McCain, Obama weigh in on Wall Street bailout

Leading up the foreign policy debate on Friday evening, the economy is still dominating the headlines this week. Today both Obama and McCain were speaking of the proposed trillion-dollar bailout being pushed by the Treasury Secretary, President Bush, and most of congress.

Video report from ABC News:

More video of the candidates speaking:

Report from USAToday:

Democrat Barack Obama and Republican John McCain are trying to influence the course of the Bush administration’s Wall Street bailout plan as they prepare for their first debate this week.

The two presidential candidates meet Friday night at the University of Mississippi in Oxford. While the scheduled topic is foreign affairs, the nation’s financial mess may also surface.

“The Bush Administration has only offered a concept with a staggering price tag, not a plan,” Obama said Sunday in North Carolina. He called the initial outlay of $700 billion “sobering.”

In Maryland, McCain said Sunday that any plan “must keep people in their homes and safeguard the life savings of all Americans by protecting our financial system and capital markets.” On Saturday, he said he looked forward to “reviewing the full administration proposal.”

Obama, in his Charlotte, appearance and in a separate “statement of principles,” laid out a series of conditions Sunday that he says the plan must meet.

The first four: no blank check “when American taxpayers are on the hook for this much money,” not a dime to reward Wall Street CEOs, taxpayers should be able recoup their investment and homeowners must be helped.

Additionally, Obama said other nations must help secure financial markets, new 21st century “rules of the road” must be put in place for financial institutions, and Congress should pass a stimulus plan to save jobs and help states avoid fiscal pain.

I’ve seen polling which shows that the American people, by a high margin, do not support such an open-ended bailout of the banking system. I’m betting the smartest thing either candidate could do is speak out against this massive bailout as overreaching of government power and spending.

  • Keep in mind that if a bailout goes through, we as Americans will be looking forward to 20+ years of lobbyists and corruption.

    The one thing that outrages me, and should also outrage Americans, is that we have NO say if OUR government bails out the big banks. This whole situation has me deeply disturbed. I have never been more ready to say goodbye to George W than I am now!

  • JD

    Conservative Gal – “The one thing that outrages me, and should also outrage Americans, is that we have NO say if OUR government bails out the big banks.”

    I couldn’t agree with your more. I find it distasteful that the corportations complain about taxation then look and get the government to bail them out when they go bankrupt.

    I can’t wait until George is out either. I demand he takes an IQ test upon his exiting.

  • Bill Hedges

    Fanny Mae and Freddy Mac situation is outragious. They knew a CEO doctored the books for bigger bonus. Should’ve checked when you knew that, And investagated by indepentant investigators. Did being # 1 receiver of donation from them color Democrat Dodd’s judgement, the head of the committee overseeing them. He is now involved in the bail-out. The ex- CEO and and another now work with Obama (#2 in donations from these two institutions) need to be investigated by independent Proscecutor. Congress has passed bills putting our national debt deeper in the hole. Yet bama wants another stimulas package, more borrowing from foreighn countries. When do we get track , Democrats promised pay as we go. Promised made when Democrats took control of Congress. Congress stop passing financial bills that spend money we do not have. Hold these broke Institution to a higher level than Congress. America can no longer allow Congress to spend money we do not have. We’re broke and in debt..

  • Babs

    CG, in retrospect, do you wish Congress would have listened to McCain 2 years ago when he warned of this? I certainly do.

  • Babs, yes I do wish they would have listened to McCain. That said the issue is so much bigger at this moment. We need to let capitalism do the work here. The only way to fix this is to let the banks fall on their face, crash and burn. Then foreign banks will come in and buy up the debt at bargain basement deals. Then we need to clean house, kick all the idiots in the house and the senate out on their asses. Can you say CORRUPTION.

  • Bill Hedges

    This mess is so complex no one knows what to do. Except never again. The real problem is Congress. George Washington had the right idea. They wanted him to run again for Presdent but he declined. Life time Congressmen is wrong. Familiarity breeds contempt. Contempt I have for Congress. We have two term limit for President. Same for Congress ?

  • PeoplePower

    The FBI is digging into Freddy, Fannie, Lehman, et al. Hopefully there won’t be *any* partisan manipulation of their findings, one way or the other.

    We *all* must contact our Representatives & Senators and tell them **NO** bailout or certainly no bailout without extreme oversight.

    Tell Congress – “No oversight, no bailout.”

    It’s rather an interesting fact that Paulson used to chair Goldman-Sachs and owned (or owns) a great deal of stock in that institution. This bailout would line his pockets (and his buddies’ pockets) if we don’t put an end to it.

    Good luck to us all once these chips drop, wherever they may…and be prepared to lose some of each candidates’ promises if this bailout goes through.

  • Bill Hedges

    Just heard on news that in 2006 , McCain again , tried to reform Fanny and Freddy. News said Democrats defeated it. Not sure what Obama did.

  • Bill Hedges

    I am not suprised John stopped race, on his part, to go to Washington. He has tried like 4 times to reform Fanny and Freddy. Stock Market has forecasted a crash. With at least $ 700 billion at staack plus a forcast of market crash, he made his choice.. Some say it is poliical. I think he is doing what historical John does. Place his life on the line for his Country

  • How’s he placing his life on the line for his country?

  • Babs

    PP, we agree on something finally.

    “We *all* must contact our Representatives & Senators and tell them **NO** bailout or certainly no bailout without extreme oversight.

    Tell Congress – “No oversight, no bailout.”

    I walked into my senator’s office and said my piece (I’ve got a bad habit of doing that), although my senator was already in Washington where he belonged doing his job. I find it amusing that when McCain goes back to his day job to do what his contiuents elected him to do – exactly what you’re advocating here – the dems go crazy. I don’t think the people in Arizona should be disallowed from having their respresentative at the table – it’s what they pay him to do. Not sure how the people of Illinois feel today, though.