October 9th, 2008
04:30 PM ET
12 years ago

Obama targets McCain plan, says he's erratic

Obama got tough on McCain's mortgage plan Thursday.

Obama got tough on McCain's mortgage plan Thursday.

DAYTON, Ohio (CNN) - Barack Obama called John McCain’s plan for the government to buy back bad mortgages “risky” because it leaves already burdened taxpayers with the bill.

“We have to act to fix our broken economy and restore the credit markets. But taxpayers shouldn’t be asked to pick up the tab for the very folks who helped to create this crisis,” he told an 8,000 plus crowd in a Dayton minor league baseball stadium. “It’s a plan that would guarantee that American taxpayers lose by handing over $300 billion to underwrite the kind of greed and irresponsibility on Wall Street that got us into this mess.”

Obama also got a little personal; seizing on the fact that the McCain campaign originally indicated Tuesday he supported purchasing mortgages of strapped homeowners at a discount. But by Wednesday his proposal had changed and instead called for the government to buy the mortgages at face value even if they were worth more than the home itself.

Related: Obama: McCain's mortgage plan shows 'erratic' leadership

“This is the kind of erratic behavior we’ve been seeing out of Senator McCain, you remember the first day of this crisis he came out and said the economy was fundamentally sound, then two hours later he said we were in a crisis,” Obama said. “I don’t think we can afford that kind of erratic and uncertain leadership in these uncertain times. We need steady leadership in the White House. We need a President we can trust in times of crisis.”

Obama said McCain would be encouraging lenders to “keep up their bad behavior” because they would not be punished for poor business decisions. Obama also said McCain’s proposal “wasn’t particularly new” as he himself had encouraged buybacks as a way to keep people in their homes and the Treasury secretary was given the power to renegotiate mortgages in the congressional bailout package.

Ohio boasts an unemployment rate of over 7%, and Obama said he has been “fighting” to extend unemployment benefits for those seeking work while McCain has done “nothing.”

The Dayton rally and “jobs” themed bus tour marked the beginning of a concerted personal push by Obama in Ohio. While he has visited the state eleven times since the end of the primary season, he has recently left the state to surrogates, including his running mate Senator Joe Biden. Thursday and Friday, Obama will cover the southwestern and central portions of the state.

Filed under: Candidate Barack Obama • John McCain
soundoff (224 Responses)
  1. Tony




    October 9, 2008 02:47 pm at 2:47 pm |
  2. Bill

    Texas Nick–
    You're exactly right. The McCain of 2008 is NOT the same man that ran in 2000. I supported him then, and was terribly sorry that Bush won the nomination...and then stole the election.

    I am of the opinion that the Republican party has completely divorced itself from the beliefs of it's founders. Is this the party of Lincoln? Is this the party of Theodore Roosevelt? If the Republican party dies, it's because it has become the party of Nixon, Oliver North, George Bush, Karl Rove, and sadly...John McCain.

    October 9, 2008 02:47 pm at 2:47 pm |
  3. RyanM

    McCain's plan sounds like a Republican "Welfare" plan.

    Let's just call him "Welfare" John.

    Why should my tax dollars go to support people who were dumb enough get in over their head. What part of "Adjustable Rate Mortgage" didn't you understand. I built my own home with savings and sweat equity. I have quite literally spilled my own blood for my home (gotta watch those air nailers).

    The Republican party has lost its way and has lost my vote. The Republican party – althought I might agree with them on a number of issues has really lost touch and no longer speaks to me or for me.

    Obama seems like a smart guy. He talks about the future, McCain talks about the past.

    This Ayers thing is crap and everyone knows it but yet they keep repeating it. I have heard absolutely nothing from that McCain campaign. McCain keeps letting me down and Palin is simply not qualified – an up and coming politician perhaps – and maybe in better times with less at stake she might be okay – but I am unwilling to take that chance.

    October 9, 2008 02:47 pm at 2:47 pm |
  4. Christopher

    What on earth is "personal" about calling McCain's unsteady leadership on the economic crisis "erratic"? Someone please explain why that is personal. Essentially calling someone a terrorist is personal. Calling a politician out on not knowing where he stands on a single issue is just political common sense.

    October 9, 2008 02:47 pm at 2:47 pm |
  5. wbw bruce


    maybe we should ask Charles Keeting.

    October 9, 2008 02:47 pm at 2:47 pm |
  6. Larry-Minn.

    where is obama official birth certificate...as demanded in Obamacrimes.com. and how about that socialist group he used to belong to but now denys..even though there is proof. And of course cnn wont let this go through because it is against there buddy OB.

    October 9, 2008 02:47 pm at 2:47 pm |
  7. mccain's affirmative action pick

    hold on to your seats! it's going to be a bumpy ride.

    while Obama's more subtle jabs are certainly negative, they don't compare to the vitriol coming out of palin's and now cindy mccain's mouths. my guess it the republicans will ratched up the rhetoric significantly after this. i hope obama dials it down a notch now and let's the old man scream at the wind some more. now would be the time for obama to take the high road. he's demonstrated he can be aggressive, but i think people will eventually get frustrated with the sword fight.

    October 9, 2008 02:47 pm at 2:47 pm |
  8. The Golden State Welcomes The Golden Man


    October 9, 2008 02:48 pm at 2:48 pm |
  9. Chris

    Republicans/Independants and Dems can probably ALL agree that they couldn't see many of McCain's moves coming. I thought "experience" makes someone steady? It's seems like a lot of "gimmicks/tricks" to me that aren't well thought out... just quick bandaid fixes – nothing significantly long term.

