Town Hall Debate - Economy: Will the economy get worse be...




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Published on 7 Oct 2008

SEN. OBAMA: No. I am confident about the American economy, but
we are going to have to have some leadership from Washington that not
only sets out much better regulations for the financial system; the
problem is we still have a(n) archaic, 20th-century regulatory system
for 21st-century financial markets. We're going to have to coordinate
with other countries to make sure that whatever actions we take work.
But most importantly, we're going to have to help ordinary
families be able to stay in their homes, make sure that they can pay
their bills, deal with critical issues like health care and energy,
and we're going to have to change the culture in Washington so that
lobbyists and special interests aren't driving the process and your
voices aren't being drowned out.

MR. BROKAW: Senator McCain, in all candor, do you think the
economy's going to get worse before it gets better?

SEN. MCCAIN: I think it depends on what we do.
I think if we act effectively -- if we stabilize the housing
market, which I believe we can if we go out and buy up these bad loans
so that people can have a new mortgage at the new value of their home;
I think if we get rid of the cronyism and special interest influence
in Washington so we can act more effectively -- my friend, I'd like
you to see the letter that a group of senators and I wrote warning
exactly of this crisis.

Senator Obama's name was not on that letter.
The point is -- the point is that we can fix our economy.
Americans -- workers are the best in the world. They're the
fundamental aspect of America's economy. They're the most innovat


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