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Obama Blasts McCain On The Economy

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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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So who gave him his talking points, since he knows nothing about the economy.

Posted by: s.b. | Mar 26, 2008 4:26:13 PM

I have no doubt that I will be happy with Obama's economic plan he talks about tomorrow , as I am also with Clintons. What irks me though is the Obama camp the other day attacking Clinton on her sub-prime housing economic plan by stating Clinton was a hypocrite because has taken contributions from the sub-prime mortgage lending industry. That's fine, but what his camp failed to mention is that Obama himself has taken $1.18 million dollars from the sub-prime lending industry and that his contributions from issuers of sub-prime loans matches if not surpasses Clinton.
This type of misrepresention of the facts bothers me alot more than Clinton's Bosnia embellishment. I also would not call this clean or new politics. This isn't the first time he has done this he's misrepresented facts about the bill he wrote in Illinois pertaining to the radioactive leaks of his corporate funder Exelon, his positions on NAFTA and the Kyle-Lieberman vote.

Posted by: alpaig | Mar 26, 2008 4:29:05 PM

It's just so intelligent of all you who are criticizing Senator Obama's speech, BEFORE he even gives it. NOT! He is the ONLY candidate to date who has made any substantive speeches, and the only candidate who presents a viable alternative to economic and cultural implosion, and the only candidate who has a vision grounded in the plight of the working class American--and you don't even want to listen, b/c you're so ate up with demagoguery and the crap that passes for government that is taking America down for the count. Listen first, and then if you take exception with what he has to say, feel free to say so--and no one is going to make you vote for him if you don't agree that he represents your interests. Fair enough. But this country has some serious work ahead if it is going to survive, and everyone here should be able to agree on that much, and be willing to do their part in being a part of the solution, not a part of the problem. National dialogue begins with listening; then democracy can take root in this part of the world.

Posted by: Justinteim | Mar 26, 2008 4:38:38 PM

Isn't it great that Hillary can be on the front end of economy and mortgage loan solutions. That way, Obama can just soundbite them, and oh my, what wonderful and creative ideas he has to fix our problems. What a genius!

He makes John McCain look so inept. I guess someone is working on his major economic recovery speech for tomorrow. He plans to give us his studied details. Thanks, Hillary!

Posted by: georgia | Mar 26, 2008 4:47:14 PM

Obama Needs some time to get his personal problems in order, professional help can help him there. Then he needs to grow up and live in the present.

Maybe then he can tell the truth, stop flip-flopping.

This guy has lied so many times, I doubt if he can keep track of it all.

Posted by: seah5 | Mar 26, 2008 5:10:59 PM

Everybody knows John McCain's economic plan: "More WAR, more WAR, more WAR!!!" We're gonna pay money to bomb 'em and pay even more money to rebuild 'em!" "The economy overseas where our troops will be stationed will BOOM for hundreds of years!---Oh, you meant the US economy... uh, WAR--Al-Quaeda, Hussein, Bin Laden... whatever!" "Don't bother me, you little jerk! I've got another WAR to start with that punk from Iran!" I for one, will choose sanity; And I will choose NOT to vote for "Insane McCain!!!"

Posted by: cba | Mar 26, 2008 6:14:11 PM

At least Senator Obama is criticizing McCain!

I've about had it with the Clinton lovefest with John McCain! Maybe he'll pick her as VP!!!

Obama 2008 -- Yes, WE CAN!!!

Posted by: Jackt51 | Mar 26, 2008 7:09:06 PM

If you liked the last 7.5 years, you will vote for McCain.

Posted by: Kansas Republican | Mar 26, 2008 8:17:24 PM

Tim i believe if your income in a year is over 1.5 million you don't do your taxes for yourself, and being a politician under scrutiny you better give it to "people" to do it for you so dig it and get back at us to tell us he was trying to cheat the IRS and he is banned from dnating his money to the Black Caucus, like it was any illegal organization or a beseless one.

Posted by: Andrew | Mar 26, 2008 8:53:38 PM

Ugh... I'm so glad that we're going to bail out lenders stupid enough to sign for mortgages that they cannot afford. As someone who plays by the rules and whose taxes will subsidize this bailout, it ###### me off. I've only been out of school for four years and I don't have a house/ condo because I cannot afford one on my salary. However, people like me who make good financial decisions and play by the rules are getting screwed while those who made stupid financial decisions are getting to keep their homes.

Posted by: Illinidiva | Mar 26, 2008 9:06:30 PM


Good for him...but something far mor sinister is happening.

I know this will not be popular for Obama supporters....but democrats have to unite to keep Democracy alive.

