Calling this the "biggest financial crisis of our lifetime," Republican presidential candidate John McCain today urged action to restore confidence in the system, one day after Congress defeated a $700 billion Wall Street bailout plan on a 228-205 vote.

"Inaction is not an option," McCain said repeatedly to more than 300 Iowa business executives, workers and Republican leaders who gathered at EFCO in Des Moines for a roundtable discussion. "The dire consequences of inaction are far more damaging to the economic security of American families."

McCain surrounded himself with six Iowa business executives who helped tell the story of how the nation's economic crisis is impacting their companies.

Their stories helped to back up McCain's assertion that there are franchisees who currently can't borrow, contractors not getting remodeling work, equipment makers losing sales, restaurants going out of business and students unable to get loans.

"One of the reasons why Congress failed to act is because it hasn't really sunk in that the people who are hurting and are being hurt are Main Street families, small businesses – those kinds of people that are the engine of our economy," McCain said. "There is a perception out there that this is just something for Wall Street."

• See photos from McCain's visit
• Audio of McCain's prepared comments on the economic crisis
• Audio of McCain and Anderson Erickson Dairy CEO Miriam Erickson Brown
• Audio of McCain and Hy-Vee chairman and CEO Richard "Ric" Jurgens. Also includes McCain's comments on ethanol and an exchange between McCain and Aviva North America chief executive Tom Godlasky.
• Audio of Principal CEO Larry Zimpleman and McCain
• Audio of Casey's General Store founder Don Lamberti, McCain and EFCO President and CEO Albert Jennings
• Audio of McCain's closing comments

Labels: audio, John McCain, photos

Republican John McCain's continued and adamant opposition to ethanol subsidies -- a position he repeated during Friday's presidential debate -- is only one of the things that gives him a black mark in Iowa, Democratic Gov. Chet Culver said today.

"His record in Iowa is very poor," Culver said today of McCain. "He's against biofuels of every kind, he's against renewable energy tax credits, he's voted 23 times against renewable energy and he voted against Tom Harkin's farm bill."

McCain arrived in Des Moines today but has no public appearances planned until tomorrow.

"I don't expect the farmers and rural Iowa in particular are going to forgive him for those bad votes," Culver said. "I think he has a lot of explaining to do about that very poor record for Iowa."

Wendy Riemann, an Iowa spokeswoman for McCain, said Iowans are intelligent voters who are looking at more than one issue as they cast their ballot.

"John McCain supports being energy independent and advocates the use of alternative forms of energy, including ethanol, competing in the free market. He believes that the government must be an ally but not an arbiter in the progress of alternative energy sources, such as wind, solar, geothermal, tide and hydroelectric," Riemann said. "John McCain is a strong supporter of alternative forms of energy and he believes the best way to maximize these contributions is through competitive markets."

As for the farm bill, Riemann said: "The farm bill was laced with pork, handouts to corporate farmers and was an obstacle to freer agricultural trade worldwide. John McCain is interested in helping Iowa farmers and in opening the markets to American agriculture."

• Listen to Culver respond to reporters' questions about the presidential election, disaster assistance and the economy

Labels: audio, Chet Culver, John McCain

Brandon Routh, the Iowan who played "Superman" in the 2006 movie "Superman Returns," lent his star power today to Democrat Barack Obama's 2008 presidential campaign in one of the state's first celebrity appearances since before the January caucuses.

"He's going to do everything in his super powers to make sure Obama is elected," said Drake University student Jordan Oster, in introducing Routh today.

Routh, who grew up in Norwalk, made visits today to Simpson College, Drake University and Coe College. Tonight he goes to the University of Iowa for the homecoming parade and a debate-watching party. And tomorrow he'll be at Mount Mercy College, St. Ambrose University, and with students in Davenport and Knoxville.

At Drake, Routh showed up about a half-hour late, dressed in a white Obama T-shirt and jeans. About 100 students and a handful of staff showed up to hear him speak. He didn't work off a prepared script and even drew chuckles when he said things like, "Voting is important and very good."

