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. Leah,Texas

    Do NOT vote for Geezer and Gidget.
    Presidents should NOT lie or wink 😉

    Vote Obama-Biden!

    October 6, 2008 05:41 pm at 5:41 pm |
  2. Linda31

    LOL, I was wondering how they were going to blame Obama for that. They blame him for everything else.

    October 6, 2008 05:41 pm at 5:41 pm |
  3. Paying Attention

    McCain, what is the matter? Your campaign not going so well. You don't have a good plan for the economy of healthcare, so you start attacking Obama.

    We are voting for Obama, so give it a rest. If you would like us to change our mind you need to scrap your crazy healthcare plan and get serious about alternative fuels and battery options for our cars.

    The grouchy thing is not working. I have a message for Mrs. Palin. I got out of the stock market over a year ago. Perhaps you should have been paying attention. I did not loose $20,000 due to inattention. Poor judgement and lack of attention will not get my vote.

    October 6, 2008 05:42 pm at 5:42 pm |
  4. Texas for OBAMA!!!!!!!!!!!!

    why cant McCain except the fact that Obama is not gaining ground cause of the Economy.... so stop blaming him, HE IS GAINING GROUND BECAUSE YOU PICKED THE CRAZY LADY FOR YOUR V.P! You where doing good in the polls, but every since you picked LOONEY for your V. P you just cant seem to bounce back from the interviews with Katie Couric!!! I guess that is obama's fault too!! no better yet blame his wife!!! LOL! You where better off picking Obama's Wife for your V. P!!!!! LOL! 🙂

    October 6, 2008 05:42 pm at 5:42 pm |
  5. Margo-Missouri

    Is this a joke? First McCain spends the last year telling everyone that Obama has only been in Washington a couple of years...

    But now, Obama is to blame for everything??? Not the candidate who has been in Washington for a quarter of a century.

    I am an independent voting for Obama. No McCain!! After the last few weeks of watching his campaign resort to gutter ball tactics and witnessing McCain's erratic behavior. I mean really.... Palin as VP. Too bad she doesn't see how badly she is being used. Her almost non-existent political career is over.

    October 6, 2008 05:42 pm at 5:42 pm |
  6. CMG

    John: Can you spell "desperation?" You would blame Obama for WW I if you thought someone would listen. I am so tired of both you and your VP candidate. Your impression of the American people must be quite distorted if you think you can win this election just on character slamming. Get it through your head, the average everyday American is tired of both you and the Alaskan attack dog. By the way,while attempting to spell "desperation", look up "economy" as well.

    October 6, 2008 05:42 pm at 5:42 pm |

    Time to start putting your retirement package together, McCain. You're history!

    October 6, 2008 05:42 pm at 5:42 pm |
  8. UMMMM...

    Maybe it's not McCain's fault, but it's definitely not Obama's... wow maybe it's Bush's??? Bush = McCain

    YOUR POINT??????????


    October 6, 2008 05:42 pm at 5:42 pm |
  9. Mrs. Texas Teacher

    Welcome to Obama Show...... good grief, wo/man, who has been in power for the last 8 years? Dog gone it! Get a gripe on reality! Seriously!

    October 6, 2008 05:42 pm at 5:42 pm |
  10. Jon

    I actually snorted out loud when I read this. Has McCain lost his mind? Seriously, has he been given a psych evaluation lately? I'm really starting to worry about the toll this campaign is taking on his health, both physical and mental.

    October 6, 2008 05:42 pm at 5:42 pm |
  11. Jeez

    Every time I drive by a house with a McCain sign in their yard, I think "WHAT ARE THEY THINKING!!"

    October 6, 2008 05:42 pm at 5:42 pm |
  12. Victor from MI

    Is this guy for real?! I can't make up dementia!! Talking about losing his mind!

    October 6, 2008 05:43 pm at 5:43 pm |
  13. Andrew

    So much for straying away from negative politics McCain. This man cannot be trusted!


    October 6, 2008 05:43 pm at 5:43 pm |
  14. Andy - Atlanta, GA

    I genuinely pity John McCain. He should spend his last few years in church repenting these sins.

    October 6, 2008 05:43 pm at 5:43 pm |
  15. Lynne


    The thing to remember is that this economic crisis is rooted in problems that started long before the Democrats took control of the House and Senate....you know, back when Bush deregulated everything and McCain was being a "Maverick". This problem did not start in the last couple of years....Bush is to blame, and McCain who seems to want to follow Bush's economic policies because he can't come up with any new ideas has not helped things much at all.

