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McCain, Obama clash over causes, cures of crisis
Wednesday, October 8, 2008 12:42 AM EDT Print this story | Email this story
NASHVILLE, Tenn. -- Barack Obama and John McCain clashed repeatedly over the causes and cures for the worst economic crisis in 80 years Tuesday night in a debate in which Republican McCain called for a sweeping new program to keep homeowners from foreclosure.

"It's my proposal. It's not Sen. Obama's proposal," McCain said at the outset of a debate he hoped could revive his fortunes in a presidential race trending toward his rival.

Democrat Obama said the current crisis was the "final verdict on the failed economic policies of the last eight years" that President Bush pursued and were "supported by Sen. McCain."

He contended that Bush, McCain and others had favored deregulation of the financial industry, predicting that would "let markets run wild and prosperity would rain down on all of us. It didn't happen."

The debate was the second of three between the two major party rivals, and the only one to feature a format in which voters posed questions to the candidates.

"It's good to be with you at a town hall meeting," McCain jabbed at his rival, who spurned the Republican's calls for numerous such joint appearances across the fall campaign.


They debated on a stage at Belmont University in a race that has lately favored Obama, both in national polls and in surveys in pivotal battleground states.

The audience was selected by Gallup, the polling organization, and was split three ways among voters leaning toward McCain, those leaning toward Obama and those undecided.

Tom Brokaw of NBC, the moderator, screened their questions and also chose others that had been submitted online.

The two men also competed to demonstrate their qualifications as reformers at a time voters are clamoring for change.

McCain accused Obama of being the Senate's second-highest recipient of donations from individuals at Fannie Mae and Freddie Mac, the two now-disgraced mortgage industry giants.

"There were some of us who stood up against this," McCain said of the lead-up to the financial crisis. "There wee others who took a hike."


Obama shot back that McCain's campaign manager, Rick Davis, has a stake in a Washington lobbying firm that received thousands of dollars a month from Freddie Mac until recently.

Pivoting quickly to show his concern with members of the audience listening from a few feet away, he said, "You're not interested in politicians pointing fingers. You're interested in the impact on you."

But that didn't stop the two men from criticizing one another repeatedly as the topics turned to energy, spending, taxes and health care.

Obama said McCain was going to require taxes on the health benefits workers receive from their employers at the same time his plan would wipe out the ability of states to enforce their own regulations to require tests such as mammograms.

McCain countered that under his rival's plan "Sen. Obama will fine you" if parents fail to obtain coverage for their children but had yet to say what the fine would be. "Perhaps we will find that out tonight," he said.

Obama quickly followed up, saying that McCain "voted against the expansion" of the children's health care program the government runs.

The two men prefer dramatically different approaches to easing the problem of millions of uninsured Americans. McCain favors a $5,000 tax credit that he says would allow families to find and afford health care on their own.

Obama wants to build on the current system, in which millions receive coverage through the workplace, with government funding to help uninsured families obtain coverage.

McCain's pledge to have the government help individual homeowners avoid foreclosure went considerably beyond the $700 billion bailout that recently cleared Congress.

"I would order the secretary of the Treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes at the diminished value of those homes and let people be able to make those payments and stay in their homes," he said.

"Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy, and we've got to get some trust and confidence back to America."

McCain also said it was important to reform the giant benefit programs such as Medicare, Medicaid and Social Security.

"My friends, we are not going to be able to provide the same benefit for present-day workers that present-day retirees have today," he said, although he did not elaborate.

Reader Comments

Comments are limited to 200 words or less.

Unbelievable... wrote on Oct 15, 2008 7:43 PM:

" Tony since you know so much, tell me how did Bush do all this?? It was always my understanding that the senate and representatives had to vote on all the issues...am I wrong??? Is it just what ever Bush says, goes? Some many voters but only one who gets all the criticism. I so hope that many people don't think like you...if they do, we are in some serious trouble!! It's also pretty funny that you didn't disagree with anything I said in my comment, yours didn't even relate to it! "

Tony wrote on Oct 15, 2008 1:58 PM:

" Ubeleivable, whether your are a racist, a glutton for punishment, or just drooling on yourself, the fact of the matter is that Obama is the man!!! You do me a favor and hold your breath until he loses honey! Bush has ruined all the billionaires that cheated him into office---I doubt they are willing to cook the rolls and file thousands of lawsuits to stop the vote for McCain! "

lol wrote on Oct 15, 2008 1:53 PM:

" Tony, this woman can claim to be black in a comment line, just like everyone in an internet chat room claims to have a doctorate degree. What a fake! "

Unbelievable... wrote on Oct 14, 2008 10:57 PM:

" Tony hun, you would have to show your IQ for others to be envious!! Anyway, why is it that Obama supporters are so quick to use the race card? It's really pathetic!! Did you ever think that maybe some people just don't like him and it has nothing to do with the color of his skin. People will be talking about this election for years when he loses saying "he wouldn't have lost if he was white"! Well you know what, the racial comments are starting to get old and maybe if Obama had something going for him other than being the first man to run for president of color, he might have more supporters! I am a black woman and I am voting for MCCAIN because that is who I choose and I have that right!! Does that make me a racist?? "

Tony wrote on Oct 14, 2008 12:43 AM:

" I don't pray to a paper God to make things better, I use my self reliance and my high IQ that you are obviosly envious of. "

Tony wrote on Oct 14, 2008 12:41 AM:

