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McCain, Obama spar over solutions for economy

COMBINED WIRE SERVICES

September 22, 2008

BALTIMORE - Republican presidential nominee John McCain told an audience Sunday his rival Barack Obama behaved more like a politician than a leader, both on national security matters and last week's near-meltdown of the U.S. financial system.

At a meeting of the National Guard Association, McCain faulted Obama for not offering a plan to stabilize financial markets after a crisis in the mortgage industry led to the demise of two investment banks and government bailouts of mortgage giants Fannie Mae and Freddie Mac and insurer AIG.

"At a time of crisis, when leadership is needed, Sen. Obama has not provided it," McCain said.

Obama, speaking earlier in North Carolina, blamed the financial crisis on a hands-off approach to economic regulation that McCain has followed, and warned that electing the Republican would mean more of the same.

"We're now seeing the disastrous consequences of this philosophy all around us -- on Wall Street as well as Main Street. And yet Senator McCain, who candidly admitted not long ago that he doesn't know as much about economics as he should, wants to keep going down the same, disastrous path," Obama said.