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Obama Blasts McCain On The Economy
March 26, 2008 3:12 PM
ABC News' Sunlen Miller and Bret Hovell Report: Revving up for what his campaign is calling a "major" speech on the economy tomorrow, Sen. Barack Obama, D-Ill., blasted the economic plan of presumptive Republican nominee Sen. John McCain, R-Ariz.
At his first campaign event after a short family vacation in the US Virgin Islands, Obama hit at McCain's economic speech Tuesday, and noted, as he often does on the stump, that McCain once joked that the economy is not his strong suit.
Watch the VIDEO HERE.
“John McCain has admitted he doesn't understand the economy as well as he should. Yesterday he proved it in a speech he gave on the housing crisis.” Obama told a town hall audience Wednesday in Greensboro, North Carolina.
"According to John McCain he said the best way for us to address the fact that millions of Americans are losing their homes is to just sit back and watch it happen. In his entire speech yesterday he offered not one policy, not one idea, not one bit of relief for the nearly thirty five thousand north Carolinians who were forced to foreclose on their dream in the last few months. Not one, not one single idea or a single policy prescription.”
Obama cast McCain as more of the same, arguing Americans don’t need a third terms of the Bush administration.
As president, Obama said he will address the situation by reworking existing subprime loans into affordable long-term fixed loans, creating a foreclosure prevention fund, and cracking down on mortgage fraud and predatory lenders.
“John McCain may call helping struggling homeowners pandering, but I don’t think the families in North Carolina who are losing their homes would see it that way,” Obama said, referring to McCain's comment yesterday that he "will not play election year politics with the housing crisis."
Differing with his Democratic opponents, McCain yesterday argued against widespread government intervention in dealing with the home mortgage and foreclosure crisis.
Today McCain repeated his distaste for a government bailout. "I'm not interested, nor do I think it's appropriate to help speculators or people who –- they may have abided by the letter of the law but not the spirit when they gave people mortgages that were really not appropriate or fair to them."
The Arizona senator cast the differing housing crisis plans as a "classic contrast between a far left, liberal Democrat and a conservative Republican."
"Senator Obama believes that the government should do everything, I believe that the government should do as little as possible," he said.
Obama is set to give a major economic speech on Thursday in New York City at Cooper Union, where he’s expected to outline more differences with McCain on their economic agendas.
March 26, 2008 in Hunter, Duncan, Kucinich, Dennis, Tancredo, Tom, Thompson, Fred | Permalink | User Comments (38)
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Another Major Obama Speech..(yawn)
He is just going to copy Hillary and switch around a few points. He is pandering for the North Carolina vote I see. I'll be glad when he is back in the Senate, he is just really annoying with all his pontifications.
Posted by: Jay | Mar 26, 2008 3:16:40 PM
Another Obama Speech.. Right on target, to the point, honest and straightforward. If you think the last 7.5 years have gone well, you should vote for McMore-War who needs to take economics 101, otherwise vote Obama in 2008!!!
Posted by: pt | Mar 26, 2008 3:28:34 PM
LOL
He is out to destroy the nation. Now he is going to crash all the banks.
Bankrupt the country.
Might be part of his over all plan.
I think by the time anyone one gets in office, the housing crisis will be done.
He has proven himself worthless as a senator, why would anyone even consider him for president. Unless they were brainwashed by his speeches.
Posted by: seah | Mar 26, 2008 3:30:44 PM
if you want to address someone copying another's ideas, Obama sent a letter a year ago to the Fed Reserve - Clinton contacted them just last week with the same type of request he made last year. Seems like Clinton has trouble with her credibility on more things than just Bosnia.
Posted by: bernadette | Mar 26, 2008 3:31:51 PM
bernadette, I thought I was the only one who remember that year old request.
He also did a speechcbased on it back then.
Posted by: david | Mar 26, 2008 3:36:11 PM
It's the Economy STUPID! Nobody knows less about the economy than McCain. He even said so. No wonder he had no ideas in his speech. Obama 2008!
Posted by: pt | Mar 26, 2008 3:40:23 PM
he was giving less than 1% to charity till he planned to run for president. He gave $3000 to black-caucus and deducted as a tax-deductible which is illegal. Guy does not know this basic thing wants to run for US president.
Guy tried to cheat IRS, is talking about economy.
Posted by: tony | Mar 26, 2008 3:43:57 PM
No party has ever held onto the white house in an election year that had a recession. Guess what, this is a recession. It's a sure bet President Obama in Jan. 2009.
