Obama Says Economy, Iraq Are Top Issues

(CBS)  A year ago, Barack Obama was an even longer shot to win his party's nomination than John McCain. Against improbable odds, the first-term senator from Illinois defeated Hillary Clinton with a message of change and is trying to convince the country that he is ready to lead, running against the record of one of the most unpopular administrations in American history.

Steve Kroft: This is the biggest financial crisis this country has had, a lot of people say, since the Great Depression.

Sen. Barack Obama: Right.

Kroft: What caused it? Who's to blame?

Obama: Hey, look, there were a lot of factors involved. But I think there is no doubt that if we had had a regulatory system that had kept pace with the changes in the financial system, that would have had an enormous impact in containing some of the problems that are out there. I mean, you've got greedy CEOs and investors who are taking too much risk. But that's why we set up rules of the road, to prevent that from spreading into the system as a whole. And, unfortunately, we had a lot of deregulation. And instead of modifying the rules for this new economy, we just eliminated them. So we've got to change our regulatory system. But, Steve, there's a bigger problem. And that is that the economy has not been working for ordinary Americans.

Kroft: Senator McCain made some of the same noises this week, blaming Wall Street greed, promising reform and oversight, and new regulations to protect investors. What's the difference between the two of you?

Obama: Well, the difference is, I think, that I've got a track record of actually believing in this stuff. And, you know, Senator McCain, fairly recently, said, "I'm a deregulator." It's one of his top chief economic advisors was Phil Gramm , who was one of the architects of deregulation in this sector. And he's always taken great pride in believing that we have to eliminate regulations.

Kroft: Really in some ways, this past week has been historic.

Obama: Absolutely.

Kroft: Do you think that Secretary of Treasury Paulson has done the right thing?

Obama: I think by the time Secretary Paulson and Federal Reserve Chairman Bernanke were looking at these problems, they had no good options left.

Kroft: Should the government be bailing out all of these banks and insurance companies? We're talking about hundreds and hundreds of billions of dollars.

Obama: I think that our basic principle has to be that you don't bail out shareholders. You don't bail out CEOs who are getting golden parachutes and $100 million bonuses. That you are doing everything you can to protect taxpayers, making sure that people are able to stay in their homes, and that their mortgages don't go overboard because of bad decisions that other people make.

Kroft: You think we're in a recession?

Obama: Oh, I think there's no doubt that we're gonna see, when the numbers come out, that we are officially in recession. I think, for a lot of people, they've been feeling like we've been in a recession for years now. When their wages and incomes don't go up, and the cost of gas and groceries and home heating oil and prescription drugs are all going up, that feels awfully like a recession to them.

Kroft: Do you think the worst is over?

Obama: It's hard to say.

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[wtezra]

I will vote for Obama. I am white, Israeli-American and 61 years old.
He is our best chance for a future.

If America is so dumb and votes for McCain, I will be looking to live elsewhere.

I feel proud and lucky to have a candidate as bright, capable and inspiring as Obama to want this job.

GO BARACK!

[anotherview2-2009]

The "race issue" needs to be looked at from the fact that 90% of the blacks will vote for Obama, not because he is qualified, but because he is "one of us". Clearly Obama would not be where he is if it weren''t for the black racist vote which does not get talked about at all. With Obama getting 40 to 50% of the white vote, I see that has a vote based on ideology and beliefs.

And while this interview was taking place Russia was moving one of its largest warships into the Caribbean, and selling billions of dollars of arms to Chavez.

Not a word from CBS on this.

[nodevils2]

OBAMA IS FOR THE FREE MARKETS OF CAPITALISM, constrained by the conscience of sensible government regulation! Obama understands that the government is just as essential to capitalism as is the consumer; and, he understands the government%u2019s role to enhance and create new industries and markets when the private sector is failing to do so. For example, Obama sees that the markets are not "laissez faire capitalism" when it comes to our energy industries. This is evident by the abnormally high gas prices that are hurting the consumer. He understands far better than Bush/McCain that our way to independence is through alternative energies, such as FUEL CELL TECHNOLOGY, BIO-MASS, BIO-DIESEL, WIND, SOLAR, BIO-THERMAL TECHNOLOGIES. Obama knows how to unleash NASA again, unfettered by the sinister repression of free scientific thought, the BUSH/McCain sought to SILENCE and edit the scientists. Obama respects the opinions of ECONOMISTS, unlike Bush/McCain/Palin, who tried to pander with gas holiday gimmicks. OBAMA 08, YES WE CAN!!

