October 6th, 2008
03:55 PM ET
13 years ago

McCain suggests Obama at fault for bailout delay

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/06/art.mccain.sub.gi.jpg caption="McCain suggests Obama at fault for bailout delay."]
(CNN) - John McCain said Monday at a New Mexico campaign event that the House’s delay in passing the financial bailout bill last week was to blame for the market’s steep drop – and seemed to blame opponent Barack Obama for that delay.

"Even after [Obama] refused to lift a finger to prevent this crisis, when the crisis hit, he was missing in action,” said McCain, who announced two weeks ago that he was suspending his presidential campaign to support continuing efforts to address the crisis.

“He didn't start making calls to round up votes until after the rescue bill failed in the House and the markets crashed. We continue to see the price of delay today as the markets continue to fall. Today the Dow has fallen below 10,000. And yet, members of his own party said they felt no pressure to vote for the bill."

An initial compromise package, which was backed by Democratic leadership, the White House and Senate Republicans, was scuttled after objections from the House GOP over some of the measure’s provisions.

In the wake of the defeat of the measure, both Obama and McCain called members of Congress to urge support for a revised package, which passed late last week.

Obama’s campaign blasted McCain’s comments: “On a day when the markets are plunging and the credit crisis is putting millions of jobs at risk, the one truly angry candidate in this race kept up his strategy of ‘turning the page’ on the economy by unleashing another frustrated tirade against Barack Obama,” said Obama spokesman Tommy Vietor.

McCain also attacked Obama Monday over the subprime mortgage mess, accusing the Illinois senator of being “silent on the regulation of Fannie Mae and Freddie Mac” adding that “his Democratic allies in Congress opposed every effort to rein them in.”

“As recently as September of last year he said that subprime loans had been, quote, ‘a good idea.’ Well, Senator Obama, that ‘good idea’ has now plunged this country into the worst financial crisis since the Great Depression. To hear him talk now, you’d think he’d always opposed the dangerous practices at these institutions. But there is absolutely nothing in his record to suggest he did.”

The Obama campaign said that McCain had taken the Democratic nominee’s quote out of context, and released a transcript of those remarks, which began with a reference to the subprime mortgage fiasco today.” In his September 2007 speech, Obama said that “subprime lending started off as a good idea – helping Americans buy homes who couldn't previously afford to…

“But as certain lenders and brokers began to see how much money could be made, they began to lower their standards. … Most everyone knew that some of these deals were just too good to be true, but all that money flowing in made it tempting to look the other way and ignore the unscrupulous practice of some bad actors.”

Both campaigns have accused their opponents of ignoring warning signs about Fannie Mae and Freddie Mac because of ties between campaign advisers and the troubled mortgage giants.

Filed under: Candidate Barack Obama • John McCain
soundoff (233 Responses)
  1. Ken in NM

    It's funny that he couldn't even get his own party to support the bill initially but it's Obama's fault...

    October 6, 2008 05:07 pm at 5:07 pm |
  2. Nick - Arlington, VA

    Someone stop the lies please....McCain is looking pathetic.

    October 6, 2008 05:08 pm at 5:08 pm |
  3. Glenn in California

    McSame has turned into an old, tired joke. It's pathetic. R.I.P.

    Just say NO to Bush 44.

    October 6, 2008 05:08 pm at 5:08 pm |
  4. Ohio for Obama

    That's it.......He's lost it. He has lost his mind!!!!

    October 6, 2008 05:08 pm at 5:08 pm |
  5. ken

    Hit the road jerk!

    October 6, 2008 05:08 pm at 5:08 pm |
  6. the other jd

    PUHLEASE! These guys don't know which way to turn. Weathervane McCain is in full spin. McCain is for/against/for this bailout package. He is suspending his campaign to push it through, although he continues campaigning, fund raising and debating. He won't phone it in, until he sits in one of his houses and phones it in.

    October 6, 2008 05:09 pm at 5:09 pm |
  7. Doug

    That's because as a Senator, there wasn't much he could do in the HOUSE other than offer any help they asked of him. As it turned out, the DEMOCRATS were able to get more than 50% of their people to the table, but the Republicans couldn't. Obama has been a level headed leader through all this as McCain has run around like a chicken with his head cut off trying out every possible position. I can't believe he's trying to take credit for that behavior.

    October 6, 2008 05:10 pm at 5:10 pm |
  8. Kim, Charlotte, NC

    McCain is such a erratic liar.................Everytime he lies, his left eye jumps.

    Watch it at the debate

    October 6, 2008 05:10 pm at 5:10 pm |
  9. Abby

    This man has no sense of the truth and of honor. He has sold his soul to try to win and we will not have it.

    Obama 08!

    October 6, 2008 05:10 pm at 5:10 pm |
  10. TN Dem

    John McCain is just a sad, angry, lost, dishonorable man who has thrown away every shred of integrity he ever had.

    October 6, 2008 05:10 pm at 5:10 pm |
  11. Sarah.....and my last name isn't Palin!

    Ok, this guy has lost his mind officially!!!! Wasn't it House Republicans who voted against it? There are no words!

    Obama/Biden '08

    October 6, 2008 05:10 pm at 5:10 pm |
  12. Barackafied Cheesehead

    May the real McCain please stand up?
    Pretty soon McCain’s going to blame God for his lies.
    We also need to have the born-again moose hunter exorcised of her demons.

    October 6, 2008 05:10 pm at 5:10 pm |
  13. Scott

    Coming from a lying sellout. I voted for this turncoat in 2000, I now regret that I did. I also regret wasting money on his book Faith of My Fathers. The man who wrote that book had principles, clearly the McCain for 2008 sold those for the blessing of the conservative base. Pathetic. Wake up America.

    October 6, 2008 05:11 pm at 5:11 pm |
  14. Yvette

    McCain, how low can you go?

    October 6, 2008 05:11 pm at 5:11 pm |
  15. CodeNinja

    Well, I guess when you get desperate, a little thing like FACTS doesn't matter.

    Fact: 60% of democrats voted for the initial resolution.
    Fact: 30% of republicans voted for the initial resolution.
    Fact: Obama is a Democrat.
    Fact: McCain is a Republican.

    1+1 = 2, not 3. We can clearly see who was asleep at the switch.

    October 6, 2008 05:11 pm at 5:11 pm |
  16. Joseph Adewole

    Jooonuu, you are just beating about the bush; Barack is a God chosen leader; you know you will never be there. All you can do is to step up your smear campaign which you know will surely backfire. Americans can no longer be fooled.

    October 6, 2008 05:11 pm at 5:11 pm |
  17. Barney

    McCain went there and messed up the first vote.

    Now he wants to shift blame?

    McWarmonger cannot distract us from our goal of having President Barack Hussein Obama !

    October 6, 2008 05:11 pm at 5:11 pm |
  18. William

    Uh, actually it was McCain who messed everything up. They had the bill ready to go, then McBlame shows up in Washington after dramatically claiming he was suspending his campaign, and delayed the entire thing. This plan would have been done and voted on two weeks ago, and perhaps the market would be recovering today, but McCain obviously didn't let that happen. Now he's saying it's Obama's fault? Bull. Even FOX reported that McMaverick slowed progress on the package, and they're the right-wing news source.

    All these negative attacks on Obama are now backfiring in a big way...so keep spitting them out, John...we love it!

    October 6, 2008 05:11 pm at 5:11 pm |
  19. Warren

    I am going to have to stop reading any of this stuff. I'm on the verge of being physically ill. It was my understanding that both candidates had declared that they were not going to wage this kind of campaign. I guess it's hard to blame them, because history tells us it works. I would suggest that it's time for us all to take a long hard look within and ask the question, "why does negative campaigning work?"

    Call me pollyanna, but I fear rampant cynicism and demonizing more than I fear any political candidate or party. Can't we be better than this?

    October 6, 2008 05:12 pm at 5:12 pm |
  20. Darren

    Is there any way to lessen the damage Sarah Palin’s ‘campaign’ will do to the character of white people? I mean, it’s bad enough ‘w’ has made it nearly impossible for a white man to run for President, but now Palin’s gonna drag us through her month long Jerry Springer audition? No need Sarah – you’re booked for a whole season.

    It’s as though the neocon GOP had a vendetta against white people, and even though they trashed the men, they still felt the need to pull Sister Sarah out of her trailer to finish off the white women as well.

    October 6, 2008 05:12 pm at 5:12 pm |
  21. Linda from Prescott AZ

    McCain is insane. That is it, period! He is beyond shameful, her borders on being a psycho.

    I'm so glad I've mailed in my ballot voting for Senator Obama.

    October 6, 2008 05:12 pm at 5:12 pm |
  22. larry wi

    Whaa Whaa Whaa Obama's crying because he's getting picked on, and the jabs hurt, if he can't take it now how in the world will he take it as President! He has no idea as to the pounding he will be subjected too, and how could he have any idea, let's see how much experience does he have!!

    October 6, 2008 05:12 pm at 5:12 pm |
  23. California Gold

    I'm trying to figure out what happened to John McCain's pen that he uses to eliminate pork. Friday's vote for the bailout was laced with pork. McCain voted "aye" Did he lose his pen? He showed up that pen. His special anti-pork pen and then he votes for more pork.

    An old dunce.

    October 6, 2008 05:12 pm at 5:12 pm |
  24. In Disbelief

    There's reports of a hurricane warning coming out of Mexico. If it hits the U.S., I'm sure it will be Barack Obama's fault, too.

    Also, I chipped a nail today and I'm pretty sure that "Chicago politician" is to blame.

    October 6, 2008 05:12 pm at 5:12 pm |
  25. The Devils Child

    McLame is evil..this is why he behind in the pools..

    October 6, 2008 05:12 pm at 5:12 pm |
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