" This is what happens when you try to speak the truth to those out of touch with reality so badly that they beleive that Jonah lived in a whale. Cultists are all allergic to truth and reality! "

Tony wrote on Oct 14, 2008 12:36 AM:

" In the future, I will try to veil my disdain for you behind the flag and patriotism so that it is more politically correct. It is good for my health to belly laugh daily and I thank you Esme for your effort. "

Tony wrote on Oct 14, 2008 12:29 AM:

" C'mon---get real! Saying your not racist is not proof of such. Veiled racism is merely pathetic racism! As for your decorated veteran he has crashed 2 jets and 2 elections----Go cry to fox news! Wearing a uniform does not a hero make! Wearing a suit does not make one a humane president either! I suggest our nation would be better off if all respected actions and not suits, uniforms, and titles! Learn to cope with the end of ignorance!!! "

Esme wrote on Oct 10, 2008 10:17 PM:

" Tony, You are way out of line. I have never heard such hate speech in a lonnnnggg time. You're the only racist/bigot I find on this post. If you're the posterboy for the democrats in Maysville, you guys are in worse shape then I thought. And good luck with the being fat and I.Q. thing. "

Evie wrote on Oct 10, 2008 10:05 PM:

" I'm appalled at the disrespect shown on here for a decorated veteran. It's sickening, and certainly does nothing for your so-called arguments. If that's the best you've got, you've already lost the fight. "

old soldier wrote on Oct 9, 2008 3:20 AM:

" To. KygirlatheartinAL You need to take a pill and chill. The republicans had complete control for 6 years and did nothing but start a war by telling lies about wepons of mass destructiond. Why blame Clinton he has been gone for almost 8 years. Get your facts stright before blaming someone. "

lol wrote on Oct 8, 2008 10:01 PM:

" John McSame is not going to be president! I respect the ole' fellas service during the civil war, but come on! To those who like to infer that Obamas middle name makes him a terrorist I say this. W's middle name is walker. Watch as he walks away with your childrens future ruined and draws his millions for having destroyed our nation! As to how we got here---its the republican platform of trickle down economics. We have given corporations trillions since the 80's that they all mixed with technology to roboticize their plants and kill american jobs or used the trillions to move over seas and enslave others only to then say they hate us for our freedom and liberties. No! they hate us for taking theirs! "

Tony wrote on Oct 8, 2008 9:53 PM:

" I guess it was Clinton that told Bush to push the slogan "the ownership society" and give these un-repayable loans. Why can he and all of you not own your foolishness! You biggots are a joke and i am sad to have to call you neighbors. You all deserve what you voted for twice----ignorance and despair! Your hate and racism will be returned to you in spades-no pun inteneded! I am white and can surely tell you this with all that I believe! If Obama were white and had his same gifts and policies he would win in a landslide. Still, i will just have to be happy with informing you of your addiction to ignorance; well that and with Obama only winning 38 states by five points. I am going black and am never going back! You hate-filled backwoods rednecks can go where you will! Come on! You trusted Bush! You could trust the devil himslef if he were white! I am fat and have a high IQ though and am sure that makes me untrustworthy from the start also lol! "

KyGirl wrote on Oct 8, 2008 1:12 PM:

" Very well said Kygirlatheart!! I don't trust him either. MCCAIN all the way! "

Crazy wrote on Oct 8, 2008 1:08 PM:

" I agree somewhat with "American". I believe alot of people are seeing it as a popularity contest. However it is extremely hard to tell who the best candidate would be because they spend most of the time bad mouthing one another! If they would spend more time talking about what they plan to do maybe they would get their point across and give us some idea on who to give our vote to. They talk about something bad one has done and then it comes out that the other has done the same. What's the point?!?! "

KygirlatheartinAL wrote on Oct 8, 2008 12:34 PM:

" People need to base their votes on character and morals. I don't trust O'Bama because he talks to pretty and during the debate he never looked one person in the eye. I also think people forget that it was Clinton that sent jobs over seas, it was Clinton that ordered the mortgage companies to reduce their criteria so more low income people could own homes and then he didn't put a plan into action to regulate them. You may also remember that the President can not do anything if the house and senate are against him so when Bush wanted to regulate the Fannie Mae's the house would not let him. Check your history. I think I would rather have an x-military person running our country and protecting us instead of reducing our military and leaving us open for attacks the way Clinton did and the way O'Bama plans to do. "

ToAmerican wrote on Oct 8, 2008 12:22 PM:

" hey youre right, they made us believe iraq was a necessary war didnt they? sorry, the republicans had their chance. they had 6 years of COMPLETE CONTROL over the ENTIRE government and they accomplished NOTHING. they had their chance. now the democrats will have the same chance. theyll either blow it too, or actually do something. one things for sure, im going to give them the chance to try. id vote for a panda bear for office before i will another republican. i say thanks but no thanks to corporate loving, government bloating, so called 'republicans'. "

American wrote on Oct 8, 2008 8:46 AM:

" It doesn't matter. The media want Barack Hussain Obama to be President. The sad thing is, there are people in the US who believe everything the media and celebrities tell them. Its a shame. These are the worst two candidates for President, and i believe the worste one will win because celebrities think he's "cool". "

simple mind wrote on Oct 8, 2008 2:35 AM:

" Its simple if you liked the last 8 years vote for Mccain. If you didn't like the last 8 years vote for Obama. "


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