September 17 2008 3:21 PM
Biden: McCain's Economic Stance 'A Political Realization, Not Policy Conversion'
Democratic vice presidential nominee Joe Biden accused John McCain of having "a political realization, not a policy conversion" that led to the Republican presidential candidate changing his language about the nation's struggling economy.
"Sen. McCain at 9 a.m. yesterday said, yesterday morning, he stated again -- quote -- 'the fundamentals of this economy are strong,'" Biden said at Linvilla Orchards in Media, Pa., causing the crowd of 3,000 to boo loudly.
"I'm not just saying this to get a boo," Biden continued. "I'm saying this to point out just how -- at 10 o'clock, as we Catholics say, John had an epiphany: John said the economy is in economic crisis. Now, what happened in one hour between the economy being sound and an economic crisis looming? Well, John had a political realization, not a policy conversion."
The Delaware senator, who dubbed McCain's economic philosophy "bankrupt," argued that a Republican-backed elimination of government oversight had caused the country's current economic problems.
"John McCain, if he actually realized what was going on, he would have been forced to admit that the economic philosophy, one that he shares with Bush, the economic philosophy of the last eight years, is a bankrupt philosophy," said Barack Obama's running mate. "He would have to admit that we could have used some common sense oversight, we could have looked out a little bit for the middle class. If we did, we would have made a big difference."
Biden then blamed McCain for "proudly shredding" government regulations of Wall Street years ago.
"Today, he's talking about the greed of Wall Street," Biden said. "Yesterday, the day before, a year before, two years before, he was on Wall Street heralding the fact that he was proudly shredding whatever regulation and oversight that, in fact, were to manage these markets that now he calls greedy."