McCain, Obama On Bailout Failure

McCain Blames Unnecessary Partisanship For Congress' Failed Attempt At A Rescue Plan; Obama Says Bailout Will Come

(CBS/AP)  Republican presidential candidate John McCain says Barack Obama and his allies have injected unnecessary partisanship into efforts to pass bailout legislation for the financial industry.

Talking to reporters in Iowa, McCain said, "Now is not the time to fix the blame, it's time to fix the problem."

"I call on Congress to get back obviously immediately to address this crisis," he added. "Our leaders are expected to leave partisanship at the door and come to the table to solve our problems. Senator Obama and his allies in Congress infused unnecessary partisanship into the process."

McCain spoke a few hours after the House defeated bailout legislation. He called on lawmakers to get back to work immediately to address a crisis that he said could affect every family and small business.

Obama said he's confident Congress will eventually work out a bailout for the hobbled financial industry even though the House rejected the latest plan.

"I'm confident we're going to get there, but it's going to be rocky," Obama said in Colorado. Obama said he talked with Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi and other leaders, who were trying to figure out the next step.

"One of the message I have for Congress: Get it done," Obama added.

“The failure of the House vote is a sizable blow to John McCain’s campaign,” said CBSNews.com senior political editor Vaughn Ververs. “He tied himself to this effort in a very public and dramatic way last week when he suspended his campaign and his surrogates were already trying to claim credit for him when it appeared that a deal had been struck. Now that it has gone down, he’s going to get some blame as well.”

In a press conference call for the McCain campaign, senior policy advisor Doug Holtz-Eakin placed blame for the break down on "partisan attacks" made by House Speaker Nancy Pelosi(D-Cal.) on the floor before the vote.

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others," Holtz-Eakin said in a statement. "Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families."

“This is a moment of national crisis, and today’s inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington," Obama-Biden campaign spokesman Bill Burton said in a statement. "Now is the time for Democrats and Republicans to join together and act in a way that prevents an economic catastrophe."

[misha128-2009]

McCain repeats his imitation of Chicken Little as he led the revolt that scuttled the bill and Obama speaks calmly and responsibly in a crisis.

[jdmaldonado]

Just amazing how out of touch the republicans are.
How on earth do you expect anyone with a brain to believe that your party voting down the measure 65-133 is in any way due to democratic partisianship or a speech by Pelosi. The bailout is a bad thing, let the banks go bankrupt, the bailout only puts a band-aid on a wound requiring surgery. Obama and McCain should be applauding the dems and conservative repb. who voted against this nonsense. Bankruptcy for these mismanaged financial institutions will be a short term pain in the neck for the American taxpayers, a bailout, that cannot fix the issue, only brings years of headaches to the same group.

[jdmaldonado]

"Wicked Pelosi should step down. The woman didn''''t even speak out about the bail-out. She used the platform to blame the republicans for the financial failure and the democrats ahve their fingers all over it! The democrats are ruining our country!"

Don''t fool yourself it didn''t matter what Pelosi said,there is a reason that Bush, Cheney and Paulson were all calling the on the fence republicans before the vote, there is a reason that McCain claims that he turned only 4 rep. votes into 65 ....Conservative republicans didn''t like the measure from the get go....wake up...smell the coffee...if you think that a speech by a democrat would have made a difference in the republican vote you are nuts....oh wait you are republican...you just don''t get it....

[antoniof123]

So this is the October suprise the Republicans are given us. Thank you GOP we will remmeber you in November. You the deregulators have done enough damage I only hope we can survive until we remove completly from power.

McCain is useless they needed to get more Republicans and instead they failed. Looks like the chicken has come home to roost GOP and you will fall in November.

