Obama blames Wall St. crisis on Republican policy
CHICAGO (AP) - Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.
"This country can't afford another four years of this failed philosophy," Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.
Obama's statement, issued as he prepared to fly to Colorado to begin a swing through contested Western states, was intended to serve two purposes: to link McCain with the unpopular presidency of George W. Bush and to express sympathy with the anxiety of most Americans who say the economy is issue No. 1 in the election.
"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Obama said in a statement. "Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression."
"I certainly don't fault Sen. McCain for these problems," Obama said, "but I do fault the economic philosophy he subscribes to."
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We have Greenspan endorsing Obama and criticizing McCain’s future tax cuts however I have yet to hear anyone attack Greenspan for getting us in to the current financial mess we find ourselves in the first place! If anyone is to blame for not seeing this crisis coming it is him Greenspan the one who probably beats Schumer as the most addicted Microphone person! a man who jumps at any opportunity to throw his 2-cents in wherever he can! SHAME SHAME SHAME! Obama supporters one more reason to fear a vote for that empty suit of yours! Look whose endorsing him and giving him his financial advice A LOSER!!
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