Barack Obama and John McCain, both laying claim to the populist ground, have different approaches to implementing the financial markets rescue plan. The Democrat is focused on recapitalizing banks while halting foreclosures and creating new jobs, while the Republican wants to purchase and refinance mortgages of troubled homeowners.

Obama promoted a package yesterday aimed at the middle- class, including temporary tax breaks on retirement savings, and federal loans for small businesses. McCain’s campaign today said the Arizona senator will propose reducing taxes on long-term capital gains to 7.5 percent in 2009 and 2010, and expand on his plan to devote $300 billion to cutting mortgage payments for over-extended homeowners.

Obama’s new proposals featured a 90-day moratorium on foreclosures for some homeowners and letting people withdraw as much as $10,000 from tax-deferred retirement accounts without penalties.

McCain advocated Treasury action to refinance troubled home mortgages during an Oct. 7 debate with Obama. The Republican’s campaign says the financial markets crisis can’t be resolved without steps to halt slumping home prices.

Obama opposes McCain’s plan because it would reward banks by paying full value for troubled loans, said Jason Furman, the Democratic campaign’s top economic adviser. “The McCain plan is paying face value to the banks, and is really unbelievable,” Furman said.

Obama supported easing a credit crunch for small businesses, and local and state governments, by giving them access to Treasury loans. Under the Democrat’s proposals, the Treasury also would have to use part of the $700 billion to unfreeze credit for student loans, car loans and credit cards.

These are the same things that one hears everyday on the news….I just want to make sure that they all have the same info.