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Obama: McCain's Backs "Failed" Economic Policy

From CBS News' Maria Gavrilovic:

(GOLDEN, COLO.) - Barack Obama charged John McCain today with proposing disingenuous polices to relieve the financial crisis. During a speech on economy at the Colorado School of Mines, Obama said McCain's support for more regulation of the financial industry is misleading.

"His newfound support for regulation bears no resemblance to his scornful attitude towards oversight and enforcement," Obama said. "John McCain cannot be trusted to reestablish proper oversight of our financial markets for one simple reason: he has shown time and again that he does not believe in it."

Obama's call for more regulation and oversight over the financial sector was in line with his remarks given in New York City in March.

"In the wake of the Bear Stearns bailout, I called for a new, 21st century regulatory framework to restore accountability, transparency, and trust in our financial markets," Obama said then, adding that McCain did not support regulation then.

Obama also said that McCain's support of Bush's economic policies and his failure to respond to the crisis as it was looming, contributed to the current economic climate. "Senator McCain did nothing," he said.

The most scathing charge against McCain came as Obama said the current economy is proof that the ideas that he subscribes to have fallen short. "What we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed."

Republican National Committee spokesman Alex Conant responded saying, "Obama's attack is another example of his 'I-know-best' attitude that rejects the sort of consensus-building, open-minded leadership Washington needs."

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