[nodevils2]

The most significant change that Obama/Biden will bring to the White House is leadership that actually leads, by changing our government%u2019s strategies and culture so that they have a better fit to the global economy. Obama has an excellent ability to shape a strategic vision of a realistic and attractive future that binds us together as Americans and focuses our energy toward super ordinate goals as a nation. Obama stands alone as the candidate who can frame messages around a grand purpose with emotional appeal that captivates the best in us. Transformational leaders not only talk about a vision; they enact it. They walk the talk by stepping outside the executive suite and doing things that symbolize the vision, the way that Obama performed during the primaries and the way he has run a STELLAR overall campaign. Obama stands alone as the candidate best equipped to demonstrate a Can Do attitude with an image of honesty, trust, and integrity. OBAMA IS THE BEST CANDIDATE FOR PRESIDENT OF THE UNITED STATES OF AMERICA! OBAMA 08; Yes We Can

[nodevils2]

Basically, America has lost its farming base and its manufacturing base. Driving our economic growth for the last eight years has been the FINANCE BUBBLE, credit and mortgages, coupled with exotic derivatives and other risky financial instruments. We need a leader who can inspire America with a vision that results in Americans actually MANUFACTURING something of value for the world other than EXOTIC FINANCIAL INSTRUMENTS. OBAMA stands alone as the candidate taking us in that direction.

[nodevils2]

OBAMA IS LEADING! In the polls, in history, in new voter registration, in fundraising, in campaign management, by every metric possible! Conventional wisdom has always said that you can determine how a president will lead by observing how he leads his campaign and the decision he made in picking his vice presidential nominee! Obama/Biden 08, real leadership for a new generation! What a STELLAR campaign being run by an incredible young, American leader! Go OBAMA/BIDEN

[michaelm07]

Obama defending his experience? That probably only took a few seconds considering there is very little and virtually none that qualifies him for the Oval Office.

[credibility2]

Once sources like NBC''s SNL show ruthlessly go after Obama and ridicule him as they''ve done with McCain and Palin, I''ll feel much better. But of course, too many are afraid of taking this turn lest it seem racist. It''s sad that no one can go after Obama, factually and jokingly without being accused of being racist or bigoted. This is what our society has become. Free speech, but only if it doesn''t offend non-whites and bi-racials. Obama is a fraud and corrupt. He was a do-nothing IL senator and is now a do-nothing US senator. If he could, he''d sell all of his supporters a piece of swamp land in FL. If Obama were genuinely ready and sufficiently qualified to be president, he wouldn''t keep tap dancing around the experience questions and issues. And, what does it say about a man who constantly defends himself and compares himself to a woman who isn''t even running for president? It says plenty about his ineptitude and insecurity and fears.

[vanpete]

well. I don''t think it is going to be any better if Democrats take over the white house. They are the majority of the House and Senates in the last 4 years. Why didn''t they veto Bush''s plans and why didn''t they have their own bills that could help. Bush could only veto their bills twice, the third time the bills would automatically go into effect. If they take over the white house too, they will become a sole power. America will be like Putin''s democracy. And economy and national security go together, can''t be seperated. Obama is not the answer to the problem.

[waxhawron-2009]

Tonight I read through both interviews with Senators Obama and McCain. I was very disappointed with two things:
(1) in the tradition of Mike Wallace and Dan Rather (before he lost his perspective) the interviewers let the candidates off the hook too easily when they tried to avoid answering questions or when they were obviously lying.
(2) reading through the comments I was very disappointed how lax the compliance was with the Rules of Engagement.
(3) reading through the comments I was shocked by the lies and venom being spread by supporters of each candidate. This is a very serious election. And if tolerance of others'' opinions cannot be accepted then there is very little hope for the future of our country.