Obama Speaks in Pennsylvania: Transcript (10-3-08)

Read the complete transcript.

Because it was just reported that America has experienced its ninth straight month of job loss. Just since January, we've lost more than 750,000 jobs across America, 7,000 in Pennsylvania alone. This is the economy that John McCain said - just two weeks ago - was fundamentally strong. This is the economy that my opponent said made great progress under the policies of George W. Bush. And those are the economic policies that he proposes to continue for another four years.

So when Senator McCain and his running mate talk about job killing, that's something they know a thing or two about. Because the policies they're supporting are killing jobs every single day.

Well, Abington, I am here to tell you that we cannot afford four more years of this. Because where I come from, there's nothing more fundamental than having the sense of meaning and purpose that comes with showing up at work in the morning. There's nothing more fundamental than being able to put your kids through college, or having health care when you get sick, or being able to retire with security. There's nothing more fundamental than a good paying job.

That's why we're here today - because we need to do what we did in the 1990s and create millions of new jobs and not lose them. We need to do what we did in the 1990s and make sure people's incomes are going up and not down. We need to do what a guy named Bill Clinton did in the 1990s and put people first again. That's why I'm running for President of the United States of America.

- Previous Posts:

• Warren Buffett on the "Rescue Package": Transcript (10-3-08)
• Palin on FOX News: Transcript (10-3-08)
• Biden, Palin Vice Presidential Debate Transcript (10-2-08)

Warren Buffett on the "Rescue Package": Transcript (10-3-08)

Buffett appears on CNBC to talk about the rescue package and how it won't be a panacea. Read the transcript.

ERIN BURNETT: Mr. Buffett, wonderful to have you with us. I'll just throw out the first question here and that is this. You said you wouldn't have gotten into GE or into Goldman Sachs if it weren't for this bailout deal. Now it is done. Are you looking actively to put more money to work right now or is this going to be a period of pause for you?

WARREN BUFFETT: Well, that all depends on what's available. We don't have as much money around as we had a few weeks ago, but we still have a little. It all depends on what I see and what's being offered.

BECKY QUICK: Hey Warren, I just want to jump in with this. We watched the House bill being passed today, and I know this is something you've been counting on, passage of this bill in the Congress, on several of these deals that you've done. What do you think now that the bill's actually passed?

BUFFETT: I always said that I thought in the end the Congress would do the right thing on something this important. This is not a panacea. This does not solve all our problems. It just would have been a, it would have been a total disaster if it hadn't of passed and it gives some tools to reducing the impact of this recession on the economy. But it's not a panacea.

Palin on FOX News: Transcript (10-3-08)

Read the complete transcript.

CAMERON: Congratulations. You're not formally -- you've pulled off your first vice presidential debate. What do you think happened?

PALIN: Well, first it was a lot of fun. It was a great opportunity to get to speak directly to Americans. That's how I looked at it when I walked into there saying, you know, we're not going to be filtered.
There's not going to be the cutting and pasting and editing of any of our comments. Right on. Let me just talk to Americans.

CAMERON: How soon after the debate did you speak to Senator McCain? Did he give you the "atta girl?"

PALIN: He sure did. Yes, immediately afterwards. And I had thanked him in that phone call for giving me a pep talk before I went out there. And he had some simple advice and it was, just go out there and be yourself and have fun.

CAMERON: So, when folks were watching it through their TV screen, when they sometimes see the (INAUDIBLE) to the reaction of the candidates, what were you thinking during the course of all of this?

Did you think that you surprised Joe Biden? Did you catch him off guard? Was there eye contact between you and he that he didn't see?

PALIN: There was a lot of eye contact and it was pleasant. It was, hey, you know, we're both in this together. We both understand what each other would be going through at this time. Kind of wondering, what's coming next, what's Gwen going to ask us next? So, that connection, it was some good chemistry. And again, at least I had a ball. It was fun.

CAMERON: Democrats put out 18 news releases last night and said that you committed 18 lies. The "L" word is pretty common this time around.

Anything you want to revise from last night? Anything that you said that you think on record (INAUDIBLE) you want to --

PALIN: Oh, I mispronounced General McKiernan, called him a
(INAUDIBLE) and I apologize for that.

Other than that, nope.

CAMERON: There was a lot of criticism that you misstated when you talked about us being at pre-surge levels in Iraq. Walk us through your math and what you were thinking you were talking about.

PALIN: Just -- well, as victory's getting closer and closer, we know that we're going to be able to draw down those troops. Send them to Afghanistan, not specifically that --(INAUDIBLE) we'll have more resources to be able to put into Afghanistan, and start what I believe, and what I believe our commanders have referred to also as, the principles of a surge there also in Afghanistan, in a counter-insurge strategy that should work.

Not specifically the cookie cutter approach that had been used in Iraq, (INAUDIBLE) of course in Afghanistan. But, the principle, we're going to be able to do that with more resources and literally, more troops.

Biden, Palin Vice Presidential Debate Transcript (10-2-08)

Read the complete transcript and see the video of the VP debate.

IFILL: You both would like to be vice president.

Senator Biden, how, as vice president, would you work to shrink this gap of polarization which has sprung up in Washington, which you both have spoken about here tonight?

BIDEN: Well, that's what I've done my whole career, Gwen, on very, very controversial issues, from dealing with violence against women, to putting 100,000 police officers on the street, to trying to get something done about the genocide in -- that was going on in Bosnia.

