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. mo

    But he is a POW, right!?

    October 6, 2008 05:31 pm at 5:31 pm |
  2. Amy

    It is not what we do in a few days to bailout. It is about the last 8 years to get here. What we can do in a day or two will not recover the damage of 8 years.

    If McCain really wants to prove he is maverick, please take a lead to impeach Bush. Then, we will believe you are different from the last 8 years.

    October 6, 2008 05:31 pm at 5:31 pm |
  3. Lynne

    There were way many more Republicans that voted no on the bail out the first time around....and then they said yes one a ton of pork was added....oh yeah, that was a Democrats fault!!!!!!!!!

    McCain has nothing left so he is trying to blame Obama for everything...Mr. Swiftboat Republican! How stupid do you think we are? Let the RNC audit Obama's books...I've given money, even in the face of the economic problems...I am so worried about the direction this country is going that I am cutting out expenses in other areas in order to support my candidate. I guess McCain and the RNC just can't believe that everyday people can back a campaign...it doesn't take corporate America to get someone elected!!!!!!!!!

    I use to have a lot of respect and admiration for McCain...not anymore. I am absolutely repulsed by his campaign tactics!

    October 6, 2008 05:31 pm at 5:31 pm |
  4. Tj oh

    What a train wreck McCain has become. He is more dishonorable than Rudy "9/11" Guiliani

    October 6, 2008 05:32 pm at 5:32 pm |
  5. cecil

    This Is What Happens When A Presidential Canidate Has No Vision For Change In America. Just Lies, Fluff, Winks, and You Betchas!

    This Is A Bridge To No Where!

    October 6, 2008 05:32 pm at 5:32 pm |
  6. Ann in Florida

    Isn't this the candidate of the "moral" party? I guess lying and slander are moral qualities that McCain/Palin are proud to possess. These candidates are running for the highest office in what is supposed to be the most powerful, example setting nation in the world. And this is what we get? This is "country first"? Patriotic? My vote is now going to the adult candidate, Mr. Obama. The behavior coming from the Republican ticket today has pushed me over the edge. Our stock market is crashing and this is what you pull out of your bag of tricks? What a sad state of affairs.

    October 6, 2008 05:32 pm at 5:32 pm |
  7. Proud to be American

    Gosh I wonder some times if I am watching a 3rd world election going on... the Repugs will say and do anything to get into the white house... don't you think they have done enough? McCain and Palin are just liars and cheats... how could anyone with common sense vote for these fools???? Rock the Vote and Vote for Obama and Biden 2008!

    October 6, 2008 05:32 pm at 5:32 pm |
  8. RIF

    I guess Obama is now a house republican? McCain and Palin are turning into a crazy two ring circus. It's almost sad to see McCain in this state of craziness. I don't want his finger no where near that button. His termperment is horrible. We'd be in 10 wars and conflicts if he was in the White House.

    October 6, 2008 05:33 pm at 5:33 pm |
  9. Tim E

    Yes, we know, John, you are the personification of everything good and Obama is the Devil's spawn. You may not need any lessons in how to tell the truth to the American people, as you say, but you could take a few lessons in being "an honourable opponent." No matter what happens in November, the winner really needs to inherit a reasonably intact and serviceable country. People will not forget your hubris, your anger, your failure to communicate; should you win you can count on eight years (maybe) of constant negative attacks. It makes for an unhappy life. Even if your wife is rich. And the vice-president sits on your lap. If Obama wins, what kind of country do want your legacy to be? Razed? Unfit for human habitat? I don't blame you for not wanting to take lessons from a Chicago politician, but there are some Texans that are no better, and you really should watch out for those "Smiling Faces." She's ready.

    October 6, 2008 05:33 pm at 5:33 pm |
  10. FactCheck

    McCain needs a diaper change. Palin needs a brain.

    October 6, 2008 05:33 pm at 5:33 pm |
  11. Shari, NY

    Sen. McCain took the weekend off to prepare for the debate but apparently he spent the whole time loading blanks in his attack weapon. This now begs the question: What does he have in store for the debate?

    October 6, 2008 05:33 pm at 5:33 pm |
  12. kayla


    October 6, 2008 05:33 pm at 5:33 pm |
  13. mike

    vote Obama/Biden 2008 !!!!

    October 6, 2008 05:33 pm at 5:33 pm |
  14. Patrick, Fairfield, CA

    Keep talking, John. Keep talking, my friend!

    October 6, 2008 05:33 pm at 5:33 pm |
  15. Mike, FL

    I think he is getting a little to desperate!! McBush doesn't even make sense anymore!

    October 6, 2008 05:33 pm at 5:33 pm |
  16. Heather

    So Obama was supposed to call the House Republicans? Wouldn't that be McCain's job?

    October 6, 2008 05:34 pm at 5:34 pm |
  17. Texas for OBAMA!!!!!!!!!!!!

    He is acting like he is not of sound and mind!!! If that is the case i do not want him in the white house! And if something happens to him we the people are going to be lead by COOKY!!!!!!! SARAH PALIN!

    October 6, 2008 05:34 pm at 5:34 pm |
  18. Proud McCain Supporter

    McCain is absolutely correct-when Obama was faced with providing his own insight/plan, without scripted text, he FAILED MISERABLY. He hid and waited for the dust to settle before making more of his ridiulous and over-rehearsed comments.

    Can't you brainwashed fools see this? OBAMA HAS NO EXPERIENCE and couldn't decide to leave a burning building unless one of his political advisors told him it was the right thing to do.

    God Help Our Country if the thoughts on this thread reflect the majority of voting Americans.

    October 6, 2008 05:34 pm at 5:34 pm |
  19. Average American

    McCain is desperate. At this point he'll say anything to get elected no matter how false or misleading it may be. This is the real John McCain ... a desperate man who will lie to get what he wants.

    Obama is the best hope for the future of this wounded nation.

    October 6, 2008 05:34 pm at 5:34 pm |
  20. I Invented the McMuffin... and fire

    I'd like to suggest that perhaps McCain is an IDIOT... Palin is such a moron that she has to climb a ladder just to attain a state of idiocy.

    October 6, 2008 05:34 pm at 5:34 pm |
  21. SJR

    This man has truly lost his mind...I am getting scared. Cindy may seriously need to take her husband to get a checkup.

    October 6, 2008 05:35 pm at 5:35 pm |
  22. Dave. San Diego, CA

    Somebody PLEASE bury the corpse of the McShrub campaign before he raises from the dead.........AGAIN!!!!!!!

    October 6, 2008 05:35 pm at 5:35 pm |





    October 6, 2008 05:35 pm at 5:35 pm |
  24. SoniaGA

    McCain first said-Obama Phoned in

    McCain then said--Obama didn't do anything, but waited

    McCain Now says-its Obama's fault

    Wow, does he not have any shame!

    It's this erratic, lying, angry behavior that is ushering Obama over 50% in ALL of the Battleground states but two and Obama winning VA AND NC!!!!!!!!!!

    October 6, 2008 05:35 pm at 5:35 pm |
  25. Independent

    McShame all we have to do is check factcheck.org and see all your lies, lies, lies....and you continue to throw out the lies in your ads...how stupid do you think we are????

    Well Doug, it was the Senate that came up with the other bill and they were the ones who put the pork in it so they could get the republicans to vote yes for it in the house....McShame vote "AYE" when his name was called.... I guess McShame is having a memory loss......

    October 6, 2008 05:36 pm at 5:36 pm |
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