Obama tears into McCain’s Hoover-like Inaction
Obama in North Carolina:
“John McCain has admitted that he doesn’t understand the economy as well as he should, and yesterday he proved it in a speech he gave on the housing crisis,” the Illinois Democrat told an audience here.
McCain, an Arizona senator and presumptive Republican nominee, on Tuesday discouraged too much government action in trying to solve the growing mortgage crisis because it is rooted in the private sector, signaling a significant difference between himself and the two remaining Democratic candidates.
“Our financial system is locked down, millions of people are at risk of losing their homes,” Obama said. “This could be a big, big problem. It is already a big problem for those who have for sale signs in their front yards. It’s already a problem for those who have seen their homes foreclosed on.”
Obama charged that McCain had offered no solutions for one of the biggest problems facing the nation.
“He said that the best way for us to address the fact that millions of Americans are losing their homes is to just sit back and watch it happen,” he said. “In his entire speech yesterday, he offered not one policy, not one idea, not one bit of relief to the nearly 35,000 North Carolinians who are forced to foreclose on their dream over the last few months.”
Obama then suggested that McCain would simply be a continuation of policies established by the Bush administration.
“We’ve been down this road before. It’s the road that George Bush has taken for the last eight years. It’s the idea that government has no role at all in solving the challenges facing working families – that all we can do is hand out tax breaks for the wealthiest few and let the chips fall where they may,” Obama said. “George Bush calls it the ownership society. But what he really meant was ‘you’re on your own society.’”
He’s scheduled to deliver a major economic address this morning.