    Not sure if this will play well in the international sector for the USA

    October 9, 2008 02:48 pm at 2:48 pm |
  10. American

    McCain's quick spurts of mis-judgement in the last month have me really worried. Can we trust him with the button? I'm not sure anymore. He is too quick to anger. He seems like a really angry and mean type of person. He doesn't seem to care about anyone but himself. I guess you could say McCain would rather lose his soul than lose the election. Its sad to watch.

    October 9, 2008 02:48 pm at 2:48 pm |
  11. Sue in MI

    Guess what? McCain dared to bring up Sarah's bridge again today, in front of her, in Wisconsin! I thought they had given up that lie and moved on to the new ones. If the town hall audience weren't stacked with their fans, I'd have loved for someone to call her on it, out loud, in public! Meanwhile, they got lukewarm applause and softball questions. She was asked what percentage of Alaskan oil is exported to China. The woman had heard a 75% number on the radio. Aha, I thought. She's the energy expert, she knows this. Alas, she said, "oh, no, nowhere near 75%" and went off on a tangent. Bet the aides know now! But I thought she was on the ticket because she was on that big oil and gas commission in Alaska, so wouldn't you think she might know that percentage? Golly gee.

    October 9, 2008 02:48 pm at 2:48 pm |
  12. Garrett

    It is NOT illogical to say that the 'fundamentals of the economy are sound' AND that we 'are in a crisis'.

    The fundamentals of our economy did not cause the crisis; it was bad decision-making and greed. These are not erratic statements and they are both true.

    Not taking a political stance, but I am making a stance on logic. I hate bad logic, which is why I don't like politics, McCain and Obama, political commentary, and CNN.

    October 9, 2008 02:48 pm at 2:48 pm |
  13. Obama all the way....

    You got that right Prez!!!!!!!!!

    We want YOU in the White House!!!!!!!!!!!!!!!!!!!! And we are gonna make it happen!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    Obama/Biden 08/12

    October 9, 2008 02:48 pm at 2:48 pm |
  14. missouri

    Go Obama!! A judge ruled that Obama did nothing wrong in the deal with Rezko. So Rob maybe you need to move on. That judge didn't even say that Obama used bad judgment nor did the judge reprimand Obama in anyway. Very different from McCain and the Keating Five in which McCain did get reprimanded and told he used very poor judgement. Seems odd to me that everyone else involved in that deal went to prison. Could it be that McCain being a senator influenced the outcome!! Say it ain't so, Joe!!!

    Like when Cindy took drugs from the clinic and got a doctor fired?? Nothing came of that did it?? Money talks......

    October 9, 2008 02:48 pm at 2:48 pm |
  15. prairieguy

    This isn't personal!!!!!

    Personal is the crap McShame's Team is flinging at rallies and web ads....but McShame doesn't have the you know what to say it to Barack's face....McShame is a COWARD hiding behind the skirt of his wife and his slimy running mate!!!!

    Now my response is personal!!!!!!!!

    October 9, 2008 02:48 pm at 2:48 pm |
  16. Annoyed

    "It's not Barack Obama's plan. It's not George Bush's plan. It's Hillary Clinton's plan!"

    There. I corrected that quote for him.

    October 9, 2008 02:48 pm at 2:48 pm |
  17. I'm voting for THAT ONE

    Obama is right.

    October 9, 2008 02:48 pm at 2:48 pm |
  18. BT

    John McCain = DEREGULATION!
    He did not learn from his mistakes with the Keating 5 and he still doesn't have clue about the economy.
    Vote for intelligence this time America!

    Obama/Biden 08

    October 9, 2008 02:48 pm at 2:48 pm |
  19. Maggie from Virginia

    The McCain camp and their coward supporters can incite hate all they want. If anything happens to Barack, Biden, or their family; the World better get ready for Armageddon.

    October 9, 2008 02:48 pm at 2:48 pm |
  20. rodondo

    I am for Obama but he needs to listen to his own advice here and let the housing market, banks, consumer debt, markets, etc hit the bottom with as little govt. interference as possible. We will have to pick up the pieces and start from there. Govt bailing all of these out will make it an impossible, nasty, short, one term and out Presidency for him if he does win it. (See J. Carter 80's).

    He needs to say "Pull the Band-Aid off...this is going to sting a little bit"

    October 9, 2008 02:49 pm at 2:49 pm |
  21. N.S of Huntsville, Al

    McCain is eratic look who he picked for VP, but not just eratic he dosen't look well too me.

    Go Obama

    October 9, 2008 02:49 pm at 2:49 pm |
  22. New Yorker

    To FAYE MOGHTADER – Could you tell us what he has achieved?????

    October 9, 2008 02:49 pm at 2:49 pm |
  23. MD, TX

    Obama's going to raise taxes on everyone (directly or indirectly), tax everyone's retirement savings (capital gains), increase everyone fuel bill (windfall profits tax), and he criticizes McCain on this?

    Obama's candidacy shows that George Carlin was right...America's greatest resource is the moron.

    October 9, 2008 02:49 pm at 2:49 pm |
  24. jrzshor

    and what's another 300 billioin after spending 700 billion of tax payer money. get used to it. spend spend spend is a coming.

    October 9, 2008 02:49 pm at 2:49 pm |
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