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. tony

    There was a bipartisan agreement on a bailout deal before McCain "suspended" his campaign and went back to Washington. McCain got the House Republicans to reject the first bill, then could not get them to support the second bill that McCain supported. If anyone delayed the bailout bill it was McCain.

    October 6, 2008 05:27 pm at 5:27 pm |
  2. Independent, white woman

    Mccain has never, ever been so desperate in his entire political life!!!!! He is getting right down dirty, he is lying, he is totally in awe and doesn't know what hit him. I cannot imagine Mccain being much diferent from Bush, he is from the old school and does not have new ideas to help the economy in the 21st century. He will use every trick (not necessarily) in the book, he has sold his soul for the white house and nothing!!! he has no chance in this election because he is not swift enough, smart enough or well informed enough. He is too focused on the old rip him a new one politics. Sory Mccain, this election is all about the economy and obviously, as you said, this is not your area of expertise, and you were not kidding. If you plan to run the country the way you are running your campaign, we would be in deep pooh! Thanks but no thanks!

    October 6, 2008 05:27 pm at 5:27 pm |
  3. Jim in Raleigh

    Let's see, the Democrats voted in favor the first time around and McCain undermined the Republican vote (against). Does McCain mean Obama should have been calling and convincing the Republican members of Congress? Was that because McCain either had dragged his own feet or perhaps tried to kill the bill in hopes of pinning the mess on his opponent?

    October 6, 2008 05:27 pm at 5:27 pm |
  4. As the 'Paign Turns

    "Sooner or later, people are going to figure out if all you run is negative attack ads you don't have much of a vision for the future or you're not ready to articulate it." – John McCain, 2000

    I'm guessing the tsunami was Obama's fault too. And don't forget global warming...

    October 6, 2008 05:28 pm at 5:28 pm |
  5. Republicans= Me First Country Last

    Are you kidding me? Obama delayed bailout? OMG McCain is truly loosing it. McCain's tactics have always been to take his own failing and try and accuse Obama of it.

    I know hate is strong word but I am really beginning to hate McCain/Palin.

    October 6, 2008 05:28 pm at 5:28 pm |
  6. We Demand Our Country Back!

    Wow! McCain has really turned into a old cantankerous kook. He just seems angry all the time...probably because he can't find a winning message for his campaign to talk about.

    Obama/Biden '08

    October 6, 2008 05:28 pm at 5:28 pm |
  7. Mrs. Texas Teacher

    More McSame's side step... two step.... DC shuffle.... song and dance.

    Only problem, we just keep hearing this tune.... it's tired, it's old, and you can't hum it!

    Obama/Biden

    October 6, 2008 05:28 pm at 5:28 pm |
  8. The Devils Child

    This man is EVIL and SICK...he take no ownership in nothing!!! Then you have his sidekick talking out the side of her neck..I don't understand anything she say.

    October 6, 2008 05:28 pm at 5:28 pm |
  9. Thomas

    More distortions from the Rethugs. That is all they have left!

    October 6, 2008 05:28 pm at 5:28 pm |
  10. milo

    How can he blame obama when the democrats mostly voted for it, but it was the REPUBLICANS who voted against?

    If it failed for lack of GOP support, wouldn't it make more sense that MCCAIN should have been the ones trying to convince his own party?

    Makes no sense at all, no wonder the polls are trending toward landslide.

    October 6, 2008 05:29 pm at 5:29 pm |
  11. Jack - Maryland

    Has McCain had a stroke or something? Or is he just senile?

    Every time he opens his mouth he lies. So difficult to believe that I supported this man in 2000. He's become a pathetic joke.

    And dude – what's up with your eye?

    October 6, 2008 05:29 pm at 5:29 pm |
  12. Emily

    It is very sad to see an honorable man becomes so cynical. As Biden said, McCain was no maverick.

    And bailout itself is not the issue. How we got here is the issue. What we can do in a day or two to recover the damage of the last 8 years is almost irrelevant. We lost the half of our pension value. We are thinking to take two jobs now.

    If McCain really wants to be maverick, he should take a lead to impeach Bush. Then, we will all believe he is really different from Bush. Then, we will believe he is a maverick. So, please go and impeach Bush.

    October 6, 2008 05:29 pm at 5:29 pm |
  13. Anthony

    At what point does this become flat out TREASON????

    Dear America,
    please start holding men like this accountable for their words.
    No one should be able to make such allegations with out some form of repercussion. Otherwise, there is nothing to discourage him from doing it again, and again, and again, and again....

    I dont care if he was a POW...
    John McCain has sunk to being a traitor to America, by usage of deceit and devisive tactics in a time of economic turmoil and uncertainty.

    You sir, are not worthy of HONOR.

