Obama Corrects McCain's History On Regulation (VIDEO)

McCain claims he warned about the coming economic crisis. But as ThinkProgress notes, in 2007, he admitted he was "surprised" by the crisis. "So, I'd like to tell you that I did anticipate it, but I have to give you straight talk, I did not," he said.

Obama: Now I've got to correct a little bit of Senator McCain's history, not surprisingly, but let's first of all understand that the biggest problem in this whole process was the deregulation of the financial system. Senator McCain as recently as March bragged about the fact that he is a deregulator. On the other hand two years ago I said we've got a subprime lending crisis that has to be dealt with, I wrote to Secretary Paulson, I wrote to Federal Reserve Chairman Bernanke and told them this is something we have to deal with and nobody did anything about it. A year ago I went to Wall Street and told them we have to re-regulate, and nothing happened.

Comments

[BrighterStar]

While McCain was attempting to pass stricter regulation on Fannie and Freddie Obama was to busy taking record campaign contributions to make any significant contribution to the needed reform.

[PAposter]

Give me a link to the "stricter regulation bill" that McCain was trying to pass.

Where the hell do you live, that you still believe anything McCain says?

[BrighterStar]

Here is an explanation with a link to the bill. http://www.govtrack.us/congress/bill.xpd?bill=s109-190. Republicans for years have been trying to fix problems in the secondary mortgage market but the Democrats were able to block those efforts. Now Democrats are blaiming Republicans for the problem.

[loax]

Another good smack down by Obama!

[demfriend]

McCain appears to struggle when he is angry with answering questions and then when he is corrected his demeanor goes right into the nasty old man look at Obama. I was hoping Obama would be able to do more of the Clinton walk in a debate where he measures to make sure the opponent is always in the picture so his reactions would also be shown as that would have nailed McCain more often in his looks of distain. C-span does a better camera angle than the other cables so it's more interesting to see the reactions. But without one doubt there is some deep negative feelings that McCain has toward Obama and it's a sad thing to see the level of disrespect for an opponent being respectful to him.

[JamesInDenver]

It's also sad to see McCain's level of disrespect for an opponent who has Proven to be his intellectually superior. Obama has bested McCain in foreign policy, the economy, and in town hall style debates. Yet the disrespect persists. Unfortunately for McCain, this has become obvious to most Americans.

[GiveUsFree]

McCain just doesn't have the mental bullets to fight Obama with. He isn't that bright. Neither is Palin! The clear choice is Obama and Biden. And I have to say that it shows a lack of class when you attack your opponent when he is attending a funeral of a family member. This was very tacky on Palin's behalf.

[wendynyc]

Republicans and supply side economics is DEAD - Thank God!

[rosal]

And lets hope that campaigns full of lies, smear and attacks suffer the same faith

[JonStewart4President]

Even as a middle schooler, I knew that supply-side economics wouldn't work. I mean that's how dumb trickle down was. That a kid of 10 could tell you that the ideas of slashing corporate taxes and taxes for the wealthy and somehow expecting it would 'trickle-down,' all while spending huge amounts on defense, was fiscal madness. Yet somehow a majority of Americans all bought into this lottery system masquerading as an economic policy.

[Blah Blah Blah]

9:15 CT: McCain just made the leap from "I was joking with a veteran about bombing Iran" to "I know how to win this war."

The Second Presidential Debate: Live Analysis
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=93&ArticleName=The+Second+Debate%3a+Live+Analysis

[evekendall]

Question of the Day on FoxNews.com
Who won the second presidential debate in Nashville?

John McCain 41%

Barack Obama 59%

Total Voters:12222

http://elections.foxnews.com/

[doctorwang]

That's from F@X? Not good for McC........

[VikingQuest]

Did anyone else catch when Obama said he knew about the Fannie & Freddie thing a year ago and "wrote a letter" requesting more regulation?

As a Senator why didn't he do something or instead of writing a letter, write a piece of legislation?

Isn't that what a Senator does or am I mistaken?

[doctorwang]

"But neither the Times story"nor the McCain campaign"revealed that Davis's lobbying firm, Davis Manafort, based in Washington, D.C., continued to receive $15,000 a month from Freddie Mac until last month"long after the Homeownership Alliance had been terminated. The two sources, who requested anonymity discussing sensitive information, told NEWSWEEK that Davis himself approached Freddie Mac in 2006 and asked for a new consulting arrangement that would allow his firm to continue to be paid. The arrangement was approved by Hollis McLoughlin, Freddie Mac's senior vice president for external relations, because "he [Davis] was John McCain's campaign manager and it was felt you couldn't say no," said one of the sources."

