11/07/2008 05:12 am ET Updated Dec 06, 2017

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.