[jdmaldonado]

The last 8 years haven''t ruined the country Jed?
6 years of a rep. pres, house and senate? For 6 years there was nothing, absolutely nothing, stopping the republicans from pushing any piece of their agenda through...what you are seeing now is a result of the worse administration in the history of the world. Put you go back to blaming dems and I guess you assume that Obama has already won the election. Ignorance is a terrible thing

[dj282008]

Christopher Dodd, the biggest recipient of this money should be put in jail, so should Barney Frank, another recipient and Obama yet another recipient! Throw them all in jail and get Pelosi out of there. She''''s the "worst" house speaker in the history of this country. Vote out these incumbents, they are ruining our country. Think ACORN too another huge bill we the taxpayers were handed by congress, now they are looking into voter fraud from that scummy organization.


FINE PUT MCCAIN IN JAIL TOO

How do you spell fool?

Sorry, I forgot, McCain

McCain said, "Now is not the time to fix the blame, it''s time to fix the problem."

He forgot for 26 years of deregulation, he has been the problem. Of course at his age it''s easy to forget. I hired who for VP? Palin? Who is that?

[jdmaldonado]

Do you think the Republicans would have credited a Pelosi speech if the bill had passed? Wow, I thought they may have gotten a clue in 06 apparently not...they will hear it loud and clear in about 4 weeks.

[suesey1]

I am glad it got voted down.
When it comes to people''s pain - no money for food, no health insurance, lose your house, etc. oh well, it''s hard time and if you die because you got nothing, too bad, but the fatcats of wall street can''t lose their money. they need to learn that people come first. Think of what Jesus would do? Where is the great free enterprise capitalism now ? No big government? investors should be suing ceo''s and government should take CRIMINAL action against them - bringing down the country and the world. It''s ok for you to starve or die because you lost your job and insurance and now you''re sick. You see I am already down and out - no job, no insurance and no one has cared about me so why should I care about them? They need to learn this lesson otherwise moral danger is they will keep doing it and getting rich at our expense.
Paulsen shouldn''t even be in that position. There should be a Regulator - a cop - to police wall street - Bush put a fox to guard the henhouse. Is it any wonder this happened and it took at least years. My question is I know when I''m doing bad, how can you possibly be a trillion $$$ hole and not know until this second. Give me a break!

[libluv2cnsor]

its time to reposses the world..

(i am sure every conspiracy theorists knows all about that)

[suesey1]

I am glad it got voted down.
When it comes to people''s pain - no money for food, no health insurance, lose your house, etc. oh well, it''s hard time and if you die because you got nothing, too bad, but the fatcats of wall street can''t lose their money. they need to learn that people come first. Think of what Jesus would do? Where is the great free enterprise capitalism now ? No big government? investors should be suing ceo''s and government should take CRIMINAL action against them - bringing down the country and the world. It''s ok for you to starve or die because you lost your job and insurance and now you''re sick. You see I am already down and out - no job, no insurance and no one has cared about me so why should I care about them? They need to learn this lesson otherwise moral danger is they will keep doing it and getting rich at our expense.
Paulsen shouldn''t even be in that position. There should be a Regulator - a cop - to police wall street - Bush put a fox to guard the henhouse. Is it any wonder this happened and it took at least years. My question is I know when I''m doing bad, how can you possibly be a trillion $$$ hole and not know until this second. Give me a break!

[shom9]

McCain blame Obama for bailout failure?! He probably does not remember what he did and what he said for the last few weeks. Obama did not change his opinion on bailout from the day #1. What about McCain?

On September 18 he repeated again that our economy is strong! Therefore he opposed bailout first. Then Obama said that he will support the plan if there is an oversight of the bailout and no blank check coming to the government, if CEOs are not rewarded, taxpayers are protected and be able to recoup this investment... Immediately McCain changed his mind and started support the plan repeating some of Obama''s ideas. He even intended to cancel debates because bailout is so important. .. But at White House when sides were close to decision he followed conservative House Republicans to stop negotiation. They did that not because they wanted something for the ordinary people, for mainstreet but only because it was not along their conservative principles. Then McCain turned again and backed to support the plan, also at debates he refused to clarify his position leaving the room for another turn. Mr McCain again demonstrated what kind of leader he is.

