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. Lesley

    McCain seems to be re-inventing himself on everything in the last 24 hours, taking Obama's positions and words and using them as if he invented the whole thing. Obama/Biden need to keep on top of the McCain campaign and not let up. McCain is changing his strategy and hoping the American people won't notice. Will they? Stranger things have happened. Let's hope they don't happen again. This is not 2000 nor 2004.

    September 16, 2008 04:19 pm at 4:19 pm |
  2. Sarah Bell

    Wait wait wait, are you talking about the fundamentals of the economy? Because if you are, McCain would make the economy stronger. You know, the fundamentals. As described my McCain, the fundamentals of our economy are us. The workers. So if we all stay strong, the economy will be strong! Simple as that. Duhh. Sorry Obama, but knowing about the economy and having Harvard/Columbia education doesnt make you right for the job. Not knowing about the economy and finishing close to last at your naval academy, well, now that's a maverick!

    September 16, 2008 04:19 pm at 4:19 pm |
  3. Ron

    Obama and the democrats have controlled the senate and congress for the last two years. why have they done nothing to help the public?how many democrats have voted for the bush policies? why don't they quit with the hypocrisy and tell it like it happened.

    September 16, 2008 04:19 pm at 4:19 pm |
  4. paul mooney

    In an earlier blog, Carly Fiorina stated that none of the candidates could run a corporation. She is right as Washington had continuously spent way more than they collect in revenue. No president can do anything to fix this economy unless thay do start running it like a business. Can you even imagine government being run like a business? If it was now, it would have filed Chapter 11 a long, long time ago. It's time for the two candidates to present their plans and stop the negativity in their ads. Stop the name calling and lets get down to the business of righting this country.

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

    Obama - be a real leader. Take some campaign money and host an ECONOMIC SUMMIT for the AMERICAN PEOPLE, to be televised on the major networks. Invite the top economic experts in the country (Robert Rubin, Laura Tyson, Stiglitz, Krugman, Marici, etc.), and lay out the problems and develop specific solutions. Obama–you will be the moderator as if you were the President with your advisers. Think out of the box - take a risk, and trust the AMERICAN people to want to understand this crisis. Grant us some credit - talk with us and not "down" to us.

    September 16, 2008 04:20 pm at 4:20 pm |
  6. Michelle, St. Louis, MO

    If it wasn't for the poor, the rich would not be rich. It's our turn now to get a break. The rich has been getting breaks for the past eight years. It's time for us to get a break now.

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

    i have a question although it has nothing to do with this. I would like to know how Gov Palin would run this country from home like she did as Gov? I would also like to know more about her son being given the choice of jail or Army for damaging school buses. Can anyone shed some light on these questions?

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

    Obama is number three on the fannie mae, freddie mack campaign finance roster. Number one is Chris Dodd. How is it that one of the largest receivers of funds from these companies which are responsible for alot of the current difficulties say McCain would make things worse?

    September 16, 2008 04:21 pm at 4:21 pm |

    So, NOW, the Geezer who has been in Congress for over 20 years, now decides the economy is "broken" and Geezer and Gidget will fix it?

    Why haven't you already started fixing it say 8 years ago, when republicans had control of the WH and Congress???

    I forgot about Gidget, is going to "shake things up". Now she is an expert on finances. Does that mean she visited the bank lobby in Wasilla??

    I am glad Obama told him it was "broken" because, your are an old Geezer and your judgment is gone!

    September 16, 2008 04:21 pm at 4:21 pm |
  10. Terry

    I can't wait for Obama to lose and go away.
    The DEMS picked to wrong person. They should have picked Hillary.
    She has the experience for the job not Obama.

    Maybe Next Time!!!!!!!!!!!

    September 16, 2008 04:21 pm at 4:21 pm |
  11. diane08

    KG wrote:
    "Obama's answer "regulate, regulate, regulate."

    But KG, you're forgetting that the Republican's answer for everything: DE-regulate, DE-regulate, DE-regulate, is what got us in this mess to begin with. Washington's de-regulation of the housing industry allowed shady mortgage lenders to run rampant, taking advantage of people, and now all of those failed loans are causing the financial industry to collapse. De-regulation sounds good in theory, but in practice, it's a complete disaster.

    September 16, 2008 04:21 pm at 4:21 pm |
  12. Jack

    Wow listening to KG the de-regulator one has to wonder what happened to his education since regulation is what brought us out of the last republican mess (the Great Depression) and their getting rid of regulations have contributed to the current economic mess.

    Can a Democratic congress do more than it has in the past 2 years yes, without a president that veto's good legislation and without a filibustering republican senate. It's time the Democrats took the republicans up on their former threat and got rid of the filibuster like Mitch Mc suggested with the Alito court appointment.

