president debate.docx

president debate.docx

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presidentdebate

LEHRER:

GoodeveningfromtheFordCenterforthePerformingArtsattheUniversityofMississippiinOxford.I'mJimLehreroftheNewsHouronPBS,andIwelcomeyoutothefirstofthe2008presidentialdebatesbetweentheRepublicannominee,SenatorJohnMcCainofArizona,andtheDemocraticnominee,SenatorBarackObamaofIllinois.

TheCommissiononPresidentialDebatesisthesponsorofthiseventandthethreeotherpresidentialandvicepresidentialdebatescominginOctober.

Tonight'swillprimarilybeaboutforeignpolicyandnationalsecurity,which,bydefinition,includestheglobalfinancialcrisis.Itwillbedividedroughlyintonine-minutesegments.

Directexchangesbetweenthecandidatesandmoderatorfollow-upsarepermittedaftereachcandidatehastwominutestoanswertheleadquestioninanorderdeterminedbyacointoss.

Thespecificsubjectsandquestionswerechosenbyme.Theyhavenotbeensharedorclearedwithanyone.

Theaudiencehereinthehallhaspromisedtoremainsilent,nocheers,noapplause,nonoiseofanykind,exceptrightnow,aswewelcomeSenatorsObamaandMcCain.

（APPLAUSE）

LetmebeginwithsomethingGeneralEisenhowersaidinhis1952presidentialcampaign.Quote,"Wemustachievebothsecurityandsolvency.Infact,thefoundationofmilitarystrengthiseconomicstrength,"endquote.

Withthatinmind,thefirstleadquestion.

Gentlemen,atthisverymomenttonight,wheredoyoustandonthefinancialrecoveryplan?

Firstresponsetoyou,SenatorObama.Youhavetwominutes.

OBAMA:

Well,thankyouverymuch,Jim,andthankstothecommissionandtheUniversityofMississippi,OleMiss,forhostingustonight.Ican'tthinkofamoreimportanttimeforustotalkaboutthefutureofthecountry.

Youknow,weareatadefiningmomentinourhistory.Ournationisinvolvedintwowars,andwearegoingthroughtheworstfinancialcrisissincetheGreatDepression.

Andalthoughwe'veheardalotaboutWallStreet,thoseofyouonMainStreetIthinkhavebeenstrugglingforawhile,andyourecognizethatthiscouldhaveanimpactonallsectorsoftheeconomy.

Andyou'rewondering,how'sitgoingtoaffectme?

How'sitgoingtoaffectmyjob?

How'sitgoingtoaffectmyhouse?

How'sitgoingtoaffectmyretirementsavingsormyabilitytosendmychildrentocollege?

Sowehavetomoveswiftly,andwehavetomovewisely.AndI'veputforwardaseriesofproposalsthatmakesurethatweprotecttaxpayersasweengageinthisimportantrescueeffort.

Numberone,we'vegottomakesurethatwe'vegotoversightoverthiswholeprocess;$700billion,potentially,isalotofmoney.

Numbertwo,we'vegottomakesurethattaxpayers,whentheyareputtingtheirmoneyatrisk,havethepossibilityofgettingthatmoneybackandgains,ifthemarket--andwhenthemarketreturns.

Numberthree,we'vegottomakesurethatnoneofthatmoneyisgoingtopadCEObankaccountsortopromotegoldenparachutes.

And,numberfour,we'vegottomakesurethatwe'rehelpinghomeowners,becausetherootproblemherehastodowiththeforeclosuresthataretakingplaceallacrossthecountry.

Now,wealsohavetorecognizethatthisisafinalverdictoneightyearsoffailedeconomicpoliciespromotedbyGeorgeBush,supportedbySenatorMcCain,atheorythatbasicallysaysthatwecanshredregulationsandconsumerprotectionsandgivemoreandmoretothemost,andsomehowprosperitywilltrickledown.

Ithasn'tworked.AndIthinkthatthefundamentalsoftheeconomyhavetobemeasuredbywhetherornotthemiddleclassisgettingafairshake.That'swhyI'mrunningforpresident,andthat'swhatIhopewe'regoingtobetalkingabouttonight.

LEHRER:

SenatorMcCain,twominutes.

MCCAIN:

Well,thankyou,Jim.Andthankstoeverybody.

AndIdohaveasadnotetonight.SenatorKennedyisinthehospital.He'sadearandbelovedfriendtoallofus.OurthoughtsandprayersgoouttothelionoftheSenate.

IalsowanttothanktheUniversityofMississippiforhostingustonight.

And,Jim,I--I'vebeennotfeelingtoogreataboutalotofthingslately.SohavealotofAmericanswhoarefacingchallenges.ButI'mfeelingalittlebettertonight,andI'lltellyouwhy.

Becauseaswe'reheretonightinthisdebate,weareseeing,forthefirsttimeinalongtime,RepublicansandDemocratstogether,sittingdown,tryingtoworkoutasolutiontothisfiscalcrisisthatwe'rein.

Andhavenodoubtaboutthemagnitudeofthiscrisis.Andwe'renottalkingaboutfailureofinstitutionsonWallStreet.We'retalkingaboutfailuresonMainStreet,andpeoplewhowilllosetheirjobs,andtheircredits,andtheirhomes,ifwedon'tfixthegreatestfiscalcrisis,probablyin--certainlyinourtime,andI'vebeenaroundalittlewhile.Butthepointis--thepointis,wehavefinallyseenRepublicansandDemocratssittingdownandnegotiatingtogetherandcomingupwithapackage.