And I -- I have been able to reach across the aisle. I think it's fair to say that I have almost as many friends on the Republican side of the aisle as I do the Democratic side of the aisle.

But am I able to respond to -- are we able to stay on the -- on the topic?

IFILL: You may, if you like.

BIDEN: Yes, well, you know, until two weeks ago -- it was two Mondays ago John McCain said at 9 o'clock in the morning that the fundamentals of the economy were strong. Two weeks before that, he said George -- we've made great economic progress under George Bush's policies.

Nine o'clock, the economy was strong. Eleven o'clock that same day, two Mondays ago, John McCain said that we have an economic crisis.

That doesn't make John McCain a bad guy, but it does point out he's out of touch. Those folks on the sidelines knew that two months ago.

IFILL: Governor Palin, you may respond.

PALIN: John McCain, in referring to the fundamental of our economy being strong, he was talking to and he was talking about the American workforce. And the American workforce is the greatest in this world, with the ingenuity and the work ethic that is just entrenched in our workforce. That's a positive. That's encouragement. And that's what John McCain meant.

Now, what I've done as a governor and as a mayor is (inaudible) I've had that track record of reform. And I've joined this team that is a team of mavericks with John McCain, also, with his track record of reform, where we're known for putting partisan politics aside to just get the job done.

Now, Barack Obama, of course, he's pretty much only voted along his party lines. In fact, 96 percent of his votes have been solely along party line, not having that proof for the American people to know that his commitment, too, is, you know, put the partisanship, put the special interests aside, and get down to getting business done for the people of America.

We're tired of the old politics as usual. And that's why, with all due respect, I do respect your years in the U.S. Senate, but I think Americans are craving something new and different and that new energy and that new commitment that's going to come with reform.

I think that's why we need to send the maverick from the Senate and put him in the White House, and I'm happy to join him there.

Obama Speech on Senate Floor: Transcript (10-1-08)

This Obama's speech on the Senate floor arguing in favor of the bailout package. Read the complete transcript.

Now, the fact that we’re even here voting on a plan to rescue our economy from the greed and irresponsibility of Wall Street and some in Washington is an outrage.

It’s an outrage to every American who works hard, pays their taxes, is doing their best every day to make a better life for themselves and their families.

And understandably, people are frustrated and they’re angry that Wall Street’s mistakes have put their tax dollars at risk. And they should be. I’m frustrated and angry, too.

But while there’s plenty of blame to go around -- and many in Washington and Wall Street who deserve it -- all of us -- all of us have a responsibility to solve this crisis, because it affects the financial well-being of every single American.

There will be time to punish those who set this fire, but now is not the time to argue about how it got set, or did the neighbor sleep in his bed, or leave the stove on. Right now we want to put out that fire, and now’s the time for us to come together and do that.

When the House of Representatives failed to act on Monday, we saw the single largest decline in the stock market in two decades.

Over $1 trillion of wealth was lost by the time the markets closed. And it wasn’t just the wealth of a few CEOs or Wall Street executives.

The 401(k)s and retirement accounts of millions became smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hard-working Americans who invested their nest egg to watch it grow saw it diminish and in some cases disappear.

And while that decline was devastating, the consequences of the credit crisis that caused it will be even worse if we do not act now.

We’re in a very dangerous situation, where financial institutions across this country are afraid to lend money. And if all that meant was the failure of a few banks in New York, that would be one thing, but that’s not what it means.

What it means is, if we don’t act, it will be harder for Americans to get a mortgage for their home or loans they need to buy a car or send their children to college.

McCain Des Moines Register Editorial Board Interview: Video, Transcript (9-30-08)

See the video of McCain losing his cool. He looks like he's ready to blow. You can also read a partial transcript here.

Obama Speech in Wisconsin: Transcript (10-1-08)

Read the complete transcript.

On Monday, over the course of a few hours, the failure to pass the economic rescue plan in the House led to the single largest decline of the stock market in two decades. Over one trillion dollars of wealth was lost by the time the markets closed. And it wasn’t just the wealth of a few CEOs or Wall Street executives. The 401Ks and retirement accounts that millions count on for their family’s future are now smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hardworking Americans who invested their nest egg to watch it grow are now watching it disappear.

But while the decline of the stock market is devastating, the consequences of the credit crisis that caused it will be even worse if we do not act and act immediately.

Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing.

But that’s not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college. What it means is that businesses won’t be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. Thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow.

Let me be perfectly clear. The fact that we are in this mess is an outrage. It’s an outrage because we did not get here by accident. This was not a normal part of the business cycle. This was not the actions of a few bad apples.

This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It’s the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It’s the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. And this crisis is the final verdict on this failed philosophy – a philosophy that we cannot afford to continue.

But while there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American. There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out.

I know that many of you are feeling anxiety right now – about your jobs, about your homes, about your life savings. But I also know this – I know that we can steer ourselves out of this crisis. Because that’s who we are. Because this is the United States of America. This is a nation 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. With resolve. With confidence. With that fundamental belief that here in America, our destiny is not written for us, but by us. That’s who we are, and that’s the country we need to be right now.

McCain on 'FOX and Friends': Transcript (9-30-08)

McCain gets interviewed by the Republican parties propaganda arm, FOXnews, by those three airheads, Doocy, Kilmeade, and Carlson. Read the complete transcript.