Posted by: pt | Mar 26, 2008 3:44:38 PM
Obama has not has an original idea on the economy in his entire life. He is McCain lite. Without the advice of his advisers he wouldn't have a clue. Let's leave the economy to Hillary. For 8 years we had the most prosperous times in a 60 year history with the Clinton Presidency. Hillary can bring us back to those prosperous times. Obama can't.
Posted by: Jay | Mar 26, 2008 3:44:53 PM
I realize this is a touchy subject but enough with the name-calling already.
It's making me wonder if we've got 10 year olds making posts on these blogs.
Folks, please learn to communicate properly, or follow some age-old advice, 'If you don't have anything nice to say, be quiet and just listen.'
Posted by: Cheryl | Mar 26, 2008 3:45:57 PM
It is estimated that Medicare will be exhausted by 2019. Does Obama want to hasten that with massive spending now at the expense of the future? During the 1980's housing crunch, where was the bail-out? Obama knows quite well that the Federal Government will NOT bail out home flippers, speculators, people who misstated their incomes, etc. This is just nice-sounding promises now that he does not have to keep later... just like his rhetoric on NAFTA.
He is targeting his base: the under 40 optimistic bunch who will either pay through nose in twenty years or have to live without Medicare.
Pleasing assurances, but more empty words…
Posted by: smartprimate | Mar 26, 2008 3:46:26 PM
yomama, you have it all wrong. What we need is some responsibility in the white house, something we have not have in the last 7.5 years.
Posted by: pt | Mar 26, 2008 3:50:39 PM
another obama "major speech" - another opportunity for the media to give him many hours of free air time, including the standard fawning, shivering up the leg, proclaiming him the most knowledgeable on economics, ever, etc.
another opportunity for him to try to distract the public from his anti-americanism.
and, of course, yet another opportunity for him to put out other people's proposals as his own.
yawn.
Posted by: so saddened | Mar 26, 2008 3:51:12 PM
Obama tried to cheat IRS by giving $3000 to black-caucus and deducted as a tax-deductible which is illegal. He has no right to talk about talking about economy.
Posted by: tim | Mar 26, 2008 3:52:26 PM
Yes, another Obama speech. After all, it is a campaign, and candidates give, um, speeches. It just happens that Obama is better at it ... and has the better policies to talk about.
Posted by: malthusian77 | Mar 26, 2008 3:56:49 PM
What strikes me as funny is Obama's claim to tell Americans what they need to hear, not what they want to hear. Yet, this is exactly what he rails against Mccain for doing. Mccain is 100% right, the govt should not bail out irresponsible lenders and borrowers, period. It's time to end the entitlement mentality and you're not going to get this from Obama. He talks out of both sides of his mouth - he's apparently for free markets working, yet wants govt to bail out irresponsibliity on both sides of the housing issue. He's for personal responsibility, but advocates affirmative action and blames the rich for the poors plight. Medicare is going bankrupt in 2019, yet he wants to put additional pressure on the system by moving towards a single payer healthcare plan. Obama is a nice talking walking contradition, and McCain just proved it with his speech. Obama wants the govt to fix everything that ails everybody, and in a time of economic downturn, that is a recipe for disaster. McCain didn't pander, and I think that startles both dem canddiates.
Posted by: pacificaharry | Mar 26, 2008 3:59:32 PM
Jack, I wonder what you'll do when Obama loses in a landslide to McCain if he is the nominee, which I highly doubt. The super delegates would have ALL already committed to Obama if he really is the chosen one. What are they waiting for? Why are they all stalling?
Posted by: Jay | Mar 26, 2008 4:15:00 PM
Let's go the route of professional sports: 'Coca Cola's United States of America' or... America - brought to you by Visa.
Posted by: Deep Release | Mar 26, 2008 4:16:10 PM
Somebody please take the mike away from this clown. I've heard his canned speeches. He's an empty suit.
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OBAMA is a compromiser
OBAMA wants to disenfranchise Fl & Mi
OBAMA paid $$$$$ to hateful Wright
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Posted by: WestCoastMessenger | Mar 26, 2008 4:19:25 PM
Jack Tracy,
I suppose your argument is then that the Obama campaign of rascism, hatred. and voter disenfrachisement IS working?
======================================
OBAMA is a compromiser
OBAMA wants to disenfranchise Fl & Mi
OBAMA paid $$$$$ to hateful Wright
======================================
Posted by: WestCoastMessenger | Mar 26, 2008 4:21:42 PM
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