Obama picks up on using the questioner’s name.
Explains what a credit crunch means: companies can’t get credit, can’t meet payroll, have to shut down. Had to bail out, shouldn’t have been there in the first place
Have to correct McCain’s history, not surprisingly. Problem was dereg. McCain was for it, I warned about the consequences. McCain’s campaign manager’s firm was a lobbyist for Fannie. But you’re not interested in politicians’ quarrels. SecTreas has the power to buy up an renegotiate mortgages, hasn’t been using it.
Brokaw to Obama: Are you saying that things are going to get much worse? Obama: No, not if we respond correctly. McCain says the same.