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. I said Thanks, but No Thanks to another 4 years of g.o.p. corruption, arrogance and incompetence

    "I'm John McCain and I just make things up."

    McCain: "Me First"

    October 6, 2008 05:16 pm at 5:16 pm |
  2. Steve

    John, It's over – Be at PEACE!

    Literally

    October 6, 2008 05:16 pm at 5:16 pm |
  3. Vince

    John...Can you please suspend your campaign indefinitely? You and Failin' have stirred up the hate base now and we just don't need that anymore.

    Obama / Biden 08

    October 6, 2008 05:16 pm at 5:16 pm |
  4. Trysh, Los Angeles

    Also forgot to note that when McCain was in the meeting with Bush, Pelosi, Reid, etc....he sat there for 40 minutes saying nothing until he came in to complain about how the Repubs wouldn't agree to the CEO salary roll backs.

    We can READ McCain!!!

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

    Both of the candidates need to be put in jail along with anyone who voted for the bailout and or got us into the situation of us "needing" a bailout.

    Obama said that “subprime lending started off as a good idea – helping Americans buy homes who couldn't previously afford to

    great forsight and judgment, giving people money they might not beable to pay back= great idea, only to someone in politics.

    October 6, 2008 05:16 pm at 5:16 pm |
  6. No McSame

    McCain prabably thinks its Obama's fault the Dow closed under 10,000 today. The market has such a liberal bias, just like the media! Smears & blame, no solutions – the McCain campaign is falling apart.

    October 6, 2008 05:16 pm at 5:16 pm |
  7. BOOTSTOMPER

    This guy is pathetic. Send him back to Arizona and send Palin back to her igloo.

    October 6, 2008 05:16 pm at 5:16 pm |
  8. Chris B

    This man is a walking contradiction.

    Didn't he say Obama "phoned it in" when it came to the bailout bill???

    Seriously, I have friends and family who are Republicans.The McCain/Palin ticket is giving all Republicans a bad name.

    October 6, 2008 05:17 pm at 5:17 pm |
  9. Texas for Obama

    Oh come on John McCain.

    I guess Obama is to blame for global warming too.

    Do you think that placing blame is good substitute for having answers?

    Bring back the John McCain of 2000. The new version sucks!

    October 6, 2008 05:17 pm at 5:17 pm |
  10. biff

    How about.... the bailout was delayed, because ONE guy inserted himself into the process for political gain, and thus threw a wrench into what 'was' an agreement before he "got to town"...

    no spin.... just a straight recap of what happened.

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

    You cannot lie and get away everytime...:D

    Erretic! McPain...

    October 6, 2008 05:17 pm at 5:17 pm |
  12. I said Thanks, but No Thanks to another 4 years of g.o.p. corruption, arrogance and incompetence

    Obama's poll numbers are the inverse of McCain's mental stability:
    Simple Math.

    October 6, 2008 05:17 pm at 5:17 pm |
  13. Chris

    – The fundamentals of our economy are strong

    – More Republicans voted no than Democrats

    – Point fingers, forget coming up with a idea/solution. Oh, and you can only point at Democrats... there are 0 Republicans to blame.

    – 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

    Yes McCain, EVERYTHING is Obama's fault.

    October 6, 2008 05:17 pm at 5:17 pm |
  14. joanne barrows

    What about McCain's affiliation with the Navy Tail Hook Convention held in Las Vegas up until a few years ago. This convention was used to lobby the milityary by DOD contractors. They provided booze and women for Navy pilots.

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

    I don't think McCain has figured out that Obama is not Kerry.

    I think he's about ready to find out.

    October 6, 2008 05:17 pm at 5:17 pm |
  16. TS

    McCain.. what happend to you? You used to be a decent guy

    October 6, 2008 05:18 pm at 5:18 pm |
  17. Jeffer65

    Of course Senator McCain, you "suspending" your campaign didn't help much either. Move forward, Senator. Tell us how you will fix the ecomony. Oh wait, you can't, you don't have any new ideas.
    You won't win in November and I hope the people of Arizona vote your grumpy butt out of the Senate too.

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

    look at mccains rat face. where is that hockey mom mccain?!!! AHHHHHHH finally people are realizing that YOU/BUSH/GOP are fraud for this country

    October 6, 2008 05:18 pm at 5:18 pm |
  19. hometowndemocrat

    WHATTTT!!!!!

    McCain you are the 72 equivalent of a snot nosed little brat!

    As my mother used to say............"Act your age not your shoe size!!!!"

    October 6, 2008 05:18 pm at 5:18 pm |
  20. Kenneth Rios

    Some one please tell Grandpa to stop the blame game.

    October 6, 2008 05:18 pm at 5:18 pm |
  21. MISSOURI

    I think McCain is the one when asked to speak during the meeting sat silent. You know McCain, the meeting where you guys all met with the President?? You Senator McCain sat silently. And later when Obama was making the phone calls to get house support you were not making calls.

    October 6, 2008 05:18 pm at 5:18 pm |
  22. Dameun Strange

    Wow...McCain is seriously having a senior moment again. Did he not remember that several members of congress have already said Obama had been on the phone constantly even before McCain suspended his campaign.

    I am not sure what is going on with him but either he is one of the biggest liars in history or his brain is just not functioning properly.

    October 6, 2008 05:19 pm at 5:19 pm |
  23. Amazing!!!

    I hope someone calls him out on this in tomorrow's town hall debate.

    October 6, 2008 05:19 pm at 5:19 pm |
  24. Chris

    Typical strategy of this campaign: Blame the other guy for what I did and pray the American public hasn't been paying attention for the last couple of weeks.

    October 6, 2008 05:19 pm at 5:19 pm |
  25. Failin' Palin: McCain's Parrot Without a Cracker and Quota With a Script

    Hey Grampy! Look at the poll numbers! We're not buying the crap. Take your mannequin running mate and head off to the hills where your mentality will be out to good use.

    October 6, 2008 05:19 pm at 5:19 pm |
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