Obama: McCain's Deregulation Too Risky For Economy

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Posted: 2:53 PM Sep 29, 2008
Last Updated: 2:53 PM Sep 29, 2008
Reporter: Associated Press

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Democrat Barack Obama said Republican John McCain's long advocacy of deregulation contributed to the current financial crisis and letting his GOP rival continue those policies as president would be a gamble "we can't afford."

Speaking to a packed gymnasium at Mountain Range High School in Westminster, Obama associated McCain's economic views with a news report about the six-term Arizona senator's closeness to the gambling industry, without ever mentioning the news story itself.

The New York Times reported yesterday that McCain, a lifelong gambler, has had a close and complicated relationship with the industry and its lobbyists during his nearly three decades in Congress.

Speaking minutes after the House bailout vote, Obama also called on Congress to stay in Washington and pass a bailout bill.

Obama says he's confident Congress will eventually work out something.

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Posted by: Kathleen Location: Falcon Colorado on Oct 1, 2008 at 12:36 PM
As an American citizen, tax payer, hunter, shooter and small business owner struggling to make a living in hard times, I am appalled that the CEO’s and those who have profited of the banking firms have not been brought up on embezzlement charges; they are no different than the corrupt CEO’s in ENRON. Being a small business owner I’m responsible for balancing the budget of my business. If I even unintentionally error or make a mistakes I doubt if the US government would come to my rescue, nor would I except the hard working American tax payers to feel any responsibility to bail me out. It is hard to believe that these criminals have raped the tax payers, with only a slap on the hand, and what little penitence they have had to pay back is minimal compared to what they have stolen. I think take the billions of dollars that would be used to bail the banks out, and divide this money giving it to every American taxpaying citizen to pay towards their mortgage, or bank CD’s.

Posted by: john Location: fountain, co on Sep 29, 2008 at 09:43 PM
Not only am I glad that it didnt pass but I personally think that the government should add securities to this bill. We are tired of our economy being run by companies that make irresponsible decisions that give credit to people that dont/cant pay their bills. Now everyone else has to pay for it! There should be something in the bill that the government wants/needs to pass that makes the companies, CEO's, executives pay the price for letting their company get over their head by making a fast buck from the middle and lower class. I truly believe that if securities were set up with this bill then it should pass, but americans are wary about supporting a bill that would only let other companies to continue on the same path and hope for another bailout without any repercussions. We have to stop this now.

Posted by: Eric Location: Colorado Springs on Sep 29, 2008 at 09:19 PM
The deregulation of the financial industry started in 1994. Those responsible for this deregulation need to take accountability for the calamity that has occured as a result.

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