Rick Davis (who O mentioned in the debate) is McC's campaign manager. Explain why his firm was collecting $15,000 a month from Freddie for doing nothing....and maybe I'll answer your question.

[VikingQuest]

What does that do with the topic at hand?

Just because I post something that doesn't kiss Obama's butt doesn't mean I like McCain one bit.

How about addressing the question.

[kcam44]

guess you don't know that "one" senator can't change things, the entire senate has to do it.

[VikingQuest]

You can at least bring legislation forward can't you?

[eirrac]

The letter Senator Obama wrote was an attempt to work with someone on a piece of legislation. But at that time, no one listened. You should watch C-Span. It's very interesting at times, to watch the Senate proceedings.

[VikingQuest]

But following that Obama ripped McCain for the Fannie & Freddie garbage because his regulations didn't get passed. Isn't that the pot callnig the kettle black?

[GeezerusMaximus]

Civics 101, a senator may write letters about a problem they see. But it may not be acted on because they are not on the committee responsible for that particular issue.
Obama:
Member, Senate Committee on Foreign Relations
Chairman, Subcommittee on European Affairs
Member, Subcommittee on African Affairs
Member, Subcommittee on East Asian and Pacific Affairs
Member, Subcommittee on International Development and Foreign Assistance, Economic Affairs and International Environmental Protection
Member, Senate Committee on Health, Education, Labor, and Pensions
Member, Subcommittee on Children and Families
Member, Subcommittee on Employment and Workplace Safety
Member, Senate Committee on Homeland Security and Governmental Affairs
Member, Subcommittee on Ad Hoc Subcommittee on State, Local, and Private Sector Preparedness and Integration
Member, Subcommittee on Investigations
Member, Subcommittee on Federal Financial Management, Government Information, Federal Services, and International Security
Member, Senate Committee on Veterans' Affairs
Congressional Terms

McCain
Ranking Member, Senate Committee on Armed Services
port
Member, Senate Committee on Commerce, Science, and Transportation
Member, Subcommittee on Aviation Operations, Safety, and Security
Member, Subcommittee on Consumer Affairs, Insurance, and Automotive Safety
Member, Subcommittee on Interstate Commerce, Trade, and Tourism
Member, Subcommittee on Science, Technology, and Innovation
Member, Subcommittee on Surface Transportation and Merchant Marine Infrastructure, Safety and Security
Member, Senate Committee on Indian Affairs

[rosal]

I am waiting to see McTemper's white flag of surrender

[VikingQuest]

Breaking News Everyone:

McCain and Obama say that the bailout will stop the economy from getting worse before it gets better . . . who here believe that?

I swear guys, you can tell us the truth.

[PDXTransplant]

Obama did not say that.

[VikingQuest]

Ahh, yeah he did and McCain agreed with him.

Brokaw: Are you saying to Mr. Clark (ph) and to the other members of the American television audience that the American economy is going to get much worse before it gets better and they ought to be prepared for that?

Obama: No, I am confident about the American economy. But we are going to have to have some leadership from Washington that not only sets out much better regulations for the financial system.

McCain: I think it depends on what we do. I think if we act effectively,

[doctorwang]

McC did wonders by suspending (?) his campaign and rallying the G0P congress to vote for the bailout. Oh, wait, they didn't vote for it....so they had to wait a few more days.....and vote YES for a bill laden with pork. A real maverick- that McC (but far from being a genius).

[Blah Blah Blah]

The Second Presidential Debate: Live Analysis
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=93&ArticleName=The+Second+Debate%3a+Live+Analysis

Oct 7 Polling Update.
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=92&ArticleName=Poll+Update

Checkout my piece on Youth Voter Registration. For every 100 registered voters aged 18-24, the democrats accrue a 9 vote advantage.
http://voteforamerica.net/editorials/Comments.aspx?ArticleId=85&ArticleName=Youth+Vote%3a+The+Power+of+Registration

Obama 349, McCain 189
http://voteforamerica.net/electoral.aspx

[pjburns11]

McCain is losing it.

Oh, the webs we weave....
http://thetruthburns.wordpress.com/2008/10/07/the-tragedy-of-maccain/

[JohnnyKay]

Good night, John Boy.

It's over.

[margardner]

McCain is getting spanked!

[PDXTransplant]

Please do not use those two words in the same sentence again.

McCain and Spanked.

[Fritzwood]

Obama sticks around and talks to the folks after the debate....McCain splits...that said alot to me.

[VikingQuest]

Did it really?

Were you a McCain supporter up until he did that or were you always and Obama guy?

[doctorwang]

McC lost...what difference does it make?