The Democratic candidate cited a need for a "measured, calm, steady response to the crisis but one that recognizes that it's outrageous we're in this position to begin with and that we've got to make sure that whatever we do is working for ordinary people."
Obama praised short-term actions such as the worldwide interest rate cuts to increase liquidity and the boosting of commercial paper markets to help with short-term loans, but said that the ultimate solution would need to be a long-term restructuring of the financial regulatory system.
"I do think that we don't have the regulatory infrastructure, either domestically or globally, to deal with global capital markets. We have a 20th century system, and we've got a 21st century market," said Obama.
In addition to making sure that the $700 billion dollar economic rescue or bailout plan succeeds, Obama also said there's a need to "go back to basics" and "deal with a fundamental imbalance in our economy."
In addressing his economic plan, Obama said he would focus on four fundamental "linchpins" of the U.S. economy: creating jobs, developing an energy strategy that works, fixing the health care system -- "the real looming nightmare out there when it comes to our budget deficits and our national debt" -- and changing the education system.
"I think [Alan] Greenspan, the former Fed chairman, talked about irrational exuberance, we now have irrational despair," Obama told Gibson. "You know, trust is broken down in our financial institutions."
The McCain campaign has presented Obama as an untested and unknown political figure, but Obama said, "the notion that people don't know who I am is a little hard to swallow."
"I've been running for president for the last two years. I've campaigned in 49 states. Millions of people have heard me speak at length on every topic under the sun. I've been involved now in 25 debates, going on my 26th. And I've written two books which any -- everybody who reads them will say are about as honest a set of reflections by, at least, a politician as are out there," Obama said.
The day after the second presidential debate, Obama held a rally before nearly 20,000 people at the State Fairgrounds in Indianapolis.
Though the state hasn't favored a Democratic presidential candidate since President Lyndon B. Johnson over Sen. Barry Goldwater in 1964, Obama is in a tight race with McCain in Indiana.
At the rally, Obama also said we need new direction and leadership in Washington, and said that if he was elected he would do a number of things differently.
"If you've seen President Bush come out of the Rose Garden for two minutes at a time and, you know, not give a clear sense of what is taking place, describing this -- describing this rescue package as -- seeing it described as a bailout where the average person still thinks that what's happening is $700 billion is going out the door, and we're never going to see it again, and it's going to a bunch of Wall Street types," he said.
On the "Great American Battleground Bus Tour" Gibson spoke to voters about what it will take to sway undecided voters in highly contested states and the economy was on top of almost everyone's list.
Gibson watched the debate with college students at Bowling Green, and many felt that the candidates didn't address their issues, such as student loans.