"The Match That Started This Forest Fire"
Q: What is it in the economic package that's actually going to help people out?
McCain: I left my campaign and suspended it, go back to Washington to make sure their were additional protections for taxpayers. Fannie and Freddie -- encouragement of Sen. Obama and his "cronies and his friends" -- gave risky loans to people. Touts his efforts to "stop this greed and excess." Sen. Obama was the second highest recipient of Freddie and Fannie money in history. Bailout -- stabilize markets, shore up institutions, not enough. Must buy up loans. F and F -- is the "match that started this forest fire."
Obama: Small businesses and some large businesses just can't get loans. Can't make payroll. Might have to end up shutting doors. "It could end up having an adverse effect on everybody." "I've got to correct a little bit of Sen. McCain's history, not surprisingly." Deregulation led to this problem. Two years ago, he wrote to Sec. Paulson and Fed Chair Bernanke, said this is something that must be dealt with. "Sen. McCain said during that period that we should keep on deregulating."
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