Democratic presidential contenders Barack Obama and Hillary Clinton proposed using massive means of government intervention and spending billions of taxpayer dollars to revive the economy in dueling economic speeches on Thursday.
Before voters in Greensboro, North Carolina, Obama focused on tightening regulations on the housing industry and giving $30 billion worth of assistance to help homeowners make mortgage payments.
Obama called for a six-pronged “21st-century regulatory framework” to address the housing crisis, which includes the creation of a “financial market oversight commission” and stronger controls on lending.
“Financial institutions need to do a better job at managing risk,” Obama said.
“Our free market was never meant to be a free license to take whatever you can get, however you can get it….each American does better when all Americans do better, that the well being of American business, its capital markets, and the American people are aligned.”
Obama blamed corporate America for the nation’s economic woes. “We’ve lost that sense of shared prosperity,” Obama said. “This loss has not happened by accident. It’s because of decisions made in boardrooms, on trading floors and in Washington.”
Shortly after Obama wrapped his speech Clinton proposed spending $12.5 billion over five years on “universal” job training at a stop in Raleigh, North Carolina. Earlier this week, Clinton delivered a speech in which she supported giving $30 billion in tax dollars to homeowners struggling to make mortgage payments, like Obama.
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