by Jill Zuckman
and John McCormick
GRAND RAPIDS, Mich.--The nation's economic distress soaked up the presidential candidates' attention again Wednesday as each tried to persuade voters that only he could get the financial markets back on track in order to right the economy.
On a day of more market turmoil, both John McCain and Barack Obama sounded populist notes in their appeals to get tough with Wall Street by imposing stringent new regulations on free-wheeling financial institutions.
But Obama expressed disbelief that anyone would believe McCain's newfound passion for government intervention. And McCain seemed almost disgusted by what he said was Obama's plan to raise taxes during tough economic times.
"I'm here to send a message to Washington and to Wall Street," McCain told autoworkers at a GM plant in Lake Orion, Mich. "We're not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayers' dollars to Wall Street. We're going to take care of the workers.... They're the ones that deserve our help."
McCain even invoked President Franklin Delano Roosevelt, a Democratic icon, as he told the workers that the economic crisis is not their fault. "I'll tell you whose fault it is," he said. "Corruption in Washington and corruption on Wall Street and as president I'm going to clean it up and I'm going to fix it and return you back to the strength of our economy that you have earned and deserve." Campaigning in northeastern Nevada, Obama criticized McCain for suggesting that he would to take on the "old boys'" network in Washington.
"This is somebody who has been in Congress for 26 years," he told an outdoor audience in Elko, Nev. After pointing to lobbyist ties within the McCain campaign, Obama then fired his punch line.
"Now he tells us that he's the one who will take on the old boys' network," he said. "The old boys' network? In the McCain campaign, that's called a staff meeting." Obama said McCain is falsely trying to convince voters that he and his economic advisers would storm the Treasury Department with "torches and pitchforks" to bring change in financial industry regulation.
Obama also released a new, two-minute television ad in which he speaks directly into the camera about how he'll fix the economy.
"In the past few weeks, Wall Street's been rocked as banks closed and markets tumbled. But for many of you--the people I've met in town halls, backyards and diners across America-- our troubled economy isn't news," he says in the ad. "Paychecks are flat and home values are falling. It's hard to pay for gas and groceries and if you put it on a credit card, they've probably raised your rates."For McCain, the embrace of government intervention came with some trepidation. He opposed providing a bailout for Lehman Brothers following rescues for Bear Stearns, an investment bank, and Fannie Mae and Freddie Mac, the mortgage companies. Tuesday night, the government jumped in to take over insurer American International Group Inc., providing an $85 billion loan.
"The focus of any such action should be to protect the millions of Americans who hold insurance policies, retirement plans and other accounts with AIG," McCain said in a statement. "We must not bail out the management and speculators who created this mess."
His running mate, Alaska Gov. Sarah Palin, expressed little enthusiasm for the latest move to rescue AIG.
"The shot that has been called by the Feds--it's understandable but very, very disappointing that taxpayers are called upon for another one," Palin told reporters as she visited a delicatessen in Cleveland.
At a town hall meeting at Grand Rapids Community College, McCain decried Obama's plan to raise taxes when unemployment in Michigan stands at 9 percent.
"Raising taxes is exactly the wrong approach," McCain said. "If you like what tax increases have done to the economy here in Michigan, you're going to love Sen. Obama's tax increases. Gov. Palin and I will not raise anyone's taxes. It's the worst thing you can do."
Jill Zuckman reported from Michigan and John McCormick from Nevada.
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Comments
All this "old" talk coming out of the Obama campaign is really beginning to anger me. We "older" people do vote and you won't be 40 something forever, so get off your high horse. I hope this guy loses, then this "old" person will have the pleasure of not voting for him when he again runs for his Senate seat in Illinois. This arrogant little punk is a turn off.
Posted by: vla | September 18, 2008 8:12 AM
With all that is going on in the world this country needs a president who is experienced.
Hillary, girl, you got lucky. This will be a one term president.
Prepare for 2012.
Obama failed to place Clinton on the ticket because he feared Bill Clinton.
Anyone who can't control his fear of an expresident shouldn't be in the white house.
Face your fears.
Posted by: Thom | September 18, 2008 8:21 AM
Thom....It's people like you that have totally turned me off with Hillary. As a democrat, I would have gladly supported her if she had one, but am so turned off by the narrow minded sore sport supporters that I will not vote for her in 2012. It is obviously not issues you vote for so maybe you are better off on the right.
Posted by: bill r. | September 18, 2008 10:49 AM
Here's an old person who will be voting for Senator Obama and with God's help, I'll be trying to get other old persons out to vote for him, as well !! The element of age in Senator McCain's run for the White House, in my humble opinion, is a legitimate question, especially now that he chose for his running mate, a most unqualified person !! Governor Palin could be a heartbeat away from our Presidency, should anything untoward, happen to Senator McCain and God willing, nothing will, other than, he will be back serving the good people of Arizona, as their Senator !! I wonder if you are that upset, say, with the Motor Vehicle Department, when our senior citizens have to take more tests, more often, because they are older ? Their age is taken into consideration, it is not a denial, that is for the MVD to make that decision !! Just as it is, for the electorate to make the decision about Senator McCain's age !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | September 18, 2008 12:07 PM
" bill r. " I must admit that I wasn't as gracious as you were, when it came to the possibility of Senator Clinton winning. I had toyed with the idea of supporting Mr. Nader, for whom I have a great deal of respect, if Senator Obama had not won !! One of the many reasons for my leaning in that direction was, I thought that Senator Clinton crossed the line too many times, in her attacks on Senator Obama. It wasn't a fit for her, this time, and try as she might, one can't force these things to happen. The other surprising aspect to her loss, was the big advantage she had, going into the primary season !! That did not speak well to her capabilities, for her to have lost all of the advantages, which she had, coming into the race !! I wish her nothing, but good luck and I mean that sincerely. It is not a stroke job to get her supporters to go with Senator Obama. They will do what they want. I hope they support Senator Obama, but life goes on !! I am a proud supporter of Senator Obama, as I think, you are. I am, and will continue, to speak of his qualifications and his great possibilities for America. I'll see you at one of the Inauguration Balls, if good America smiles on Senator Obama and Senator Biden. Good luck !
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | September 18, 2008 1:27 PM
I love how Obama always forgets to mention that his economic adviser, Franklin Raines, was one of the people that got us into this economic mess. The former CEO of Fanny Mae lied about profits to get himself bonuses. I would just love to have a president that takes advice from people like him. Obama has been a member of the "Old Boys Club" for a while now; the only difference is he's not white, so he can distance himself.
Posted by: Kway | September 18, 2008 4:51 PM
vla -
What "old" talk is coming out of the Obama camp? The article mentions nothing of the sort. John McCain HIMSELF is the one talking about having a career of taking on the "old boys" network. All Obama's done is disagree with him and point out that he's been in congress 26 years and hasn't done much to slow the momentum of the entrenched power interests.
Nobody's slamming seniors, and nobody's disputing that seniors turn out and vote (that's why the Obama campaign has done so much to articulate a comprehensive plan for handling Social Security - they know older audiences are important to win over).
Don't be paranoid.
Posted by: SethGecko13 | October 8, 2008 9:17 PM