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. Stupid is as stupid does!

    Ummmm. Correct me if I'm wrong, but wasn't it the republicans that did not fote the 2/3rds?

    I think that 72 year old brain is starting to shrivle a little to fast.

    October 6, 2008 05:36 pm at 5:36 pm |
  2. Republican for change

    McCain has lost his mind.

    October 6, 2008 05:36 pm at 5:36 pm |
  3. ines

    McCain = Keating 5

    No Way, No How, No McCain

    October 6, 2008 05:36 pm at 5:36 pm |
  4. Bridget

    Senator McCain, YOU ARE BETTER THAN THIS. Please, we are begging you to stop lying and return to the honorable person you used to be.

    October 6, 2008 05:37 pm at 5:37 pm |
  5. Rick

    just do a search for Keating economics and you will see what the truth is. This is nothing new from John McCain, it goes back to the Keating 5 and continued with the Gramm Rudman act in 1999 and on to the current crisis in which John McCain said "the fundamentals of our economy are strong..." yeah, right John.... sure thing if you have 8 houses and 13 cars maybe but the rest of us got hosed pal.

    October 6, 2008 05:37 pm at 5:37 pm |
  6. Jeff

    McShame trying to rewrite what happened during the week that MacCain showed his true judgement ability - go here, do this, dont go there, dont do that, change his mind, take 24 hours to get back to DC (after a cancelled appearance, yet still time to show up for another) -

    Mr. McCain - I really have only one question left to ask you - what is your objective in attempting to seize - err, I mean be elected - (to the) presidency of the us?

    And Ms. Palin, your objective? I don't find anything in your background that indicates you ever aspired or had any desire to go to Washington. Hello America! Wake up before its too late and keep these two lunatics out of any higher power position than they already hold.

    Todd and Cindy: y ou two go back to the rocks you crawled out of and take your pitiful spouses with you.

    October 6, 2008 05:37 pm at 5:37 pm |
  7. Tony

    This is headline in today's paper and on teh web:

    McCain accuses Obama of lying
    Republican says his opponent is ‘not exactly an open book’.

    If Mc Cain and Palin were not so pathetic, this would be hysterically fuinny!

    What a sad, pathetic old man.

    October 6, 2008 05:37 pm at 5:37 pm |
  8. Senile Moose

    I'm getting so sick of this grumpy old foggie.

    October 6, 2008 05:37 pm at 5:37 pm |
  9. Frank

    When you have nothing to say you say anything. The McCain/Palin ticket is an unfortunate representation of one of our major American political parties. Reading off of note cards, winking and unbecoming personal attack behavior is not enough. This is a sad day in American governance when that ticket represents what is suppose to be one half of the best America can consider.

    October 6, 2008 05:38 pm at 5:38 pm |
  10. Desmond,Toronto

    He should have said something when someone at his rally called Obama a terrorist.McCain is a very dishonest man and unfit to be POTUS. He and Palin are racists and are guilty of hate crimes and racial incitement and are both dangerous for the country.Enough!!!!

    October 6, 2008 05:38 pm at 5:38 pm |
  11. s.positive

    This OLD man and his daugther are very crazy...We'll kick them out soon.

    October 6, 2008 05:38 pm at 5:38 pm |
  12. Andy - Atlanta, GA

    Obama is also responsible for 9/11, Global Warming, Gas prices, job loss, Hurricanes Katrina & Gustav, George Bush getting elected, McCain getting captured in Vietnam & Bristol Palin getting pregnant (among other things).

    October 6, 2008 05:38 pm at 5:38 pm |
  13. Amy, Montana

    Enough already, McCain!
    Enough of the blame game!
    Enough of the false attacks!
    Enough of the mud-slinging!

    If you really care about this country, address the economic mess with real solutions!

    America, say enough! Vote Obama/Biden!

    October 6, 2008 05:38 pm at 5:38 pm |
  14. NYFN08

    "I just have to rely on the good judgment of the voters not to buy into these negative attack ads. 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 on The NewsHour with Jim Lehrer, 2/21/2000

    October 6, 2008 05:39 pm at 5:39 pm |
  15. s

    McCain and Palin need to stick to the facts, it is really hurting his campaign; however, as an Obama/Biden supporter I won't complain.

    October 6, 2008 05:39 pm at 5:39 pm |
  16. EDW


    October 6, 2008 05:39 pm at 5:39 pm |



    October 6, 2008 05:39 pm at 5:39 pm |
  18. Linda

    I thought the Republicans did not come up with the promised 12 votes in the first vote. I do not remember them blaming Obama.

    McCain is loosing it. Biden's parody on SNL was hit the mark!

    October 6, 2008 05:39 pm at 5:39 pm |
  19. Pam

    Give it up old man, you and Caribou Barbie are going down.

    October 6, 2008 05:40 pm at 5:40 pm |
  20. Texas Chic NOT voting for Va-jay-jay...

    This is just disgusting, disgraceful, and shameful. McShame=no honor....

    October 6, 2008 05:40 pm at 5:40 pm |
  21. joe six pack

    Hey McCain...

    i closed my savings account because I am out of the job with no health insurance. So you can blame me, poor old Joe, for the financial crisis too.

    October 6, 2008 05:40 pm at 5:40 pm |
  22. Samuel

    Sorry John McCain but I am not buying what you are saying. I have the right to reason for myself. The choice is clear, Barack Obama. He tell us what he will be doing as president and that is what I like.

    You are an angry senator and that is not presidential. Change your attitude . It is good for your health. Get ready to serve America as a good person not the bad one we are witnessing now. It is not good enough.

    October 6, 2008 05:41 pm at 5:41 pm |
  23. Nathan,

    We're starting to see a desperate shameless man in McCain. On a day when 159,000 more people are reported out of work, when peoples's life savings lost billions in the market this man and his shedevil Palin attack Obama on a personal level. They actually believe that the American people will look past their dwindling fortunes and and dwindling hopes and become afraid of Obama. Its time to send the Bush, Cheney, Rove, McCain, Palin way of doing things back where they belong. These people have just begun to sling mud and they don't care if its true or not. We've got to see them for what they are. Four monsters and a groupie. Don't get distracted while they take your kids future. Show them that the politics they know dosen't work anymore. Make them talk about the issues. Show them that we love America by loving its people and not just the words. Time to toss them on the trash heap.

    October 6, 2008 05:41 pm at 5:41 pm |
  24. Sam


    October 6, 2008 05:41 pm at 5:41 pm |
  25. Peter (CA)

    This is getting unbelievable. How much more muck can McCain come up with? Is this all this pathetic excuse for a PRESIDENTIAL CANDIDATE have? He was able to help the Democrats come out for the vote. He even presented the Democratic ideas in the meeting with Bush! McCain "suspended" his campaign to fly in and save the day and then it all fell apart around him. Now he is going to blame someone else??

    Larry–All Obama is doing is responding to this crud as he should lest someone actually believe it. I am sorry that you are willing to buy it.

    CNN–Every story today has been about McCain attacks....is there nothing else happening??

    October 6, 2008 05:41 pm at 5:41 pm |
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