Obama, McCain in Rare Agreement on $700B Bailout

WASHINGTON — Presidential rivals Barack Obama and John McCain warily addressed the U.S. economic crisis, each demanding the Bush administration’s unprecedented $700 billion bailout for financial institutions be subject to independent overisight and guarantees that their top executives will not be rewarded. While sounding tough, both senators have assumed positions on the bailout that appear likely to match the shape of the program when it emerges from Congress. It appeared certain to win approval given the possible consequences — the collapse of the U.S. and global economies. The financial meltdown is bedeviling both candidates, who know the Nov. 4 election could turn on voters’ sense of who can best keep the country from a deep recession. They have acted cautiously so far, avoiding the intense debate in Congress and offering similar calls for greater oversight and taxpayer protections, which rank among the less controversial criticisms of the plan. A new poll released ... (link)