McCain, Obama back Fed’s unscheduled rate cut

Both presidential candidates on Wednesday lauded the Federal Reserve and other central banks around the world for slashing interest rates to stimulate the economy.

Republican nominee John McCain applauded the move, adding that it is “imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future.”

{mosads}The Arizona senator used the Fed’s announcement that it would cut a key interest rate by half a point to 1.5 percent to portray himself as the right steward to lead the country during tough times.

“I am committed to protecting the American worker in this crisis,” McCain said. “I am dedicated to reforming the corruption in Washington and on Wall Street that is the root of the financial system meltdown. I will get the economy back on track.”

Democratic nominee Barack Obama touted the global reaction to a worldwide problem.

“I hope this response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington,” the Illinois senator said. “But it is clear that more urgent and vigorous action is necessary to stem this crisis, which is making it impossible for businesses large and small to get loans and may have already cost Americans nearly $2 trillion from their retirement accounts.”

Obama reiterated the need to pass a second economic stimulus measure to help the struggling middle class.