. Companies who take risks with risky loans, etc... should reap the rewards if their a success and face the punishment if they aren't. That's life. Now how is that McCain's fault again?

    September 16, 2008 04:07 pm at 4:07 pm |
  15. RH

    Not only does unchecked capitalism not work in the long run, it's immoral. Its defender are merely those who are willing to be exploited at every level in exchange for the lop-sided opportunity to one day become the exploiters themselves. To oppose government regulation of business is to place larger economic responsibility in the hands of corporate fatcats. And just look around at how well they've handled that responsibility. This is closely related to the fallacy of American freedom, but I'll leave that be.

    September 16, 2008 04:07 pm at 4:07 pm |
  16. Candy West Virginia

    tennessee – aren't you and your kind (rethuglicans) tired of lying? Doesn't it grow weary trying to think of new things to say in support of your candidates? Isn't it shameful when day after day the lies your campaign tells are discovered and called out? And what happens is in your desperation to support the candidate you clearly know in your heart is wrong you make up anything, think of anything? What a job, I don't envy you and your kind.

    September 16, 2008 04:07 pm at 4:07 pm |
  17. Team America

    Sorry Hussein Osama, but I'm choosing the experience of a McCain/Palin administration over a community organizer. If you want to do your part for the economy Osama, vote yes for drilling off our own shores, so we can start to utilize our own resources. Resources that will bring new long term jobs and prosperous growth. Just flinging mud at McCain and Palin and not addressing solutions to problems is why you will lose this election.

    September 16, 2008 04:07 pm at 4:07 pm |
  18. independent

    i totally agree with obama. as an right-leaning independent, i'm totally over it and ready to see what the dems can do. they did awesome under their last president.

    September 16, 2008 04:09 pm at 4:09 pm |
  19. norb

    The former mayor of Wasilla has decided to invade Russia. Ding Dong, Avon calling!

    September 16, 2008 04:09 pm at 4:09 pm |
  20. jo

    real issue, real knowledge you are my man Mr. O
    make sure Mcsame don't change the subject to lipstick.......

    September 16, 2008 04:09 pm at 4:09 pm |
  21. Terry From Texas

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

    September 16, 2008 04:10 pm at 4:10 pm |
  22. Gail

    N.O.W. (the National Organization of Woman) endorsed Obama this morning. CNN – why aren't you reporting that !! ??

    John McCain has no shame.

    Obama/Biden 'till 2024

    September 16, 2008 04:10 pm at 4:10 pm |
  23. The Weatherman

    I don't recall anytime during the Bush presidency where the Prime Interest rate was 23% as it was during the Carter presidency. Anyone who doesn't remember should get no more than a half a vote if any.

    September 16, 2008 04:11 pm at 4:11 pm |
  24. J L

    ALL - THOSE -WHO -SAY -OBAMA -DOES -NOT -OFFER -SPECIFICS -DID- YOU- LISTEN- TO -THE -AUDIO- CLIP???

    IF -NOT- THEN -SHUT -UP- AND -ADMIT- YOU- DON'T LISTEN -TO -SPECIFICS!!!

    September 16, 2008 04:11 pm at 4:11 pm |
  25. S. Boatman

    NEW MCCAIN SLOGAN * ANOTHER GREAT DEPRESSION YOU CAN BELIEVE IN! *

    September 16, 2008 04:11 pm at 4:11 pm |
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