McCain, Obama propose differing economic plans

Following a couple days of dismal economic news out of Wall Street, both the Obama and McCain campaigns have shifted gears into talking economy and how their respective plan is the answer. McCain blaming corporate greed on Wall Street and Washington’s mismanagement of the credit issue while Obama is blaming the Bush administration’s “failed economic policies.”

First, Obama’s recent statements on the matter and his plan from an interview with Katie Couric:

Next, McCain’s statements from recent campaign events:

Report from the Politico:

GOLDEN, Colo. — The presidential nominees escalated their fight Tuesday to gain an edge in light of the economic downturn, as John McCain called for the creation of a commission to probe the financial market crisis and Barack Obama rejected the proposal as an attempt to “pass the buck.”

It was the second consecutive day that the campaigns sparred almost entirely over the economy, ratcheting up the pressure on McCain and Obama, neither of whom has established dominance of the issue, to gain the upper hand on a top concern for voters.

There were sideshows, of course, but even those dealt with the economy.

The Obama campaign blasted out comments from top McCain economic adviser Carly Fiorina, who said Tuesday that neither McCain nor his running mate is qualified to lead a large corporation. (She said the same about the Democratic candidates.)

And in one of the Republican nominee’s numerous populist statements Tuesday, McCain criticized Obama for flying to Beverly Hills for two big fundraisers, including one featuring Barbra Streisand.

“He talks about siding with the people — siding with the people — just before he flew off to Hollywood for a fundraiser with Barbra Streisand and his celebrity friends,” McCain said at a rally in Vienna, Ohio. “Let me tell you, my friends: There’s no place I would rather be than here with the working men and women of Ohio.”

Obama chief strategist David Axelrod scoffed at the attack, saying “their efforts to deflect attention … are just going to fail.”

“I don’t know who showed up down in Florida where he raised $5 million,” Axelrod said, referring to a Monday event, “but my guess is that it wasn’t a lot of nurses, firefighters and police officers.”

The day started on a substantive note.

By the time Obama woke up in this swing state, McCain had already stepped out with a specific response to the economic upheaval. Appearing on morning news programs, McCain proposed a panel similar to one that investigated the Sept. 11 terrorist attacks to probe what caused the crisis and how it can be prevented in the future.

“We need a 9/11 commission,” McCain said. “We need a commission to figure out what went wrong and how to fix it and I know we can do that and I’ll do it.”

McCain blamed corporate corruption, CEO greed and lax government oversight for putting American workers at risk.

“Too many people on Wall Street have been recklessly wagering instead of making the sound investments we expected of them,” McCain said. “And when their companies collapse, only the CEOs seem to escape the consequences. While employees, shareholders, and other victims are left with nothing but trouble and debt, the people who helped cause the collapse make off with tens of millions in severance packages.”

McCain repeated his populist indictment of Wall Street executives before a blue-collar crowd in Vienna, Ohio, later Tuesday, including many seniors fretting over their pensions.

Reuniting with his running mate Sarah Palin, McCain offered populist fodder to about 5,000 people who were jammed into and spilling out of an airplane hangar in Ohio’s industrial Mahoning Valley.

The visit to Vienna — and McCain’s language there — reflects the Arizona senator’s determination to pick up the sort of lunch-bucket Democrats who overwhelmingly favored Hillary Clinton in the Democratic primary.

It will be very interesting to watch this play out since, up to this point, the economy has favored Obama and I’m wondering if this will erase some of McCain’s bounce in the polls.

Developing..

  • JD

    I just don’t see how a commission is going to fix anything. Did the 9/11 commission do anything really other than confirm that terrorist attacked us…???

    Did the Kennedy commission confirm anything other than kennedy had been assassinated…???

    Commissions don’t do anything and I can say this because congress has plenty of them.

    We need to look at the economy fundaments.

  • Bill Hedges

    JD–I don’t know how old you are. I remember JFK AND THE WARREN COMMISION.. There was great fear at that time of conspiracy. That was purpose of that commsion. Did Cuba kill him, the union, russia. Are was it a lone killer..What McCain wants is to learn from this worst horror in Ameria history. To change what needs to be changed. To bring those to trial if people did wrong…example..If someone breaks into your house and steals your belongings. You would want Police to investagate and find the bugular.