MCCAIN: I have talked to the president this morning and recommended an increase from $100,000 to $250,000 FDIC-insured on deposits. I also strongly recommended that the exchange stability fund that the Treasury has has available $250 billion to shore up these institutions. Also the Treasury has at its disposal about $1 trillion that they could begin without congressional authority buying up some of these terrible mortgages and help stabilize the situation.

So I’ve talked to the president. I know that we have to act. Even though we failed yesterday, even though I went back and was able to get more Republicans on board, or help get more Republicans on board, we will go back to this, and I will be engaged always where I think America needs engagement.

CARLSON: So, Senator, are you saying that you went back to get more Republicans on board, so then you were in favor of voting “yes” yesterday, and in essence, then, going back to...

MCCAIN: Oh, absolutely.

CARLSON: OK, well, then, going back on last week did not change enough Republicans’ minds?

MCCAIN: No, it didn’t change enough Republicans’ minds. We’re going to have to change enough Republican and Democrats’ minds. It was 95 Democrats that voted against it.

CARLSON: Right.

MCCAIN: People’s credit is at risk here. The ability to buy a car, to make your home loan payments, to -- for small businesses to get credit. Look, this is affecting Main Street, America. And we’re going to have to resolve it, and we’re going to have to act.

$1.2 trillion of American savings, pensions, IRAs, mutual funds, investments, et cetera, was wiped out, and that hurts Main Street. I’ve got a plan for cutting spending, for keeping taxes low, for making sure that people can keep -- stay in their homes, and a long- term plan.

In the short term, we’ve got to take these measures I just outlined to you, and let’s go back, and let’s make Americans understand, who are opposed -- I was watching your program earlier -- how this affects not Wall Street, but Main Street and working families of America.

They Put Politics over Patriotism

Representatives yesterday chose to put fear of voters at the poll booth in November over doing the right thing. And it wasn't a partisan issue since 40% of Democrats voted against it. If you listen to the politicians they make it sound as if it were the fault of one party over the other. Nonsense. Both are to blame. We have a Congress that has failed the American people for decades. The mess we've gotten into was because that body failed to curb the excesses of big business. The same big business that lobbied them and paid them off. Because it is the lobbyists whom control our government.

Then there is this disastrous President. He is principally to blame. This psycho has bought great harm to our country.

But there is plenty of blame to go around. How about a press that chose to ignore the greed on Wall St. Then again, they wouldn't criticize something that pays their salaries. Real journalists would've warned about the fragile economy sustained by debt and a housing bubble.

The politicians running this country should've have put their country first and kept their mouths shut. Instead we had politicians appearing in the press as the negotiations were going attacking the other party, and some cases Bush's plan. You even had a presidential candidate threatening to pull out of a debate so that he could save his floundering candidacy. In the process he poisoned the negotiations helping to the voting down of the bailout. The debate should have gone on in private. It should have included the best people on Wall St., economists, and representatives from abroad. This is a worldwide crisis. No grandstanding. And then the Congressmen and women should have done a better job of explaining the plan to the public, which would've decreased opposition to the plan. The people opposed it because they didn't understand it.

The politicians should have followed the example of founding fathers whom put their pride and prejudices aside and gave us a great document and nation.

McCain, Palin Interviewed Together by Couric: Transcript, Video (9-29-08)

This essentially part 3 of the ongoing interview done by CBS' Katie Couric of Governor Palin. This segment includes the running mates together. Read the complete transcript and see the video (below) of the interrogation interview.

Katie Couric: Over the weekend, Gov. Palin, you said the U.S. should absolutely launch cross-border attacks from Afghanistan into Pakistan to, quote, "stop the terrorists from coming any further in." Now, that's almost the exact position that Barack Obama has taken and that you, Sen. McCain, have criticized as something you do not say out loud. So, Gov. Palin, are you two on the same page on this?

Sarah Palin: We had a great discussion with President Zardari as we talked about what it is that America can and should be doing together to make sure that the terrorists do not cross borders and do not ultimately put themselves in a position of attacking America again or her allies. And we will do what we have to do to secure the United States of America and her allies.

Couric: Is that something you shouldn't say out loud, Sen. McCain?

John McCain: Of course not. But, look, I understand this day and age of "gotcha" journalism. Is that a pizza place? In a conversation with someone who you didn't hear … the question very well, you don't know the context of the conversation, grab a phrase. Gov. Palin and I agree that you don't announce that you're going to attack another country …

Couric: Are you sorry you said it?

McCain: … and the fact …

Couric: Governor?

McCain: Wait a minute. Before you say, "is she sorry she said it," this was a "gotcha" sound bite that, look …

Couric: It wasn't a "gotcha." She was talking to a voter.

McCain: No, she was in a conversation with a group of people and talking back and forth. And … I'll let Gov. Palin speak for herself.

Palin: Well, it … in fact, you're absolutely right on. In the context, this was a voter, a constituent, hollering out a question from across an area asking, "What are you gonna do about Pakistan? You better have an answer to Pakistan." I said we're gonna do what we have to do to protect the United States of America.

Couric: But you were pretty specific about what you wanted to do, cross-border …

Palin: Well, as Sen. McCain is suggesting here, also, never would our administration get out there and show our cards to terrorists, in this case, to enemies and let them know what the game plan was, not when that could ultimately adversely affect a plan to keep America secure.

