The Second Presidential Debate.docx
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The Second Presidential Debate.docx
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TheSecondPresidentialDebate
TheSecondPresidentialDebate
FollowingisatranscriptofthesecondpresidentialdebatebetweenSenatorsJohnMcCainandBarackObamainNashville,asrecordedbyCQTranscriptions:
BROKAW:
GoodeveningfromBelmontUniversityinNashville,Tennessee.I'mTomBrokawofNBCNews.Andwelcometothissecondpresidentialdebate,sponsoredbytheCommissiononPresidentialDebates.
Tonight'sdebateistheonlyonewithatownhallformat.TheGallupOrganizationchose80uncommittedvotersfromtheNashvilleareatobeherewithustonight.Andearliertoday,eachofthemgavemeacopyoftheirquestionforthecandidates.
Fromallofthesequestions--andfromtensofthousandssubmittedonline--Ihaveselectedalonglistofexcellentquestionsondomesticandforeignpolicy.
Neitherthecommissionnorthecandidateshaveseenthequestions.Andalthoughwewon'tbeabletogettoallofthemtonight,weshouldhaveawide-rangingdiscussiononemonthbeforetheelection.
Eachcandidatewillhavetwominutestorespondtoacommonquestion,andtherewillbeaone-minutefollow-up.Theaudiencehereinthehallhasagreedtobepolite,andattentive,nocheeringoroutbursts.Thoseofyouathome,ofcourse,arenotsoconstrained.
Theonlyexceptioninthehallisrightnow,asitismyprivilegetointroducethecandidates,SenatorBarackObamaofIllinoisandSenatorJohnMcCainofArizona.
Gentlemen?
(APPLAUSE)
Gentlemen,wewanttogetunderwayimmediately,ifwecan.SinceyoulastmetatOleMiss12daysago,theworldhaschangedagreatdeal,andnotforthebetter.Westilldon'tknowwherethebottomisatthistime.
Asyoumightexpect,manyofthequestionsthatwehavefromhereinthehalltonightandfromonlinehavetodowiththeAmericaneconomyand,infact,withglobaleconomicconditions.
Iunderstandthatyouflippedacoin.
And,SenatorObama,youwillbegintonight.Andwe'regoingtohaveourfirstquestionfromoverhereinSectionAfromAlanSchaefer(ph).
Alan(ph)?
QUESTION:
Withtheeconomyonthedownturnandretiredandoldercitizensandworkerslosingtheirincomes,what'sthefastest,mostpositivesolutiontobailthesepeopleoutoftheeconomicruin?
OBAMA:
Well,Alan(ph),thankyouverymuchforthequestion.Iwanttofirst,obviously,thankBelmontUniversity,Tom,thankyou,andtoallofyouwhoareparticipatingtonightandthoseofyouwhosente-mailquestionsin.
IthinkeverybodyknowsnowweareintheworstfinancialcrisissincetheGreatDepression.AndalotofyouIthinkareworriedaboutyourjobs,yourpensions,yourretirementaccounts,yourabilitytosendyourchildoryourgrandchildtocollege.
AndIbelievethisisafinalverdictonthefailedeconomicpoliciesofthelasteightyears,stronglypromotedbyPresidentBushandsupportedbySenatorMcCain,thatessentiallysaidthatweshouldstripawayregulations,consumerprotections,letthemarketrunwild,andprosperitywouldraindownonallofus.
Ithasn'tworkedoutthatway.Andsonowwe'vegottotakesomedecisiveaction.
OBAMA:
Now,steponewasarescuepackagethatwaspassedlastweek.We'vegottomakesurethatworksproperly.Andthatmeansstrongoversight,makingsurethatinvestors,taxpayersaregettingtheirmoneybackandtreatedasinvestors.
ItmeansthatwearecrackingdownonCEOsandmakingsurethatthey'renotgettingbonusesorgoldenparachutesasaconsequenceofthispackage.And,infact,wejustfoundoutthatAIG(NYSE:
AIG),acompanythatgotabailout,justaweekaftertheygothelpwentona$400,000junket.
AndI'lltellyouwhat,theTreasuryshoulddemandthatmoneybackandthoseexecutivesshouldbefired.Butthat'sonlystepone.Themiddle-classneedarescuepackage.Andthatmeanstaxcutsforthemiddle-class.
Itmeanshelpforhomeownerssothattheycanstayintheirhomes.Itmeansthatwearehelpingstateandlocalgovernmentssetuproadprojectsandbridgeprojectsthatkeeppeopleintheirjobs.
Andthenlong-termwe'vegottofixourhealthcaresystem,we'vegottofixourenergysystemthatisputtingsuchanenormousburdenonfamilies.Youneedsomebodyworkingforyouandyou'vegottohavesomebodyinWashingtonwhoisthinkingaboutthemiddleclassandnotjustthosewhocanaffordtohirelobbyists.
BROKAW:
SenatorMcCain?
MCCAIN:
Well,thankyou,Tom.Thankyou,BelmontUniversity.AndSenatorObama,it'sgoodtobewithyouatatownhallmeeting.
And,Alan(ph),thankyouforyourquestion.YougototheheartofAmerica'sworriestonight.Americansareangry,they'reupset,andthey'realittlefearful.It'sourjobtofixtheproblem.
Now,Ihaveaplantofixthisproblemandithasgottodowithenergyindependence.We'vegottostopsending$700billionayeartocountriesthatdon'twantusvery--likeusverymuch.WehavetokeepAmericans'taxeslow.AllAmericans'taxeslow.Let'snotraisetaxesonanybodytoday.
