Obama on the collapse

Senator Obama in Golden, CO: Confronting an Economic Crisis

So lets be clear: what weve seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed. And I am running for President of the United States because the dreams of the American people must not be endangered any more. Its time to put an end to a broken system in Washington that is breaking the American economy. Its time for change that makes a real difference in your lives.

Make no mistake: my opponent is running for four more years of policies that will throw the economy further out of balance. His outrage at Wall Street would be more convincing if he wasnt offering them more tax cuts. His call for fiscal responsibility would be believable if he wasnt for more tax cuts for the wealthiest Americans, and more of a trillion dollar war in Iraq paid for with deficit spending and borrowing from foreign creditors like China. His newfound support for regulation bears no resemblance to his scornful attitude towards oversight and enforcement. John McCain cannot be trusted to reestablish proper oversight of our financial markets for one simple reason: he has shown time and again that he does not believe in it.


What has happened these last eight years is not some historical anomaly, so we know what to expect if we try these policies for another four. When lobbyists run your campaign, the special interests end up gaming the system. When the White House is hostile to any kind of oversight, corporations cut corners and consumers pay the price. When regulators are chosen for their disdain for regulation and we gut their ability to enforce the law, then the interests of the American people are not protected. Its an ideology that intentionally breeds incompetence in Washington and irresponsibility on Wall Street, and its time to turn the page.


Just today, Senator McCain offered up the oldest Washington stunt in the book you pass the buck to a commission to study the problem. But heres the thing we know how we got into this mess. What we need now is leadership that gets us out. Ill provide it, John McCain wont, and thats the choice for the American people in this election.