Turn left, turn right, turn left, turn right
McCain is wrong and never right

The people sick of weathercock
We need Leader not a Schmuck!

[dburfears]

See ya McCain. Enjoy your remaining "GOLDEN YEARS" in the Senate.

The GOP recession will not be fixed by the GOP. The only hope to fix the economy is to get rid of the GOP politicians who cared more about corporate profits than they did about the country''s economy.

We do NOT reward incompetence with re-election. Buh-by McGOP.

[sjc_1]

It really had no provisions to insure the health of the credit industry. It is like saying "give us $700 billion, or you will not be able to get a home, car or business loan". Then when you give them the money you still can not get a home, car nor business loan and the money cost you and other tax payers $1 trillion dollars over 30 years with interest.

[suesey1]

I am glad it got voted down.
When it comes to people''s pain - no money for food, no health insurance, lose your house, etc. oh well, it''s hard time and if you die because you got nothing, too bad, but the fatcats of wall street can''t lose their money. they need to learn that people come first. Think of what Jesus would do? Where is the great free enterprise capitalism now ? No big government? investors should be suing ceo''s and government should take CRIMINAL action against them - bringing down the country and the world. It''s ok for you to starve or die because you lost your job and insurance and now you''re sick. You see I am already down and out - no job, no insurance and no one has cared about me so why should I care about them? They need to learn this lesson otherwise moral danger is they will keep doing it and getting rich at our expense.
Paulsen shouldn''t even be in that position. There should be a Regulator - a cop - to police wall street - Bush put a fox to guard the henhouse. Is it any wonder this happened and it took at least years. My question is I know when I''m doing bad, how can you possibly be a trillion $$$ hole and not know until this second. Give me a break!

[andejack]

Plainly and simply, our elected representatives, whether they be Republican or Democrat, have failed us, once again! What in the world do we do to throw the bums out and replace them with reasonable, fair, and unecumbered people who can make intelligent decisions that are in the best interests of our country????? -- not their PACS, not their special interest groups, not be swayed by energetic minority groups (not minority peoples, but minority activitists who succeed in painting inaccurate pictures). Increasingly, it takes very special people to sort this out, be willing to subject themselves and their families to the *** they are confronted with, and be willing to make the tough decisions that will benefit all of us. God help us to sort out who they are and support them to the maximum extent we can! The alternatives are SO SCARY!

[suesey1]

Those other countries, yea they said they might cough up 10 billion, while US taxpayer coughs up a trillion?!
I am so mad at McCain - talking about giving money to Georgia in the debate - yea, let''s give money to yet another country and build up their military and start another cold war may be hot war with Russia again - then they''ll demand more money all because of a fool hardy idiot shakashvili trying to get land of another people.

Where is McCain''s fire and passion for those who have no health insurance and who have lost their job and have not gone to a doctor even with chronic conditions for over 5 years while McCain said he goes for check ups for his melanoma EVERY MONTH!? No wonder he''s out of touch on healthcare - he just doesn''t get it! what it''s like for ordinary Americans struggling for few years now.
Why don''t you feel for fellow Americans the way you feel for Georgians.
I really had a lot of respect for McCain before this but either you''ve changed or you''re true colors are showing. Sad for you but worst for rest of us struggling to just survive.
Iraq means nothing when you are looking at just survival - food, health, etc.

[suesey1]

They need to think outside the box to get out of the crisis. There is no guarantee that this will resolve the problems. It will just get worse for main street because you know they;re not gonna ease borrowing or give higher interest rates, never mind you bailed THEM out.
They need other solutions than bankrupting the middle class.
They should think about extending the terms of the mortgage from 15 to 30 years, 30 years to 40-45 years.
They would get their money, people can stay in houses and those who played fair by living within their means don''t have to shell out money they don''t have. It would teach them to fix their own problems and not bilk the taxpayers.
There are always other options! Lack of creativity and problem solving.

[bigsk8fan]

as a presidential candidate, mcclone is unable to deliver republican support. how will mcsame be any better as president?