    September 16, 2008 04:21 pm at 4:21 pm |
  13. Lynn:60 yr old Obama supporter

    What a crock: the man who is going to take on Washington with his lobbyists advisors is now suggesting a commission of Washington insiders to solve the financial crisis.

    McCain has not only lost his bearings, he has no plan and spouts meaningless rhetoric.

    September 16, 2008 04:22 pm at 4:22 pm |
  14. Al

    Obama's position makes sense to me. It is becoming increasingly clearer that the Bush/McCain/Palin three ring circus really has no clue about substantive issues.

    September 16, 2008 04:22 pm at 4:22 pm |
  15. Bulldog

    "In my administration we're going to hold people on Wall Street responsible and we're going to enact and enforce reforms that make sure that these outrages — and they are outrages — never happen in the first place," McCain said

    But wait, this is completely opposite of what McCain has supported and stood for the last 20 plus years.

    The Gramm-Leach-Bliley Financial Services Modernization Act of 1999 deregulated the financial system by opening up competition among banks, securities and insurance companies and allowed commercial and investment banks to merge.

    John McCain voted for this bill along with the entire Republican Senate. The Senate Democrats objected against it. Phil Gramm introduced this bill and was John McCain’s top economic advisor before he was forced to resign but still gives McCain economic advice to this day.

    John McCain has a direct responsibility in the financial crisis we are in today along with the banking lobbyists he is employing in his campaign. McCain has supported the very philosophy and mentality that has caused the economy we are facing today. Is that what you want? Another 4 years of this? Look it up, McCain has truly supported DEREGULATION throughout his career and now all of a sudden he is FOR regulation. He’s blowing smoke and just telling more lies.

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

    KG are you for the government bailouts?

    September 16, 2008 04:23 pm at 4:23 pm |
  17. jm for sc

    KG, what policy of Carter did Obama go back to?

    We need to stop repeating lies behind McCain and his supporters and vote for the candidate that speaks to our needs.

    I would rather Carter's policies that Bush any day.

    September 16, 2008 04:24 pm at 4:24 pm |
  18. Becky

    "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.

    So McCain and Palin are going to drop out of the race? Sweet.

    September 16, 2008 04:24 pm at 4:24 pm |
  19. Pepou

    McCain is clueless about the economy. Palin ? An unqualified liar. Go Obama !

    September 16, 2008 04:25 pm at 4:25 pm |
  20. Obama Now More Than Ever

    McCain is continuing to show he has no clue about the economy. At the beginning of his campaign he actually said he didn't understand the economy completely and needed to learn more. Just yestersay as the stock market hit an all-time low, the housing market is in shambles, large corporations are planning huge layoffs and financial institutions are failing...John McCain was quoted saying " our economy is fundamentally strong" out-of-touch can one person be? His answer to fix the economy is to form a Washington committee to study our economic situation. Wow, I thought he was not going to let Washington run our country anymore. All he can do is form a committee? Thanks John – that will really help me pay my bills, get my healthcare plan fixed to cover basic items, and lower the ridiculous gas prices of the oil companies that are financing your campaign. You are not leadership material. It is time for to retire and send your media-scared VP back to the Alaska land of corruption!

    September 16, 2008 04:25 pm at 4:25 pm |
  21. Ian Minneapolis, MN

    Like Obama said, I doubt mccain lobbyist staff is going to work day and night just to put themselves out of busness.

    September 16, 2008 04:25 pm at 4:25 pm |
  22. Bulldog

    Don't let the Republicans and the McCain camp to blame democrats for the current financial crisis. It is clearly the Republicans who support free market and deregulation that they have pushed through as bills which has had a direct role in America's financial crisis. The democrats have tried to put more regulation in the markets to prevent our financial crisis only to be blocked by Republicans. So for Republicans to blame Democrats is an outright LIE.

    September 16, 2008 04:25 pm at 4:25 pm |
  23. Jack - DSM, Iowa

    I am amazed that Obama has the chutzpah to speak out against the financial industry when he has raked in millions of campaign donations from these very people. Yet again, Obama is saying one thing in public and something completely different in private. This is why I do not trust him.

    September 16, 2008 04:25 pm at 4:25 pm |
  24. rory ryan

    Approx.202 seats to 232 hardly what I call in charge. Blame blame Shame shame.

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

    The top ten percent pay 70 percent of federal taxes, so for joey from nc let's no think the rich don't get taxed, and if you are at poverty level most likely you recieve most of your federal tax back when you file your taxes. The rich have to pay in. And to blame democrats or republicans for the economy is stupid, is it the governments fault the private sector is messing up, should we just ask the government to regulate everything, bail out everything, and become the next soviet union? If you think Obama wont raise your taxes your a fool, and if he taxes companies anymore do you think you won't feel it when the price of everything you buy goes up because of the new taxes on business. Companies are going to make their profit, you are just going to have to pick up their extra tax bill.

    September 16, 2008 04:26 pm at 4:26 pm |
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