McCain Interviewed on 'FOX News Sunday': Transcript (10-19-08)

Read the complete transcript of John McCain's interview with Chris Wallace.

WALLACE: Let's start with where this race stands now, 16 days before the election. According to the latest RealClearPolitics average of national polls, you trail Obama by seven points, 50-43.

And take a look at the latest electoral map from Karl Rove based on public state polls. He has Obama leading in states with 313 electoral votes, 43 more than he needs to win the presidency. You lead in states with 171 electoral votes.

Senator McCain, aren't you in a world of trouble?

MCCAIN: All right, look. First of all, there are polls this morning — reliable — Zogby, Rasmussen, Gallup — all those that show us in the margin of error or somewhat behind. Are we behind? Sure. I'm the underdog.

I've always — I've been the underdog in a number of races, and we're very happy with the way the campaign is going. I'm very happy with the debate — went there the other night.

And look, I've been on enough campaigns, my friend, to sense enthusiasm and momentum, and we've got it, and I — again, I don't have to look at polls, but the polling numbers have closed dramatically in the last few days.

We're going to be in a tight race and we're going to be up late on election night. That's just — I'm confident of that. I've been in too many campaigns, my friend, not to — not to sense that things are headed our way.

It's going to be tough. Sure, it's tough. I mean, Senator Obama raised $150 million in — I understand, during the month of September, completely breaking whatever idea we had after Watergate to keep the costs and spending on campaigns under control — first time, first time since the Watergate scandal.

And I can tell you this, that has unleashed now in presidential campaigns a new flood of spending that will then cause a scandal, and then we will fix it again.

But Senator Obama has broken it, and he broke his word to me and the American people when he signed a piece of paper when he was a longshot candidate that he would take public financing if I would. He signed a piece of paper.

Then, twice on national television he looked into the camera with Senator Clinton sitting there and said, "I'll sit down and talk to John McCain before I make a decision on public financing or not." He didn't tell the truth.

And finally, there's $200 million of those campaign contributions — there's no record. They're not reported. You can report online now — $200 million that — that we don't know where the money came from — a lot of strange things going on in this campaign.

The American people should know where every penny came from. They know where every penny of my campaign contributions came from.

WALLACE: Well, let me ask you about the money, because, as...

MCCAIN: Sure.

WALLACE: ... as you alluded to it — I was going to ask you about it. Obama today announced that he raised $150 million in September. By way of comparison, accepting public financing, you're getting $84 million for the entire campaign.

He's outspending you on advertising 4-1. In the key state of Virginia, for instance, he has three times as many field offices. Is he buying this election?

MCCAIN: Well, I think you could make that argument, but we're not going to let him. We're not going to let that happen.

But what I worry about is future elections, too, not only mine. I worry about — most about mine at the moment, but what's going to happen the next time around, four years from now?

What's going to happen, particularly if you've got an incumbent president, and we no longer stick to the finance — the public financing, which was a result of the Watergate scandal?

So what's going to happen? The dam is broken. We're now going to see huge amounts of money coming into political campaigns, and we know history tells us that always leads to scandal.

Palin Appears on SNL: Transcript, Video (10-18-08)

Sarah Palin appeared on Saturday Night Live last night. Read the complete transcript. See videos below.


Palin Raps

Partial transcript below:

JASON SUDEIKIS - "Good evening, I'm Tim Lydecker Sarah Palin's spokesman and we're very excited to be holding the Governor's first official press conference. Now tonight, nothing is off-limits while at the same time, I urge you guys to 'be cool.' Seriously guys just be cool. And one last thing: no recording devices and don't write anything down."

(Gathered "reporters" react)

SUDEIKIS - "Worth a shot. Can't blame me for trying. Without further ado, I present Governor Sarah Palin."

(TINA FEY enters as GOVERNOR SARAH PALIN)

FEY AS GOV. PALIN - "First off, I just want to say how excited I am to be in front of both the liberal elite media as well as the liberal regular media. I am lookin' forward to a portion of your questions, so let's get started. Yes, you?"

FRED ARMISEN (as reporter):
"What were your thoughts on Senator McCain's debate performance Wednesday?"

FEY AS GOV. PALIN --
You know, I just thought he was great. Because the American people are angry. And John McCain is angry too. And you can tell he's angry by the way he sighs and
grits his teeth and he's always goin' like (MAKES FACE AND GROWLING NOISE). And that Barack Obama? Well if he's angry, I certainly can't tell. His voice is smooth and when he's talkin' it's like an angel whispering in your ear. He makes John McCain sound like a garbage truck unloading trash at a landfill. So to answer your question, yes, I think John McCain did great. You guy?

WILL FORTE (as reporter) - "At a rally in North Carolina this week you said that you like to visit the quote pro-America parts of the country. Are there parts of the country that you consider un-American?

FEY AS GOV. PALIN - Y'know , that was just my lame attempt at a joke. But um, yes - New York, New Jersey, Massachusetts, Connecticut, Delaware and California (SHE GIVES A THUMBS DOWN). But then also too you have states like Ohio and Pennsylvania and Florida which could be real real anti-American or real real pro-American. It's up to them. (SHE winks) And now I'd like to entertain
everybody with some fancy pageant walkin.'

(CUT TO: "SNL" Executive Producer LORNE MICHAELS and the real GOVERNOR SARAH
PALIN standing next to a monitor watching the scene)

MICHAELS - "I really wish that that had been you."

GOV. PALIN - "Well, Lorne, you know, I just didn't think it was a realistic
depiction of how one of my press conferences woulda gone."

MICHAELS - "Yes, but it's obviously it's a heightened reality."

GOV. PALIN - "Why couldn't we do the '30 Rock' sketch I wrote?"

MICHAELS - "Honestly, not enough people know that show."

