Tuesday, September 23, 2008

Washington, not just Wall Street, bankrupt: Obama

AFP - Democrat Barack Obama warned the Wall Street meltdown was no mere "accident of history" but proved the need for sweeping change to purge the waste and abuse staining US politics.

Obama's Republican rival John McCain meanwhile cautioned that a staggering 700-billion-dollar-government bailout plan for reeling finance firms vested a single official with unprecedented power with little or no accountability.

The presidential foes fought to distinguish themselves on the economy as the temperature of the race heated up ahead of Friday's first of three head-to-head debates, which offer final chances for either to land a knock-out blow.

Obama attempted to use the crisis to reignite his crusade for political change, while McCain sought to revive his image as a grizzled fighter who does not balk at confronting his own party in the struggle for reform.

"We did not arrive at this moment by some accident of history," Obama said in the key midwestern state of Wisconsin, as he lashed "greed and irresponsibility" in both Washington and Wall Street.

"We are in this mess because of a bankrupt philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to the rest of us.

"We must reform the waste and abuse in our government, we must reform the rules of the road that let Wall Street run wild and stuck Main Street with the bill -- we must change Washington now."..............

No comments: