Obama: Bush Has Run "Economy Into The Ground"

By: Maria Gavrilovic
Topics: Barack Obama

(CBS)

From CBS News' Maria Gavrilovic:

(CHARLOTTE, N.C.) - Barack Obama called for "decisive action" to resolve the current financial crisis, but he refrained from supporting or rejecting the Bush administration's $700 billion dollar proposal.

At a rally today, Obama said, "As of now, the Bush Administration has only offered a concept with a staggering price tag, not a plan. Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering,"

He quickly added, "We can't allow this to happen again." And although Obama called for bipartisan action, he said Bush has "run this economy into the ground."

Obama offered a list of provisions that he believes should be included in the Treasury's plan, including oversight of the department's actions, aid for those in jeopardy of losing their home, and support for a second stimulus package.

Campaign aides stressed that, at it stands, the $700 billion dollar proposal is just a dollar figure without specific details. They said, Obama will be "looking at it closely" but that his concern is that a plan will contain a long term strategy.

On Friday, Obama met with a team of economic advisors but he refrained from presenting his own solutions to the fledging economy. He hasn't yet rolled out a concrete set of proposals, as the McCain campaign has been quick to point out today.

"Two days after he confessed to not having a plan for the banking crisis, Barack Obama called for 'decisive action' while offering absolutely no new ideas, policies or concrete solutions – it shows he is just not ready to lead," McCain spokesman, Tucker Bounds said adding, "We cannot afford a directionless driver like Barack Obama."

Since yesterday, Obama has consulted with a slew of congressional leaders on the economy, including Hillary Clinton. He also spoke to former President Bill Clinton.

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by jone775 September 22, 2008 1:14 AM EDT: jktlds: yes, yes, please, keep typing. Every ignorant comment you write brings about five more voters to the Democratic party this year! Thanks! Vote smart, vote Obama/Biden in 2008!; Reply to this comment


by prudentvoter September 21, 2008 11:56 PM EDT: There is not much good to say about Mccain. He is part of the problem, we need a change. Obama is the man.; Reply to this comment


by dnsallday September 21, 2008 11:07 PM EDT: McCain and Sarah palin can''t wait to get their hands on Social Security and Healthcare, they think they might be able to squeeze more out of the middle class and they won''t have to give up any of their house servants.; Reply to this comment


by mavsreader September 21, 2008 11:01 PM EDT: Maybe just once Tucker Bounds could spare us the lecture and the "Don''t look at McCain but look at Obama" explanations?

Six days ago, Senator McCain claimed the fundamentals of the economy were "sound" and then "the American worker/work ethic." Your campaign''s time might be better spent getting McCain caught up on the basics.

Campaigns that live in glass houses shouldn''t throw stones.

G.O.P. word of the week is LEADERSHIP.; Reply to this comment


by donstevens3 September 21, 2008 10:34 PM EDT: I''m glad that Obama has offered possible solutions to the financial crisis, and he''s wiser than McCain, who spouts his opinions on financial matters and then changes them the next day when he''s proved wrong. President Bush has failed miserably at protecting the U.S. economy partly because he''s put so much focus on the disastrous war in Iraq, which continues to cost the taxpayers billions of dollars a month when the Iraqis have a multi-billion dollar surplus, not to mention our soldiers who''re still being killed there. McCain would only continue Bush''s policies, as he''s done before, and Palin is too inexperienced and extreme to be a VP. I''m voting for Obama and Biden because they will bring the right change to Washington and the whole country; they''ll keep the country safe; they''ll heal the country''s wounds, including the economy; and they''ll use their vision and intelligence to lead our country into the future, for the good of America and our children. By the way, I think that any Democrat who doesn''t vote for Obama because he''s black is not a true Democrat or a real American.; Reply to this comment


by clay_nc September 21, 2008 10:10 PM EDT: see Obama saying here what he will do to our military in a time of war .... very scary !!!
www.calebgrace.com

McCain / Palin ''''08; Reply to this comment


by alxcom September 21, 2008 9:36 PM EDT: Let''s see now... The economy is fundamentally sound because of the American workers (who are losing their jobs) and the entrepreneurial spirit. My father was an entrepreneur. And a democrat! I am a Republican -- and I sure hope that people who stop to think will
vote Obama/Biden. QuickDraw McCain
and his sidekick are the pits.; Reply to this comment


by peallen007 September 21, 2008 9:05 PM EDT: Don''t see how anyone could be a republican after what they''ve done. Fact Check has McCain in 60 blatant LIES. Why, seriously why, would anyone want another Liar oil puppet in the white house?; Reply to this comment


by jefflz-2009 September 21, 2008 8:32 PM EDT: With Bush''s record, McCain is trying to say he is a non-Republican Republican. Does this mean he was for the Republicans before he was against them? McCain''s own voting record speaks for itself on huge tax cuts for the extremely wealthy and complete support of deregulation of Wall St.. He can run from Bush but he cannot hide. "I''m Not Really a Republican" McCain is happy to have Palin by his side- he was unable to draw any but the most loyal party members before the New American Idol showed up. But like the fate of all American Idols, Palin is yesterday''s news. We have all moved on. We are all far more worried about the prospect of working until we need walkers as we watch our 401K''s drop like a stone. Neither McCain or Palin have a clue. If McCain is disabled for any reason, would we want her choosing the next head of the Fed, let alone have a finger on the nuclear trigger? Furthermore they can run but they cannot hide from Bushonomics. McCain can pretend not to be a Republican but that would be like Palin pretending to know the first thing about Wall Street. After all, she can''t see it from Alaska. The pair of them are for the Bush policy of bare-knuckle free market economics and will seek zero oversight of greedy investment bankers. You can''t " Throw the Bums Out" if you are the bums.; Reply to this comment


by stevemehere September 21, 2008 7:45 PM EDT: When it comes to services for middle class Americans, politicians continue talking out of two mouths: (1) scare tactics about raising taxes for middle class needs (2) but justify wasting millions of our tax dollars on things we don%u2019t need. I never hear politicians talk about cutting the waste to pay for what we need in this country. If this country would stop wasting our tax dollars on useless programs, political self-promoting projects, billions overseas to take care of others, (while ignoring U.S. citizens%u2019 needs), billions on a war that profits noone and loses lives, and stop creating useless laws that cater to special interest groups, we would have plenty of tax dollars for middle class needs. But, as usual, politicians want to use scare tactics of raising taxes to take care of middle class needs while continuing to use our tax dollars to take care of their cronies and self-promoting projects. It is this greed and looking out for self, instead of being a servant of this country and middle class, that ticks off hard working tax paying Americans.; Reply to this comment