(MARK WAHLBERG ENTERS)

WAHLBERG - "Hey, Lorne?"

MICHAELS - "Mark!"

WAHLBERG -I'm looking for Andy Samberg. Where is he?"

MICHAELS - "Mark, that was all in good fun."

WAHLBERG -- "Are you gonna make me bust your head open too? Because I will.
Where is he?"

MICHAELS - "Third dressing room on the left."

MW - Thank you

(WAHLBERG storms off)

MICHAELS -- He didn't like the impression we did of him on the show.

GOV. PALIN - "Tell me about it."

Desperate Republicans Makeup Ayers, Barack Obama Friendship

Senator Obama maybe showed poor judgment in going to the home of a unrepentant terrorist. But he was brought to the home of Ayers by Obama's State Senate predecessor, Alice Palmer. That is not the same as saying that they were pals. Obama was there to promote his candidacy not because he admired Ayers. And there hasn't been any evidence shown that there was much contact between the two individuals since then, 13 years later. When Ayers made those detestable remarks in 2001 ("I don't regret setting bombs. I don't think we did enough.") was Obama "associating" himself with Ayers? Does Obama even know about those remarks? If they were pals where are the pictures? Did Ayers ever visit the home of Mr.Obama, as you would expect from friends? Has Obama ever had dinner with Ayers --who lives nearby? Doesn't sound like much of a friendship.

And why hasn't anyone at the University where Ayers teaches objected to his presence there? And did anyone object to the fact that Ayers worked for Mayor Richard M. Daley? Despite his past, Ayers is a respected member of his community. He lives openly and freely without anyone objecting to his presence in their community. Why weren't Republicans objecting in 1995? And if the Obama association with Ayers is so bad why do pro-Republican news outlets like FOX make false claims that Ayers was a "mentor" to Obama?

Now even McCain supporters, like Republican Maine Senator, Susan Collins, are telling him to drop this line of attack:

The Obama campaign, meanwhile, is fighting a conservative group called the American Issues Project over a TV commercial that links Obama to Ayers. The campaign argues that the nonprofit group is violating federal laws regulating political ads by nonprofits.

The group filed a document with the Federal Election Commission last week identifying Texas billionaire Harold Simmons as the lone financier of the ad, contributing nearly $2.9 million to produce and air it. Simmons is a fundraiser for John McCain and was one of the major contributors to the Swift Boat Veterans for Truth, which aired ads in 2004 against John Kerry.

This behavior on the part of the McCain campaign might explain why Obama is being endorsed by unlikely supporters:

Democrat Barack Obama won endorsements from two unlikely newspapers — the Chicago Tribune and the Los Angeles Times.

While the Tribune is the largest daily in Obama's hometown, the publication hasn't backed a Democrat in its 161-year history. And the Times hasn't endorsed a presidential candidate since 1972, when it backed President Richard M. Nixon's re-election.

In an editorial posted on its Web site, the Tribune said the country needs a president who can lead it through a "perilous time" and restore "a common sense of national purpose." Obama is the best candidate to do that, the editorial board said.

"We have tremendous confidence in his intellectual rigor, his moral compass and his ability to make sound, thoughtful, careful decisions," the Tribune said. "He is ready."

Palin Interview with Indiana Reporter: Transcript (10-17-08)

"WTHR political reporter Kevin Rader had a sit-down interview with Gov. Sarah Palin after she arrived in Indiana for a rally in Noblesville Friday. The following is a transcript of his interview." Partial below:

WTHR: The last time Indiana did not go Republican in a presidential election was 1964. Do you think in these economic times, you're still gonna be able to hold this state?

Gov. Palin: I think that we will hold this state and I certainly hope so. Indiana has been a red state my entire life, since 1964 as a matter of fact, and we wanna keep it that way because the agenda that John McCain and I have for America I believe is the right agenda for our great nation at this time - to reduce taxes, to reign in government growth, get our nation firmly on a path towards energy independence, win the war, those things all packaged together, is the right agenda. It's where we should be headed right now. Our ticket represents that. We have that commitment - that commitment to reform government to allow all this to happen and I believe that Indiana voters will see that and at the end of the day November 4th it will be good.

WTHR: Your opponent's been here 46 times, partly because of the contested primary. But still, that's a lot.

Palin: Well, neither ticket will take anything for granted. Speaking for our own ticket, we will not take anything for granted. That, too, is why I am here. Wanting to speak with Indiana voters, letting them know that they count, they matter. We want to hear from them. Not just hear me speaking or hear a spokesperson for John McCain at a rally or anything else, but to hear from Indiana, what the concerns are, what the challenges are here, so we can do something about them.

WTHR: 79 percent in a recent poll that our station and The Indianapolis Star conducted said the nation is headed in the wrong direction. Change is the key issue in this debate. How do you, when your opponent has tried to paint you guys with the Bush brush, separate from that and tell us what you really want to do?

Palin: That strategy is wearing thin though, because American voters, they're smarter than that. They know John McCain is his own man and he has been the maverick of having to take on his own party and the Bush administration when need be, certainly taking shots from the other party too, and as he'll tell you, he's got the scars to prove it. He has been the maverick, never one just to go along to get along as opposed to Barack Obama - 96 percent of the time voting with his party leadership. That's not bucking the system in any way. So it's tough to know you can trust someone to change the system if they've never been willing to take on the system. McCain has.

SNL Spoofs the 3rd Presidential Debate: Transcript, Video (10-16-08)

Saturday Night Live (Thursday edition) spoofs the 3rd and final presidential debate.

