McCain; "the economy is strong!" Do you think so?

By Robert Barnes and Michael D. Shear
JACKSONVILLE, Fla. -- Wall Street's economic meltdown prompted sharp exchanges between the presidential campaigns on Monday, as Barack Obama and John McCain sought to appear both tough and empathetic.

McCain pledged to clean up and reform Wall Street, making his initial remarks on the financial markets this morning at a rally here by insisting that taxpayers should not be part of the solution.

"We've got to be focused on ensuring that the deposits of hard-working Americans are protected and that taxpayers are not involved," he said, adding taxpayers already are burdened with helping bail out Bear Stearns and protecting mortgage giants Fannie Mae and Freddie Mac.

McCain noted "tremendous turmoil in our financial markets and Wall Street" but continued to say he believes the economy is sound.

"Our economy, I think, is still -- the fundamentals of our economy are strong, but these are very, very difficult times," McCain said. "I promise you we will never put America in this position again. We will clean up Wall Street."

McCain also released a new television ad, titled "Crisis," which argues that McCain and his running mate, Alaska Gov. Sarah Palin, will clean up Wall Street and impose "tougher rules" without "special-interest giveaways."

"Our economy in crisis," the ad says. "Only proven reformers John McCain and Sarah Palin can fix it. ... Leadership, experience for the change we need."

Obama's campaign seized on McCain's assessment of the health of the economy, blasting him for being "disturbingly out of touch" with the reality that everyday Americans face.

"Even as his own ads try to convince him that the economy is in crisis, apparently his 26 years in Washington have left him incapable of understanding that the policies he supports have created an historic economic crisis," Obama spokesman Bill Burton said.

In a statement, Obama called the economic news "the most serious financial crisis since the Great Depression" and attempted to link the failures of the institutions to Bush policies that McCain supported.

"This country can't afford another four years of this failed philosophy," Obama said.

McCain officials continued to press their case that Obama would raise taxes, a move they said would worsen the financial crisis and threaten the pocketbooks of middle-class taxpayers. (Objective observers have disputed McCain's reading, noting the Obama tax plan does not raise taxes on those households earning less than $250,000.)

"Today's economic news is a reminder of how out of touch Obama's plans to raise taxes are." said Republican National Committee spokesman Alex Conant. "With Americans' jobs and savings in jeopardy, this is no time to raise taxes like Obama proposes."

In Jacksonville, McCain said, "We believe that the time has come and gone that the taxpayers should be viewed as the solution to the problems that are not of their making.''

He called for an "environment'' of "robust energy supplies, lower inflation, control health care costs, access international markets'' and reducing the "burden" of government.

Without specifics, he said,"The McCain-Palin administration will be replacing the outdated patchwork quilt of regulatory oversight and bring transparency and accountability to Wall Street.''

Damien LaVera, a spokesman for the Democratic National Committee, accused McCain of repeating "widely debunked lies about Barack Obama's record on tax cuts and his false claim to have never requested a single earmark or pork project for the state of Arizona."

Posted at 12:00 PM ET on Sep 15, 2008 | Category: Barack Obama
Share This: Technorati | Tag in Del.icio.us | Digg This
Previous: Empty Seats Greet McCain at Fla. Rally | Next: Obama: McCain Not Running an Honorable Campaign