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Obama says credit crisis final verdict on Bush

User ID: 519804
10/07/2008 10:41 PM
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Obama says credit crisis final verdict on Bush
Obama says credit crisis final verdict on Bush
Updated Tue. Oct. 7 2008 10:22 PM ET

CTV.ca News Staff

Barack Obama and John McCain are sparring over the current U.S. economic woes in the second presidential debate, with Obama calling the credit crisis the "final verdict" on failed Republican policies.

The town hall-style debate is being held in Nashville, Tenn., and could offer McCain one of the last chances he'll have of halting Obama's recent surge in the race.

"I believe this is the final verdict on the failed economic policies of the last eight years, strongly promoted by President (George) Bush and supported by Sen. McCain," Obama said.

"(Those policies) essentially said that we should strip away regulations and consumer protections and let the market run wild, and prosperity would rain down on all of us. It hasn't worked out that way."

Watch the debate now CTV Newsnet

Obama also said that before the credit crisis, McCain had bragged he was a deregulator.

However, the junior senator from Illinois quickly returned his focus to the members of the audience, listening from their seats just a few feet away, and said, "You're not interested in politicians pointing fingers. You're interested in the impact on you."

He then said he would work with Americans to keep their homes, but there needs to be leadership from Washington to set out new guidelines for the financial system.

"This is not the end of the process, this is the beginning of the process," Obama said.

McCain said the U.S. should fix its economy by stopping its reliance on oil from the Middle East.

"I have a plan to fix this problem, and it's got to do with energy independence," he said. "We've got to stop sending $700 billion a year to countries that don't like us very much. And we've got to keep taxes low and stop the spending spree in Washington."

On a question that asked whether either candidate could be trusted with taxpayers' money, McCain attacked his Democratic rival, saying that when it came to spending, he saw Obama vote "for every pork-barrel project that came across his desk."

Much of the back-and-forth between McCain and Obama focused on tax policy.

McCain told the audience that "nailing down Senator Obama's tax proposals is like nailing Jell-o to the wall."

"I am not in favour of tax cuts for the wealthy," McCain said. "Let's create jobs and let's get our economy going again and let's not raise taxes on anyone."

Obama, initially denied a rebuttal by moderator Tom Brokaw, continued his response to McCain's tax increase claims within a question on health care and social security. He accused the Republican Party of giving a $300-billion tax cut to large corporations and Wall Street executives.

On the issue of energy, Obama said the two candidates agreed on one thing: Washington hasn't done anything about the energy sector in 30 years.

"However, Sen. McCain voted 23 times against alternative fuels," Obama said. "It's easy to talk about this stuff during a campaign."

The town hall format is a favourite style of campaigning for the Arizona senator. He asked Obama to appear with him in a series of town hall debates this past summer, but Obama declined.

Obama has used the town hall format from time to time throughout his campaign, but not recently.

The event was hosted by Belmont University. Audience members and voters participating through the Internet are posing questions for the two candidates.
Anonymous Coward
User ID: 440474
10/07/2008 10:48 PM
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Re: Obama says credit crisis final verdict on Bush
But the dems were really responsible
Anonymous Coward
User ID: 519344
10/07/2008 10:52 PM
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Re: Obama says credit crisis final verdict on Bush
So why Mr Obama you didn't vote against the bail-out trying to find a better solution? He's hypocritical and should know that the economic crisis is not waiting for him until January.
But I guess Goldman Sachs is gonna take care of everything.

Both parties are responsible for this chaos. People should realize that. Even though we have to admit that Bush(or whatever persons control him) is the Boss ;)
Anonymous Coward
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10/07/2008 10:53 PM
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Re: Obama says credit crisis final verdict on Bush