Thispackagehastransparencyinit.Ithastohaveaccountabilityandoversight.Ithastohaveoptionsforloanstofailingbusinesses,ratherthanthegovernmenttakingoverthoseloans.Wehaveto--ithastohaveapackagewithanumberofotheressentialelementstoit.

And,yes,IwentbacktoWashington,andImetwithmyRepublicansintheHouseofRepresentatives.Andtheyweren'tpartofthenegotiations,andIunderstandthat.AnditwastheHouseRepublicansthatdecidedthattheywouldbepartofthesolutiontothisproblem.

ButIwanttoemphasizeonepointtoallAmericanstonight.Thisisn'tthebeginningoftheendofthiscrisis.Thisistheendofthebeginning,ifwecomeoutwithapackagethatwillkeeptheseinstitutionsstable.

Andwe'vegotalotofworktodo.Andwe'vegottocreatejobs.Andoneoftheareas,ofcourse,istoeliminateourdependenceonforeignoil.

LEHRER:

Allright,let'sgobacktomyquestion.Howdoyouallstandontherecoveryplan?

Andtalktoeachotheraboutit.We'vegotfiveminutes.Wecannegotiateadealrighthere.

But,Imean,areyou--doyoufavorthisplan,SenatorObama,andyou,SenatorMcCain?

Doyou--areyouinfavorofthisplan?

OBAMA:

Wehaven'tseenthelanguageyet.AndIdothinkthatthere'sconstructiveworkbeingdoneoutthere.So,fortheviewerswhoarewatching,Iamoptimisticaboutthecapacityofustocometogetherwithaplan.

Thequestion,Ithink,thatwehavetoaskourselvesis,howdidwegetintothissituationinthefirstplace?

Twoyearsago,Iwarnedthat,becauseofthesubprimelendingmess,becauseofthelaxregulation,thatwewerepotentiallygoingtohaveaproblemandtriedtostopsomeoftheabusesinmortgagesthatweretakingplaceatthetime.

Lastyear,IwrotetothesecretaryoftheTreasurytomakesurethatheunderstoodthemagnitudeofthisproblemandtocallonhimtobringallthestakeholderstogethertotrytodealwithit.

So--sothequestion,Ithink,thatwe'vegottoaskourselvesis,yes,we'vegottosolvethisproblemshortterm.Andwearegoingtohavetointervene;there'snodoubtaboutthat.

Butwe'realsogoingtohavetolookat,howisitthatweshreddedsomanyregulations?

Wedidnotsetupa21st-centuryregulatoryframeworktodealwiththeseproblems.Andthatinparthastodowithaneconomicphilosophythatsaysthatregulationisalwaysbad.

LEHRER:

Areyougoingtovotefortheplan,SenatorMcCain?

MCCAIN:

I--Ihopeso.AndI...

LEHRER:

AsaUnitedStatessenator...

MCCAIN:

Sure.

LEHRER:

...you'regoingtovotefortheplan?

MCCAIN:

Sure.But--butletme--letmepointout,IalsowarnedaboutFannieMae（NYSE:

FNM）andFreddieMac（NYSE:

FRE）andwarnedaboutcorporategreedandexcess,andCEOpay,andallthat.Alotofussawthistrainwreckcoming.

Butthere'salsotheissueofresponsibility.You'vementionedPresidentDwightDavidEisenhower.PresidentEisenhower,onthenightbeforetheNormandyinvasion,wentintohisroom,andhewroteouttwoletters.

Oneofthemwasalettercongratulatingthegreatmembersofthemilitaryandalliesthathadconductedandsucceededinthegreatestinvasioninhistory,stilltothisday,andforever.

Andhewroteoutanotherletter,andthatwasaletterofresignationfromtheUnitedStatesArmyforthefailureofthelandingsatNormandy.

Somehowwe'velostthataccountability.I'vebeenheavilycriticizedbecauseIcalledfortheresignationofthechairmanoftheSecuritiesandExchangeCommission.We'vegottostartalsoholdingpeopleaccountable,andwe'vegottorewardpeoplewhosucceed.

ButsomehowinWashingtontoday--andI'mafraidonWallStreet--greedisrewarded,excessisrewarded,andcorruption--orcertainlyfailuretocarryoutourresponsibilityisrewarded.

AspresidentoftheUnitedStates,peoplearegoingtobeheldaccountableinmyadministration.AndIpromiseyouthatthatwillhappen.

LEHRER:

Doyouhavesomethingdirectlytosay,SenatorObama,toSenatorMcCainaboutwhathejustsaid?

OBAMA:

Well,IthinkSenatorMcCain'sabsolutelyrightthatweneedmoreresponsibility,butweneeditnotjustwhenthere'sacrisis.Imean,we'vehadyearsinwhichthereigningeconomicideologyhasbeenwhat'sgoodforWallStreet,butnotwhat'sgoodforMainStreet.

Andtherearefolksouttherewho'vebeenstrugglingbeforethiscrisistookplace.Andthat'swhyit'ssoimportant,aswesolvethisshort-termproblem,thatwelookatsomeoftheunderlyingissuesthathaveledtowagesandincomesforordinaryAmericanstogodown,the--ahealthcaresystemthatisbroken,energypoliciesthatarenotworking,because,youknow,10daysago,Johnsaidthatthefundamentalsoftheeconomyaresound.

LEHRER:

Sayitdirectlytohim.

OBAMA:

Idonotthinkthattheyare.

LEHRER:

Sayitdirectlyto