  • JD

    Bill Hedges,

    I am well aware of the warren commission and it’s reasons for the investigation along with all of the conspiracies but I am glad you expounded on this because the Warren Commission is a good example of how the commissions are controversial.

    In the end they really have not accomplished anything other than the restatement of the facts. To use your example, it is like all your belongings being stolen and the investigation takes place for a whole year and leaves more questions than answers.

    So in the end, I have to agree that a commission would give me that warm cuddly feeling like my government is working for me. I guess I am on board with that. Put a tally on your side, Bill.

    Maybe a year from now, after the investigation, we can get back to our lives and finally fix something in this country. That is if they come to some conclusion. Besides, I thought the investigation into Enron and WorldCom should have told us how to fix this issue but what is one more investigation.

  • Bill Hedges

    JD–Maye I don’t fully understand where you are coming from..AIG, Fanny, Freddy, and the others are finacial institutions. Trouble coming from sub-prime woes as one point. Enron and Worldcom is a totoal different area. I see no relation of the two groups

  • Babs

    The only thing I’m going to jump in here and say is that I think we should get past the word “commission” and understand that the purpose of McCain’s proposal was a bipartisan look into the problem. Did you miss that part? McCain is constantly trying to promote bipartisan solutions, and this was part of the commission idea as well. If McCain directly, as a Republican, investigated F/F, he could be acused of partisan conclusions because F/F donated $85,000 to his opponent, for example. Calling for a bipartisan investigation wouldn’t be necessary in a perfect world and government, but ours is far from perfect.

  • Bill Hedges

    BABS– As always , to the point

  • Bill Hedges

    Babs got e-mail from my brother. has article that in 1988 Biden stiffed cpa for $150,000 in race debt. Is suppose to be verified Have you heard this ???

  • Bill Hedges

    Bruce Riddle is the CPA

  • JD

    Bill and Babs,

    bipartisan or not I will repeat that I have to agree a commission would give me that warm cuddly feeling like my government is working for me. I guess I am on board with that.

    I suppose it is just one of those things that we have to go through but in the end i am not sure how much it is going to benifit us.

    We should not have allowed the Sub-prime lending to get out of hand but we are all learning that lesson the hard way. Bipartisan or not, I am willing to bet a commision will find that the situation is because of the sub-prime lending. Which we already know.

  • Bill Hedges

    JD I accept I can not change your conclusions

  • I’ve gotta go with JD on this one. Perhaps the Warren commission had a purpose, but a commission to study this financial collapse would be as useless as the 9/11 commission. Studying the problem in a way that is similar to the thinking that has gotten into this mess, using a rearview mirror to try to predict the future…
    http://www.theendisalwaysnear.blogspot.com/2008/09/prediction-black-swan-and-911.html

  • PeoplePower

    Commissions seem worthless. Talk of bipartisanship is useless if you don’t act on it. Exploratory committees do nothing but tell us what we already know – de-regulation and greed have caused this, and so many other crises.

    And what else do we know? Let’s see – Reagan, the hero to the Right, *loved* de-regulation. McCain loves Reagan and also *loves* de-regulation (or claims to). But now he’s talking about *regulation*. Which is it? Do we hawkishly watch Wall Street? Or do we leave the Government out of their board rooms?

    Oh, and the joys of de-regulation brought us what? Hmm, the Republicans de-regulated the h*ll out of the country in the 1920’s and what happened…Great Depression! Congrats – you win a soup kitchen ticket.

    And de-regulation in the 1980’s? S&L crisis. Keating 5, of which McCain was one, BTW. Oh, but he said he was ‘sorry.’ Much like typical White Collar criminals – “I’m sorry. Yes, I will suffer in my luxury golf resort white collar criminal prison.”

    And further de-regulation has brought us the housing crisis (part of which was also Clinton’s fault) and Enron, World Com, Tyco, etc. And now the financial entities…

    If you McCain supporters are such big fans of de-regulation, how can you stand there silently supporting your candidate while he talks about *regulating* Wall Street??

    Or is this a double-standard? It’s okay to regulate Wall Street but not the beef or oil industry or any other industry?

    Or do you simply believe that regulation is good, but you don’t want to admit to it because then you’d have to strongly consider a non-GOP candidate?

