Obama And McCain Disagree Over The Reasons Of And Remedy For Foreclosure Crisis



The two presidential candidates Obama and McCain disagreed over the reasons of and remedy for foreclosure crisis. This was the gravest financial crisis since the last eight decades. The debate was of vital importance considering that the foreclosure issue could make or take votes in the presidential race. Of three scheduled debates this was the second one between the two rivals. It was the only one in which the listeners were allowed to ask questions. Both McCain and Obama tried to present themselves as reformers in these foreclosure-ridden times when voters were anxious and demanding about change.

Hitherto Obama had declined many calls from the Republicans for a joint appearance. The debate was held inside Belmont University against the background of Obama gaining ground in survey polls. The audience was chosen by a polling organization named Gallup. It consisted of three sections, those who were for and against the candidates and those who claimed to be neutral. The queries were screened by Tom Brokaw of NBC who acted as moderator. Some questions coming online were also included.

Republican Senator McCain called for sweeping new remedial measures and stressed, “It’s my proposal. It’s not Senator Obama’s proposal.” The focus is on keeping house owners safe from foreclosures.

Democrat Senator Obama bluntly stated that the present foreclosure related crisis was the “final verdict on the failed economic policies of the last eight years.” He added that these are being “supported by Senator McCain” and would in all probability be continued if he came to power. He said that Bush as well as McCain had opted for deregulation of the financial system so that the markets were allowed to go wild. It was hoped that by this prosperity would rain down on all and sundry. But this did not occur.

McCain alleged that Obama ranked the second highest as regards donations from individuals of disgraced Fannie Mae and Freddie Mac. Obama shot back by saying that Rick Davis, the campaign manager of McCain had an interest in a Washington firm that had received generous amounts from Freddie Mac in the very recent past.

The two rivals pointed at each other on issues ranging from foreclosures to energy, taxes, spending and health benefits.

While the mudslinging was going on both were aware that the mood of the voters were tensed against the background of the foreclosure crisis.