"One of the most important things we're going to have to do is more immediately deal with the financial crisis on Wall Street to make sure that that we have the kinds of regulations and oversight in the mortgage market that has been missing for so many years and part of the reason is because mortgage lenders spent a $185 million dollars in lobbying and preventing the kinds of regulations that protect consumers over the long term. I want to make sure other people don't get into trouble as we help others who are already in a fix," Obama said.
Obama spent the day with some of the country's smartest economists. We asked Obama if those economists know where the bottom is in this downturn. "Part of the reason we're having problems in the credit markets is because people are worried they don't know how big the losses are for the various banks and lenders, and financial institutions that are exposed because of excessive risks in the housing markets," Obama explained.
While many of the two Democrats' ideas on the economy overlap, Obama laid out six different areas where he would stiffen regulations of the financial system. He proposed relief for homeowners and the long-term unemployed as part of an additional $30 billion stimulus package, much like the one Clinton offered last week.
He said outdated government regulations have fallen dangerously behind the realities of modern finance.
"We do American business -- and the American people -- no favors when we turn a blind eye to excessive leverage and dangerous risks," Obama said.
There are a number of prominent democrats who think Senator Hillary Clinton has no chance of winning the nomination and should drop out of the race. We asked Obama if he thought Clinton should drop out of the race.
"I think that Senator Clinton has every right to run in every contest and our approach has been consistent. There hasn't been a state out there that I haven't gone I, put resources in, campaigned and tried to win and I respect Sen. Clinton's in wanting to make sure her agenda is heard," Obama said.
Obama was quick to add if he were behind by the same margin as Clinton, he would not drop out of the race himself. "No, absolutely, you're going to see me," Obama said. "I completely distrust polls. There have been polls where I was down and I ended up winning and there were polls and I was up and I ended up losing, so I want to spend time in North Carolina, not to mention because I love the state and I love the people there."
