Candidate Reaction: Emergency Federal Reserve Rate Cut
Sens. John McCain and Barack Obama issued statements on the emergency Federal Reserve interest rate cut this morning:
McCain: "I applaud the move by the Open Market Committee of the Federal Reserve and other national monetary authorities to reduce interest rates to address the financial crisis spreading across the globe. It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future. That is why last night, I called for an American Homeownership Resurgence Plan -- a plan to use taxpayer money not just to bail out Wall Street, but instead to keep families in their homes and to stabilize financial markets from the bottom up. I am committed to protecting the American worker in this crisis. I am dedicated to reforming the corruption in Washington and on Wall Street that is the root of the financial system meltdown. I will get the economy back on track."
Obama: "I've said before that this is a global crisis that requires a global solution, and so I support the action of the Federal Reserve and other central banks around the world to cut interests rates and ease the mounting pressure on global credit markets. I hope this response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington. But it is clear that more urgent and vigorous action is necessary to stem this crisis, which is making it impossible for businesses large and small to get loans and may have already cost Americans nearly $2 trillion from their retirement accounts. The Treasury Department must move quickly to implement a plan based on the rescue package we passed last week and use the authority they already have to purchase troubled assets, including mortgages. It is also critical that Treasury, in coordination with other government agencies, move as vigorously as possible to help homeowners stay in their homes. And I call on Congress to immediately pass a rescue plan for our middle-class that will save one millions jobs and provide relief to struggling families, small businesses, and Americans who are losing their homes."
Posted at 9:41 AM ET on Oct 8, 2008
Share This: Technorati | Tag in Del.icio.us | Digg This
Previous: New Anti-McCain Spot Appeals to Veterans | Next: A Timeless Debate Format? Or a Dated One?
Please email us to report offensive comments.
Posted by: wetwren | October 9, 2008 11:05 AM
Posted by: indep2 | October 8, 2008 2:54 PM
Posted by: novaik | October 8, 2008 2:28 PM
Posted by: mattyng | October 8, 2008 2:14 PM
Posted by: mralexva | October 8, 2008 1:42 PM
Posted by: Bluefish2012 | October 8, 2008 1:06 PM
Posted by: hfaulk | October 8, 2008 12:59 PM
Posted by: toritto | October 8, 2008 12:46 PM
Posted by: eureka60 | October 8, 2008 12:44 PM
Posted by: JohnQuimby | October 8, 2008 12:44 PM
Posted by: toritto | October 8, 2008 12:38 PM
Posted by: EarlC | October 8, 2008 12:31 PM
Posted by: pastor123 | October 8, 2008 12:09 PM
Posted by: indep2 | October 8, 2008 12:07 PM
Posted by: toritto | October 8, 2008 11:55 AM
Posted by: spidermean2 | October 8, 2008 11:10 AM
Posted by: troisieme | October 8, 2008 11:07 AM
Posted by: StJohn1 | October 8, 2008 10:59 AM
Posted by: northernlights | October 8, 2008 10:35 AM
Posted by: hclark1 | October 8, 2008 10:24 AM
Posted by: obama1 | October 8, 2008 10:20 AM
Posted by: millionea7 | October 8, 2008 10:04 AM
Posted by: spidermean2 | October 8, 2008 9:49 AM
The comments to this entry are closed.