Obama says there is much blame to go around but we're now here. We have to act soon because jobs and savings are at risk. We have to act swiftly and get it right. We can't reward the greedy who caused the problem.
I called McCain this morning after seeing that the principles I set forth were the ones McCain adopted as well. Tom Coburn said a joint statement should be useful. McCain called me back at 2:30 and we agreed we'd to issue a joint statement. These are the principles outlined.
1) We need an independent oversight board.
2) If Americans are financing they need to be treated like investors.
3) We can't bailout WS without helping homeowners.
4) We shouldn't be rewarding greedy CEOS.
McCain returned my call and we agreed we need to come together. I've been in constant contact with Congress, Paulson. There are times for politics and there are times to rise above. This is an American problem.
Q about debate: Obama says he called McCain, McCain called back agreed and then suggested a meeting in Washington. I said let's get the joint statement out first. When I got back to the hotel, McCain went on TV to announce.
The point is to send a clear signal that this problem has to be solved.
Regarding the debate, Americans need to hear what we have to say, especially now. It is going to be part of the president's job to deal with more things at once.
In my mind it's more important than ever to debate.
Q: Did McCain say he wasn't going to participate in debates: I thought it was something he was mulling over but apparently he was more decisive in his own mind.
It's my sense that we need to get the message across that this issue is severely important. We should try to get everything done in this package. We need a separate housing crisis package.
Q: Will you go back to Washington? If I can be helpful I will be anywhere any time. I don't want to infuse presidential politics. I'm talking to Nancy Pelosi, Harry Reid, Paulson every day. Presidents have to do more than one thing.
Q:When the package is put together do you need to vote on it? It may be necessary for us to be present to send a strong message. I insist that the package contain the principles I set forth.
Q: Second question on the debate: I believe we should continue to have the debate. If it turns out we need to be in Washington, we've both got big planes to get us there.
Q: Pull your ads and stop campaigning? I think it's very important Americans see the people who could be in charge of this in the next couple of months.
Q: Another campaign question: I'm prepared to debate Friday.
Q: Will a joint statement do any good? I did what we discussed we were going to do. Making sure we have a statement that lays out the principles from a bipartisan perspective could still serve an important purpose.
Q: Was this a photo op? I think you need to address that to McCain. I proposed the joint statement. He concurred. He then mentioned delaying the debate. I suggested we put the joint statement out first. I thought the joint statement would go out before he was on TV.
Given the fierce competition of this election and the high stakes, both parties agree this issue should transcend politics. Let's solve this problem, get it right and continue to present our ideas on how to restore the economy.