    OR is it that you think McCain is just “talking-up” regulating Wall Street to score political points, but you are certain, deep-down, that he wouldn’t? That way, you can happily go about your merry way watching the country implode (again) due to lack of oversight and regulation?

    Sorry folks – I’m *tired* of the double standard. If a Republican says “we need a commission and oversight” that’s supposedly a good thing, but if a Democrat says the same thing, they want *big* government and to control your lives…

  • Dreadsen

    People Power

    RIGHT ON!

  • Bill Hedges

    KEATING should be called keating 4—-John McCain was cleared..facts facts facts

  • Bill Hedges

    4 times McCain has pushed for regulation for fanny and Freddy. McCain takes no money from them. Obama takes $85,ooo from them. Obama has two ex Fanny big shots working for him. facts facts facts

  • Bill Hedges

    Biden owes $150,000 to Bruce Riddle in 1988 Presidental try.

  • Bill Hedges

    Top Hillary fund giver decides to back McCain..Hollywood elite have dinner, Obama rases $ 8 million

  • Dreadsen

    “KEATING should be called keating 4—-John McCain was cleared..facts facts facts ”

    O.J. Simpson was also found not guilty.

    Dude can’t you just wrap everything up in one post? 🙂

  • Bill Hedges

    NO

  • Bill Hedges

    NO NO

  • Annette

    If you do not learn from history, history repeats itself so sometimes looking into a rearview mirror is important. A commission with parties from all sides might be helpful in trying to prevent it from happening again. Unfortunately, if all aspects are not evaluated then it isn’t going to help. The subprime fiasco has certainly been a huge factor. Obama’s chief financial spokeswoman has been in the middle of it herself and was the head of the board for Superior,FSB. It went under due to very risky lending practices in the area of mortgages and automobile loans. They were part of a pay out but were millions short of giving back what was owed to people. What kind of sound economic advice can Obama be getting from his advisors if at least three of them are involved in these fiascos? He says he is a skinny tough guy from Chicago. He is from Chicago and is in the pocket of the Chicago political machine. There is no change coming if he is in the Whitehouse except maybe for the worse. He follows the same old party line that his mentors tell him to follow (Emil Jones, Richard Daly, etc.) Illinois may have the corner on political corruption and ex-governors in jail (some Rep.) Why would anyone vote for someone who is so closely tied to the Chicago Political machine? If not for that machine he would not be where he is now.

  • Bill Hedges

    BABS- Last nght I was reading about the BUSH DOCTRINE they gave Sarah a hard time about not knowung about in her first news intertview. I have never heard of it. My brother has never heard f it. It seems a lot of people never heard of it. Yet she was put down for not knowing about it. If you went to WHITE HOUSE PRESS CORP many would not know about it. If I was to ask you what neurobiotaxes was, I dare say you would not know and have to look it uo. I do not understand how any resonable person could look down on Sarah for not knowing this obscure term.. Except for someone trying to make a fool of her. Or should I say trying to insult her by belitting her..

  • Bill Hedges

    Annette– Thank you

  • Babs

    You know, Annette, you raise another interesting point here. Obama is actually from Chicago, it’s not his home. He’s Hawaiin, a product of ivy league private schools there. We won’t even touch his Indonesian citizenship. But he is not a Chicago native, he is the PRODUCT of what the Chicago Political Machine can do with an outsider when they choose to take him under their wing. And he learned well.

    PeoplePower, if commissions seem useless to you, why do you then support Obama, who has proposed multiple commissions – a commission for every problem in Washington – for years? Talk about your double standards here.

    Bill, of course Gibson was just playing gotcha with Sarah, looking to make her look unqualified. I think I’ll agree with what Dennis Miller said last night – everytime someone like Gibson asks her a question from now on, she should refer to the “McCain Doctrine” in every answer and blow their minds. *ROFL*

  • Babs

    Sorry, I meant to say Chicago ISN’T Obama’s home.

  • Bill Hedges

    Babs– Democrats are talking of another stimulus package. Where is money for this. Money for FANNY AND FREDDY saved Americas homes. That was the second stimulus package

  • PeoplePower

    Bill – President Clinton went through Impeachment hearings but was not removed from office by the Senate. Doesn’t that mean he wasn’t guilty? Should you guys back off of him then?

    Dreadsen brings up a great point. O.J. Simpson was found ‘not guilty.’ Does anyone think he was actually not guilty?

