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.

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

    John, tell Cindy to get the moss out of her wallet and help out Uncle Sam. I am happy to admit lower taxes are a good thing, but the argument from your economic advisor about Obama saying "when has there ever been tax increases in an economic downturn" can easily be reubuted by the statement "when have we ever had tax cuts in war time?" Tell her not to make such a flippant comment and if you really want to help America John you and Cindy can afford to help out the economy or Uncle Sam's mounting debt...I certainly know where I want you to put that 100 million.

    September 16, 2008 04:11 pm at 4:11 pm |
  2. Tony

    The only people who don't know that McCain and Palin would make things worse are the KOOL-AID drinking republicans, and white women who are still ticked about Hillary and threatening to vote for McCain.

    Palin runs her mouth about family values and doing so much for people who have children with disabilites. Every city she has traveled to so far, her husband has been right there with ehr. Who the hell is taking care of the baby and her other children who are in school?????? It sure isn't mommy and daddy.

    She shouts her innocence from the rooftops regardign TrooperGate, yet she sues to try to halt the investigation, claiming that "Obama Operatives" are out to get her. Funny how this investigation has been goinig on for over a year, LONG before she was even considered to be VP.

    Yet, there are still those who re so easily led, and even more easily fooled, who will vote for them anayway. Pathetic

    September 16, 2008 04:12 pm at 4:12 pm |
  3. Illinois Blue Dog

    To KG –
    Yes, the Democrats have been in charge of the Congress since Jan. 2007. However the Democrats have a razor slim 51-49 margin (if you include Joe Lieberman). Therefore, in order to get any legislation into law the Democrats need to:
    1) prevent a filibuster in the Senate that would kill the legislation (it requires 60 votes to break a fillibuster in case you forgot)
    2) Get President Bush to sign the legislation into law instead of vetoing it.
    Its shocking the Democrats haven't been able to get much done in the past year and eight months with President Bush always so willing to sign Democratic sponsored legislation into law. Think about that this next time you want to blame Congress for our current mess instead of placing the blame where it belongs – at the feet of President Bush and the Republican party.

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

    Im happy Americans want Mcsame.At least in the next few months this behemoth of a country will be toppled by China.

    Your Banks and Insurance companies are collapsing still your economy is sound.Please what parameters do you measure dying economy with

    Obama/Biden '08

    September 16, 2008 04:12 pm at 4:12 pm |
  5. Sweetie

    Obama once again shows just how naive he is!

    He offers no real answer, other then to go back to what just about destroyed our economy when Jimmy Carter held office-I'm old enough to remember-I was trying to raise my family during that time and it was HELL PURE HELL! Interest rates at 17%!

    Vote for the sane team if you want to see the economy improve!

    McCain/Palin-08-In a Landslide Victory for all!

    September 16, 2008 04:12 pm at 4:12 pm |
  6. Rudy NYC

    I agree. Judging from today's comments, it is time for McCain to find yet another "top economic adviser" for himself. Judging from his failed choices for adviser, it would seem McCain knows even less about the economy than he has already admitted.

    September 16, 2008 04:13 pm at 4:13 pm |
  7. Phil in KC

    4 more years of laissez faire attitude toward business, coupled with further deregulation would be catastrophic. We can't afford it.

    September 16, 2008 04:13 pm at 4:13 pm |
  8. rusty

    Obama is right. McCain's idea of helping the economy is to ignore it, and to get us into even more foreign policy fiascos than we are already in. He is a one trick pony folks. We have seven weeks to figure that out.

    September 16, 2008 04:13 pm at 4:13 pm |
  9. Anyonmous

    Obamas economic ideas are not new or even never been tried. Do some research America. He does not have new ideas.

    You do know congress holds the purse strings of the United States govt and if you look you will find the recent decline matches up with the Dems taking over congress. Very fortunate for them they mess up and then blame Pres Bush

    Bush is Bad......McCain is Bush.....McCain is Bush
    I thought you were an ivy school lawyer. How about some words of wisdom. All I hear is more hate and blame.

    You on the left seem to now to have hate and venom so deep in your souls you can't live without it can you? It happens with all haters. You now live to hate now don't you???

    Its so sad that you guys on the left just blame and hate, hate and blame. You guys have such an emotional investment in this race you are setting yourself up for such disappointment no matter who wins.
    If this really is many young voters first time getting involved in a national election it sure shows... it really shows.

    September 16, 2008 04:14 pm at 4:14 pm |

    T H I S--I S--T W O-–Y EA R S --O F---D E MO C R A T I C--

    M A J O R I T Y---IN --- CO N G R E S S-----

    September 16, 2008 04:14 pm at 4:14 pm |
  11. Michael

    Bill Buckley said he would rather be governed by the first 100 names in the Boston directory than the faculty of Harvard. This would include, at the moment, an editor-in-chief of the Harvard Law Review, a state congressman, who never took a stand on anything, voting present an overwhelming number of times and an 18 month senator without a record of reaching across the aisle to do anything or for that matter a record of doing anything at all. Sarah Palin governed a state. Obama was a factotum for ACORN.

    September 16, 2008 04:15 pm at 4:15 pm |
  12. MARY

    I am very saddened. We have been paying a life insurance for my husband through AIG for more than 26 years. Now it may not even be there for me when something happens to my husband. That was money I was counting on to live on. Will Obama or McCain please tell me who is going to guarantee that that money is going to be there for me when I need it.