Weobviouslyhavetostopthisspendingspreethat'sgoingoninWashington.Doyouknowthatwe'velaida$10trilliondebtontheseyoungAmericanswhoareherewithustonight,$500billionofitweowetoChina?
We'vegottohaveapackageofreformsandithasgottoleadtoreformprosperityandpeaceintheworld.AndIthinkthatthisproblemhasbecomesosevere,asyouknow,thatwe'regoingtohavetodosomethingabouthomevalues.
Youknowthathomevaluesofretireescontinuestodeclineandpeoplearenolongerabletoaffordtheirmortgagepayments.AspresidentoftheUnitedStates,Alan,IwouldorderthesecretaryofthetreasurytoimmediatelybuyupthebadhomeloanmortgagesinAmericaandrenegotiateatthenewvalueofthosehomes--atthediminishedvalueofthosehomesandletpeoplebeabletomakethose--beabletomakethosepaymentsandstayintheirhomes.
Isitexpensive?
Yes.Butweallknow,myfriends,untilwestabilizehomevaluesinAmerica,we'renevergoingtostartturningaroundandcreatingjobsandfixingoureconomy.Andwe'vegottogivesometrustandconfidencebacktoAmerica.
Iknowhowthedothat,myfriends.Andit'smyproposal,it'snotSenatorObama'sproposal,it'snotPresidentBush'sproposal.ButIknowhowtogetAmericaworkingagain,restoreoureconomyandtakecareofworkingAmericans.Thankyou.
BROKAW:
Senator,wehaveoneminuteforadiscussionhere.Obviouslythepowersofthetreasurysecretaryhavebeengreatlyexpanded.Themostpowerfulofficerinthecabinetnow.HankPaulsonsayshewon'tstayon.Whodoyouhaveinmindtoappointtothatveryimportantpost?
SenatorMcCain?
MCCAIN:
Notyou,Tom.
(LAUGHTER)
BROKAW:
No,withgoodreason.
MCCAIN:
Youknow,that'satoughquestionandthere'salotofqualifiedAmericans.ButIthinkthefirstcriteria,Tom,wouldhavetobesomebodywhoimmediatelyAmericansidentifywith,immediatelysay,wecantrustthatindividual.
AsupporterofSenatorObama'sisWarrenBuffett.Hehasalreadyweighedinandhelpedstabilizesomeofthedifficultiesinthemarketsandwithcompaniesandcorporations,institutionstoday.
IlikeMegWhitman,sheknowswhatit'sliketobeoutthereinthemarketplace.Sheknowshowtocreatejobs.MegWhitmanwasCEOofacompanythatstartedwith12peopleandisnow1.3millionpeopleinAmericamaketheirlivingoffeBay.(NASDAQ:
EBAY)Maybesomebodyherehasdonealittlebusinesswiththem.
Butthepointisit'sgoingtohavetobesomebodywhoinspirestrustandconfidence.BecausetheprobleminAmericatodaytoalargeextent,Tom,isthatwedon'thavetrustandconfidenceinourinstitutionsbecauseofthecorruptiononWallStreetandthegreedandexcessandthecronyisminWashington,D.C.
BROKAW:
Allright.SenatorMcCain--SenatorObama,whodoyouhaveinmindfortreasurysecretary?
OBAMA:
Well,Warrenwouldbeaprettygoodchoice--WarrenBuffett,andI'mpleasedtohavehissupport.Butthereareotherfolksoutthere.Thekeyismakingsurethatthenexttreasurysecretaryunderstandsthatit'snotenoughjusttohelpthoseatthetop.
Prosperityisnotjustgoingtotrickledown.We'vegottohelpthemiddleclass.
OBAMA:
Andwe've--youknow,SenatorMcCainandIhavesomefundamentaldisagreementsontheeconomy,startingwithSenatorMcCain'sstatementearlierthathethoughtthefundamentalsoftheeconomyweresound.
Partoftheproblemhereisthatformanyofyou,wagesandincomeshaveflat-lined.Formanyofyou,itisgettingharderandhardertosave,harderandhardertoretire.
Andthat'swhy,forexample,ontaxpolicy,whatIwanttodoisprovideamiddleclasstaxcutto95percentofworkingAmericans,thosewhoareworkingtwojobs,peoplewhoarenotspendingenoughtimewiththeirkids,becausetheyarestrugglingtomakeendsmeet.
SenatorMcCainisrightthatwe'vegottostabilizehousingprices.Butunderlyingthatislossofjobsandlossofincome.That'ssomethingthatthenexttreasurysecretaryisgoingtohavetoworkon.
BROKAW:
SenatorObama,thankyouverymuch.
MayIremindbothofyou,ifIcan,thatwe'reoperatingunderrulesthatyousignedoffonandwhenwehaveadiscussion,itreallyistobeconfinedwithinaboutaminuteorso.
We'regoingtogonow,SenatorMcCain,tothenextquestionfromyoufromthehallhere,anditcomesfromOliverClark(ph),whoisoverhereinsectionF.
Oliver?
QUESTION:
Well,Senators,throughthiseconomiccrisis,mostofthepeoplethatIknowhavehadadifficulttime.Andthroughthisbailoutpackage,Iwaswonderingwhatitisthat'sgoingtoactuallyhelpthosepeopleout.
MCCAIN:
Well,thankyou,Oliver,andthat'sanexcellentquestion,becauseasyoujustdescribedit,bailout,whenIbelievethatit'srescue,because--becauseofthegreedandexces
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