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Obama Attacks McCain as an Economic Risk
September 15, 2008 5:34 PM
In Jacksonville, Fla., this morning, Sen. John McCain, R-Ariz., repeated a line Democrats have been using against him for months.
"The fundamentals of our economy are strong," he said.
McCain also said that “these are very, very difficult times,” but the window had been opened.
Sen. Barack Obama, D-Ill., and his running mate, Sen. Joe Biden, D-Del., had already planned to attack McCain on the economy, and with the bad Wall Street news about Merrill Lynch and Lehman Brothers, McCain’s remarks provided an easy opportunity to paint the Republican as out of touch.
“We just woke up to news of financial disaster, and this morning he said that the fundamentals of the economy are still strong,” Obama told an estimated crowd of 5,800 at the Cross Orchards Historic Site in Grand Junction, Colo. “Sen. McCain –- what economy are you talking about?
“What’s more fundamental than the ability to find a job that pays the bills and can raise a family?” Obama asked, his voice rising. “What’s more fundamental than knowing that your life savings is secure, and that you can retire with dignity? What’s more fundamental than knowing that you’ll have a roof over your head at the end of the day?”
At a rally at South Lake High School in St. Claire Shores, Mich., Biden chimed in, as well, saying, “just as George Herbert Walker Bush was nicknamed ‘Bush 41’ and his son is known as ‘Bush 43,’ John McCain could easily become known as ‘Bush 44.’” Hammering McCain’s remarks in Jacksonville, Biden said, “Friends, I could walk from here to Lansing, and I wouldn’t run into a single person who thought our economy was doing well, unless I ran into John McCain.”
McCain has been making the same basic argument for months, as in June (watch HERE) or in August, when he told Laura Ingraham on her radio show, “I still believe the fundamentals of our economy are strong. We’ve got terribly big challenges now, whether it be housing or employment or so many of the other -- health care. It’s very, very tough times. It’s very tough. But we’re still the most innovative, the most productive, the greatest exporter, the greatest importer. Every new advancement, literally, in technology that has created this new economy throughout the world, has come from the United States economy. Do we have a lot of things to fix, do we have big challenges? Yes. But I also believe America’s best days are ahead of us.”
Obama often takes the optimistic statement about the economy and extricates it from its myriad qualifiers to suggest that McCain doesn’t know that there are problems economically.
McCain in the past has shrugged off his opponent’s frequent out-of-context use of his quote, but today, McCain quickly tried to revise and extend his statement (as is senatorial prerogative), suggesting some concern, if not panic, by the McCain campaign.
In an Orlando afternoon event, McCain sounded quite a different note on the economy, saying, “The American economy is in crisis, it is in a crisis. People tonight will be sitting around the kitchen table trying to figure out how they’re going to stay in their homes, how they’re going to keep their job, how they’re going to put food on the table. And America is in a crisis today and unemployment is on the rise and our financial markets are in turmoil.”
McCain also offered a new definition of what the “fundamentals” were that he was calling strong; He said he’d been merely referring to the American worker.
“My opponents may disagree, but those fundamentals, the American worker and their innovation, their entrepreneurship, the small business, those are the fundamentals of America, and I think they’re strong,” McCain said. Those fundamentals, he did add, “are being threatened today because of the greed and corruption some engaged in, in Wall Street and we have got to fix it.”
This seemed a different definition than the one McCain offered in April, when he told Bloomberg News “the fundamentals of America's economy are strong. We're the greatest exporter, the greatest importer, the greatest innovator, the greatest producer, still the greatest economic engine in the world. And, by the way, exports and free trade are a key element in economic recovery.”
Obama had already been planning on attacking McCain on the economy, and he today blamed "the most serious financial economic crisis since the Great Depression” on “the economic policies (McCain) subscribes to, ... a philosophy that says even common sense regulations are unnecessary or unwise."
Obama observed that a new TV ad for McCain and his running mate, Alaska Gov. Sarah Palin, borrows one of Obama's trademark lines, saying McCain and Palin offer, "leadership, experience, for the change we need."
"Instead of borrowing some of my lines, he needs to borrow some of my ideas," Obama said. "Change isn't about slogans -- it's about substance."
Obama also said that "it's great that (McCain) now wants to talk about putting corporate lobbyists in their place. But he needs to explain why he put seven of them in charge of his campaign."