    I'm not married to a millionaire. I don't have 9 houses. I want to know which presidential candidate is going to fix this mess we are in. I am 60 years old; am still working but don't plan to work the rest of my life. One of you will get my vote. Which one will it be? Who will fix the MESS the republicans have created.

    No one regulated Wall Street. But, our government is always ready and willing to bail out banks, mortgate companies, etc. Who will bail me out?

    September 16, 2008 04:15 pm at 4:15 pm |
  13. chas alabama

    Why does McCains posters say "country first", instead of "America first"

    September 16, 2008 04:15 pm at 4:15 pm |
  14. mitchell

    we know barack. mac dont know 'bout economy stuff. he get a good 'conomist ,like phil 'the whiner' graham,to do some more dergulatin'.

    'rednecks' for obama member
    obama '08

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

    Now this guy is smart. What he says is true. Now some bozos will not vote for him coz of color but he is an intelligent man who like Clinton will clean up George Bush's mess. Mcwar, Mcsurge, Mcpow Mclyin about economy will only make things worse. IF he aint talking about war then he is just a lost soul. No way, no how, no Mcain, no Palin. Nuff said!

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

    Obama is C-L-U-E-L-E-S-S and he knows it.

    At least John Edwards had the integrity to admit that people from D.C. swooned him into running even though he said he wasn't ready. He said he let it go to his head and started believing it. He knows Obama is getting this same sort of false worship and Obama is going to take it hard when he is not elected and at 450 million dollars of donations wasted!

    Obama cannot afford to lose, and that is why he will do anything and everything to win.

    We the people, need to make sure tight regulations are in place BEFORE the voting begins. I do not want to see more of this ganging up type mentality that went on at the voters booths that went on with HRC and Obama in the primary elections.

    We also need to be prepared for violence. If Obama loses there will be retaliations!

    September 16, 2008 04:15 pm at 4:15 pm |
  17. Puff

    Why don't you shut up Nobama, you have no idea.... and quit all the harping on McCain. You are such a girlie man.

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

    McCain thinks things are going OK with the economy. That means by the end of his first term only the rich will own there own homes or have jobs.

    September 16, 2008 04:16 pm at 4:16 pm |
  19. Jack 64 year old

    One only has to look at the direction the economy has taken since President Bill Clinton gave us a $3 Trillion Dollar Surplus and see if you want to continue the Bush/McCain plan of going into debt.

    John anb George are all to happy to criticize ordinary Americans for borrowing too much but, what about their borrowing over $ 9 trillion dollars with more to come if McCain is elected?

    John McCain says it's time for a change and he's right, it's time to vote for Obama/Biden and let John get back to inventing things like the Blackberry!

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


    September 16, 2008 04:17 pm at 4:17 pm |
  21. Matt

    All we're hearing is this from you McCain supporters:

    "WAAAAAAAH, they're going to stop corporations from abusing the working people of America, pocketing all our tax cuts, refusing to providce health insurance and fair wages, WAAAAAAAAAAAH! Oh wait, I know, let's just threaten to cut the work force in retaliation for the people voting for a better life rather than allowing themselves to be mindlessly hearded towards the bolt gun of Reaganomics!"

    Sorry. You already did cut the work force. It might have just been negligence and not intentional, but that's what your policies led to. Threatening us won't get you very're jsut poking the bear.

    September 16, 2008 04:17 pm at 4:17 pm |
  22. FactCheck

    > No President can make an economy better or worse on his own.

    True but a competent President can give a huge boost to a suffering economy. Look at what happened to the Dow Jones Avg. the day Bill Clinton took office.

    September 16, 2008 04:17 pm at 4:17 pm |
  23. Jim

    In every democracy in the world, an administration with failed policies like those of Bush/Cheney/McCain/Palin would be voted out of office by a landslide majority!

    That's how democracy works. No third term for failure! Rotate the loyal opposition into power to change things; not keep the same party in power with different leaders. Don't be distracted by biographies, POW stories, claims of experience, racial feelings, religious issues, lipstick, guns, sexism, cultural wars, etc. Vote the rascals out!

    September 16, 2008 04:18 pm at 4:18 pm |
  24. America think for you

    I am a Democrat and I am voting for McCain. Oh no! Why are you betraying Barack? You know why! Because John McCain had invented the Black Barry. I love my blackberry. McCain know Washington for 30 years, Barack is new to Washington. McCain is smart and does not understand the economy and I am thrill to vote for McCain. McCain is rich and Barack is not. McCain has many houses and Barack does not. If I Americans get evicted from their homes they can get a room each from McCain. McCain is the real deal that will shake up Washington and himself because he is an insider. Sarah Palin is a foreign policy expert because she can see Russia from Alaska Joe Biden cannot see Russia from Delaware. This is why I am not voting for McCain.

    September 16, 2008 04:18 pm at 4:18 pm |
  25. arun

    Dear KG

    Even McCain is now talking about regulation. The US economy has been doing great for over 100 years except for the last 8 years when de-regulation was the mantra. Guess what happened ? Go bone up on some economics and then come back to the table.

    September 16, 2008 04:18 pm at 4:18 pm |
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