Original text: The First Presidential Debate
What follows is my editing of Obama’s answers:
LEHRER: Gentlemen, at this very moment tonight, where do you stand on the financial recovery plan?
OBAMA: Well, thank you very much, Jim, and thanks to the commission and the University of Mississippi, Ole Miss, for hosting us tonight. I can’t think of a more important time for us to talk about the future of the country.
You know, we are at a defining moment in our history. Our nation is involved in two wars, and we are going through the worst financial crisis since the Great Depression.
And although we’ve heard a lot about Wall Street, those of you on Main Street I think have been struggling for a while, and you recognize that this could have an impact on all sectors of the economy.
And you’re wondering, how’s it going to affect me? How’s it going to affect my job? How’s it going to affect my house? How’s it going to affect my retirement savings or my ability to send my children to college?
So we have to move swiftly, and we have to move wisely. And I’ve put forward a series of proposals that make sure that we protect taxpayers as we engage in this important rescue effort.
Number one, we’ve got to make sure that we’ve got oversight over this whole process; $700 billion potentially, is a lot of money.
Number two, we’ve got to make sure that taxpayers, when they are putting their money at risk, have the possibility of getting that money back and gains, if the market — and when the market returns.
Number three, we’ve got to make sure that none of that money is going to pad CEO bank accounts or to promote golden parachutes.
And, number four, we’ve got to make sure that we’re helping homeowners, because the root problem here has to do with the foreclosures that are taking place all across the country.
Now, we also have to recognize that this is a final verdict on [What happens today is due to] eight years of failed economic policies promoted by George Bush, supported by Senator McCain. a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down.
It hasn’t worked. And I think that the fundamentals of the economy have to be measured by whether or not the middle class is getting a fair shake. That’s why I’m running for president, and that’s what I hope we’re going to be talking about tonight.
LEHRER: All right, let’s go back to my question. How do you all stand on the recovery plan? And talk to each other about it. We’ve got five minutes. We can negotiate a deal right here.
But, I mean, are you — do you favor this plan, Senator Obama, and you, Senator McCain? Do you — are you in favor of this plan?
OBAMA: We haven’t seen the language yet. And I do think that there’s constructive work being done out there. So, for the viewers who are watching, I am optimistic about the capacity of us to come together with a plan.
The question I think, that we have to ask ourselves is, how did we get into this situation in the first place?
Two years ago, I warned that, because of the subprime lending mess, because of the lax regulation, that we were potentially going to have a problem and tried to stop some of the abuses in mortgages that were taking place at the time.
Last year, I wrote to the secretary of the Treasury to make sure that he understood the magnitude of this problem and to call on him to bring all the stakeholders together to try to deal with it.
So — so the question I think, that we’ve got to ask ourselves is yes, we’ve got to solve this problem short term. And we are going to have to intervene; there’s no doubt about that.
But we’re also going to have to look at, how is it that we shredded so many regulations? We did not set up a 21st-century regulatory framework to deal with these problems. And that in part has to do with an [the] economic philosophy [of George Bush and John McCain] that says that regulation is always bad.
LEHRER: Do you have something directly to say, Senator Obama, to Senator McCain about what he just said?
OBAMA: Well, I think Senator McCain’s absolutely right that we need more responsibility, but we need it not just when there’s a crisis. I mean, we’ve had years in which the reigning economic ideology has been what’s good for Wall Street, but not what’s good for Main Street.
And there are folks out there who’ve been struggling before this crisis took place. And that’s why it’s so important, as we solve this short-term problem, that we look at some of the underlying issues that have led to wages and incomes for ordinary Americans to go down, the — a health care system that is broken, energy policies that are not working, because, you know, 10 days ago, John said that the fundamentals of the economy are sound.
LEHRER: Say it directly to him.
OBAMA: I do not think that they are.
LEHRER: Say it directly to him.
OBAMA: Well, the — John, 10 days ago, you said that the fundamentals of the economy are sound. And… [Why?]
This is too much fun… I may do the whole debate later. Only Obama though – don’t want to help McCain.