    There are many, many CEO’s that have wormed their way out of trouble because of loopholes in the laws or hiring big money attorneys. Are they, in truth, not guilty?

    Sure, McCain apologized for his involvement in the Keating 5, but that doesn’t mean he’s Mr. Clean.

    Obama is a part of the Chicago Political Machine? Really? Do you have *facts* regarding this?

    And to shine a light on his advisors as being “bad actors” without shining a light on McCain’s is the height of hypocrisy. I don’t know the details surrounding either of their advisors, but I *do* know that McCain has at least seven *bigtime* lobbyists on his staff, if not many many more.

    And to say that they’re not lobbying now is ridiculous. Perhaps they’re taking a break from lobbying, but where do their loyalties lie? Perhaps some of them can completely divorce themselves from their former duties and loyalties, but it is very much human nature to go with the familiar.

    Babs – commissions are often useless. I doubt in this political climate that they will result in anything more than JD referred to as “warm fuzzy feelings.”

    The difference between Obama and McCain? Let’s see, McCain has been deeply immersed in the “trickle-down theory” and believes it to be sound economic policy. We’ve had 28 years of nearly non-stop trickle-down (with a small pulling back from it under Clinton). This theory is garbage and needs to be thrown out.

    The gap between the wealthy and the middle class has increased excessively using this economic plan. And the gap between the super-rich and the rich has even widened greatly. How is that good for the country? The middle class has not been gaining on the poor, they’ve been sliding closer to the lower class.

    McCain is trying to disguise his “more of the same” policies with rhetoric. Whereas Obama actually has published plans of how he’ll approach things. I prefer his approach.

  • PeoplePower

    Bill – since you brought up Biden, let’s talk Sarah Palin.

    Let’s see there’s troopergate – were she innocent, she would completely support (and testify) in the hearings. Certainly seems fishy.

    Bridge to nowhere? She supported it until it was politically expedient not to. The Federal Government had already sent the money on to Alaska, and yet, Alaska kept the money despite turning down (eventually) the bridge to nowhere.

    Wassila – why was there a big Washington lobbyist in that tiny town? Begs the question about her “Washington outsider” status. Plus, she took a tiny town and made croney appointees, instead of the best people for the job (as she did as Governor). Not only that, she sunk the town into some $20 million in debt.

    Do you like the completely locked-down Executive branch we’ve had under Bush? One where Bush is kept in a bubble of “yes men” and doesn’t get good advice about options? Where there is virtually no transparency or accountability? Is that what you consider sound leadership? If so, keep supporting McCain, because his actions have turned him into a Bush clone.

    McCain is not all bad. He does have some good qualities, but many of them have been washed away by his being so desperate to win this election that he’s sacrificed his own principles:

    – he embraced the Religious Right (who’s most vocal leaders are neither religious nor right) when he often spoke out against them in the past.

    – that didn’t score him enough points, so he picked a hard-core Rapturist as his running mate, one who believes we’re in the End Times and seems to make policy decisions based on that, this despite really wanting Lieberman or Ridge.

    – he was excessively smeared and attacked by Bush in 2000. This was a horrible travesty, as the man is not awful and *would* have made a better President than Bush. And yet, he’s turned to tactics so deceitful that *even* Karl Rove says he crossed the line!

    I’d much rather have Obama/Biden in power. At least they’ll listen to the people if they get carried away on some policy direction or another. At least they *truly* are supporters of the Middle Class. At least their economic policies will strengthen the *entire* country rather than just the super-rich and powerful. And at least they will have the diplomatic skills to work with our friends and deal with our enemies.

    And at least I KNOW they will be nothing like Bush, I’m no longer confident McCain will be anything different at all from Bush…

  • Bill Hedges

    People Power- Trouper was drinking on job. Proven. No fish invovled. Emails between Sarah and touper boss exist. Like you and me, Sarah has chanegd her mind. Obviously money can be kept. And used for a usefull project.Have never heard any news media refer to her as D.C. insider….The debt, Information of details is necessary to make judgement.Biden says Obama is not ready to be President,Biden said McCain is ready. Biden said McCain is not a 3rd term Bush. Therfore, not a clone. I see McCain to be the same. As you know, I am determined to stay away from labels. Clearly Obama ad on McCain and Computer is example that ads are not always best on either sidee. Pleased to respond to you logical comments. Would perfer less content to respond to at a time though.

