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. The Truth about Mccain

    Mccain has absolutely no right to say anything about Obama. Check out the recent Rollingstone article able Mccain and decide for yourself. See if he reminds you of the loud-mouthed, immoral bully from grade-school who strove to make life miserable for everyone around.

    October 6, 2008 05:24 pm at 5:24 pm |
  2. A.D. Vasquez

    Desperation aside, I wonder if this negative turn in the McFailin' campaign also has something to do with the "Troopergate" report due this week, a way of softening the blow.

    You know, to downplay the report as if it is just a tit-for-tat response to the right's negative attacks...

    October 6, 2008 05:24 pm at 5:24 pm |
  3. Mark

    Barack Obama is above the politics of swiftboat. I am growing old, weary, and tired of John McCain and his desperate attempts.

    October 6, 2008 05:24 pm at 5:24 pm |
  4. Ancient Texan

    Obama has been negative for two months and most of that was pure lies. Now He's above reproach and can't be questioned about anything. The MSM has not asked him about Ayers, or any of his ties to radicals in the two years he's been running. Now that his opponent tries to let the American people know who the "chosen one" really is, his spokepeople hit the air, but not him. The free ride may be over.

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

    McCain is losing it, and I do not mean the election.

    October 6, 2008 05:25 pm at 5:25 pm |
  6. battered retirement plan holder in WV

    McCain and his campaign taking one of Obama's old speeches out of context . . . Why am I not surprised?? Oh, it's because McCain apparently has nothing positive to offer and must resort to a litany of lies. What happened to the McCain I admired in 2000?

    John McCain is an angry political warrior. He would do well to remember that those who live by the sword will die by it as well. Perhaps he'll be happier in retirement . . . Hope that comes soon.

    October 6, 2008 05:25 pm at 5:25 pm |
  7. Honestlady

    Absolutely despicable of McCain to resort to such low and deceitful tactics. At this point, he'll say just about anything!!!!!!!! This isn't right and it will not work this time!! I'm sick and tired of the mud slinging. I mean, if you are going to sling mud, at least let it have some ring of truth. McCain and his camp are just making up stuff now!!!!

    October 6, 2008 05:25 pm at 5:25 pm |
  8. Atlian

    Just keep on running your mouth McCain and watch those numbers for Obama rise.

    October 6, 2008 05:25 pm at 5:25 pm |
  9. Jodi

    McCain's ignorance in regards to how and why the economy has failed becomes more evident by the day. Stop talking, John.

    October 6, 2008 05:25 pm at 5:25 pm |
  10. north of 49

    "Everythings Obama's fault" You're just like a school kid John

    October 6, 2008 05:25 pm at 5:25 pm |
  11. John Mcdickhead

    More of the same from John McShame

    John McLame says, “I don’t know much about the economy, I still need to be educated”

    “It would be acceptable if we had to stay in Iraq for another 100 years.”

    We need to “bomb, bomb, and bomb Iran”

    “I have voted with Bush 90% of the time because he has been right 90% of the time”

    Sarah Failin says,

    “I have foreign policy experience because you can see Russia from Alaska and I went to Mexico on vacation once.”

    “I welcome any investigation into my past because I have nothing to hide, oh never mind I will not meet with any investigators for any reason ever.”

    She believes the Bush Doctrine is a “World View” hahaha

    She says she said “No Thanks” for the Bridge to nowhere when she was actually the one who got it approved

    She says we may have to go to war WITH RUSSIA

    She decreased her own responsibilities when she was the mayor of a town small enough to be run by a fifth grader

    You may be able to hide Sarah Palin from the people and the press because she it too incompetent to answer any questions BUT YOU…You CAN”T HIDE FOREVER sooner or later the debates will happen and you will have NO WHERE TO HIDE!!!!

    October 6, 2008 05:25 pm at 5:25 pm |
  12. Dennis

    I used to think McCain sounded more desperate by the day, now I think he sounds more desperate by the hour.