- Related Posts

• Palin Interview with CBS' Couric: Transcript (9-24-08)
• John McCain Interviewed by CBS' Katie Couric: Transcript (9-24-08)

'FOX News Sunday' Transcript (9-28-08)

Campaign surrogate Senators John Kerry and Lindsay Graham were interviewed by Chris Wallace. Read the complete transcript.

WALLACE: Let's start with a tentative agreement on a financial rescue plan.

Senator Graham, what's better about this proposal than the deal that was rejected at the White House on Thursday?

GRAHAM: The House is on board. The best thing that could happen for all of us up here politically is to hold hands across the aisle and bicamerally.

If you can get House Republicans saying, "This is a good product for the country," then confidence will be built around the product. And having everybody inside the deal politically is much better.

I would not want my Democratic colleagues, quite frankly, to have to walk off a cliff in the House and have no Republicans on board. So I think it's a better deal for the taxpayer. There's an insurance component that didn't exist before. It's a phased-in product.

But the main thing is that the House is involved now. Then every corner of American political life is embracing this deal, which will help us as a nation.

WALLACE: Senator Kerry, let's talk about a little bit of the details. As Senator Graham mentioned, instead of buying all the securities, now the government will just insure some of them.

And there's also a provision that if the government doesn't get its money back within five years, a fee is imposed on financial security companies. Isn't that a better deal for taxpayers?

KERRY: Well, it's very important -- well, these -- the four principal components of this deal, Chris, represent the exact four principles that Senator Obama laid out two weeks ago. They represent the exact principles that we put forward and almost agreed on last Thursday before politics entered into this.

Now, I agree with Lindsey. Let's go beyond that now. It is important to have everybody there. But those principles are number one. We wanted to protect the taxpayers.

We were not going to turn billions of dollars over to any institution connected with Wall Street, given the experience of what had happened without protecting taxpayers. We have done that in this.

Secondly, we were going to limit executive compensation. We weren't going to turn money over and have millions of dollars paid out to executives. That's been done.

Thirdly, there's a very important concept here about helping homeowners. There had been no talk about the homeowners. We want to keep people in their homes. This specifically helps to keep them there.

And finally, oversight. The administration came and said, "Just give us $800 billion." And we said, "No, not given this experience," so we're going to give first the 250. There'll then be a letter from the president requesting another 100, and then there's another 350, depending on how it goes.

So I think we have accountability. We have the principles that Senator Obama offered leadership on.

John McCain on ABC's 'This Week': Transcript (9-28-08)

Read the complete transcript of McCain's interview with George Stephanopoulos.

STEPHANOPOULOS: It looks like Senator Obama is also going to support the deal. He put out a statement this morning, but he said it’s also time now for Washington to show that it gets the urgency of the crisis on Main Street, as well, says Congress has to pass a stimulus plan for the middle class, which extends unemployment benefits, adds infrastructure funding, and sends money to the states to shore up their budgets.

Are you for that, as well?

MCCAIN: I am for keeping taxes low. I am for whatever steps we think we need to be taking right now.

But, first of all, let’s get this off the table. Let’s get this deal done, signed by the president, and get moving, because the real effect of this is going to restore some confidence, and get some credit out there, and get the economic system moving again, which is basically in gridlock today.

STEPHANOPOULOS: You said keep taxes low...

MCCAIN: So...

STEPHANOPOULOS: ... so not necessarily for another stimulus package?

MCCAIN: I’ll have to look at it. But, look, I’ll be glad to look at anything to help our economy. We did a stimulus package a few months ago, as you well know. It had very little beneficial effect.

I would like to see incentives for businesses to grown and locate. That’s lower taxes. That’s ways of making credit and funds available for them. Of course we have to rebuild our infrastructure.

I’d like to save -- see along with that stimulus package, if it comes up, a commitment that there would be no earmarks. That was one of my criteria also, no earmarks. Stop all the pork-barrel spending.

There were just 2,000 earmarks in the continuing resolution that we just passed.

STEPHANOPOULOS: Yes, that was a...

MCCAIN: The outrageous pork-barrel spending, earmark spending...

STEPHANOPOULOS: That was the vote yesterday to fund the government...

MCCAIN: ... earmark spending goes on.

STEPHANOPOULOS: ... through -- through next year, also funded defense through next year. It included loans for the auto companies to help them get through...

(CROSSTALK)

MCCAIN: That’s the way they always do. You put in the -- you put in the good deals, and then you put in the pork, as well.

STEPHANOPOULOS: Why didn’t you come in to vote on that?

MCCAIN: I was working on all of the other stuff that I was working on, and contacting people, and working away. But the point is -- the point is, it’s the classic package, where they give you the things you know that you really need in it, and then they load up and lard up the pork. That’s why...

STEPHANOPOULOS: So you would have voted against it had you come in?

MCCAIN: I certainly would have done everything in my power to remove those earmarks. But I may have voted for it if -- I probably would have ended up voting for it, but I decry a system where individual members are -- are faced with taking all this unacceptable, outrageous stuff that has contributed to the largest growth in spending since the Great Society.

We’ve grown government by 40 percent and, by the way, the tripling and quadrupling of pork-barrel projects and earmarks in the -- I can’t tell you how many billions of dollars.