Read the transcript below:

CHRIS PARNELL AS BOB SCHIEFFER: "Good evening, I'm Bob Schieffer of CBS News and
welcome to the third and final Presidential debate of the 2008 election. I'll
be your moderator tonight, for what we hope will be a lively and substantive
discussion between the candidates, Senator Barack Obama of Illinois and Senator
John McCain of Arizona. Gentlemen, let's begin. Obviously, with another
700-point plunge in the DOW today, this economy is in trouble. Each of you have
plans to address the problem, but tell us, why yours is better than your
opponent's. We'll start with Senator McCain."

DARRELL HAMMOND AS SEN. JOHN McCAIN: "Bob, let me begin by saying, a few days
ago, Senator Obama was out in Ohio, and he had an encounter with a man named
Joe, who is a plumber. We'll call him 'Joe the Plumber.' Now Joe wants to buy
the business where he's worked for many years. And he looked at Senator Obama's
tax plan, and saw that he was going to pay much higher taxes. Which would leave
him unable to employ people, and achieve the American dream. So my question is,
why would you want to do that to Joe the Plumber? What did Joe the Plumber ever
do to you, that you want to raise his taxes? Of all the people to go after in
this way, why single out Joe the Plumber?"

FRED ARMISEN AS SEN. BARACK OBAMA: "First of all, look, I don't recall meeting
the individual you're referring to. But let me say this, nearly all small
businesses earn less than $250,000 a year. And if Joe's business falls into
that category, he should know that under my plan, his taxes will not go up. Not
one cent."

HAMMOND AS SEN. McCAIN: "Senator, I don't think most people believe that. And I
know Joe the Plumber doesn't. Because he's told me so. And frankly, I trust
Joe the Plumber a lot more than I trust your plan. Because Joe the Plumber is a
straight shooter, and one of the finest people I've ever known. And I'll tell
you something else: He's got a lot of good ideas on how to fix this economy.
And, as President, I'll be relying on his advice and expertise."

PARNELL AS SCHIEFFER: "Let's turn to a related topic. Over the last several
years, we've seen budget deficits increase dramatically, with some experts
saying this year's could reach nearly a trillion dollars. What will either of
you do to bring government spending under control? Senator Obama?"

ARMISEN AS SEN. OBAMA: "Look, obviously, Bob, all government programs need to be
examined to see if they're necessary, or if they're working, or if they could do
the job more efficiently. But we've got to cut these programs carefully, with a
scalpel, not a hatchet."

HAMMOND AS SEN. McCAIN: "The fact is, Senator, only one of us has a record of
fighting wasteful government spending, and it's me. As President, I would go
after the bloated budgets with a giant hatchet, and then use a scalpel. Or I
might take the advice of my friend, Joe the Plumber, and use a plunger."

ARMISEN AS SEN. OBAMA: "A plunger? I don't understand."

HAMMOND AS SEN. McCAIN: "Obviously, Senator. It's not an ordinary plunger.
It's a magical plunger."

ARMISEN AS SEN. OBAMA: "So, your friend 'Joe the Plumber' has a 'magical
plunger?'"

HAMMOND AS SEN. McCAIN: "That's correct."

ARMISEN AS SEN. OBAMA: "Would your friend Joe, be, by any chance an 'imaginary
friend?'"

HAMMOND AS SEN. McCAIN: "Senator, Joe the Plumber lives in a cigar box, under my
bed, with our friend Simon."

PARNELL AS SCHIEFFER: "So, Joe the Plumber would be very tiny then."

HAMMOND AS SEN. McCAIN: "Joe stands about 3 and a half inches tall. Except when
he's upset. Then he can become as big as a house! He's my best friend."

PARNELL AS SCHIEFFER: (AFTER AN AWKWARD SILENCE) "Alright, let's turn to a new
topic..."

HAMMOND AS SEN. McCAIN: "Bob, could I just add, that Simon is invisible?"

PARNELL AS SCHIEFFER: "Of course. Gentlemen, over the last few weeks, the tone
of this campaign has become increasingly nasty. Senator Obama, in describing
your opponent, your campaign has used words like 'erratic,' 'out of touch,'
'lying,' 'losing his bearings,' 'senile,' 'dementia,' 'nursing home,'
'decrepit,' and 'at death's door.' Senator McCain, your ads have featured terms
such as 'disrespectful,' 'dangerous,' 'foreign,' 'sleeper agent,' and
'uncircumcised.' Are you both comfortable with this level of discourse?"

ARMISEN AS SEN. OBAMA: "Look Bob, obviously, in any campaign, harsh things are
going to be said. And certainly, both of our campaigns have now and then
crossed the line. But, I have to say; I am troubled by some of the things said
about me at my opponent's rallies. Things like 'traitor,' 'kill him,' and 'off
with his head.' And unfortunately, Senator McCain has yet to condemn these
comments."

HAMMOND AS SEN. McCAIN: "Bob, as to the 'off with his head' comment, that was
shouted at a rally we held at a Renaissance Fair. The gentleman had too much
mead and he was removed by security. "

ARMISEN AS SEN. OBAMA: "At that same event, I was also denounced as a
'sorcerer.'"

HAMMOND AS SEN. McCAIN: "At any rally of nearly 75 people, you're going to get a
couple of crackers. We all know that. But just a few moments ago, my opponent
slandered my very best friend in the world, Joe the Plumber, as "imaginary."
Would the Senator like to apologize to Joe for that remark?"

ARMISEN AS SEN. OBAMA: (LOOKING INTO CAMERA) "Joe, when attempting to confirm
your existence..."

HAMMOND AS SEN. McCAIN: "Senator, why don't you say it to his face? He's right
here." (POINTS TO TOP OF DESK)

(ARMISEN AS SEN. OBAMA plays along, and)

ARMISEN AS SEN. OBAMA (LOOKING DOWN AT IMAGINARY PERSON STANDING ON DESK): "Joe,
if I in any way implied that you do not exist, I sincerely apologize."

