Senator Barack Obama seems to be focusing the majority of his efforts in the presidential race on battling republican counterpart John McCain now that experts seem to agree that Hilary Clinton is out of the picture, as he took the time Tuesday to attack McCain’s stance on the nation foreclosure crisis during a rally in Nevada.
Obama cited McCain’s earlier statement that he was not too much of an expert on economics, and raised the issue that something needed to be done about foreclosures in the United States immediately. It’s certainly no coincidence that Obama chose to make this speech in Las Vegas, the city with the highest foreclosure rate of any other in the nation.
After visiting the homes of several citizens facing an impending foreclosure, Obama pledged to do more to fight foreclosures, and hinted at the fact that in the future a lot more will need to be done to regulate banks to make sure a situation such as this one does not occur again.
Obama argued that McCain was looking to do nothing more than preserve the status quo of the Bush administration, and that the Republican party would only prolong the “failed policies” of the past. McCain’s camp responded with an argument that Obama’s proposed solutions for the foreclosure crisis would rely significantly on taxpayer money that could simply end up in the hands of speculators, and indicated that this represented that he was simply not ready to lead the economy. Obama’s plans include a $10 billion foreclosure counseling and prevention fund.
Obama spent the day hearing from homeowner’s facing foreclosure and announced his support of Senator Chris Dodd’s anti foreclosure bill moving through the Senate.