[bigwig51]

The democrats are no longer democrats. They are a left wing liberal corrupt organization with a guy they want for president who has an American terrorist as a friend and wants babies left to die from botched abortions (can''''t get any colder than that folks) and who doens''''t(sic) know diddly squat about the economy or anything else! He will ruin this country

I was a registered Republican until my party decided to run the moron Bush for Pres in 2000. then I switched parties. He has already sold this country out and given our children future to his rich cronies. Now I''m 100% behind Obama.
By the Way legal abortions are much safer than the coat-hanger in an alley variety that McCain Palin want to make the only option.

[gtttrades]

They need to think outside the box to get out of the crisis. There is no guarantee that this will resolve the problems. It will just get worse for main street because you know they;re not gonna ease borrowing or give higher interest rates, never mind you bailed THEM out.
They need other solutions than bankrupting the middle class.
They should think about extending the terms of the mortgage from 15 to 30 years, 30 years to 40-45 years.
They would get their money, people can stay in houses and those who played fair by living within their means don''''t have to shell out money they don''''t have. It would teach them to fix their own problems and not bilk the taxpayers.
There are always other options! Lack of creativity and problem solving.
XXXXXXXX
This would help alot if they were all real mortgages.
I suspect there are a lot of phoney mortgages on non-exitant property. This is why Bush/Paulson wanted to slam this bill through Congress. Every bad mortgage that is being bought should be examined first to see if it''s real, checked to see if there were real people who took it out, checked to see if any payments were ever made. Elsewise, the tax payer is going to be buying a lot of air.

[downsteamjim]

I wish CBS would ask Obama about ACORN and these subprime loans. Sub prime loans were the dream of community organizers.

[glenncinca-2009]

Today Nancy Pelosi immortalized herself with the most nation-damaging political speech ever made by an American legislator.

[pastdue1]

McCain says Barack Obama and his allies have injected unnecessary partisanship into efforts to pass bailout legislation for the financial industry."

Can anyone believe that McCain can make this claim after the stunts he tried to pull to garner as much attention as he could for himself and his campaign. There was no partisanship until McCain showed up "to save the day" and he has found out that he has no pull with anyone, not even the republicans.

[votefreedom]

This video was released with over 800,000 views and was taken down due to copyright claims by "Warner Music Group" probably the Dems flagging the video. The user has since then re-released the video. br style="display:none" gauntlet_tokenizer_reserved=""/ br / br / Please take your time to watch and Pass on. This is a very revealing video that the Dems and their Youtube followers are scared of, that''s why they took it down. br style="display:none" gauntlet_tokenizer_reserved=""/ br / br / br / center br / object type="application/x-shockwave-flash" allowScriptAccess="never" allowNetworking="internal" height="344" width="425" data="http://www.youtube.com/v/NU6fuFrdCJY&hl=en&fs=1&rel=0&autoplay=1"
param name="allowScriptAccess" value="never" /
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/object br / br / a

[downsteamjim]

To gttrades: There would be no crisis if banks only loaned money to people with a good chance of repaying them. Subprime loans were established by Congress to be politically correct not financially sound.

[jdmaldonado]

Today Nancy Pelosi immortalized herself with the most nation-damaging political speech ever made by an American legislator.

The TRUTH is never damaging...you can''t handle the truth

[barrynolan]

The Republican talking point that the credit crunch was caused by the Democrats pushing loans for the poor is total garbage. The Republicans appointed every single person holding a regulatory or supervisory position for the past 8 years - hold the White House and have filibustered more bills than any Congress in history. They own this mess lock stock and barrel and don''t have the cojones to take any responsibility. They are not only incompetent, they are nancy boys.

[pensacola98]

Partisan politics by the Democratic Party? The majority of the Democrats voted for the bill!! It was the majority of the Republicans that voted against the bill!!

What color is the sun in John McCain''s world??