And so we would be faced with a Hobson’s choice there, and it shouldn’t be like that.

STEPHANOPOULOS: You...

MCCAIN: People should be able to vote on separate issues.

STEPHANOPOULOS: You also mentioned this immediate credit crisis we’re facing in the banks. That’s why you feel we have to pass this financial bailout right now.

MCCAIN: With the taxpayers and middle-income Americans of America.

Barack Obama on Face The Nation: Transcript (9-28-08)

Read the complete transcript.

OBAMA: Well, look, first of all, I think we have to understand that this was an urgent situation and is an urgent situation. And by the end of the week, I think everybody recognized that something needed to be done.

What I’m pleased about is that it appears at least-- and I haven’t reviewed the actual language-- is that some core principles that I’ve set forth at the beginning of this crisis were incorporated. The issue of making sure that we had strong oversight, the insistence that taxpayers share in the gains if there are any when the market recovers, the insistence that homeowners get additional relief so that there’s some reciprocity. If in fact we’re bailing out or helping banks, they in turn have to help rework mortgages for people who are potentially facing foreclosure.

And the final thing, the issue of executive compensation, making sure that taxpayer money is not going to pad bonuses or golden parachutes.

It appears that those principles have all been incorporated into the core agreement. And I’m going to be reviewing the language over the next day to make sure that those provisions actually stick.

Ultimately, I believe that we have to get something done. And so if I feel that those are meaningful provisions that provide some constraints on how the treasury operates and this is not going to be welfare for Wall Street, then my inclination is to support it, because I think Main Street is now at stake.

This could affect every sector of the economy. If the credit crisis continues or worsens, then suddenly small business people can’t make their payroll. You have large businesses who can’t sell corporate debt, which could bring the entire economy to a grinding halt.

The last point I want to make on this is we have to remember how we got here. Not so much to allocate blame, as to understand the choices that are going to face the next president. Unless we update our 20th century regulatory framework for a 21st century global financial system, then we’re going to continue to be vulnerable to this kind of situation, and I think the next president has to come in with a very strong package of reforms.

OBAMA: We’re going to have to fight off the lobbyists and the special interests. And, finally, we’ve got to understand that, contrary to what John McCain suggested at the beginning of this crisis, the fundamentals of the economy are not strong.

And some of the root causes of this crisis have to do with the day-to-day struggles that ordinary people are going through, with flat wages and incomes but constantly increasing costs.

That puts pressure on them to take out more debt, to use home equity loans, to try to refinance. It created an environment in which this kind of crisis potentially could occur.

SCHIEFFER: So, as it stands now, from what you understand about it, you will support this?

OBAMA: As it stands now, if the four principles that I laid out 10 or 12 days ago are, in fact, contained in a meaningful way -- the tax payer protection, the investor participation of taxpayers, the corporate, or the CEO compensation issues, as well as the homeowner assistance -- if those are contained, my inclination would be to vote for it, understanding I’m not happy about it.

We should have never gotten into this place in the first place. And I think this is a final verdict on eight years of failed economic policy.

Bill Clinton on Meet the Press: Transcript (9-28-08)

Also on the program were opposing presidential campaign heads, David Axelrod and Schmidt. Also, a debate between the Colorado Senate candidates (obviously only includes the two major parties). Read the complete transcript.

MR. BROKAW: But has he been making specific suggestions about what needs to be in this bill? When he came back on Friday, the House Republicans said to him, "This won't fly because we want an insurance program, not just a buyout."

MR. SCHMIDT: Does appear that there will be insurance as part of the final package. But importantly, Senator McCain laid out a number of principles, saying, for example, that CEOs cannot benefit from taxpayer dollars, the CEOs of these firms who have ripped off the American people. That there be oversight, that there be accountability. Those principles appear to be contained in legislation. But what Senator McCain was able to do, the reason he suspended his campaign, the reason he came back to Washington was to help get all of the parties to the table. There had been announcements by Senate leaders saying that a deal had been reached earlier in the week. There were no votes for that deal. Senator McCain knew time was short and he came back, he listened and he helped put together the framework of getting everybody to the table, which was necessary to produce a package to avoid a financial catastrophe for this country.

MR. BROKAW: Mr. Axelrod, I think it's fair to say you have a skeptical expression on your face. Your candidate left Mississippi, however, and resumed campaigning. He didn't come back to Washington. Has his role in this been primarily as a man who's been getting information from Democrats on the hill?

MR. AXELROD: Well, I'll tell you what his role has been from the beginning. He's been in touch with Secretary Paulson, Chairman Bernanke, the leaders of Congress, and he is the one who has been urging these principles that Steve has now embraced today. The fact is, when the--when this crisis emerged, Senator McCain's first reaction was to say the economy is fundamentally strong. The next day he suggested a commission to study this and by eight days later he said it was such a crisis that he was going to suspend his campaign. He showed up a day later in Washington. It isn't clear what his role was, so it's a little bit of fiction to now claim credit for it. That's not the important thing, though. The important thing is that the principles that Senator Obama outlined originally are now embraced and taxpayers will be protected.

