nhboy
09-19-2008, 09:04 PM
"CORAL GABLES, Florida (Reuters) - Barack Obama huddled with his economic advisers on Friday and backed government efforts to prop up a teetering financial system, but he said he would wait to release his own detailed plan to stem the turmoil on Wall Street.
The Democratic presidential candidate praised efforts by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to rescue endangered financial firms and keep credit markets solvent and said "even bolder and more decisive action" was necessary.
But the Illinois senator said he would not unveil his own specific proposals until government officials and Congress had concluded their work on a broad rescue plan that could cost hundreds of billions of dollars.
"You don't do it in a day. We've got to do it in an intelligent, systematic, thoughtful fashion," he told reporters after meeting his advisers outside Miami."
"Obama said McCain's proposal skimped on the details but he was glad to see they agreed that "at some point we are going to need some institutionalized structure to deal with the underlying problems of bad mortgages and the bad assets that some of these markets have."
Obama backs recovery plan, says McCain in a panic | Politics | Reuters (http://www.reuters.com/article/politicsNews/idUSN1951642820080919?pageNumber=2&virtualBrandChannel=10112)
The Democratic presidential candidate praised efforts by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to rescue endangered financial firms and keep credit markets solvent and said "even bolder and more decisive action" was necessary.
But the Illinois senator said he would not unveil his own specific proposals until government officials and Congress had concluded their work on a broad rescue plan that could cost hundreds of billions of dollars.
"You don't do it in a day. We've got to do it in an intelligent, systematic, thoughtful fashion," he told reporters after meeting his advisers outside Miami."
"Obama said McCain's proposal skimped on the details but he was glad to see they agreed that "at some point we are going to need some institutionalized structure to deal with the underlying problems of bad mortgages and the bad assets that some of these markets have."
Obama backs recovery plan, says McCain in a panic | Politics | Reuters (http://www.reuters.com/article/politicsNews/idUSN1951642820080919?pageNumber=2&virtualBrandChannel=10112)