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. temi

    J O H N – M C C A I N – I S – S U C H – A – D U L L A R D

    V E R Y – D U L L – O L D – M A N

    October 6, 2008 05:12 pm at 5:12 pm |
  2. Ex-Republican for Obama

    McCain: You make me ashamed to be an American. Please go away for ever. You are a disgusting and vile human being. It is people like you that are the cancer of the american people.

    McCain/Palin: As a christian, I beg you: Please, please, please go to hell!!!

    October 6, 2008 05:12 pm at 5:12 pm |
  3. yielee

    Missing in Action? McCain is missing his marbles.

    October 6, 2008 05:13 pm at 5:13 pm |
  4. mitch

    john mccain just voted for a bill with $140 billion in pork barrel earmark spending. he will make him famous and we will know his name?

    October 6, 2008 05:13 pm at 5:13 pm |
  5. Trysh, Los Angeles

    I think the McCain campaign is taking the Illiteracy stats in this country to heart. I do believe they genuinely believe that we can't read.

    We all know the truth. We all know that Obama was on the phone with Sec'y Treasurer Paulson (per Paulson, himself) keeping eye on this and the progress being made. We also know that McCain didn't head there for 25 hours and when he did, he was just in the way. When they had the meeting with Bush, Obama asked a bunch of questions regarding solutions, the position we are in and only jumped in when necessary. He was NOT a part of that committee and McCain jumping in was only a political distraction that impeded the process. Then he couldn't even convince enough of his own party vote for it – Obama got more than the share of Dems he said he would to support.

    We can also see that the Republicans killed the bill in the House and voted AGAINST it, but once a bunch of pork was added to the pot, THEN they APPROVED it. Hmmmm....

    October 6, 2008 05:13 pm at 5:13 pm |
  6. Dr. Molly

    Just unbelievable, spin, spin it all you want but it's hard to believe the public can take much more of these lies. Mc Cain, where went your honor?

    October 6, 2008 05:13 pm at 5:13 pm |
  7. Danny from Phoenix

    McCain you are scum. Stop pointing fingers and making false accusations and let the voters hear what you plan to do to get America and the world out of this mess. Ooh.. wait.. you can't. Why? You have no concrete or workable plan. You are scum, scum, SCUM.

    October 6, 2008 05:13 pm at 5:13 pm |
  8. tulsa

    LOL..... This guy is PATHETIC!


    "The fundamentals of the economy are strong."

    What a dummy!

    October 6, 2008 05:13 pm at 5:13 pm |
  9. Independenthemchandra

    Lies Lies and more lies from McLier!

    How low someone can stoop!

    October 6, 2008 05:14 pm at 5:14 pm |
  10. biff



    That would be the guy who is kicking your tail.... THAT's who he is...

    October 6, 2008 05:14 pm at 5:14 pm |
  11. Lifelong Republican for Obama, Columbia, TN

    McCain is throwing everything at Obama. He is such a sad and small person. It should had been clear to every American paying attention that McCain was the one responsible for delaying the bailout bill. Until McCain injected politics and arrived to Washington, DC, the bailout was heading toward full agreement. After McCain "suspended" his campaign and went to Washington, DC, the plan flew threw.

    McCain is such a stupid person who does not deserve the Presidency! I am sick-and-tired of fear, anger, bitterness, hate, and distractions. I am ready to solve the many ills that plague our great and beautiful nation.

    If you know what is good for you, your family and loved one, then you will VOTE OBAMA-BIDEN in 2008.

    October 6, 2008 05:14 pm at 5:14 pm |
  12. J from DC

    What the left don’t realize:

    You can’t scare people by saying Obama is risky and will bring down the country; When Bush and his fellow Republicans has already brought down the country. The risk is sticking with the Republican Party. Basically, you do a bad job, you get fired!

    Time to Vote out the Republicans.

    October 6, 2008 05:14 pm at 5:14 pm |
  13. Danielle, TX

    The McCain campaign is getting more ridiculous by the minute.

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

    – The fundamentals of our economy are strong

    – More Republicans voted no than Democrats

    – McCain was "the one" that "suspended" his campaign to interject himself into something he wasn't on the commitee for or informed about – AND – members said he just sat at the table and didn't say a word.

    – Deregulation caused the problem... starting with Reagan according to sources. (isn't McCain pushing for deregulation? healthcare and social security too and privatizing??)

    – McCain has said several times that he doesn't know much about the economy

    – Obama warned about this problem 2+ yrs ago

    Yes McCain, EVERYTHING is Obama's fault.

    October 6, 2008 05:14 pm at 5:14 pm |
  15. Helen A Handbasket

    I find it hard to believe that McCain and Palin call themselves christians, and Palin saying she is "born again". I wonder what verse in the bible they use to support these lying tactics. They don't seem to give Jesus "the man of peace" a very good name.

    October 6, 2008 05:15 pm at 5:15 pm |
  16. Mary

    So McCain couldn’t convince his own GOP friends to vote for the bailout yet it was Obama’s fault?

    I am starting to think that its not only his lack of knowledge on the economy but its just that he doesn’t get it.

    Who else would have picked a VP after meeting the person once? How do you know that you even connect? Chemistry?

    October 6, 2008 05:15 pm at 5:15 pm |
  17. concerned citizen

    The old man is finished!

    October 6, 2008 05:15 pm at 5:15 pm |
  18. Tom in NY

    John McCain has officially lost touch with reality...funny how his campaign's attacks coincide with the polls. By the way, I hear all of this chatter about Sen. Obama and his ties with Bill Ayers from Gov. Palin...if I am not mistaken wasn't she affiliated with a group that calledfor the cessation of Alaska fro the United States. Who really is the true patriot?

    October 6, 2008 05:15 pm at 5:15 pm |
  19. Que Quedas

    but house republicans rejected the bill.......thats Obama

    October 6, 2008 05:15 pm at 5:15 pm |
  20. gEnie

    Sure.......... Mccain can blame or accused Obama for everything with his lies. Well, Keep barking Mccain because the more you bark.......... the more people see your personality and the more we lean ...............on Obama/Biden

    October 6, 2008 05:15 pm at 5:15 pm |
  21. bear

    I ask all Muslim to vote for obama. Please, give him the money. Obama only hope we got.

    October 6, 2008 05:15 pm at 5:15 pm |
  22. RDS

    This is why the McCain campaign is failing miserably. The have a non-existent message. First they say Obama is so new and inexperienced that he hasn't had a change to make an impact in Washington. Then they say is so much of an Washington insider that he should have been able to prevent the economic crisis. I mean which is it....LOL!

    October 6, 2008 05:15 pm at 5:15 pm |
  23. Theresa - Minneapolis

    Can you say "Grasping at straws"? The man is absolutely pathetic. It's quite sad, really...

    October 6, 2008 05:16 pm at 5:16 pm |
  24. Kevin

    I just lost my job...I don't care whose fault it is, I'm voting all of the bums out...

    October 6, 2008 05:16 pm at 5:16 pm |
  25. Ben

    hahaha...what a joke! McCain is such a loser! This is the worst attempt at spinning the truth. Does he actually think we are this stupid?

    October 6, 2008 05:16 pm at 5:16 pm |
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