HAMMOND AS SEN. McCAIN: "Joe the Plumber tells me he accepts your apology...Wait
a second, what's that? No, don't worry, my tiny friend, I won't let him raise
your taxes."

PARNELL AS SCHIEFFER: "Alright. We have time for one more question. Let's talk
about the people each of you would bring into government. Specifically, your
running mates. Senator Obama?"

ARMISEN AS SEN. OBAMA: "For nearly 35 years, Joe Biden has established a
reputation for honesty, compassion, and a mastery of the issues affecting this
nation. I can't think of anyone more qualified to assume the Presidency, should
anything happen to me."

PARNELL AS SCHIEFFER: "Senator McCain."

HAMMOND AS SEN. McCAIN: "Bob, I've known Senator Biden for nearly 25 years. And
I think he's a good man. But let me say something here. He has never been
particularly nice to Joe the Plumber. I think Joe the Plumber resents that. In
fact, I know he does. But as to my own running mate, Governor Palin, I couldn't
be more proud of her. Now, on the question of people I'd bring into government,
let me say here tonight, that, as President, I will be the first to add a
cabinet-level Department of Plumbing. And you know how I'm going to tap for
that post?"

PARNELL AS SCHIEFFER: "Joe the Plumber?"

HAMMOND AS SEN. McCAIN: "Bingo. Joe the Plumber. You're damn straight."

ARMISEN AS SEN. OBAMA: "What about your mutual friend Simon, who also lives in
the cigar box under your box?"

HAMMOND AS SEN. McCAIN: "Senator, Simon cannot serve in the Cabinet, because
Simon is a unicorn. And I think you know that."

PARNELL AS SCHIEFFER: "And that concludes tonight's third and final Presidential
debate. From all of us here at Hofstra University, goodnight and Live from New
York, it's Saturday Night!!!"

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McCain Apologizes to David Letterman: Transcript, Video (10-16-08)

Read the complete transcript. See the video.

David Letterman: Our first guest is currently serving his fourth senatorial term and is the Republican nominee for the President of the United States. Please welcome, your senator from the great state of Arizona, John McCain. Senator.

Nice to see you John. Thanks so much for being here.

John McCain: Thank you for the bus tour. And that little trip down memory lane there.

DL: Can you stay?

JM: Depends on how bad it gets. I have a son in the Marine Corps and I asked him to Fed Ex me his helmet and flack jacket. But it didn't get here in time.

DL: I think you'll be alright. Now what exactly happened? I thought I was doing my part to save the economy…and then later I got to think, well maybe I'm just not important enough.

JM: Can I give you an answer?

DL: Please.

JM: I screwed up. But look at all the conversation I gave you.

DL: Yes, it really was fun.

JM: Including having a Mr. Olbermann on.

DL: You know, John, you called me –

JM: I haven't had so much fun since my last interrogation.

DL: You called me an hour and a half and said, “We've gotta get right back to Washington.” But you didn't go right back to Washington.

JM: I screwed up. What can I say? What can I say? It's been reviewed pretty well, what happened.

DL: You had a meeting – you probably had a meeting and everyone said, “It's just Dave.” We don't care.

JM: Yeah, “It's only Dave. There's only a few million who'll be watching. What the hell? Who cares?”

DL: Well, I'm willing to put this behind us.

JM: Thank you. Thank you very much. Thank you. Thank you.

DL: And thank you for coming back. And if you are elected and you become the President of the United States, I wanna be –

JM: I'll be back. Secret Service and all.

DL: Oh good. But I'm not done. I want your friend Sarah Palin here. I'd like to have her here. And if you're in the White House, I want to be the guy who sits in the outer office reading magazines. “What? Yeah, go on in!”

JM: Is this a shakedown or a ransom?

DL: How about that debate last night? How do you think that went?

JM: I thought it went well and I think you were mentioning, the first time we were behind podiums, as I recall. Second time we were a town hall meeting. Third time sit-down. The next one we'd be lying down, I guess. That was the only…sort of a Roman kind of thing. I thought it was very good. Look, I admire and respect Senator Obama. I have said that on many, many occasions. And he's inspired America. We have stark differences. It's been a tough campaign and I'm sure the next 19 days will be even tougher. But think of all the material it gives you for the next 19 days. There's gonna be kind of a sad feeling around here when the election finally takes place.

DL: We're going off the air, John. Tell us about Joe the Plumber. You invoked Joe the Plumber, the guy from Ohio. What's the deal there?

JM: Well, I saw him on a clip on television and he said that he had a business -- he was a plumber, worked all his life. He wanted to buy the business and he didn't want to have his taxes increased if he did so. So I kind of related to him and…Joe the Plumber – Joe, if you're watching, I'm sorry. But from what I've read, and I have not talked to him, but from what I've read, he's taken it pretty well. He says everybody gets their fifteen minutes… But on a serious note for a moment, Americans are hurting right now. Americans are hurting right now. We know that. They can't stay in their homes. They've lost their jobs. The whole economic collapse – which is not their fault. They've been the victims of a drive-by shooting from Washington and Wall Street.

DL: In the case of Joe the Plumber, most small business – and I assume Joe the Plumber is in that category – they don't gross $250,000 a year. Is that about right?

JM: A lot of them do – small businesses who make more than $250,000 a year, provide employment to 16 million people. Half of all small business income, make over $250,000 and they would be taxed. Look, now is not the time to raise anybody's taxes except yours. And I guarantee you that when I'm president, I'll do it! My first executive order. Share the wealth. Share the wealth. Distribute the wealth. Let's do it. You don't work too hard.

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3rd Presidential Debate: Transcript (10-15-08)

The third presidential debate between Barack Obama and John McCain was held at Hofstra University in Hempstead,NY. Read the complete transcript.

