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Candidates Differ on Terms of Financial Sector Rescue

Presidential contenders Barack Obama and John McCain offered differing views Friday on proposals for a sweeping government bailout of the weakened financial sector. Judy Woodruff reports on their latest reactions to the Wall Street crisis.

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  • JIM LEHRER:

    And now, how the presidential candidates responded today to the financial crisis. Judy Woodruff reports.

  • JUDY WOODRUFF:

    The presidential nominees reacted differently to the latest steps to address the financial crisis. Republican John McCain was in attack mode when he spoke in Green Bay, Wisconsin, before the president and Treasury Secretary Paulson.

    McCain said there are certainly plenty of places to point fingers.

    SEN. JOHN MCCAIN (R), Arizona: The financial crisis that we're living through today started with the corruption and manipulation of our home mortgage system. At the center of the problem were the lobbyists, politicians, and bureaucrats who succeeded in persuading Congress and the administration to ignore the festering problems at Fannie Mae and Freddie Mac.

  • JUDY WOODRUFF:

    McCain then criticized the federal government's moves to address the financial meltdown.

  • SEN. JOHN MCCAIN:

    The Federal Reserve should get back to its core business of responsibly managing our money supply and inflation. It needs to get out of the business of bailouts. The Fed needs to return to protecting the purchasing power of the dollar. A strong dollar…a strong dollar will reduce energy and food prices. It will stimulate sustainable economic growth and get this economy moving again.

  • JUDY WOODRUFF:

    Barack Obama followed two hours later, after the president and Mr. Paulson, and backed the government's decision to intervene in the crisis.

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