The evil genius Karl Rove is doing it again....please please read.:- We all have to unite for the good of the party


Why is the media soft on Obama?

Because corperate america (media included) want Obama to win the nomination. He is a pawn for them to squash...he won't even see it coming.
Why else did Karl Rove give advice to Obama on how to win against Clinton

http://www.ft.com/cms/s/2/dee0a6e8-a109-11dc-...

Karl Rove knew from the beggining if he could keep the democrats at bay ...spend all their money and hopeflly split the party base... BINGO

Rove did get lucky when moveon,org backed Obama over Hillary after the Iowa caucus. Money and supporters moved in.

Obviously he knew about Obamas church... the crazy evangelicals now call Obama the Anti Christ.

McCain dosn't even need to worry about "his base" any more...just keep whispering Jerimiah and they are Roves to manipulate.

Now McCain can choose a moderate as his running mate. Someone like lieberman to pull the independents over. They will think him wise for not taking on a Huckabee look alike.
...
Why is Rezco. not in the media yet .....simple .they don't need that card yet.

Rove (and media) knows that Hillary is starting to lead.
Back off time. That can come later.

Why do you think the media are being sweet on Obama....they have enough to get the evangelicals mad at him and enough to split of the Democratic party.

Clever wouldn't you say.

I worry that if the neocons get in this time.....it might be the last time for a democratic election.

We need someone that is as sly and manipulating as Rove to come on board

Posted by: IIIiiiIII | Mar 26, 2008 11:08:20 PM

At least Senator Obama is criticizing McCain!

I've about had it with the Clinton lovefest with John McCain! Maybe he'll pick her as VP!!!

Obama 2008 -- Yes, WE CAN!!!

Your so right thank you
I hope and pray that the super delegates have been listening to her and billy boy pumping up McCain

Posted by: Lauenpow | Mar 27, 2008 8:40:46 AM

McCain was joking about the economy not
being his strong suit!
My problem is that Obama was serious!
Is he proposing a welfare program for
people who bought homes they knew they
couldn't afford? Compassion yes.
Some help in requring the lending
institutions to extend some payment deadlines and lower monthy payments yes!
But a bailout No!
This type of personal fiscal
irresponsibility cannot be enabled!
If I take a chance on a penny stock and blow my life savings on it, will the
federal government bail me out if I lose
all of the money?
Add Obama's proposed bailout to his
universal healthcare proposal and you
him spending billions and billions of dollars on those two proposals alone!
Where is he going to get the money?
With proposals like these taxs won't just go up for the "Rich" but for everyone else! Just what we need with the price of gas going to $4 a gallon this summer! No thanks, I'll take McCain!

Posted by: reaganfan | Mar 27, 2008 1:38:33 PM

Polosi and teddy are his spokes people. He dosen't know how to speak for himself, because he lies so much.

Posted by: barbara | Mar 27, 2008 5:40:06 PM

Home owners need to check the headlines every day to make sure they’re not dealing with a crooked lender who will sell their loans out from under them.
I found this new site which filters home mortgage headlines and other headlines about consumer fraud, defective drugs and product recalls. I can even embed a particular subject’s RSS feed on my homepage and blog.
Check out www.the-feed-store.com and you’ll see what I am talking about.

Posted by: Pa Muckraker | Apr 30, 2008 10:20:03 PM

that's it, my vote is going to Ron Paul

Posted by: amber | Jun 20, 2008 4:56:30 AM

Wake up Americans! The time is now to get us out of a hole our president has put us in! Pretty soon we'll be taken over by China or Mexico! This country needs to be self sufficient like we were years ago! It can be done. This is or was the greatest country in the world! We need to start acting like it.

Posted by: James | Jul 16, 2008 12:24:45 PM

Senator John McCain cracking down on "Earmarks" is only going to have a few percentage points on correcting our federal deficit. Senator Obama, by TAXING THE HEDGE FUND DEALERS, would have a huge impact on correcting our federal deficit. Our right-wing media should ask the question--which one is going to get the job done? Republicans give more to the wealthy billionaires so they can take their jobs abroad or the Democrats giving tax breaks to 95% of the working class and tax the wealthiest 5%,where many of them are headquartered offshore to escape paying federal income tax. I would like to see both parties reinstate the GLASS-STEAGALL ACT to protect the Comercial Banks from the Investment Banks and the Stock Market so they won't go bankrupt. The sad part of it is, with all the high-paid lobbyists paying off our legislators, this will probably never get done. Consequently, we'll keep sinking and our dollar will keep going down to the point where we are not respected by any country.
Yours truly, Disgusted Middleclass Taxpayer, LaVern Isely

Posted by: LaVern Isely | Sep 13, 2008 2:09:53 PM

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