Routh described the past seven years under the Bush administration as "kind of crappy" and said he's excited about Obama. He encouraged students to volunteer in the campaign, saying that they could always back out later with an excuse like, "I'm a college student. I'm busy. I have a party to go to." And he ended his speech by saying, "I'll stop boring you."

Two other big stars -- Ashton Kutcher and Demi Moore -- will be in Iowa on Saturday for Obama with rallies at Cornell College, Grinnell College, Iowa State University and University of Northern Iowa.

Iowa hasn't seen many celebrities on the campaign trail since Oprah Winfrey came for Obama in December. Shortly before that, musicians Jackson Browne and Bonnie Raitt played at a campaign rally in Davenport for then-candidate John Edwards. At the time, Edwards said he didn't expect the star power would win him votes -- just help attract a crowd, get them in the room and gain their interest.

Seems like that was the case with today's visit. Anna McDowell, 19, a Drake University student from Des Moines who is undecided whom she'll vote for in this election, went to see Routh today. "I don't think it will change how I vote, but like, we came to hear him talk," she said.

• See more photos of Routh at Drake University

Republican presidential candidate John McCain and running mate Sarah Palin wasted no time at a campaign rally in Cedar Rapids jumping on comments made by Democrat Joe Biden which implied that paying higher taxes is patriotic.

"Raising taxes is not patriotic," McCain told a crowd of about 6,000 at the PS Air hangar at the Eastern Iowa Airport. "It's not a badge of honor. It's just plain dumb."

Biden said in an interview on ABC's "Good Morning America" that he and Barack Obama want to take money and put it back in the pocket of middle-class people. Biden noted that wealthier Americans would indeed pay more, and said: "It's time to be patriotic ... time to jump in, time to be part of the deal, time to help get America out of the rut."

• See photos from the event
• Listen to audio of McCain's speech
• Listen to audio of Palin's speech
• Listen to audio from an interview with McCain-Palin supporter Tiffany Horvath. Horvath, a former resident of Wasilla, Alaska, four months ago moved to Bettendorf, Iowa with her husband, Drew. She spoke of Palin as "a petite woman with a huge presence and a proven track record for change" who "wore lipstick while she did it."
• Read IowaPolitics.com coverage of the McCain-Palin event

Republican incumbent U.S. Rep. Tom Latham and Dem Becky Greenwald both have new TV ads in their 4th Congressional District race. The ad is the first one for Greenwald and the second for Latham.

Latham's ad, titled "Trusted Leadership," focuses on his bipartisan efforts to address the nursing shortage in Iowa and includes testimony from members of the medical profession, including state Rep. Linda Upmeyer, a nurse practitioner.

• Watch the ad
• Read the campaign's press release on the ad

Greenwald's ad, titled "Boots," discusses her roots in the 4th District, her 22-year career in agriculture and her plan to strengthen the economy.

• Watch the ad
• Read the campaign's press release on the ad

One day after the biggest drop on Wall Street since just after the Sept. 11, 2001 terrorist attacks, Republican presidential candidate John McCain launched a cable TV ad in Iowa and across the country.

"The economy is in crisis. Enough is enough. I'll meet this crisis head on," McCain says. "Reform Wall Street. New rules for fairness and honesty. I won't tolerate a system that puts you and your family at risk. Your savings, your jobs ... I'll keep them safe."

Labels: ad, video

Despite the cold and windy September weather, nearly 1,000 Iowa Democrats faithfully drove to the Indianola Balloon Field on Sunday for the 31st annual Tom Harkin Steak Fry.

Montana Gov. Brian Schweitzer, the event headliner, spent much of his time on stage talking about American sources of alternative energy and bucking the power wielded by “petro-dictators” in the Middle East and Latin America.

"We need to grow our own fuel," Schweitzer said. "We need to do it now. Biofuels are here to stay. Biofuels are the future of America."