McCain: No. I would like to mention that a couple days ago Sen. Obama was out in Ohio and he had an encounter with a guy who's a plumber, his name is Joe Wurzelbacher.

Joe wants to buy the business that he has been in for all of these years, worked 10, 12 hours a day. And he wanted to buy the business but he looked at your tax plan and he saw that he was going to pay much higher taxes.

You were going to put him in a higher tax bracket which was going to increase his taxes, which was going to cause him not to be able to employ people, which Joe was trying to realize the American dream.

Now Sen. Obama talks about the very, very rich. Joe, I want to tell you, I'll not only help you buy that business that you worked your whole life for and be able -- and I'll keep your taxes low and I'll provide available and affordable health care for you and your employees.

And I will not have -- I will not stand for a tax increase on small business income. Fifty percent of small business income taxes are paid by small businesses. That's 16 million jobs in America. And what you want to do to Joe the plumber and millions more like him is have their taxes increased and not be able to realize the American dream of owning their own business.

Schieffer: Is that what you want to do?

McCain: That's what Joe believes.

Obama: He has been watching ads of Sen. McCain's. Let me tell you what I'm actually going to do. I think tax policy is a major difference between Sen. McCain and myself. And we both want to cut taxes, the difference is who we want to cut taxes for.

Now, Sen. McCain, the centerpiece of his economic proposal is to provide $200 billion in additional tax breaks to some of the wealthiest corporations in America. Exxon Mobil, and other oil companies, for example, would get an additional $4 billion in tax breaks.

What I've said is I want to provide a tax cut for 95 percent of working Americans, 95 percent. If you make more -- if you make less than a quarter million dollars a year, then you will not see your income tax go up, your capital gains tax go up, your payroll tax. Not one dime.

And 95 percent of working families, 95 percent of you out there, will get a tax cut. In fact, independent studies have looked at our respective plans and have concluded that I provide three times the amount of tax relief to middle-class families than Sen. McCain does.

Now, the conversation I had with Joe the plumber, what I essentially said to him was, "Five years ago, when you were in a position to buy your business, you needed a tax cut then."

And what I want to do is to make sure that the plumber, the nurse, the firefighter, the teacher, the young entrepreneur who doesn't yet have money, I want to give them a tax break now. And that requires us to make some important choices.

The last point I'll make about small businesses. Not only do 98 percent of small businesses make less than $250,000, but I also want to give them additional tax breaks, because they are the drivers of the economy. They produce the most jobs.

McCain: You know, when Sen. Obama ended up his conversation with Joe the plumber -- we need to spread the wealth around. In other words, we're going to take Joe's money, give it to Sen. Obama, and let him spread the wealth around.

I want Joe the plumber to spread that wealth around. You told him you wanted to spread the wealth around.

The whole premise behind Sen. Obama's plans are class warfare, let's spread the wealth around. I want small businesses -- and by the way, the small businesses that we're talking about would receive an increase in their taxes right now.

Who -- why would you want to increase anybody's taxes right now? Why would you want to do that, anyone, anyone in America, when we have such a tough time, when these small business people, like Joe the plumber, are going to create jobs, unless you take that money from him and spread the wealth around.

I'm not going to...

Obama: OK. Can I...

McCain: We're not going to do that in my administration.

Obama: If I can answer the question. Number one, I want to cut taxes for 95 percent of Americans. Now, it is true that my friend and supporter, Warren Buffett, for example, could afford to pay a little more in taxes in order...

McCain: We're talking about Joe the plumber.

Obama: ... in order to give -- in order to give additional tax cuts to Joe the plumber before he was at the point where he could make $250,000.

Then Exxon Mobil, which made $12 billion, record profits, over the last several quarters, they can afford to pay a little more so that ordinary families who are hurting out there -- they're trying to figure out how they're going to afford food, how they're going to save for their kids' college education, they need a break.

So, look, nobody likes taxes. I would prefer that none of us had to pay taxes, including myself. But ultimately, we've got to pay for the core investments that make this economy strong and somebody's got to do it.

McCain: Nobody likes taxes. Let's not raise anybody's taxes. OK?

Obama: Well, I don't mind paying a little more.

McCain: The fact is that businesses in America today are paying the second highest tax rate of anywhere in the world. Our tax rate for business in America is 35 percent. Ireland, it's 11 percent.

Where are companies going to go where they can create jobs and where they can do best in business?

We need to cut the business tax rate in America. We need to encourage business.

Now, of all times in America, we need to cut people's taxes. We need to encourage business, create jobs, not spread the wealth around.

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McCain Speech on Economics: Transcript (10-14-08)

Read the complete transcript of John McCain's speech given in Pennsylvania. In the speech he makes some proposals to help the economy.

If I am elected president, I will help to create jobs for Americans in the most effective way a president can do this - with tax cuts that are directed specifically to create jobs, and protect your life savings. I will stand up to the corrupt ways of Washington, the wasteful spending and the abuses of power and I will end these abuses, whatever it takes. I will lead reforms to help families keep their homes, and retirees to keep their savings, and college students to pay their tuition, and every citizen to afford health care, and America to reclaim its energy independence. These will be my priorities. We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change. The hour is late and our troubles are getting worse. We have to act immediately. We have to change direction now. We have to fight.

That is what I will do in my term as president, and when I leave office I can promise you that this nation will not be on the same path it is today. I will not play along with the same Washington games and gimmicks that got us into this terrible mess in the first place. I am going to Washington to fight for you.

I will begin by making certain that the 700 billion dollars already committed to economic recovery is not used to further enrich the very people and institutions that invited these troubles with their own reckless conduct. Instead of just propping up institutions deemed "too big to fail" in this crisis, we will use more of this public money to help businesses and homeowners that may be too small to survive.

