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.