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Obama said the government should play a role in improving the American people's well-being "by providing stable macroeconomic and financial conditions for sustained growth; by demanding transparency; and by ensuring fair competition in the marketplace."
Obama called for immediate relief for those affected by the housing crisis, revamping regulatory framework and boosting the economy with an additional $30 billion stimulus package.
Obama blasted Sen. John McCain's plan to address the housing crisis, which the presumptive Republican presidential nominee detailed earlier this week.
"John McCain recently announced his own plan, and it amounts to little more than watching this crisis happen. While this is consistent with Sen. McCain's determination to run for George Bush's third term, it won't help families who are suffering, and it won't help lift our economy out of recession," Obama said.
McCain's camp released a statement on the housing crisis Thursday saying, "what is not necessary is a multi-billion dollar bailout for big banks and speculators, as Sens. Clinton and Obama have proposed."
"There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face."
New York Mayor Michael Bloomberg -- whom many had speculated was considering an independent run for the White House himself -- introduced Obama, but reiterated that he had not endorsed a candidate for president.
Obama said the U.S. economy was a success because it balanced free markets and regulation.
"Our free market was never meant to be a free license to take whatever you can get, however you can get it. That is why we have put in place rules of the road to make competition fair, and open, and honest," he said.
Obama also recognized Paul Volker, former chairman of the Federal Reserve, and former Securities and Exchange Commission chairman William Donaldson.