McCain, Obama deliver speeches on economic policy

Senator McCain spoke earlier this morning on the economy and Senator Obama spoke around noon on the same topic. It seems that some formal positions have finally been determined by both sides and they saw fit to speak today on the matter trying to give more detail regarding each of their respective positions.

Full videos of each speech are down below the update.

McCain spoke first today around 8am eastern time this morning. Here is over 10 minutes of his speech from MSNBC:

Transcript of McCain’s entire speech here.

Report on McCain’s speech from Yahoo News:

GREEN BAY, Wisc. – Republican John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions.

The Republican presidential hopeful said the Fed should get back to “its core business of responsibly managing our money supply and inflation” and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign.

The Fed engineered an $85 billion takeover of insurance giant AIG this week after seizing control of housing giants Freddie Mac and Fannie Mae. McCain said that to help return the U.S. to fiscal solvency, the powerful central bank should instead focus on shoring up the dollar and keeping inflation low.

“A strong dollar will reduce energy and food prices,” McCain said to applause from the Green Bay Chamber of Commerce. “It will stimulate sustainable economic growth and get this economy moving again.”

The Arizona senator again criticized Democratic rival Barack Obama for ties to Freddie Mac and Fannie Mae and for advocating tax increases McCain said would “turn a recession into a depression.”

Obama spoke around noon and I am currently waiting for the entire video, I will update the story later this afternoon with his entire speech as well and another report.

Update

About 5 minute of Obama’s speech from MSNBC:

Report on Obama’s speech from Yahoo News:

CORAL GABLES, Fla. – Democratic presidential nominee Barack Obama said Friday he backs giving “broad authority” to the Treasury Department to deal with the burgeoning credit crisis, but said he’s not spelling out details of his own plans to avoid roiling the markets.

Obama said at a Florida news conference that given the gravity of the situation, he will refrain for now from presenting a more detailed blueprint. He said any recovery plan should be guided by not rewarding reckless business leaders.

“What we have to do is make sure taxpayer money is not being used to bail out bad decisions,” he said. He refused to put a pricetag on a bailout he could support, but said it would not bar him from pushing for middle-class tax cuts that have been central to his campaign.

“I think now more than ever we have to have the broad-based middle-class tax cuts,” Obama said.

Obama huddled with key economic advisers to talk about a burgeoning credit crisis that is rapidly moving to the front of this competitive election season, seeking a balance between offering stability and blaming the crisis on what he said were failed economic policies that John McCain would continue.

Still looking for the full video of both speeches and I will updated later today accordingly.

Update

Entire 26 minute video of McCain’s speech from CNN:

Entire 22 minute video of Obama’s speech from CNN:

Another report from Yahoo News:

WASHINGTON – The financial crisis has turned into a tryout of sorts for the next president, an unexpected chance for Barack Obama and John McCain to shine — or stumble — just as most voters are deciding whom to back.

At times like these, when the real world intrudes on the carefully controlled campaigns, the spotlight shines even brighter on the presidential candidates. Their responses and postures may tell voters more about how they would act if elected than allegations of lies in advertising and quips about lipstick on pigs.

Both have got some work to do.

“People are confused, they’re scared and they’re angry, and neither of these guys is providing the security, maturity and experience to be able to calm those fears,” says Joe Gaylord, a Republican consultant. “If these candidates can rise out of their campaign mode and get into the president-of-all-the-country mode, people would feel more comfortable.”

The trick for each is not to look like he’s trying to score cheap political points off a crisis.

Last month, Russia’s invasion of Georgia provided a taste of how outside events can affect the presidential race. McCain seemed to hit his stride more quickly than Obama. In the financial meltdown, the opposite has been true.

Between now and Nov. 4, any number of other domestic or foreign events could intervene. For now, all attention has swung to the financial crisis that has spread worldwide. Despite Friday’s major actions by the federal government, even more economic troubles could be ahead, putting additional pressure on both Obama and McCain to map out solutions and prove they can handle adversity.

Both men are treading carefully as they use the Wall Street chaos not only to sell their economic plans but also to try to sound and act presidential before a nervous nation seeking leadership.

On Friday, Obama struck a stately stance as he acknowledged “difficult days” and said: “This is not the time for fear or panic. This is a time for resolve and for leadership. I know we can steer ourselves out of this crisis. That’s who we are. That’s what we’ve always done as Americans.”

After fumbling earlier in the week, McCain’s remarks had a more partisan edge. He claimed Obama “profited from this system of abuse and scandal” — even as he said: “It took members of both parties to get America into this mess, and it will take all of us, working together, to lead the way out.”

For now at least, the campaigns have returned to issues and substance after weeks of clashes over personalities and characters. Each candidate has accused the other of lying in campaign commercials, and there was a dispute over whether Obama was insulting GOP vice presidential nominee Sarah Palin when he used the phrase putting “lipstick on a pig.”

At least this is giving the campaigns some “meat and potatoes” issues to discuss. We’re past the nonsense for the time being as there is serious news which is now being addressed. Obama must be pleased that the debate is now back between himself and Senator McCain instead of discussing Gov. Palin.

Which message is resonating more with the voters? I’m not really sure, we’ll see how this plays out in the coming days. The election is so fluid that the topic of the economy could change next week with some other event, who knows.