I even heard Joe Scarborough - a former US House Rep from this district, blame Nancy Pelosi for not checking to see if there were enough votes to pass before taking it. I strongly disagree that Nancy Pelosi single handedly killed the bail-out bill. She did get a verbal from the party whip that the votes were sufficient before asking the house to cast their votes. It was clear that a few representatives simply chickened out and cast their votes the other way.

My analysis is that the first economic sector to be hit are domestic automobile sales, because foriegn automobile makers can still finance car loans. Next, the Euro and Yen will gain additional stregnth against the US Dollar. Unfortunately, unemployment will rise along with inflation, because the scales of economy will be lost as sales shrink from the diminishing consumer power. Small business failures will accelerate where credit was needed to operate. Unfortuantely, credit card interest rates of 30% or more are just over the horizon.

[missingamerica]

Man, the Republican operatives are flooding the ''net with Republiporn TONIGHT...

lolllll...makes me think that they have FINALLY realized that they are busted, busted, busted...

for the incompetent and corrupt criminals that they are...

lollllllll......

[missingamerica]

Unfortuantely, credit card interest rates of 30% or more are just over the horizon.

Posted by pensacola98 at 09:11 PM : Sep 29, 2008


uhhh....they already here...it is one of the tricks, to get the consumer hooked and then wait for that one late payment...

and WHOOOOOSH!!!!! up into the stratosphere the interest rate goes....

loolllll.....

[shom9]

If republicans today wanted to vote to approve bailout they believed that it''s needed for the Country, for people of America, right? And they did not do that because of Nancy Pelosi speech?! So her speech is more important than the Country?! Is that Kindergarden or Country just not first?
Democrats said at the beginning that they do not like to take all responsibility. And this is right!
Democrats should not vote for this plan if republicans do not. They will blame democrats for this very much needed but unpopular plan. Bush, his administration and supportes like McCain are responsible for all this mess more than anybody else. Before republicans announce that their majority will vote for the plan democrats should not say yes.

[chancetaker3]

As a loan officer, I never understood the concept of charging higher interest rates to those that could least afford them - subprime rates. The teaser rates should stay the same for the entire term of the loan, and they should be the same rates that "A" paper borrowers receive. If the shortsighted lenders worked with all the troubled adjustable loans to write them down or rework the terms and rates so that people could afford to stay in their homes - there wouldn''t be any "toxic" assets out there. There''s no reason for any of this that doesn''t start and end with greed.

[downsteamjim]

To barrynolan: Read up on some of your buddy Barney Franks comments. When PC overcomes sounds thinking you get disasters.

[arthanyel]

It is unfortunate that the mechanics of Wall Street are so complex that normal citizens find it hard to understand what is happening, what this intervention package does - or why an intervention is needed.

Make no mistake - if you, personally, have money invested in a 401K plan, a mutual fund, or any number of other investments, your money is at risk.

There are other ways to address the crisis, but just waiting for all the financial institutions to fail will costs everyone far more - remember that at one time, some of these companies were blue-chip investments and every time one goes bankrupt, the shareholders can lose everything.

Like both candidates, I hate the need for the intervention but agree something must be done. And I agree with one candidate, Obama, that this meltdown is the latest example of where the Republican economic philosophy has led the country - and that we desperately need to change direction. Sometimes none of the choices are ideal, but "if you chose NOT to decide, you still have made a choice!"

As a lifelong Republican until 2004, and now a conservative indepedent, I belive that Barack Obama is the best choice to be the next President - he is nowhere near ideal either, but of the options we have he is by far the best chance we have.

[barrynolan]

The Republicans broke this - they should have to fix it - but no one will trust them to fix anything after the mess they have made for the past 8 years. Everything they have touched has turned into a disaster. Maybe there should just be a Republican Tax and use that money to fix the credit crunch.

[downsteamjim]

What was the purpose of Nancy Pelosi''s speech?

[barrynolan]

I was proud of Barney Frank today - for calling the sissy boy Republicans out - "oh, nancy hurt my little feelings, so I won''t save the country" The Republican theory of government has been tested and been found to be disaster - first with the Savings and Loan debacle and now this.