  • Babs

    PeoplePower, you have the Obama *talking points* down to a fine art. I wish I could believe any of them concerning Obama. But *talking points* are all they are and very *general* talking points at that. You might want to *consider* that Biden is the one who is more aligned with Bush in that bubble than any of the other candidates. You see, you *contradict* yourself in your *talking points*. You say McCain was *excessively smeared and attacked* by Bush, and that was a shame, because McCain would have made a *better* president than Bush, but then you say McCain is just *like* Bush. Which is it? You say he’s *sacrificed* his own principals, but don’t bother to say which *principals* you think he’s sacrificed. You say he’s chosen a *rapurist* and, well, what is that supposed to be, anyway? I’m sure there’s a dig in there for us Christians somewhere…. And you say he *really* wanted Leiberman or Ridge. And you know this *how*? You see? General *talking points* from the Obama manual. No substance, nothing to *back them up*.

  • Bill Hedges

    People Power- After Babs comments I re-examined your comment. First time I slide by labels and less than best remarks .. To the best of my limited ability. You used Rapturist to describe Sarah. I looked it up. I did not off hand recognize it for what it is. What reason or right would you use that term on her. What behavior on her part has given you that conclusion. I have not heard her declaration of personal belief in Jesus Christ. And don’t expect to, as she is a politican, she is not a member of my church. I watch Chisians work in Congress, and never heard them give Christian testimony. I have never stated Obama was a Muslium. And will not. Obama said he was in a interview then immediately changed it to Christian when interviewer told him of the mistake. That interviewer was past member of Clinton administration..

  • PeoplePower

    Babs – McCain *would* have made a better President than Bush, but now is acting as a Bush clone.

    These are both true. I was speaking of him in 2000. I believe, sincerely, that he would have made a better President than Bush. Though, granted, that is a low bar to exceed.

    Now, he has ran such vile attack ads that even Karl Rove said he crossed the line on honesty. He doesn’t even agree with them – when asked pointedly about one of his ads being true he said, plainly, “No.”

    Examples of him sacrificing his principles – I don’t remember his exact quote about the “Religious Right” but it was not at all supportive or praising. He has since embraced them heartily, the final nail in the coffin being someone of Sarah Palin’s convictions (teach creationism in school, no abortion even if the woman is raped, we are all working according to “God’s plan”, etc.).

    He spoke out vociferously against the Bush tax cuts during a time of war and yet has embraced that same policy while we’re still at war.

    He spoke out very strongly against torture, understandably and appropriately, and has since softened his view on it.

    He, apparently, decided that being President was more important than standing up for what he believes is right.

    And here I thought Republicans were all in favor of someone who sticks to their guns, even when the polls are against them. McCain has flip-flopped as bad, or worse, than Kerry was portrayed as doing.

    As for Sarah Palin being a Rapturist, that is a part of the Assemblies of God beliefs, the church she grew up in and those beliefs don’t leave overnight or by switching churches (trust me, as a ‘recovering Catholic’ 😉 I *still* feel Catholic guilt to this day).

    I’ll have to look it up, but I understand she not only attended a very long presentation by the “Jews for Jesus” (not sure if that’s their official name) crowd, but spoke as a part of their group – these people believe that the Jews must convert to Christianity and the fact that they haven’t is the reason for their troubles in Israel. There was something else about them that turned my stomach, but I can’t recall it at this moment.

    I have no issue with someone being Christian (or any other religion or non-religion). I have issue with merging religion and government…I see *some* Christians, particularly the vocal Right-wing variety, act as if we *should* merge religion and government. They’re entitled to their opinion, but it’s a horrible idea…

    The talking heads of Right-wing Christianity are driving moderate (and sane) Christians crazy! I just wish they’d speak up and stop the madness, or at least help us all understand that they stand alone in their outlandish preachings.

    Plus, the talking-heads are way off base what Christ’s message was about. It disgusts me and, although I *really* try not to let it, it colors my views of Right-wing Christians – the regular folk. I’m *sure* they don’t all agree with the Folwells (when he was alive), the Dobsons and the Robertsons of the world, but I sometimes have a hard time separating the two.

