Obama, McCain Question Wall Street Bailout

Democrat Barack Obama and Republican John McCain raised doubts Monday about the Bush administration’s $700 billion bailout and demanded conditions that could snag its quick passage through the highly partisan Congress. Less than six weeks remained in the presidential contest as the candidates were preparing for their first debate on Friday, a confrontation on foreign policy and national security. Those issues, despite ongoing wars in Iraq and Afghanistan, have slid to a distant second place behind voter anxiety over the U.S. economy, which is in the midst of a financial crisis not seen since the 1930s Great Depression. McCain, who only a week ago said the economy was fundamentally sound, now says the U.S. financial system is facing a major crisis. But he cautioned against giving too much power to Treasury Secretary Henry Paulson. “Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply ... (link)