    October 6, 2008 05:43 pm at 5:43 pm |
  16. voter

    Proud McCain Supporter

    You are wrong. When Obama discussed the sub-prime mortage crisis McCain said he did not know it was a problem. Second, Obama sent a letter to the Paulson this past May when the senate ignored his claims for the need for more regulation. The letter can be googled. McCain did not call the house or senate until two days before the presidential debate. The people in the senate and house said that McCain never contacted them until he showed up to D.C.

    October 6, 2008 05:44 pm at 5:44 pm |
  17. Ed From Wisconsin

    Very typical of Mc Bush, blame someone else for your own failures. The MCBush/Palin ticket is the worse idea I have heard since President Bush decided to go and invade Iraq. Our country needs strong methodical leadership, the only ones who offer the country that particular leadership Obama and Biden.

    God Bless America

    October 6, 2008 05:45 pm at 5:45 pm |
  18. Victor from MI

    It would not surprise me if he would accidentally vote for Obama given his "altered mental status"

    October 6, 2008 05:45 pm at 5:45 pm |
  19. Vegas Barbie for Obama

    Wait a minute: MCCAIN, who "suspended his campaign" after stopping off for an interview with Katie Couric and thereby blowing off D. Letterman, and MCCAIN who arrived LATE and AFTER the meeting that was so important for him to attend, just to "talk to Republicans", has the nerve to say that OBAMA, who showed up for the meeting WHEN REQUESTED by Pres. Bush and gave his input (looking very presidential at that table, might I add), is somehow at FAULT for the failure of the bailout bill? When it was the REPUBS who killed the bill in the House in the first place? Suuuuuuure, old dude...now here is the clicker, and you can watch reruns of "Fantasy Island" until the election is over...you are living there anyway.
    OBAMA/BIDEN '08 & '12 YES WE CAN!!!

    October 6, 2008 05:45 pm at 5:45 pm |
  20. 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

    October 6, 2008 05:46 pm at 5:46 pm |
  21. Mel in GA

    Well Americans, here we go again more BUSH Like tactics that helped get bush elected twice.......ha look where that got us....If Americans are foolish enough to fall for these smear tactics and allow MCCAIN/PALIN to winn this election AMERICANS deserve exactly, EXACTLY what they will get....The ship is sinking and SEN. OBAMA is trying to throw you a line......it would be wise to reach out and grab it YA THINK!!!!

    October 6, 2008 05:46 pm at 5:46 pm |
  22. Democrat in VA

    Such a sad, strange little man.

    I believe that more REPUBLICANS voted against the bail out last Tuesday than Democrats. WHERE were you??? Suspended Campaign and all????

    Well, it's nice you admit that even Republicans would listen to Obama before they would listen to you.

    I wonder how he even talks with that big foot in his mouth.

    October 6, 2008 05:47 pm at 5:47 pm |
  23. Lynne

    Didn't the vote the first time go something like...more democrats voted for the bill than republicans...and more republicans voted against it than democrats? And some how this is Obama's fault?

    I'm fairly sure there are some medications out there for this kind of delusional thinking!

    October 6, 2008 05:47 pm at 5:47 pm |
  24. Marcia

    Obama wants to be president to put America back on track. He has the moral fibre, courage, intelligence, and energy (youth!) to get it done, starting out of the deepest hole this country has been in since 1929. Maybe it's a deeper hole: we understand economics marginally better now, but on the other hand, in 1929 we weren't at war, were we?

    McCain/Palin, should they by some terrible calamity, end up in office, will crumble and disintegrate under the burden. Obama/Biden will be like having two REAL presidents, McCain/Palin together don't even add up to one.

    McCain, we'll see your Bill Ayres and raise you Five Keatings!

    October 6, 2008 05:48 pm at 5:48 pm |
  25. OnFire

    I've voted Republican all my life and I can honestly say that this ticket has been so scatter-brained. I mean, really, John, who is running this campaign? I had such high hope until you brought in Palin. I'm a woman and believe me, you have degraded me as well as all other women to think just because you have a woman on the ticket, It would capture my vote. Got news for you. You had my vote before you did this. Then you're not doing so well in polls and you start putting out "smear tactics". Please, John, you have disgraced the Republican party. You lost me at Palin's "Hello". Sorry. Go OBAMA.

    October 6, 2008 05:49 pm at 5:49 pm |
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