This financial crisis started with our housing crisis, and we cannot fix our markets and the economy until we fix the housing crisis. My plan will protect the value of your home and get it rising again by buying up bad mortgages and refinancing them so if your neighbor defaults he doesn't bring down the value of your house with him. I will direct the government to refinance troubled mortgages for homeowners and replace them with mortgages they can afford. This is what we did during the Great Depression and we can do it again. Helping families who face default, foreclosure, and possible bankruptcy helps all homeowners, and will begin the process of recovery from this crisis. With so much on the line, the moment requires that government act - and as president I intend to act, quickly and decisively.

When the government does provide funds to shore up companies, the terms will be demanding, there will be complete transparency and the safety net for our financial system will not become a golden parachute for failed executives. Moreover, we will not merely inject billions of dollars into companies and walk away hoping for the best. We will require that those companies be reformed and restructured until they are sound assets again, and can be sold at no loss - or perhaps even a profit - to the taxpayers of America.

And when that is accomplished, in each instance, government will relinquish its interest in these private companies. We're going to get government out of the business of bailouts and equity stakes, and back in the business of responsible regulation. We will learn from this crisis to prevent the next one, with much stricter oversight. No more wild overleveraging, no more liabilities concealed from the public and from shareholders, no more bundling of assets to maximize profit by assuming insane risks. Those days are over on Wall Street. With new rules of public disclosure and accounting, my reforms will make certain these betrayals of shareholders and the public trust are never repeated.

We must restore trust to our financial system. On my orders, the Department of the Treasury will guarantee one hundred percent of all savings accounts for a period of six months. This will calm the understandable fears of widespread bank failure, while also restoring rational judgment to the choices of the market.

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Bush Speech on the Economic Plan: Transcript (10-14-08)

Read below the text of Bush's remarks on his plans for the economy.

Good morning. I just completed a meeting with my working group on financial markets. We discussed the unprecedented and aggressive steps the federal government is taking to address the financial crisis. Over the past few weeks, my administration has worked with both parties in Congress to pass a financial rescue plan. Federal agencies have moved decisively to shore up struggling institutions and stabilize our markets. And the United States has worked with partners around the world to coordinate our actions to get our economies back on track.

This weekend, I met with finance ministers from the G-7 and the G-20 - organizations representing some of the world's largest and fastest-growing economies. We agreed on a coordinated plan for action to provide new liquidity, strengthen financial institutions, protect our citizens' savings and ensure fairness and integrity in the markets. Yesterday, leaders in Europe moved forward with this plan. They announced significant steps to inject capital into their financial systems by purchasing equity in major banks. And they announced a new effort to jump-start lending by providing temporary government guarantees for bank loans. These are wise and timely actions, and they have the full support of the United States.

Today, I am announcing new measures America is taking to implement the G-7 action plan and strengthen banks across our country.

First, the federal government will use a portion of the $700 billion financial rescue plan to inject capital into banks by purchasing equity shares. This new capital will help healthy banks continue making loans to businesses and consumers. And this new capital will help struggling banks fill the hole created by losses during the financial crisis, so they can resume lending and help spur job creation and economic growth. This is an essential short-term measure to ensure the viability of America's banking system. And the program is carefully designed to encourage banks to buy these shares back from the government when the markets stabilize and they can raise capital from private investors.

Second, and effective immediately, the FDIC will temporarily guarantee most new debt issued by insured banks. This will address one of the central problems plaguing our financial system - banks have been unable to borrow money, and that has restricted their ability to lend to consumers and businesses. When money flows more freely between banks, it will make it easier for Americans to borrow for cars, and homes, and for small businesses to expand.

Third, the FDIC will immediately and temporarily expand government insurance to cover all non-interest-bearing transaction accounts. These accounts are used primarily by small businesses to cover day-to-day operations. By insuring every dollar in these accounts, we will give small business owners peace of mind and bring stability to the - and bring greater stability to the banking system.

Fourth, the Federal Reserve will soon finalize work on a new program to serve as a buyer of last resort for commercial paper. This is a key source of short-term financing for American businesses and financial institutions. And by unfreezing the market for commercial paper, the Federal Reserve will help American businesses meet payroll, and purchase inventory, and invest to create jobs.

In a few moments, Secretary Paulson and other members of my Working Group on Financial Markets will explain these steps in greater detail. They will make clear that each of these new programs contains safeguards to protect the taxpayers. They will make clear that the government's role will be limited and temporary. And they will make clear that these measures are not intended to take over the free market, but to preserve it.

The measures I have announced today are the latest steps in this systematic approach to address the crisis. I know Americans are deeply concerned about the stress in our financial markets, and the impact it is having on their retirement accounts, and 401(k)s, and college savings, and other investments. I recognize that the action leaders are taking here in Washington and in European capitals can seem distant from those concerns. But these efforts are designed to directly benefit the American people by stabilizing our overall financial system and helping our economy recover.

It will take time for our efforts to have their full impact, but the American people can have confidence about our long-term economic future. We have a strategy that is broad, that is flexible, and that is aimed at the root cause of our problem. Nations around the world are working together to overcome this challenge. And with confidence and determination, we will return our economies to the path of growth and prosperity.

Meet The Press Transcript (10-12-08)

Read the complete transcript.

GOV. JON CORZINE (D-NJ): The answer to that has to be, unfortunately, yes. When you have destruction of value that we've seen, $8 trillion from the high of the stock market a year ago, 4 trillion in the last 10 days, people understand that they've lost protection of their retirement savings and other things, and that erodes confidence. And so they're going to spend less and be a little less proactive about how they go out and spend scarce dollars. And that's going to hurt the economy, slows production, has an unfortunate negative impact that I think has yet to be fully appreciated in the real economy. We've seen, obviously, the decline in homes, but now I think you're going to see rising levels of unemployment, unfortunately, and that, that's, that's a real problem as we go ahead in the months ahead.

