GREEN BAY, WIS. — John McCain and Barack Obama clashed sharply over the economy Friday as the two campaigns intensified their heated confrontation over who can best address the nation's volatile financial markets.
McCain provided more detail about his proposal to create a new federal regulator, and assailed Obama for failing to outline his own plan. He also accused the Democratic nominee of associating with those responsible for the crisis.
"People like Sen. Obama have been too busy gaming the system and haven't ever done a thing to actually challenge the system," McCain told a business group in Green Bay, pointing out that Obama had taken advice from two former executives of collapsed mortgage giant Fannie Mae.
Obama, who endorsed the rescue package announced Friday by the Bush administration, in turn chided McCain for being hypocritical. Obama supporters pointed out that several McCain advisors have worked on behalf of Fannie, including McCain's campaign manager, who defended the company against increased regulation as president of the industry group Homeownership Alliance.
"At this point, he seems to be willing to say anything, or do anything, or change any position, or violate any principle to try and win this election," Obama said while campaigning in Florida.
Both candidates have received support from the beleaguered financial services industry. According to the nonpartisan Center for Responsive Politics, employees of the securities and investment field have contributed about $10 million to Obama and $7 million to McCain.
Obama has received $126,349 from employees and political action committees of Freddie Mac and Fannie Mae since 2005, more than any other member of Congress except the chairman of the Senate Banking Committee, according to the center. McCain has taken $21,550 from Freddie and Fannie employees.
The barbed rhetoric came as the two campaigns tried to adapt to fast-changing economic circumstances and articulate how they would handle the tumult.
McCain offered slightly more information about his proposal to create a new federal agency to head off future corporate collapses.
Under his plan, distressed companies could seek direct aid from a new division of the Treasury Department. The so-called Mortgage and Financial Institutions Trust could issue taxpayer-funded loans or assume responsibility for problematic assets like the mortgage-backed securities now wreaking havoc with the financial system.
