Obama blasts GOP on economy
Tuesday, 16 September 2008
WASHINGTON (AP): Democrat Barack Obama laid into the Republican or Grand Old Party (GOP) opposition Monday as Americans awoke to fearsome news from Wall Street - the disappearance of two investment banking stalwarts - as the US economy faced what he called "the most serious financial crisis since the Great Depression" of the 1930s.
Obama is battling to overcome a significant boost in the polls for his opponent, Republican John McCain, who stunned Americans and solidified wavering support among his party's Christian conservative base with the choice of Alaska Gov. Sarah Palin as running mate. After trailing Obama throughout the run-up to both party conventions, McCain has pulled even or edged slightly ahead in national polling - primarily riding the wave of Palin's initial popularity.
Deepening turmoil in the US economy, the No. 1 issue among voters despite the ongoing wars in Iraq and Afghanistan, could resonate in Obama's favour as he tries mightily to link McCain to President George W. Bush, whose stewardship of the United States has left him with near-record disapproval ratings.
In a statement issued shortly after 6 a.m. on the U.S. east coast, Obama said he did not put blame on McCain, but "I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else.
It's a philosophy that says even commonsense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
Obama is battling to overcome a significant boost in the polls for his opponent, Republican John McCain, who stunned Americans and solidified wavering support among his party's Christian conservative base with the choice of Alaska Gov. Sarah Palin as running mate. After trailing Obama throughout the run-up to both party conventions, McCain has pulled even or edged slightly ahead in national polling - primarily riding the wave of Palin's initial popularity.
Deepening turmoil in the US economy, the No. 1 issue among voters despite the ongoing wars in Iraq and Afghanistan, could resonate in Obama's favour as he tries mightily to link McCain to President George W. Bush, whose stewardship of the United States has left him with near-record disapproval ratings.
In a statement issued shortly after 6 a.m. on the U.S. east coast, Obama said he did not put blame on McCain, but "I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else.
It's a philosophy that says even commonsense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."