Listing some of the corporate interests those McCain campaign officials work for, Obama said, "If you think they're working hard to put themselves out of business, then I’ve got a bridge to sell you up in Alaska," a reference to the "Bridge to Nowhere" that Palin has taken credit for killing, though she supported the project before changing her mind on it.
But for all the talk of McCain borrowing Obama’s slogan, Obama borrowed from McCain, as well.
Whereas McCain constantly paints Obama as a risk on national security issues, Obama said McCain was a risk, economically, for the nation.
“We know if we go down that path, then the next four years will look exactly like the last eight,” Obama said. “So, when you walk into that voting booth in 50 days, ask yourself: can your family afford to take a chance on an economic policy that offers $200 billion in tax breaks to the biggest corporations, including the oil companies, but not one penny of relief to more than 100 million Americans? ... Can you afford to take a chance on a health care plan that would tax your benefits for the first time in American history? Or an education plan that does nothing to help your kids pay for college? Or a retirement plan that will privatize social security and gamble your life savings on the stock market? Because those are his plans, those are his ideas.
“That’s not a risk I’m willing to take,” Obama said.
-- Jake Tapper and Sunlen Miller
September 15, 2008 | Permalink | Share | User Comments (156)
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The fact that Palin is still flaunting her "fighting" of the Bridge to Nowhere even when all the news media, conservative or liberal, have all cast considerable doubt on it makes me wonder what on earth they are thinking.
And McCain still scarily believes in the same economic policies Bush has supported-even with the effects of it finally being seen.
Look, we are already in a debt running into trillions over the Iraq war, because Bush thought we could wage a "cheap" war (he left out the part that China and some other countries were picking up the tab for now-but charging interest and are one day going to ask for bill). And now because of these disastrous policies, the economy is literally in pieces.
McCain himself may not be able to finish his term-I am not wishing him ill-but at his age and the fact that he has had brushes with cancer are concerns. This is considerably more so looking at who will take over him should that happen-Palin, who is shaky on foreign policy and left Wasilla swimming in debt over a sports hall-anyone want to bet what she will do to the economy?
Posted by: Grey Matter | Sep 17, 2008 8:39:38 AM
FactOid,
If, in fact Clinton is responsible,
The Republicans with their insight into
such matters had 8 years to remedy the situation and they failed to.
So what is your argument for allowing them to continue doing what they always do?
Hoover, Reagan, Bush II
Posted by: Leonard Peltier | Sep 16, 2008 8:14:39 AM
Herbert Hoover
Ronald Reagan
George W. Bush
What do these men share in common?
They all left office with a massive
debt for the incoming president.
Posted by: Leonard Peltier | Sep 16, 2008 8:12:06 AM
Todays financial crisis can be traced to:
In 1999, President Clinton signed the Financial Services Modernization Act, which tore down Glass-Steagall's reforms by removing the walls separating banks, securities firms and insurers. (which was created after the bank failures that caused the great depression)
Under President Clinton and his successor, the government became eager to promote home ownership. Interest rates were low, the market grew for loans to borrowers with weak credit and private-sector mortgage bonds boomed. About 38 percent of those bonds were backed by subprime loans. They are at the root of today's financial crisis.
src: McClatchey
Bill Clinton also gave China "most favored Nation" status, a noble cause that even republicans like Newt Gingrich agreed with, as constructive engagement. However, it can be argued that the playing field is not fair and Chinas importing to the US of cheap sweat shop goods, US companies moving jobs overseas in order to compete, and the resulting Chinese appetite for petroleum to support the resulting 10% plus growth, have contributed heavily to todays high fuel prices. More of our own consumer driven madness contributing to our economic decline.
Posted by: FactOid | Sep 15, 2008 10:13:56 PM
JOHN MCCAIN during the banking and housing crisis:
"The fundamentals of the economy are strong."
HERBERT HOOVER during the Great Depression:
"The economy is fundamentally sound."
McCain just doesn't get it. Vote Obama.
Posted by: VoteObama | Sep 15, 2008 9:43:37 PM
Economic risk.
In contrast to Obama's economic record of.....of....of.....of......of...
Posted by: drjohn | Sep 15, 2008 9:07:34 PM
Tim,
If our intel was so great, why would the other countries not support us in Iraq as they did in Afghanistan?
