Today on the presidential campaign trail

Friday, September 19, 2008

By The Associated Press

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IN THE HEADLINES

McCain says Fed shouldn't bail out failing financial institutions ... Obama backs 'broad authority' to deal with credit, no details ... Investigator: Palin probe to conclude before election ... Biden calls for end of 'cowboy mentality' on Wall Street ... Poll: When it comes to watching football, more would hang with Obama than McCain _ by a nose

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McCain says Fed should stop government bailouts

GREEN BAY, Wis. (AP) _ John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions.

The Republican presidential hopeful said the Fed should get back to "its core business of responsibly managing our money supply and inflation" and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign.

McCain made little mention of the massive proposal being crafted by Treasury Secretary Henry Paulson that could amount to a $1 trillion taxpayer bailout of the mortgage industry. McCain said simply that leaders should put aside partisan differences and "any action should be designed to keep people in their homes and safeguard the life savings of all Americans."

The Arizona senator also criticized Democratic rival Barack Obama for ties to Freddie Mac and Fannie Mae and for advocating tax increases McCain said would "turn a recession into a depression."

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Obama backs `broad authority' on credit

CORAL GABLES, Fla. (AP) _ Democratic presidential nominee Barack Obama said Friday he backs giving "broad authority" to the Treasury Department to deal with the burgeoning credit crisis, but said he's not spelling out details of his own plans to avoid roiling the markets.

Obama said at a Florida news conference that given the gravity of the situation, he will refrain for now from presenting a more detailed blueprint. He said any recovery plan should be guided by not rewarding reckless business leaders.

"What we have to do is make sure taxpayer money is not being used to bail out bad decisions," he said. He refused to put a price tag on a bailout he could support, but said it would not bar him from pushing for middle-class tax cuts that have been central to his campaign.

"I think now more than ever we have to have the broad-based middle-class tax cuts," Obama said.

Obama huddled with economic advisers to talk about a credit crisis that is rapidly moving to the front of this competitive election season. He is seeking a balance between offering stability and blaming the crisis on what he said were failed economic policies that John McCain would continue.

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Investigator: Palin probe to end before election

ANCHORAGE, Alaska (AP) _ The Alaska lawmaker in charge of the abuse of power investigation of Sarah Palin promised Friday the probe will be finished before the election, after all.

Alaska state Sen. Hollis French said the investigator's report on the governor will be completed by Oct. 10, even though key witnesses won't testify.

None of the people ordered to testify Friday showed up. The McCain campaign, Palin and her allies have been working to delay the investigation until after the election. They say it's become a political fight.

Investigators are seeing whether Palin, the Republican vice presidential candidate, improperly fired her public safety commissioner after he wouldn't fire a state trooper who went through a nasty divorce from Palin's sister.

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Biden: End 'cowboy mentality' of Bush-McCain era

STERLING, Va. (AP) _ Democratic vice presidential candidate Joe Biden said Friday part of the solution to the country's financial crisis is "ending the cowboy mentality of the Bush-McCain era."

At a rally in Sterling, Va., that drew roughly 1,000 people, Biden said McCain is against government regulation of the financial sector and helped foster a culture that led to the meltdown on Wall Street and in the banking industry.

Maryland Senator Barbara Mikulski introduced Biden at the rally, which was focused on women's issues. She referred to the Republican vice presidential nominee, Alaska Gov. Sarah Palin, as "George Bush in earrings."

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Poll: Obama tops McCain as football-watching buddy

WASHINGTON (AP) _ People would rather watch a football game with Barack Obama than with John McCain _ but by barely the length of a football.

Obama was the pick over McCain by a narrow 50 percent to 47 percent, according to an Associated Press-Yahoo News poll released Friday that generally mirrored each presidential candidate's strengths and weaknesses with voters. Women, minorities, younger and unmarried people were likelier to prefer catching a game with Obama while men, whites, older and married people would rather watch with McCain.

Such views matter because in many elections, candidates considered more likable have an advantage.

McCain backers were a bit more intrigued by watching with Obama than the Democrat's supporters were with making McCain their football buddy. While fewer than one in 10 Obama backers wanted to watch with McCain, nearly one in five McCain supporters wanted to kick back with Obama.

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DAILY TRACK

Democrat Barack Obama is running ahead of Republican John McCain _ Obama has 49 percent to McCain's 44 percent _ among registered voters in the presidential race, according to the latest Gallup Poll daily tracking update.

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THE DEMOCRATS

Barack Obama held a rally for women in Coral Gables, Fla.

Joe Biden held a rally for women in Sterling, Va.

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THE REPUBLICANS

John McCain gave a speech in Green Bay, Wis., before he joined Sarah Palin for a rally in Blaine, Minn.

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QUOTE OF THE DAY:

"I think he'd be fun to sit back with and hear his experiences, all his stories." _ Kyle Ferguson, 28, a Republican from Santa Rosa, Calif., who said he'd rather watch football with John McCain than Barack Obama.

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STAT OF THE DAY:

Eighty-nine percent of Republicans said actions by the U.S. government are a major reason there's been no follow-up attack since the terrorist attacks on Sept. 11, according to an Associated Press-GfK poll. Democrats were more skeptical, with 53 percent crediting federal activity.

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Compiled by Ann Sanner.