    October 6, 2008 05:26 pm at 5:26 pm |
  13. Paul

    Obama: 53 percent
    McCain: 45 percent

    Thank God !

    Obama -Biden08
    yes we will!!

    October 6, 2008 05:26 pm at 5:26 pm |
  14. D&D

    The dude doesn't know what to say to America anymore, so he started inventing, just like he invented "Blackberry"!

    October 6, 2008 05:26 pm at 5:26 pm |
  15. California Gold

    Bet McCain retires after he loses in one of the biggest loser landslide elections in the history of America. He'll put "Obama is to blame" on his grave stone.

    October 6, 2008 05:26 pm at 5:26 pm |
  16. Republican Base Voting OBAMA

    McCain has lost his mind and he is starting to show the first signs of memory loss. EX. Economy is great what are you talking about.


    October 6, 2008 05:26 pm at 5:26 pm |
  17. Amanda

    day by day this man shows how senile he has become. go home McCain! No one wants to hear your trash!
    OBAMA/BIDEN '08!!!!!!!!!!!!

    October 6, 2008 05:26 pm at 5:26 pm |
  18. Elizabeth - Texas

    It's Barack Obama's fault that McCain didn't vett Sarah Palin.

    McCain has really lost his mind. I'm a former Republican. Is McCain makin you all proud? Is Sarah Palin making you all proud?

    Barack Obama/Joe Biden

    October 6, 2008 05:26 pm at 5:26 pm |
  19. Alex

    As I recall, mccain went to washington to "fix" washington, and then basically messed everything up, because republicans didn't like the bill. Then when the vote came, 2x more republicans voted against the bill. So how is obama at fault? So you are saying that Obama should have brought in republicans to vote, and you just seating back and doing nothing? Mccain you are insane...

    October 6, 2008 05:26 pm at 5:26 pm |

    obama is a phony baloney politician who is nothing but a front for foreign interests trying to get control of America.
    You think obama is dirty now? Wait till he gets hold of the entire government. You won't even know what happened to you.

    October 6, 2008 05:26 pm at 5:26 pm |
  21. Lifelong Republican for Obama, Columbia, TN

    McCain and Palin are both all over the place with these baseless attack lies!

    McCain–a time-honored American hero–has come to this: A sad and small old man selling his soul to the same extremist Republicans who hated him and smeared his character back in 2000.

    VOTE OBAMA-BIDEN IN 2008! It is time to get America back on track toward greatness.

    October 6, 2008 05:26 pm at 5:26 pm |
  22. Ken in NC

    Someone needs to take McCain and Palin to that Island in Alaska where they can see Russia and put them in a boat and send them back to Russia. I know they are from Russia because no American would be acting as they are.

    Senator McCain once said he would write the names of people that voted for PORK so someone please put a peice of paper in that boat so he can write his name at the top of that list.

    October 6, 2008 05:27 pm at 5:27 pm |
  23. The Republicans are comedic GOLD!

    Oh Johnny boy, the pipes the pipes are calling.....

    October 6, 2008 05:27 pm at 5:27 pm |
  24. Becky CA

    Seriously, when Fact Checkers are saying the Afghanistan claim against Sen.Obama made by Sen.McCain is wrong, that Ayers and Sen.Obama were not friendly and casual acquaintances (really who cares what he did or did not do when Sen.Obama was eight), we can no longer trust anything from the McCain campaign.

    Sen.McCain will cut taxes for the wealthy and cut medicaid, medicare and privatize social security, continue the Iraq War and tax health care benefits. He has no funding for alternative energy like solar except for nuclear, he has no funding for education. Add to that he is 72 years old and his running mate seems allergic to complex issues and has shown no indication that she understands the issues facing us. Just like our current President.

    Let us unite as a nation and choose a different path for our country.

    October 6, 2008 05:27 pm at 5:27 pm |
  25. tulsa

    hey Larry WI,

    The only one I hear crying is the republican ticket. You are as pathetic as your candidate.

    October 6, 2008 05:27 pm at 5:27 pm |
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