October 14th, 2008
03:50 PM ET
14 years ago

Obama weighs in on McCain plan

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/images/10/14/art.bowalk1014.gi.jpg caption="Sen. Obama campaigned in Ohio Tuesday."]
DAYTON, Ohio (CNN) – Before heading to greet workers during a shift change at a local factory, Barack Obama told reporters the government’s plan to buy shares in the nation’s banks was “a good one.”

The plan “gives taxpayers a better chance of getting their money out,” he said. “It also gives the treasury some more direct mechanisms to monitor and apply some ground rules to participating banks.”

Watch: Obama lays out his plan to help the middle class and the economy

Obama said he was still “concerned” about “cracking down on excessive CEO pay” and wanted to make sure that was part of the Treasury Department’s plan going forward. He also said he wants the discussion about “guarantees to bank loans” to continue as that might help loosen credit for small business owners.

The Democratic nominee said he had yet to fully review the $52 billion economic plan John McCain put forward Tuesday, but said a heavy emphasis on a capital gains tax cut did not seem like a sound idea.

“I will tell you that nobody really has capital gains right now," said Obama. "So if the idea is to cut capital gains taxes - when I don’t know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains - that probably is not going to be particularly useful in solving the financial crisis.”

Filed under: Candidate Barack Obama • Economy • John McCain
soundoff (210 Responses)
  1. garyinwa

    There's a landslide a comin' The ground is already shakin' and rocks fallin' all around the McCain camp. The McCain campaign staff is already running in different directions to avoid the fall-out. Notice how confused they are and how often their message changes to avoid the issues. America is coming back on November 4th with President Elect, Barack Obama, 2008!

    October 14, 2008 06:03 pm at 6:03 pm |
  2. Sherry Martin

    What I hate to hear most from McCain is "My Friends" everytime he gets in front of a microphone. I do respect him. But, he is not my friend. He is a friend of the wealthy. I don't know who I will vote for, I don't think it really makes a difference. All I see in all politicians is $$$ signs.

    October 14, 2008 06:03 pm at 6:03 pm |
  3. james faucett

    russia the old soviet union said they would not fire a shot obamas plan to redistribution of your wealth is the way russian runs its country and through obama it wants america communist to give out vouthers the reason people will not get taxed, only your boss who will fire you when he gets taxed everything over 200,000 so who is obama to say you can't make over 200,000 and for the people against palin are just jealous

    October 14, 2008 06:03 pm at 6:03 pm |
  4. Proud to be American

    I looked at his plan and it is a mess just like McBush!

    ***************** Obama and Biden 2008 *********************

    October 14, 2008 06:04 pm at 6:04 pm |
  5. Terri

    Devone – i loved your comment – totally agree.

    October 14, 2008 06:05 pm at 6:05 pm |
  6. Armando

    Neither one has a clue. We have socialist Obama and socialist McCain. Lucky us. Vote 3rd party!

    October 14, 2008 06:08 pm at 6:08 pm |
  7. box101

    cutting the capital gains tax by 1/2 will only induce another scott-free speculation bubble in the future. Hey – many Americans dont have theextra money invest or even have the option of 401k's. So this plan allows those who have money to invest to create bubble after bubble and withdraw their inflated moneies with 1/2 of the penalties. Rich keep getting richer – poor keep paying for it – the same way we all paid for the oil bubble / the housing bubble, etc.

    October 14, 2008 06:08 pm at 6:08 pm |
  8. Juan Grain

    McCain has a plan!!! What, to give out candy on Halloween and acuse Obama of giving out acorns! McCain better have a plan for after he looses this election, that is the real McCain plan!

    October 14, 2008 06:11 pm at 6:11 pm |
  9. Jones

    Yes we can Obama 08

    October 14, 2008 06:12 pm at 6:12 pm |
  10. TexicoFrom Mexico

    Look people, this guy is done and has been done. This election is going to be a landslide and let me tell you why. Because I have faith that 70% of the American voters (GOP, DEMS AND IND) are all smart enough to relaize that this guy is 73 years old with several bouts of cancer. Anyone with half a brain would not want nor vote for someone as dumb as Palin to be anywhere near the White House. Who would really want a President that can not string together three sentences that are not scripted on a teleprompter together. She has no clue and really has no interest in how the Governnent really works. She has doen literally nothing for her state, she was not vetted and was in full support of the Alaska Indepedence Party.

    We are not on the kool aid and most of the PUMA's now see that Palin is a joke next to Hillary. If Palin were a Democrat the same things would be said....even Rush Limbaugh knows this to be true..he just has the hots for her is all. In fact his whole "We are the ticket with the Babe on it" does that not smack of sexism? Has Palin really been interviewed since? If she had any guts she would go on "The View", Obama went right into the Lions Den by going on the O'Riley factor! McCain has been interviewed...Biden as well! Lets see Palin get some more hard hitting interviews! I mean if she is smart enough to be President she can surly be interviewd by the toughest right?

    October 14, 2008 06:15 pm at 6:15 pm |
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