[...]MR. BROKAW: But the picture economically is darker with every passing day, and here's what Robert Bixby, who is with the Concord Coalition, had to say about your two candidates. "I don't think either candidate is treating the deficit, or the debt, seriously. I don't see any proposals from either one that would make the situation any better." This is a nonpartisan observer who is looking at it. Senator Obama the other night was asked to name one program that he would cut given the economic realities. We're going to be at war in two countries, he wants to reform healthcare, have alternative energy and early childhood. He didn't name one program, Mr. Axelrod.

MR. AXELROD: That's not true, Tom. He talked about the Medicare Advantage program, which is a big giveaway to the insurance companies within the Medicare program. That's $15 billion a year right there. Another big item that we have to deal with is the $10 billion a month we're spending in Iraq while Iraq has a $79 billion surplus. Senator McCain would like to continue there indefinitely. The American people want to come home from Iraq, to send some troops from Afghanistan, and to begin investing that money here at home. So there are many things that we can do. Obviously, we're going to have to look at the budget, and Senator Obama said he's going to go through it line by line, and he's going to get rid of things that don't work. We have, for example, a one--a reading program that was installed by the Bush administration that turned out to be a big boondoggle. It's not helping any kids learn. We ought to say that doesn't work, let's get rid of it. And that's the approach he's going to take. If we're going to do the things we need to do, the things you mentioned, the things that are going to strengthen the middle class in our economy, we're going to have to be very, very flinty-eyed about what we can keep and what we don't.

Tina Fey Plays Sarah Palin, Again: Video (9-27-08)

This skit includes Amy Poehler playing Katie Couric. They reenact the infamous interview done this past week. Partial transcript below.

FEY AS PALIN: "Like every American I'm speaking with, we're ill about this. We're saying, 'Hey, why bail out Fanny and Freddie and not me?' But ultimately what the bailout does is, help those that are concerned about the healthcare reform that is needed to help shore up our economy to help...uh...it's gotta be all about job creation, too. Also, too, shoring up our economy and putting Fannie and Freddy back on the right track and so healthcare reform and reducing taxes and reigning in spending...'cause Barack Obama, y'know...has got to accompany tax reductions and tax relief for Americans, also, having a dollar value meal at restaurants. That's gonna help. But one in five jobs being created today under the umbrella of job creation. That, you know...Also..."

[...]POEHLER AS COURIC: "On foreign policy, I want to give you one more chance to explain your claim that you have foreign policy experience based on Alaska's proximity to Russia. What did you mean by that?"

FEY AS PALIN: "Well, Alaska and Russia are only separated by a narrow maritime border. (using her hands to illustrate) You got Alaska here, this right here is water, and this is Russia. So, we keep an eye on them."

POEHLER AS COURIC: "And how do you do that exactly?"

FEY AS PALIN: "Every morning, when Alaskans wake up, one of the first things they do, is look outside to see if there are any Russians hanging around. And if there are, you gotta go up to them and ask, 'What are you doing here?' and if they can't give you a good reason, it's our responsibility to say, you know, 'Shoo! Get back over there!'

- Related Post:
Tina Fey as Palin on SNL: Transcript, Video [Posted: 9-14-08]

Palin Interview with CBS' Couric: Transcript (9-24-08)

Read the complete transcript of the interview on foreign policy.

Katie Couric: As we stand before this august building and institution, what do you see as the role of the United States in the world?

Sarah Palin: I see the United States as being a force for good in the world. And as Ronald Reagan used to talk about, America being the beacon of light and hope for those who are seeking democratic values and tolerance and freedom. I see our country being able to represent those things that can be looked to … as that leadership, that light needed across the world.

Couric: In preparing for this conversation, a lot of our viewers … and Internet users wanted to know why you did not get a passport until last year. And they wondered if that indicated a lack of interest and curiosity in the world.

Palin: I'm not one of those who maybe came from a background of, you know, kids who perhaps graduate college and their parents give them a passport and give them a backpack and say go off and travel the world.

No, I've worked all my life. In fact, I usually had two jobs all my life until I had kids. I was not a part of, I guess, that culture. The way that I have understood the world is through education, through books, through mediums that have provided me a lot of perspective on the world.

Couric: Gov. Palin, you've had a very busy week. And you're meeting with many world leaders. You met with President Karzai of Afghanistan. I know the McCain campaign has called for a surge in Afghanistan. But that country is, as you know, dramatically different than Iraq. Why do you believe additional troops, U.S. troops, will solve the problem there?

Palin: Because we can't afford to lose in Afghanistan, as we cannot afford to lose in Iraq, either, these central fronts on the war on terror. And I asked President Karzai, "Is that what you are seeking, also? That strategy that has worked in Iraq that John McCain had pushed for, more troops? A counterinsurgency strategy?" And he said, "yes." And he also showed great appreciation for what America and American troops are providing in his country.

This infamous part of the interview where Palin is unable to answer the question. Even Conservatives were shocked by her non-response.

Couric: You've said, quote, "John McCain will reform the way Wall Street does business." Other than supporting stricter regulations of Fannie Mae and Freddie Mac two years ago, can you give us any more example of his leading the charge for more oversight?

Palin: I think that the example that you just cited, with his warnings two years ago about Fannie and Freddie - that, that's paramount. That's more than a heck of a lot of other senators and representatives did for us.

Couric: But he's been in Congress for 26 years. He's been chairman of the powerful Commerce Committee. And he has almost always sided with less regulation, not more.

