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Obama Hammers McCain on Deregulation & Lobbying Claims
September 20, 2008 3:00 PM
ABC'S David Kerley, Andy Fies, and Sunlen Miller Report: In Daytona, Florida, Barack Obama made it clear he believes he has a winning argument on the economy and continued to hammer John McCain's positions.
At the end of a week of Wall Street bailouts and government negotiations to take over hundreds of billions in bad loans, Obama contends McCain is a newcomer to government regulation of Wall Street.
Speaking before a crowd of 2,500 at an event focused on women’s issues – Obama called McCain out for once suggesting deregulation of the health care industry like the banking industry.
Obama used McCain’s words – and the financial crisis against him – reading a quote from McCain which was published in "Contingencies" magazine last year.
"Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation, McCain said in the magazine in their September/.October 2007 issue.
Today, Obama read back the quote to the crowd and in astonishment said, “So let me get this straight – he wants to run health care like they’ve been running Wall Street. Well, Senator, I know some folks on Main Street who aren’t going to think that’s such a good idea.”
Obama also brought up the back and forth that’s been going on for some time over lobbying –and which presidential candidate would truly stand up to the special interests, mocking McCain for suggesting that lobbyists “wont even get past the front gate” in a McCain White house.
“My question is – who is going to stop them? Those seven lobbyists that are running his campaign? His campaign manager? His campaign chairman? The economic advisor, who got a $40 million golden parachute when she was fired as a CEO? Or maybe the 26 advisors and fundraisers who lobbied for Fannie Mae and Freddie Mac? I mean, give me a break.”
Senator Obama disputed his association with former Fannie Mae CEO Franklin Raines which the McCain campaign tried to connect him with this week –laughing that it took a letter and an Obama campaign statement from Raines to clear up the misconception of their connection.
“My opponent attacked me for being associated with a Fannie Mae guy who I met once and talked to for maybe 5 minutes – he did a TV ad saying this guy was my advisor. The guy actually had to send out a letter saying, ‘uh, that’s not true. I actually don’t really talk to the guy’.”
Senator Obama told voters in Florida- and specifically women voters - that they can make the difference in this election. Obama told the crowd – many older African Americans - that John McCain is not committed to preserving social security benefits for seniors.
“I know Senator McCain is talking about a “casino culture” on Wall Street – but the fact is, he’s the one who wants to gamble with your life savings,” Obama warned the crowd,
McCain’s campaign was quick to issue a response, calling Obama's statement a scare tactic, “John McCain is one-hundred percent committed to preserving social security benefits for seniors, and Barack Obama knows it – this is a desperate attempt to gain political advantage using scare tactics and deceit. Barack Obama has supported alternative private accounts himself which makes these reckless attacks a perfect demonstration of his willingness to ignore facts in favor of his own self-promotion,” McCain spokesman Tucker Bounds said in a statement.
Both campaigns have accused the other of "saying anything and do anything" to win this election.
September 20, 2008 | Permalink | User Comments (691)
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McDe-regulation and scary palin
will win
if you do not
GET OUT THE VOTE. we will be in deep do-do!
Bring grandmoms and GrandDads
drive friends
drive Neighbors
pick up anyone that is regustered Democrat.
We had enough of the Republicans
I am about $250,000 in a hole because of McCain and Bush and the republican rubber stamp comgress.
How much money have you lost??
Posted by: GHM | Sep 20, 2008 3:50:41 PM
McCains temperament got the best of him this week. Or, maybe it was his age. In either case the result was ugly. McCains 0ut-0f-t0uch philosophy on economics and Social Security are disastrous and would have dire consequences to the economy and seniors.
Want evidence? Think Keating Five do-over.
Posted by: John A | Sep 20, 2008 3:52:02 PM
wow. i know its easy for those on the left to talk about how mccain is "against regulation", but cmon now, pay attention to the facts. mccain warned of the freddie and fannie collapse over two years ago. there is such a thing as OVER REGULATING the financial markets, and thats what the republicans are concerned with. that dosent mean they are against government regulation in general!! cmon people, be fair. what leads you liberals to believe that the government is more trust worthy than the free market?! all the mistakes that the government makes (i know, i know, its all the REPUBLICANS faults) and you want to elect a guy who wants the government in charge of everything?! please tell me the logic here??
Posted by: tim | Sep 20, 2008 3:52:55 PM
This Rezko character is absolutely terrifying. Of course we all know that the good ol' boys do each other favors all the time, but they do it inside corporate loopholes. Giving a closet muslim a good deal on a house is particularly frightening especially if he might be president soon
Posted by: McChickens | Sep 20, 2008 3:53:11 PM
Hey! Repugs, stop talking about Obama and Rezko. YOU KNOW THAT DON'T HAVE SQUAT TO DO WITH THIS MESS YOU'VE PUT US IN!
STOP RUNNING AWAY FROM THE ECONOMIC POLICIES THAT GOT US IN TROUBLE!