Posted by: Mack | Sep 15, 2008 8:33:55 PM
Ron Paul knows economics. He predicted this state of affairs YEARS ago. Google it. There is also a video of him speaking on the House floor in opposition to the Iraq War BEFORE IT BEGAN. His words are chillingly prophetic. Google it. Facts are facts.
Posted by: Neo | Sep 15, 2008 8:14:02 PM
Why is the media so bias towards Obama?
There is something very wrong in our society when the media selects a candidate as a favorite.
Have we not learned from history where such blind worship leads? ...
Posted by: Julie Alton | Sep 15, 2008 7:58:12 PM
Media bias TOWARD Obama? In case you haven't been around this year, all I've seen is Obama unfairly attacked over something as ridiculous as using a coloquialism as old as the hills (lipstick on a pig). Obama, and his wife, have been picked to pieces by the media. Get real. Everyone here has seen it and heard it, so you're republican talking point about how the media is being unfair to McCain is bogus, and you know it.
One can only hope voters have learned from history where blind worship leads. Blind worship lead to George Bush. And look at what that did for our country. Don't let blind worship of the republican party do the same for us by electing McCain.
Put country first! Vote for Obama.
Posted by: Russell4America | Sep 15, 2008 8:04:59 PM
Obama being a threat to our country? How stupid. You think he played President while in Iraq? What about McCain & Georgia? Since his lobbyist for Georgia/campaign advisor was still lobbying for Georgia while involved in McCain's campaign-McCain acted like HE was the President. He (and his lobbyist advisor) have a wonderful relationship with Georgia. It's no wonder he had the reaction he did against Russia. Do you really think McCain would be reluctant to send our troups into Georgia, Russia, Iran, etc.? According to Palin-not even blink first. That's frightening.
Posted by: Debbie | Sep 15, 2008 7:55:49 PM
If McCain wins, it is the absolute death of this country... 8 years a go when Bush-Chaney-McCain took office, we were a wealthy, prosperous, and economically solid nation... After 8 years of disastrous policies, we are on the verge of bankruptcy. The people are broke, the airlines are broke, the automakers are broke, the banks are broke, the financial institutions are broke, and the GOVERNMENT IS BROKE. If Bush-McCain win again, we have no where else to go, but into our graves. IT IS THAT SIMPLE!!!!
Posted by: John | Sep 15, 2008 7:49:43 PM
ok, first off, the only issue that you put up there that remotely has any relevance on a vote would be the bridge to nowhere. and i dont think she did anything wrong. the plane she sold(because she actually wanted to save money and not waste it, hard to imagine i know) didnt lose money. read the facts, dont spread rumors. they werent trying to MAKE money on it, just to get rid of it. cooks?! you're seriously going to talk about her cooks as a voting issue! not even worth a reply. these are all idiculous claims ...
Posted by: tim | Sep 15, 2008 7:40:34 PM
What's wrong, Tim, is that SHE LIED ABOUT IT. Tell me, honestly, if she were the dem nominee, wouldn't you pick her to pieces over the fact THAT SHE LIED? Be honest. Anything to the contrary would be a lie, and you know it. We have had enough lies for the last 8 years. Doesn't it seem curious to you that all we hear from McCain and Palin are attacks and lies? Doesn't that make you think that's all they have to offer? Are you truly happy with our country for the last 8 years? Think it will be any better under McCain? This is our country for God's sake. Yet all we do is bicker over stupid things like lipstick on a pig (yet another typical republican distraction tactic). Love your country first. This is too important a vote to waste on McCain, someone who will just finish the job of putting this country in the toilet.
Posted by: Russell4America | Sep 15, 2008 7:48:56 PM
"She said she killed it which she did. She never said that she was never for it. Sheesh. Words matter."
I told Congress Thanks but no thanks on the bridge to nowhere, if Alaska wanted the bridge we would build it ourselves.
Several lies in this one done ad naseum but since right wingers have political amnesia, it becomes necessary to repeat
a) She was supportive of the bridge until 2007 even campaigning partially on that support for Gov in 2006.
b) She did not return the earmarked funds. They were instead (with Congress's permission) for other transportation projects.
c) Upon having most of the funding pulled for the bridge by Congress, Palin killed the bridge.
So "thanks but no thanks" was a lie because she supported it and took the money anyway and the 2nd part of her quote was a lie because the moment the fed earmark was gone so was the bridge.