In introducing Schweitzer, Harkin called him a valuable "WMD" -- a west-of-the-Mississippi Democrat. He also made reference to the success a previous steak fry speaker had in the presidential arena.

"Four years ago Barack Obama gave that blockbuster speech to the convention. Two years later he showed up here to speak at the steak fry, and now look where he is. Brian Schweitzer gave a blockbuster speech at the convention this year. He is here at the steak fry. Who knows what's next for Brian Schweitzer?" Harkin said.

• See more photos from the steak fry
• IowaPolitics.com: Schweitzer talks alternative energy to steak fry crowd
• IowaPolitics.com: Judge and other Dems take on Palin's credentials

Labels: photos

The nation's largest health care union has released a new pro-Obama television ad that is airing in Iowa and five other battleground states.

The Service Employees International Union, which represents 2 million working people and 50,000 retirees, announced Sunday that it is spending more than $2 million on the new television ad campaign that focuses on what's at stake economically for millions of American families in the upcoming presidential election.

The ad, titled “Family,” features a mother talking about the strain of trying to provide for her family in an economy defined by higher costs, lower wages, and lost jobs. The ad goes on to detail the stark differences between Barack Obama and John McCain when it comes to jobs and the economy.

The ad is also airing in Ohio, Pennsylvania, Michigan, New Mexico and Wisconsin.

Labels: ad

In his first visit to Iowa since the caucuses, Democratic vice presidential nominee Joe Biden today touted plans to provide adequate health care to all Americans and tax breaks to 95 percent of working families. But his statement that an Obama/Biden administration will end the war in Iraq that drew a standing ovation and the loudest cheers.

Biden spoke at a rally of about 1,200 at the Iowa State Fairgrounds' Paul R. Knapp Animal Learning Center -- a building that last month was filled with baby animals during the Iowa State Fair. Biden said high unemployment rates and the elimination of pensions are indications of how bad the economy is right now. "Most people are a paycheck away from serious, serious problems," he said.

In a pre-emptive strike, Republican state Auditor David Vaudt told reporters before the rally that it will take significant revenues to pay for the Obama/Biden spending plans. "The taxpayers always pay for the generosity of the politicians," Vaudt said.

But Biden said that while the Obama/Biden plan will cost money, it will not raise taxes for working Americans. Instead, he said it would take away from the Republican tax base. He also assured Iowans that federal money will come to the state for flood damages. "In an Obama/Biden administration, we will never forget you," he said.

Labels: Joe Biden, photos

U.S. House Speaker Nancy Pelosi was in Iowa today to assure officials and residents that federal money will come soon to help Iowa's disaster recovery costs. She said the U.S. House will have a bill next week, and the money will then begin to flow.

"All Iowans who need assistance have assurances that they will receive it," she said. "That money will come ... so count on it."

Pelosi met with Gov. Chet Culver, U.S. Rep Leonard Boswell, Des Moines Mayor Frank Cownie, state representatives and others today at North High School, which borders the Des Moines River. Among those talking to Pelosi was Janet Green, a former Birdland resident who lost her house to the floods. The house had been in her husband's family for almost a century.

"There's no reason why that money shouldn't have been released right away," Pelosi said. "We want to honor the compact ... so people know government is there. This compact with government is sacred. They shouldn't lose confidence in it."

Iowa Republicans have criticized congressional leaders for recessing before passing more flood aid for Iowa. GOP congressional candidate Marianette Miller-Meeks, running against Dem U.S. Rep. Dave Loebsack in the 2nd Congressional District, today criticized the delay.

"Pelosi and congressional Democrats rushed to approve billions of dollars in aid for New Orleans in the days after Hurricane Katrina," Miller-Meeks said in a press release. "They've waited months now to do anything for Iowans who have suffered at least as much."

Labels: Nancy Pelosi, photos

This joint ad from the John McCain campaign and the Republican National Committee says Barack Obama and "out-of-touch congressional leaders" are "ready to tax, ready to spend, but not ready to lead."

• Read CBS News coverage of the ad