Palin: He's also known as the maverick though, taking shots from his own party, and certainly taking shots from the other party. Trying to get people to understand what he's been talking about - the need to reform government.

Couric: But can you give me any other concrete examples? Because I know you've said Barack Obama is a lot of talk and no action. Can you give me any other examples in his 26 years of John McCain truly taking a stand on this?

Palin: I can give you examples of things that John McCain has done, that has shown his foresight, his pragmatism, and his leadership abilities. And that is what America needs today.

Couric: I'm just going to ask you one more time - not to belabor the point. Specific examples in his 26 years of pushing for more regulation.

Palin: I'll try to find you some and I'll bring them to you.

John McCain Interviewed by CBS' Katie Couric: Transcript (9-24-08)

Read the full transcript.

Katie Couric: Sen. McCain, why is it necessary for you to take this extraordinary step of suspending your campaign?

John McCain: 'Cause these are extraordinary times. The financial crisis is on the verge of a very, very serious, most serious crisis since the end of World War II. That's according to Mr. Bernanke, Secretary Paulson and others. Any expert. This is a most serious situation. And it could … not only be United States markets, but world markets as well.

Couric: In fact, you met with economists this morning, and a number of financial experts, and it seems to me they really shook you up.

McCain: All they did, really, was confirm what we're already hearing from people we most admire and respect in America. The most respected people. I don't, in fact, I don't know anyone that doesn't believe that … this crisis is of such enormous proportions that it has the possibility, I don't think it's gonna, 'cause I think we're gonna act, but could have the possibility of wrecking the economy in ways that we've never contemplated.

Couric: Do you and Sen. Obama agree to the changes that need to be made in this bailout package?

McCain: We certainly agree the some. We said - we have - we have some, not all. But, certainly some. We have some common ground, yes.

Couric: And what are your primary objections to the way it stands right now?

McCain: There are numerous ones. One is that there's not the transparency that I think is necessary. I think we need to have, clearly, oversight. People that we respect and admire from both parties. Like Mayor Bloomberg of New York … and Mitt Romney and others … to oversight this.

And I also think we need to seriously consider something along the lines of what we had during the Depression. To guarantee home loans. I think that's necessary. There are a number of other measures that I think need to be taken in order to convince the American people that a trillion dollars or $700 billion, depending on who you talk to, of their money, that's $10,000 per family in America.

Couric: I know that Sen. Obama initially called you this morning at 8:30 to talk about issuing a joint statement about this bailout. You decided to go a step further by suspending your campaign and asking that Friday debate be delayed. Political observers say whoever gets out front on this issue will benefit the most in November. Was this an effort to do that? And was this at all, Senator, politically motivated?

McCain: Well, I don't think, at this time, that we can worry much about politics, Katie. I think the American people expect more of us. And I would hope that we would respond that way. Senator Obama called this morning. We - I called him back. We discussed that we do agree, and I'd be glad … to join in a common press release or statement, but now is not the time for statements. Time is now to act. And … most experts …

Couric: Did you suggest suspending both of your campaigns?

McCain: Yes. Sure. Yeah. I said …

Couric: And what was his response?

McCain: Well, I'd - I, frankly, I think he … has to consider it. I don't know if he had considered it or not. But I did tell him that I thought we both ought to do that. On the subject of delaying the debates, we've got 41 days left in this campaign. We could move it up a few days. Because we know we have to act. Everybody that I, well, look, it's clear to me we have to act before the weekend. We have to show the markets, the world markets, that we're gonna address this issue seriously.

Ralph Nader Decries Country's 'Two-Party Dictatorship'

The current economic crisis was created by a corrupt two-party system that favors big business. Some of us are fighting it. So should you. You are losing your country.

Independent presidential candidate Ralph Nader lambasted the Democrats and Republicans on Friday as a "two-party dictatorship" that has squandered decades of power and allowed corporate greed to dictate American policy.

As he kicked off a five-day California swing at USC, Nader noted that Barack Obama and John McCain, the parties' presidential nominees, have similar views on increasing military spending, offshore drilling, the proposed $700-billion bailout of financial firms and Israeli-Palestinian relations. Nader, who is on the ballot in 45 states, said dissenting voices must grow louder.

"How many more decades are we going to give them before we get rid of this least-worst, this lesser-of-two-evils mind set and start breaking this corporate grip . . . and have alternative candidates from alternative parties that stand as if people mattered first and foremost?" he asked more than 100 people who gathered in an airy college auditorium.

Every four years, Nader said, politicians trot out the "same tricks" with a different motto.

"This year, it's hope, change. Hope, change. Hope, change," he slowly chanted. "Am I starting to hypnotize you?"

Nader was in California as part of an effort to visit all 50 states before election day. He said that because of Obama's double-digit lead in California, neither of the major party candidates planned to visit the state except to raise funds.

"That's disrespectful" to voters, said Nader, who will make stops at UC San Diego and in Encinitas today, UC Santa Barbara and Cal Poly San Luis Obispo on Sunday, Monterey Peninsula College on Monday and San Francisco State on Tuesday.

He and running mate Matt Gonzalez spoke at USC hours before the first presidential debate, which he derided as "a parallel interview." Nader also criticized the media for ignoring him despite national polls that show him receiving 5% to 6% support and slightly higher percentages in some battleground states.