    October 6, 2008 05:29 pm at 5:29 pm |
  14. A.D. Vasquez

    Obama not crying, he just pointing out the desperation and the pettiness of McCain's campaign. Just shining the light of the darkness that is McCain/Palin '08...

    Just keeping America first–above and beyond the fray.

    Obama/Biden '08

    October 6, 2008 05:29 pm at 5:29 pm |
  15. Kelby from Houston, TX

    REALLY?!?!?! HOW?! Are you serious?
    OMG! He IS serious.
    Why is it his fault? Because he didn't suspend his campaign like you did (but you actually did not)

    VOTE FOR DEMOCRATS (especially in The Senate)
    VOTE FOR OBAMA!

    Why? because McCain and the RNC/GOP is ideaologically and morally bankrupt
    McCain is out of touch. He is out of ideas and he is running out of time!!!

    October 6, 2008 05:29 pm at 5:29 pm |
  16. Robin

    Woah, it was McCain who suspended his campaign and parachuted into the middle of negotiations, this emboldened the House Republicans to vote down the initial bill. All the while Obama was working behind the scenes to get the House Democrats to switch their no votes, McCain basically did nothing and it plainly showed.

    October 6, 2008 05:29 pm at 5:29 pm |
  17. David in New York

    When a candidate reaches a point of desperation, he or she reacts in most unusual ways. The facts and truth disappear. Attacks get personal. Self esteem is lost. Anything that was once important and valued is suddendly gone. McCain and Palin have reached that point. They are a good team full of bitterness for they lack the answers for the American people. McCain is too old to run again and Palin has showed she actually did not lift up the party, but in fact dragged it down. Pallin's political career is history. I agree with the conseratives who called for Palin to step aside. She did not. Now it's to late. She has turned a muddy pot into a sewer. Soon the country will vote and flush this team down the drain forever.

    October 6, 2008 05:30 pm at 5:30 pm |
  18. Ryan, New York, NY

    So wait, 33% of Republicans vote in favor of the bailout and 60% of Democrats voted for it, yet it's Obama's fault that it was shot down the first time. Sure thing.

    And that's ignoring all of the reports coming out of the negotiations that said that Obama and his people were quite involved, though not hogging headlines to showboat like our "friend" Mr. McCain.

    I really can't wait for this election to be over. The respect that I once had for John McCain when I voted for him in the 2000 primary is completely gone.

    October 6, 2008 05:30 pm at 5:30 pm |
  19. McCain aide

    So this is what senility looks/sounds like... Time for a campaign stop to the state of Euthenasia, gramps!!

    Obama/Biden 09/12

    October 6, 2008 05:30 pm at 5:30 pm |
  20. Canada for Obama

    MaCcain the lunatic man. Anyway, I know you are too old and your brain is not functioning right. Just give up the game is over. Up Obama

    October 6, 2008 05:30 pm at 5:30 pm |
  21. Paul

    John McCain did not "suspend" his campaign. After his announcement to skip Letterman and return to Washington, he did an interview with Couric and did not leave NY until the next day. He then accused Obama of "phoning it in," but he remained at his suburban DC residence and contacted his peers in Congress via the telephone. The suspension was a stunt that slowed a process that was well on its its way before he arrived and stalled upon his intervention. It is a sad day when the man of honor now stoops to such political lows in the last days of a failed campaign.

    October 6, 2008 05:30 pm at 5:30 pm |
  22. tulsa

    that's right John.... never let the truth get in the way of your story.

    October 6, 2008 05:30 pm at 5:30 pm |
  23. SH in Austin

    you know...

    i COULD be annoyed and pissed at the continued lies, distortions, and slimy insinuations coming from the McCain campaign.

    i COULD be disgusted at the tactics being dragged from the sewere out into the light.

    i COULD.

    but then i take a look at the polls from the past few weeks.

    and i decide instead?

    to LAUGH and LAUGH and LAUGH.

    thank you, John McCain and Sarah Palin, for your efforts to get Barack Obama elected.

    your fellow Americans are grateful 🙂

    October 6, 2008 05:31 pm at 5:31 pm |
  24. Mark

    John's just showing how unbalanced and erratic he is!

    October 6, 2008 05:31 pm at 5:31 pm |
  25. Mat

    I guess when you have nothing to really talk about you will say anything to get the attention away from your semi qualified VP pick or your lack luster economey plan.

    It was the house republicans that voted against the bill – the same house republicans thet McCain suspended his campaign to bring them 'across th isle' – nice work John. Now that it didn't work, he's going to blame Obama?!?! – so, so sad.

    Can it be November 4th allready – we need a new President

    October 6, 2008 05:31 pm at 5:31 pm |
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