MR. BROKAW: Congressman, do you see any light at the end of the tunnel?

[...]GOV. CORZINE: Well, I agree with the idea that we ought to stabilize housing prices. I don't agree with the idea that we ought to be bailing out the banks that made the loans, as I think Rob would recognize on Tuesday night when Senator McCain talked about a program to bail out the mortgages. That, that sounded good, that was part of the $700 billion program to start with. On Tuesday, he came out with a program that said that we're going to pay the full value for those mortgages, bailing out the banks that actually made those loans. I think that's a horrible idea. The taxpayers will end up underwriting it. What we need to do is restructure mortgages. There's a couple of ways to do that, change the bankruptcy laws or you could actually buy mortgages at their market value today and then go in and restructure them with the individuals. And yes, we ought to be stabilizing housing prices. I think actually we could even buy houses, like they did back in the--in the '30s under the RFC program, the Reconstruction Finance Corporation. But the way that Senator McCain has done it is sort of really messed up on how it would actually impact folks.

[...]GOV. CORZINE: Now is the time for steady leadership. We can't have a new economic program each morning we wake up. That's what's been going on. Unfortunately, with regard to how the bailout package was put together and the whole structure in Washington, and it's certainly the case with Senator McCain's various proposals. This mortgage program that we talked about was included in the Frank-Dodd proposal, it was included in the $700 billion, and there have been changes; but it is still the basic, we ought to help mortgages. Now we're coming up with a new plan. What Senator Obama has talked about and is absolutely is essential is make sure that we use thoughtfully this $700 billion, including, by the way, investing in banks. Direct investment will stabilize--they call it recapitalization--stabilize the banks. Then he has talked about let's make sure that we have middle class tax cuts. He's been talking about that for months. Ninety-five percent of the folks, about 90 percent will get tax cuts, 95 will get no increases, including on capital gains above--below $250,000.

And then, what is maybe most important, we need a real economic stimulus. We're in what you call a liquidity trap. You can, you can, you can lead a horse to water, but it doesn't drink. Right now nobody has confidence to do things. We need to be putting demand into the system. That means infrastructure--build highways, build schools, build our energy system so that we can actually create jobs, get people back to work.

Obama Economic Speech: Transcript (10-13-08)

Read the full transcript and video.

We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. Markets across the globe have become increasingly unstable, and millions of Americans will open up their 401(k) statements this week and see that so much of their hard-earned savings have disappeared.

The credit crisis has left businesses large and small unable to get loans, which means they can’t buy new equipment, or hire new workers, or even make payroll for the workers they have. You’ve got auto plants right here in Ohio that have been around for decades closing their doors and laying off workers who’ve never known another job in their entire life.

760,000 workers have lost their jobs this year. Unemployment here in Ohio is up 85% over the last eight years, which is the highest it’s been in sixteen years. You’ve lost one of every four manufacturing jobs, the typical Ohio family has seen their income fall $2,500, and it’s getting harder and harder to make the mortgage, or fill up your gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn’t just “are you better off than you were four years ago?”, it’s “are you better off than you were four weeks ago?”

I know these are difficult times. I know folks are worried. But I also know this – we can steer ourselves out of this crisis. Because we are the United States of America. We are the country that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans.

We still have the most talented, most productive workers of any country on Earth. We’re still home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t make this century another American century.

But it will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years. And that’s why I’m running for President of the United States of America.

My opponent has made his choice. Last week, Senator McCain’s campaign announced that they were going to “turn the page” on the discussion about our economy so they can spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.” Well Senator McCain may be worried about losing an election, but I’m worried about Americans who are losing their jobs, and their homes, and their life savings. They can’t afford four more years of the economic theory that says we should give more and more to millionaires and billionaires and hope that prosperity trickles down to everyone else. We’ve seen where that’s led us and we’re not going back. It’s time to turn the page.

Over the course of this campaign, I’ve laid out a set of policies that will grow our middle-class and strengthen our economy in the long-term. I’ll reform our tax code so that 95% of workers and their families get a tax cut, and eliminate income taxes for seniors making under $50,000. I’ll bring down the cost of health care for families and businesses by investing in preventative care, new technology, and giving every American the chance to get the same kind of health insurance that members of Congress give themselves. We’ll ensure every child can compete in the global economy by recruiting an army of new teachers and making college affordable for anyone who wants to go. We’ll create five million new, high-wage jobs by investing in the renewable sources of energy that will eliminate the oil we currently import from the Middle East in ten years, and we’ll create two million jobs by rebuilding our crumbling roads, schools, and bridges.

But that’s a long-term strategy for growth. Right now, we face an immediate economic emergency that requires urgent action. We can’t wait to help workers and families and communities who are struggling right now – who don’t know if their job or their retirement will be there tomorrow; who don’t know if next week’s paycheck will cover this month’s bills. We need to pass an economic rescue plan for the middle-class and we need to do it now. Today I’m proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities, and help struggling homeowners. It’s a plan that begins with one word that’s on everyone’s mind, and it’s spelled J-O-B-S.

McCain Speech in Virginia Beach: Transcript (10-13-08)

Read the complete transcript of McCain's speech. He avoids being too negative.

Three weeks from now, you will choose a new President. Choose well. There is much at stake.

These are hard times. Our economy is in crisis. Financial markets are collapsing. Credit is drying up. Your savings are in danger. Your retirement is at risk. Jobs are disappearing. The cost of health care, your children's college, gasoline and groceries are rising all the time with no end in sight. While your most important asset -- your home -- is losing value every day.

