Obama for America

From the Associated Press:

"John McCain has admitted he doesn't understand the economy as well as he should, and yesterday he proved it in giving a speech on the housing crisis," Obama told an auditorium of supporters.

… On Tuesday, McCain derided government intervention to save and reward banks or small borrowers who behave irresponsibly and offered few immediate alternatives for fixing the country's growing housing crisis.

Obama pointed out that McCain "said 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. 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 dreams in the last three months."

From ABC News:

Revving up for what his campaign is calling a "major" speech on the economy tomorrow, Sen. Barack Obama, D-Ill., blasted the economic plan of presumptive Republican nominee Sen. John McCain, R-Ariz.

… Obama cast McCain as more of the same, arguing Americans don’t need a third terms of the Bush administration.

As president, Obama said he will address the situation by reworking existing subprime loans into affordable long-term fixed loans, creating a foreclosure prevention fund, and cracking down on mortgage fraud and predatory lenders.

And from Bloomberg:

Democratic presidential candidate Barack Obama said the economy is "grinding to a halt," millions of people are at risk of losing their homes and Arizona Senator John McCain's solution is to "just sit back and watch it happen."

… Surging mortgage defaults and a glut of unsold houses are depressing property prices, and mortgage-backed securities have spread losses across the global financial system. The world's biggest financial companies have posted at least $195 billion in writedowns and credit losses tied to subprime mortgages and collateralized debt obligations, according to data compiled by Bloomberg.

… Obama today reiterated his call for reworking existing subprime loans into affordable, long-term fixed loans and creating a foreclosure prevention fund to help keep Americans in their homes. He has pledged that as president, he would seek a mortgage-tax credit for homeowners and crack down on mortgage fraud and predatory lenders.

Obama said that a McCain administration would continue President George W. Bush's economic policies.

"We can't afford another four years of Bush economics," Obama said. "If there's one thing this crisis has taught us, it's that we can't have a thriving Wall Street and a crumbling Main Street, because we're all connected."

Read Barack's plan to strengthen the middle class and restore our economy.