Posted by: Gerald Shields, Seattle, WA | Sep 20, 2008 3:55:19 PM
McCain/Palin = BRIDGE TO NOWHERE
THANKS, BUT NO THANKS!!!
Posted by: Ed from MA | Sep 20, 2008 3:58:01 PM
Here's a question for you Obama
cheerleaders:
If Obama is really opposed to
lobbyists why did he chose Joe Biden
as his VP?
Was he the only one who didn't know that
Biden's son was a longtime
Washington Lobbyist?
Of course Biden's son quit that position
a few days ago so Obama the hypocrite
could run his negative ad about the
former lobbyists helping to run
John McCain's campaign.
Obama has once again shown poor
judgement by choosing a VP whose son was
a lobbyist when the choice was made.
Hypocrite thy name is Obama!
Posted by: reaganfan | Sep 20, 2008 3:58:09 PM
liberals, please just answer me that one question: why would you want to elect a guy who wants the government in charge of everything versus one that dosent?
Posted by: tim | Sep 20, 2008 3:58:26 PM
I know this sounds crazy but think back to the day before 9/11/2001 if someone had told you what would happen the next day would you have belived them? Who is to say that the Radical muslims who sent People here to live amongst us Could not or would not try to get someone elected with perhaps a muslim background with a middle name of hussein? Realistic I dont know but I am not willing to take any chances with my vote
Posted by: reddog0216 | Sep 20, 2008 3:58:40 PM
you're right red dog.. that does sound crazy.. probably because it is.. lol
Posted by: tim | Sep 20, 2008 4:00:24 PM
If you watch the final GOP primary debate in Jan 08, when asked how McCain, the then self-proclaimed fundamental deregulator, would respond to the economic challenges...which were A LOT LESS CHALLENGING than they are today, he said he would rely on those who have always counseled him on economic affairs...namely...Phil Gramm...the author of the Enron Loophole that started all this mess...and Warren Rudman, who ran his campaign in 2004 and was also named Freddie Mac's committee to work with regulators as the committee's independent counsel when Fannie Mae's accounting methods faced serious scrutiny in 2004.
And then we have Rick Davis...for 10 years, Rick Davis served as president of an advocacy group led by Fannie Mae and Freddie Mac that defended the two companies against increased regulation.
At least 20 McCain fundraisers have lobbied on behalf of Fannie Mae and Freddie Mac, netting at least $12.3 million in fees over the past nine years.
McCain has also mentioned Gramm as a possible Treasury Sec. Gramm is responsible for the rise of the wild and woolly $62 trillion swaps market that led to this whole mortage meltdown that led to the current crisis.
Posted by: BAC | Sep 20, 2008 4:01:37 PM
Obama = serial liar; Biden = washington insider
Posted by: young_voter | Sep 20, 2008 4:01:58 PM
Hey tim, think again:
http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html
"Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent."
Posted by: Cal | Sep 20, 2008 4:02:51 PM
Fact is McCain`s ideology of deregulation for the past 26 years has been discredited by the current financial crisis we find ourselves. His healthcare plan and attempts to privatize social security is under serious question.
Obama has always been a supporter of regulation. Obama has been right and McCain has been wrong.
Wake up America. McCain has no judgment to lead.
Posted by: krista | Sep 20, 2008 4:03:03 PM
John Wayne made his last movie "The Shootist" when he was 69 Years old. John McCain is too old to pretend he can still clean-up Washington after 26 years of trying.
Posted by: doug | Sep 20, 2008 4:04:18 PM
red dog
We can speak for all our self admitted courage-challenged republicans when we say that the idea of electing a president with a middle name like that is totally scary. We can't be sure of who the enemy is anymore! He might be a communist too.
Posted by: McChickens | Sep 20, 2008 4:04:55 PM
Obamas greatest asset is to point fingers this is wrong that is wrong I think we call that a monday morning quaterback
Posted by: reddog0216 | Sep 20, 2008 4:05:16 PM
To Tim, How do you like your Socialism NOW?
If you're poor, sick, or unemployed in America today....tough luck...America is built on Free enterprise
But if you're greedy and corrupt, and want the Gov't to 'GET OUT OF THE WAY', like regulating ANYTHING, and you screw up GLOBALLY, then BIG GOV'T will bail you out...on the backs of US Taxpayers
Free enterprise for the poor....Socialism for the rich.
Posted by: BAC | Sep 20, 2008 4:05:22 PM
with all the negative reports about Palin -- one sided, imbalanced -- it is a wonder that Obama now only leads by 3 points.
I wonder why there was no report to check about Obama's claims: his bi-partisan credential, his clean record. His senate records are missing...
Posted by: amy | Sep 20, 2008 4:06:18 PM
The fact is that the republican party line has been pure hate toward the democratic efforts to provide stability at all economic levels for American citizens ever since the corporate and industrial giants lost control due to their greed in the crash of the market in the late 1920s.
Posted by: trapspam honeypot | Sep 20, 2008 4:06:31 PM
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