    Despite that, I *worry* very much that Palin falls in with these talking-heads types more than the “regular joes” of Christianity and that is very worrisome as she’d be a heartbeat (or 5th bout with skin cancer) away from becoming President.

  • Dreadsen

    Bill Hedges

    It was a mispeak. He did it in the Hiliary debate too when he accidentally said that he had disowned rev wright. Stephenopoulus followed up asking him. “you disowned him?” Then Obama followed up “statements i disowned”. We all knew he did NOT disown Wright because this was after he gave the “Race” speech where he did not disown him yet. Now are we going to be silly and say “oooh look he actually secretly disowned him”. Or are we going to look at the evidence at hand and come to the logical conclusion that this was a mistake.

    But the right as usual wanted to take the mistake and edit out the correction as you see right here.

    http://www.youtube.com/watch?v=Rfy20gFChhI

    You can’t get credit for not calling him something then present the error as if it was not a mistake.

    Palin just mispoke today. she said Palin and McCain administration.

    http://www.youtube.com/watch?v=YZKQDyL5gzc

    So now do you think there is a conspiracy for Palin to run the country because of this mistake?

  • Dreadsen

    Bill Hedges

    I wouldn’t be to quick to label someone as using talking points when you are using them yourself. I listen to right wing radio and watch fox too ya know. All the information they provided on Obama as of lately you post on here. As you get it you post it. Which results in many posts with one liners.
    I will write Rush Limbaugh and Hannity a letter asking them to bunch it all up in one segment so you’ll give us one post.
    This will keep me from opening a thread thinking that it is a heated debate between a couple of people only to realize it’s just one person dropping one liners. LOL!

  • Anyone who takes their talking points from Sean Hannity isn’t very bright in my opinion.

  • Bill Hedges

    people power–A little more soft sale. No real answer. Little less imfamatory insult. Guess it will have to do

  • Bill Hedges

    Dreadsen–You’re all mixed up as usually. For that reason ,and imfamitory remarks, I don’t respond to you. But this is classic exampe of your problem..So this one time I will… 1.) I did not say….talking points..That was Babs…Your comprehension needs work… 2.) Obama said he was Muslium then changed that..Exactly what I wrote. You seem very sensitive ..Do you harbor doubts about him or yourself. .Read comments carefully. Re-read. Then after writing your comment, read mine, then compare to see if you got your facts right. Then you may not make such mistakes.

  • Bethany A.

    I haven’t read everyone else’s comments, but would just like to say that McCain’s suggestion of creating a commission is absolutely a waste of time and resources. Improving the economy is not something we can wait 4 years on for a solution, let alone a plan. Any good leader knows that pointing fingers does not get the problem solved. Yes, we should try to understand our mistakes so as to not repeat them, but we’ve already been talking about “What’s about to go wrong,” “What’s going wrong,” and “What went wrong” for at least the last 3 years. Anyone can figure out and understand the basic financial principles at play here: (I think I did actually learn this in Kindergarten) Living beyond your means, abusing credit, and ignoring ethics always ends in disaster. This is true for companies and individuals alike at all ends of the spectrum, including our own government.

    Regardless of your party affiliation, the best thing YOU can do for our country is keep an open mind, and make your OWN decision about who is most capable of inspiring and uniting our citizens to leave this country better and stronger than we found it. I don’t think any of us have enough information yet to have already made this choice.

    Thanks for listening. Over n’ out – B.

  • Dreadsen

    Bill Hedges

    “2.) Obama said he was Muslium then changed that..Exactly what I wrote. You seem very sensitive ..Do you harbor doubts about him or yourself.”

    NO but i suspect that you believe he is and used what he said in the interview to support your belief. Because i didn’t understand why it had to be brought up in the first place. It didn’t even fit in the conversation. I will not speculate any further but i will ask you why did you have to point out that the interviewer was a member of the Clinton Administration?

  • Bill Hedges

    d you know not what i think

  • Bill Hedges

    d– a fact was given by me. you can take it any way you want

  • Bill Hedges

    d—-1) what you left out was from babs..i never said it.. you misquoted me..you should copy all comments that is relavent, so comments are not taken out of context

  • Bill Hedges

    d- i pointed out it was a clinton man interviewing to show obama had a friendly interviewer, not a hostile interviewer. A hostile interviewer might be trying to cause obama to make mistakes. interviewer actually pointed out to obama what he had said so he could correct.