Americans are fighting in two wars. We face many enemies in this dangerous world, and they are waiting to see if our current troubles will permanently weaken us.

The next President won't have time to get used to the office. He won't have the luxury of studying up on the issues before he acts. He will have to act immediately. And to do that, he will need experience, courage, judgment and a bold plan of action to take this country in a new direction. We cannot spend the next four years as we have spent much of the last eight: waiting for our luck to change. The hour is late; our troubles are getting worse; our enemies watch. We have to act immediately. We have to change direction now. We have to fight.

I've been fighting for this country since I was seventeen years old, and I have the scars to prove it. If I'm elected President, I will fight to take America in a new direction from my first day in office until my last. I'm not afraid of the fight, I'm ready for it.

I'm not going to spend $700 billion dollars of your money just bailing out the Wall Street bankers and brokers who got us into this mess. I'm going to make sure we take care of the people who were devastated by the excesses of Wall Street and Washington. I'm going to spend a lot of that money to bring relief to you, and I'm not going to wait sixty days to start doing it.

I have a plan to protect the value of your home and get it rising again by buying up bad mortgages and refinancing them so if your neighbor defaults he doesn't bring down the value of your house with him.

I have a plan to let retirees and people nearing retirement keep their money in their retirement accounts longer so they can rebuild their savings.

I have a plan to rebuild the retirement savings of every worker.

I have a plan to hold the line on taxes and cut them to make America more competitive and create jobs here at home.

Raising taxes makes a bad economy much worse. Keeping taxes low creates jobs, keeps money in your hands and strengthens our economy.

The explosion of government spending over the last eight years has put us deeper in debt to foreign countries that don't have our best interests at heart. It weakened the dollar and made everything you buy more expensive.

If I'm elected President, I won't spend nearly a trillion dollars more of your money, on top of the $700 billion we just gave the Treasury Secretary, as Senator Obama proposes. Because he can't do that without raising your taxes or digging us further into debt. I'm going to make government live on a budget just like you do.

I will freeze government spending on all but the most important programs like defense, veterans care, Social Security and health care until we scrub every single government program and get rid of the ones that aren't working for the American people. And I will veto every single pork barrel bill Congresses passes.

If I'm elected President, I won't fine small businesses and families with children, as Senator Obama proposes, to force them into a new huge government run health care program, while I keep the cost of the fine a secret until I hit you with it. I will bring down the skyrocketing cost of health care with competition and choice to lower your premiums, and make it more available to more Americans. I'll make sure you can keep the same health plan if you change jobs or leave a job to stay home.

FOX News Sunday Transcript (10-12-08)

Read the complete transcript.

PENNSYLVANIA GOV. ED RENDELL: Well, I think the message in Pennsylvania — and I think it's a national message — should be to the McCain campaign, "Look, before the economic crisis, this was a two-point race in Pennsylvania. Since the economic crisis has happened, it's blown out to 13 points."

Now, Chris, I don't believe it's a 13-point race. I believe it's tighter than that. But certainly, Senator Obama has lengthened his lead, and that should be a clear message to the McCain campaign that these personal attacks that — he's trying to describe Senator Obama as risky, or we don't know enough about him, or whatever it is — they are not working, because when the economy's in crisis, people want real answers.

Mr. Davis once said about a month ago that this campaign isn't about issues. Well, maybe that was the case before the economic meltdown. But now with the economic meltdown, it is about issues, and people want to hear what the candidates are doing.

And Senator Obama has performed far better than Senator McCain the last five weeks.

[...]PAWLENTY: Well, I think it is a fair question, Chris, to look at not only his associations, as it's been called, with people like William Ayres and others, but, you know, is he being forthcoming about the depth and scope of those relationships. And that's not the — you know, that's not the point that's been featured in these discussions.

You know, the fact of the matter is Barack Obama's political campaign in Illinois appears to have been launched in Bill Ayres' living room. And so has he been truthful about that? Has he been forthcoming about that?

But beyond all of that, to the point you raise, I don't think the country is going to like the Democratic Party running the table on taxes, on education, on health care, and have kind of the liberal unchecked imbalanced approach to all of those issues. It's going to be bad for the country.

I think having John McCain as president to balance that out and be able to work across the aisle, as he has throughout his career, to get things done would be a good compromise, a good balance.

WALLACE: Governor Rendell, don't middle-of-the-road swing voters have legitimate reason to worry about where an Obama White House and a Pelosi House and a Harry Reid Senate, possibly with a veto-proof majority, would take the country?

RENDELL: No, I don't think so, Chris, at all, and let me tell you why. I think Americans know we need our government to respond and respond quickly to the challenges we're facing, like the economy, like what's happening abroad, like the health care crisis in this country.

And I think they see the opportunity for a cohesive government to do something about that.

Let me tell you what a divided government does. Governor Pawlenty and I were the chairman and vice chairman of the National Governors Association together, and Tim was the chair and I was the vice chair.

We were trying to get the Congress to override the president's veto of the extension of the Children's Health Care Program. We couldn't get the override done, and as a result, 9 million children in this country are not going to get health care unless we can reverse that decision.

And that was because we had a divided government with two different philosophical views of things which couldn't mesh. You can talk about reaching across the aisle all you want, but on that, it was pure philosophy.

I want to say two things, if I can, about what Tim said. Number one, he called Senator Obama a rookie. I think you'll agree, Chris, that in those two debates with Senator McCain, Senator Obama looked anything but a rookie.

And then secondly, Tim talked about taxes. Well, the American people are finally getting the truth about taxes, and that is if you're a family that earns less than $250,000, not only is Senator Obama not going to raise your taxes, he's going to give you a bigger tax cut than Senator McCain will.