Obama: AIG Bailout is ‘Final Verdict’ on Failed Bush Policy

Barack Obama said Wednesday that the $85 billion bailout of insurance firm AIG is the “final verdict” on President Bush’s “failed economic policy.”

Obama also criticized John McCain for subscribing to Bush’s philosophy, which Obama said dismisses the need for any regulation and favors special interests over working people.

Read Obama’s statement below.

“The fact that we have reached a point where the Federal Reserve felt it had to take this unprecedented step with the American Insurance Group is the final verdict on the failed economic philosophy of the last eight years. While we do not know all the details of this arrangement, the Fed must ensure that the plan protects the families that count on insurance. It should bolster our economy’s ability to create good-paying jobs and help working Americans pay their bills and save their money. It must not bail out the shareholders or management of AIG.

“This crisis serves as a stark reminder of the failures of crony capitalism and an economic philosophy that sees any regulation at all as unwise and unnecessary. It