[downsteamjim]

To barrynolan: In the past week I have seen libs promote ending free speech and voting rights for non believes of the messiah. Your comments on only taxing nonbelievers fits this mold. Authoritarians are always scary.

[barrynolan]

the libs are authoritarian? Abu Gahrib, Gitmo, Patriot Act, Justice Dept Firings, Torture, Patirot Act, Warrantless wiretaps, extraordinary renditions, secret prisons, WMD''s a slam dunk, the list goes on till the crack of doom.

[megalodon101]

personally, as far as any comment from anyone putting the country at risk.....it was the people that caused the problem in the 1st place. Might as well toss a nade at nearly everyone involed in letting them get away with it, and lineing thier pockets while they were at it.
Lets not stop there tho, cause here we do have a mess.....and it needs to be fixed, and fast. So now here we are again, R''s and D''s at each others throats, and grieping about past issues, when there is the present issues at hand, and it comes from both sides. In all fairness as to how things went, however, it was ***.
I might as well to orientation at a new job, to have them try to refer me someplace else.....

[downsteamjim]

To stoplying08: So Pelosi''s speech accomplished what she wanted.

[barrynolan]

The Republicans are a lot like a Bart Simpson character who breaks a lamp - and then stands next to the rubble saying "Not me man!"

[republic1776]

Congress better wake up and realize that they work for us, NOT their parties!
This is the fruits of a two party system!
Socialism, the Government what''s assets and land on our dollar.
What they take, they NEVER Back.
Just like the IRS was only a temporary measure!

[pastdue1]

Posted by barrynolan at 09:20 PM : Sep 29, 2008

Franks was priceless.
Did you happen to notice that every representative from Arizona voted NO. Who in the world was McCain working his magic on?

[munichtexan]

I don''t see why you blame Pelosi or anyone else. Did you miss the point? House representatives voted against the measure because their constituents had so angrily said NO! It is not time to band aid America. Please no more "Chicken Little" stories about the sky is falling! The US financial market is in bad shape because Americans are in bad shape. The average American Household income has decayed while prices have gone up.

If you want to attack something, attack the lack of leadership on the "War on Terror". First rule of war, undermine your enemy by eliminating their most crucial resource. US purchase of Foreign oil has brought America to its financial needs.

We are spending too much money overseas and not enough to build up our own infrastructure. We should continue to say NO to financial institution bailouts and YES to a "War on Foreign Oil". It is much more practical to spend money on US jobs then to invest in bailing out "Bad financial institutions". Invest in America through Real Nationwide public transportation, extending the Alternate Energy and Fuel Tax credit indefinately, installing a Net metering tarif, improving our electrical grid nationwide infrastructure, improving railway passenger infrastructure (especially within cities) and a National Sales tax to replace income tax so anyone who lives, travels and makes money in the United States pays their tax.

[cfin5]

Just saw a utube video about what Ron Paul had to say about today''s victory against the Washington DC Econopirates,......well did McCain say that Ron is the most honest man in Congress. What a real American!

[jmurrieta11]

Talking to reporters in Iowa, McCain said, "Now is not the time to fix the blame, it''s time to fix the problem."



Especially since we know where the blame squarely lies--on the shoulders of the Reaganite Repugs--including John McCain!

This is the final nail in the coffin of Reaganism.

He thought he spent the Soviet Union into bankruptcy.

But in truth, the Reaganites, the Bushits, and the McClones spent the USA into bankruptcy.

Nice work, Bushits!

[jmurrieta11]

Talking to reporters in Iowa, McCain said, "Now is not the time to fix the blame, it''s time to fix the problem."



Especially since we know where the blame squarely lies--on the shoulders of the Reaganite Repugs--including John McCain!

This is the final nail in the coffin of Reaganism.

He thought he spent the Soviet Union into bankruptcy.

But in truth, the Reaganites, the Bushits, and the McClones spent the USA into bankruptcy.

Nice work, Bushits!

[lanawonders]

McCain/Bush Failed