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Obama: Wild Financial Markets Need Taming

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Obama: Wild Financial Markets Need Taming

Election 2008

Obama: Wild Financial Markets Need Taming

Obama: Wild Financial Markets Need Taming

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Democratic presidential nominee Barack Obama campaigned Monday in the battleground state of Wisconsin. The Illinois senator chastised the Republican administration for its push to deregulate the financial markets. Obama said Republicans wanted to let the market run free, but instead they let it run wild.

STEVE INSKEEP, Host:

It's Morning Edition from NPR News. I'm Steve Inskeep.

LINDA WERTHEIMER, Host:

And I'm Linda Wertheimer. President Bush is in New York today giving his final speech as president before the United Nation's General Assembly. We'll have a story on that in a moment. First, here's something about the two men who wish to succeed him. Both Barack Obama and John McCain have been campaigning in battleground states; Obama in Wisconsin and McCain in Pennsylvania. We have reports from both campaigns. Here's NPR's Don Gonyea who's traveling with Senator Obama.

DON GONYEA: No matter how serious the matter at hand, no candidate of any party can stop in Wisconsin this time of year and ignore the pastime that trumps politics in these parts, Green Bay Packer Football, even on the Monday morning after a tough Sunday night loss to the Dallas Cowboys.

(SOUNDBITE OF DEMOCRATIC CAMPAIGN RALLY)

BARACK OBAMA: Let's go ahead and get it out of the way. I'm sorry about last night. But I'll tell you what, Bears are one and two. So...

(SOUNDBITE OF APPLAUSE)

GONYEA: The candidate, of course, is a Chicago Bears fan. After that, he got to the topic that is suddenly dominating this campaign.

(SOUNDBITE OF DEMOCRATIC CAMPAIGN RALLY)

OBAMA: The era of greed and irresponsibility on Wall Street and in Washington has led us to a perilous moment.

GONYEA: Senator Obama pointed a finger at Republicans and a president who have pushed for more and more deregulation.

(SOUNDBITE OF DEMOCRATIC CAMPAIGN RALLY)

OBAMA: They said they wanted to let the market run free, but instead they let it run wild.

GONYEA: Obama said Congress needs to quickly find a bipartisan solution to avert an even broader catastrophe. And he leveled direct criticism at Senator McCain, saying that over 26 years in Washington, McCain has championed the kind of deregulation that Obama says led to the crisis the financial industry is facing today.

The Democratic nominee also called for belt tightening in Washington. He said a massive bailout like the one being debated this week means the government must watch more closely every dime it spends. He repeated his campaign line that $10 billion a month can be saved by ending the war in Iraq. But he also said, as president he'll scrutinize every federal program. Obama then added this in a passage designed to answer charges by his opponent that he's just another tax and spend Democrat.

(SOUNDBITE OF DEMOCRATIC CAMPAIGN RALLY)

OBAMA: If we hope to meet the challenges of our time, we have to make difficult choices. As president, I'll go through the entire federal budget, page by page, line by line, and I will eliminate the programs that do not work and are not needed so we can start providing the funding for the programs that do work and that are needed. That's common sense.

(SOUNDBITE OF CROWD OVATION)

GONYEA: Senator Barack Obama yesterday afternoon in Green Bay, Wisconsin. I'm Don Gonyea.

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