Nader warned the crowd against political apathy, asserting that Americans need to know as much about politics as they do about sports.

Presidential Debate Transcript (9-26-08)

Read the full transcript (NYTimes; also includes full video) of the first presidential debate held at the University of Mississippi.

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 economic philosophy that says that regulation is always bad.

LEHRER: Are you going to vote for the plan, Senator McCain?

MCCAIN: I -- I hope so. And I...

LEHRER: As a United States senator...

MCCAIN: Sure.

LEHRER: ... you're going to vote for the plan?

MCCAIN: Sure. But -- but let me -- let me point out, I also warned about Fannie Mae and Freddie Mac and warned about corporate greed and excess, and CEO pay, and all that. A lot of us saw this train wreck coming.

But there's also the issue of responsibility. You've mentioned President Dwight David Eisenhower. President Eisenhower, on the night before the Normandy invasion, went into his room, and he wrote out two letters.

One of them was a letter congratulating the great members of the military and allies that had conducted and succeeded in the greatest invasion in history, still to this day, and forever.

And he wrote out another letter, and that was a letter of resignation from the United States Army for the failure of the landings at Normandy.

Somehow we've lost that accountability. I've been heavily criticized because I called for the resignation of the chairman of the Securities and Exchange Commission. We've got to start also holding people accountable, and we've got to reward people who succeed.

But somehow in Washington today -- and I'm afraid on Wall Street -- greed is rewarded, excess is rewarded, and corruption -- or certainly failure to carry out our responsibility is rewarded.

As president of the United States, people are going to be held accountable in my administration. And I promise you that that will happen.

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...

MCCAIN: Are you afraid I couldn't hear him?

LEHRER: I'm just determined to get you all to talk to each other. I'm going to try.

OBAMA: The -- and I just fundamentally disagree. And unless we are holding ourselves accountable day in, day out, not just when there's a crisis for folks who have power and influence and can hire lobbyists, but for the nurse, the teacher, the police officer, who, frankly, at the end of each month, they've got a little financial crisis going on.

They're having to take out extra debt just to make their mortgage payments. We haven't been paying attention to them. And if you look at our tax policies, it's a classic example.

LEHRER: So, Senator McCain, do you agree with what Senator Obama just said? And, if you don't, tell him what you disagree with.

MCCAIN: No, I -- look, we've got to fix the system. We've got fundamental problems in the system. And Main Street is paying a penalty for the excesses and greed in Washington, D.C., and on Wall Street.

So there's no doubt that we have a long way to go. And, obviously, stricter interpretation and consolidation of the various regulatory agencies that weren't doing their job, that has brought on this crisis.

But I have a fundamental belief in the goodness and strength of the American worker. And the American worker is the most productive, the most innovative. America is still the greatest producer, exporter and importer.

But we've got to get through these times, but I have a fundamental belief in the United States of America. And I still believe, under the right leadership, our best days are ahead of us.

- Related Links:

• Poll Results for First Presidential Debate
• Poll: Obama won presidential debate - UPI.com
• CBS Poll: Obama Boosted Most By Debate
• Who Won The Debate? Reviews Go To Obama
• Why Voters Thought Obama Won (And Why the Pundits Didn't Get It)

Russia Offers Hugo Chavez $1 Billion for Weapons

Could this lead to a new missile crisis in the next Obama administration.

Russia will loan Venezuela $1 billion for arms purchases and military development, a Kremlin spokesman said Friday, the second day of a visit here by President Hugo Chávez aimed at tightening a relationship that has caused increasing discomfort in the West.

Mr. Chávez , who is on his second visit to Russia in two months, met with Prime Minister Vladimir V. Putin on Thursday, and on Friday traveled to the southern city of Orenburg near the border with Kazakhstan to meet with President Dmitri A. Medvedev.

A Kremlin statement released Thursday night said Mr. Putin and Mr. Chávez had spoken on enhancing economic cooperation and trade in commercial goods as well as military technologies.

The $1 billion loan will help finance programs related to military-technical cooperation, the statement said. The Kremlin spokesman, who spoke anonymously under normal diplomatic ground rules, would not elaborate on the details of the deal.

Between 2005 and 2007 Venezuela has signed 12 contracts for weapons purchases from Russia for a total of more than $4.4 billion, the Kremlin statement said.

The move is the latest gesture of military friendship between Russia and Venezuela, two counties that have increasingly positioned themselves as mavericks vis-à-vis the West. The Kremlin says its economic and political stability have allowed it to broaden the scope of its military and economic cooperation beyond what it calls its traditional sphere of influence.

Moscow is also frustrated with what it considers aggressive military posturing from the West, particularly the United States. Washington’s plans to deploy elements of a missile defense system in Poland and the Czech Republic, as well as its support of NATO membership for Georgia and Ukraine, have set Russia on edge.

In turn, Russia has sought to expand its military footprint in recent years, inching closer and closer to American shores. Russian bombers have flown sorties close to Alaska and its naval vessels have been pushing deeper into the Atlantic.

Latin America, and Venezuela in particular, has become has become a major theater for this expansion.

Earlier this month a pair of Russian Tu-160 long-range bombers capable of carrying nuclear weapons received a warm welcome when they landed in Venezuela. Russia has also dispatched a squadron from its North Sea Fleet to the Caribbean to take part in joint naval exercises with the Venezuelan Navy sometime in November.