Other lies told by her include "I have nothing to hide and will fully cooperate with this investigation"
Posted by: Ryan C | Sep 15, 2008 7:48:08 PM
Actually according to some reports, she didn't even kill it. It is still going on - albeit in a much smaller form - with some of the funds from the federal government.
Posted by: johnTX | Sep 15, 2008 7:46:21 PM
russel...
ok, first off, the only issue that you put up there that remotely has any relevance on a vote would be the bridge to nowhere. and i dont think she did anything wrong. the plane she sold(because she actually wanted to save money and not waste it, hard to imagine i know) didnt lose money. read the facts, dont spread rumors. they werent trying to MAKE money on it, just to get rid of it. cooks?! you're seriously going to talk about her cooks as a voting issue! not even worth a reply. these are all idiculous claims, and lets be honest. the left just HAS to have something to pick on and if this is the best you can dig up on her then i say, she has done good. but just let me ask you this... what do youfeel about all of baracks baggage and scandals he has had in the past? they are actually issues that can be used to judge his character? im sure you arent bothered by any of these that are PROVED to be correct?
Posted by: tim | Sep 15, 2008 7:40:34 PM
John McCain says that he will end golden parachutes for CEOs...but one of his own economic advisors, Carly Fiorina got a HUGE bonus, even though she was fired from HP. John McHypocrite at it again!
Posted by: Rick | Sep 15, 2008 7:39:46 PM
"I guess you haven't heard: The "bridge to nowhere" Palin claims to have been against, she was actually for it."
She said she killed it which she did. She never said that she was never for it. Sheesh. Words matter.
By the way, Barack voted and supported this earmark until it was killed off - by Gov. Palin. But it's not like ABC News will ever report that....
Posted by: b | Sep 15, 2008 7:39:36 PM
Mack,
Your guy isn't admitting there is a problem occuring - he is saying that the FUNDAMENTALS of our economy are NOT strong. Problems can be fixed. Maybe both of you don't quite know what fundamentals mean! And yes - BHO is unpatriotic in my eyes, and he will run America into the ground. He was supposed to bring the country together, his mantra was hope - I have never seen America more divided, and where is the hope! McCain believes America is already a great country - BHO believes America is a mean-spirited country and he has to make it great! NOBAMA, please!
Posted by: Beckie | Sep 15, 2008 7:36:41 PM
"I think the tone of this whole campaign would have been very different if Senator Obama had accepted my request for us to appear in town hall meetings all over America," John McCain.
Brian Rogers "We ran a different kind of campaign and nobody cared about us. They didn't cover John McCain. So now you've got to be forward-leaning in everything."
See, the McCain campaign couldn't get traction with a media still jazzed about Clinton vs Obama. They needed Obama to bring some spotlight their way. So they resorted to gutter politics. And in some degrees that has worked, so why stop now.
Obama offered to have a debate July 4th.
McCain said no.
Posted by: Ryan C | Sep 15, 2008 7:35:18 PM
simple question for you: what is she lying about and give me your proof?
Posted by: tim | Sep 15, 2008 7:22:05 PM
I guess you haven't heard: The "bridge to nowhere" Palin claims to have been against, she was actually for it. She actually lobbied hard for it. When it became politically bad for the republicans, she then claimed to be against it. The plane she claims to have sold on Ebay, well, as it turns out, she didn't really sell that plane on Ebay. The plane had to be sold by the state, and the state lost money on it to the tune of $600,000. How about that cook she claims to have fired, you know, the one in the governors mansion--as it turns out, she didn't fire that cook at all, she just changed the woman's title, yet kept her at the mansion, cooking. Were you aware that Palin is being investigated for ethics violations in Alaska? Did you know she tried to get her ex-brother-in-law fired from the Alaska state troopers, only to have the troopers say thanks but no thanks to her demands that he be fired? Did you know that Palin was censured by the court because she was harassing her ex-brother-in-law?
I think, and republicans would be lying to deny this, if Sarah Palin was a democrat, for the lies mentioned above alone, republicans would tear Palin to shreads.
I'm asking you and everyone here to really put country first. To quit defending these shames to democracy that McCain and Palin are.
These are indeed dangerous times for our country. We need Obama now. We need the change his presidency will provide. Vote Obama.
Posted by: Russell4America | Sep 15, 2008 7:33:55 PM
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