In a speech at Cooper Union in New York, Senator Barack Obama proposed relief for homeowners and an additional $30 billion stimulus package to address the nation’s economic woes.

Mr. Obama outlined six principles that he said “should guide the legal reforms needed to establish a 21st century regulatory system.”

But he cautioned that the “change we need goes beyond laws and regulation – we need a shift in the cultures of our financial institutions and our regulatory agencies.”

He also criticized John McCain’s economic plan as something that “amounts to little more than watching this crisis happen.

“While this is consistent with Senator McCain’s determination to run for George Bush’s third term, it won’t help families who are suffering, and it won’t help lift our economy out of recession,” he said.

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Michael Powell and Jeff Zeleny have this report.

Mr. Obama was introduced by New York Mayor Michael R. Bloomberg, who said that while he was not endorsing the Democratic candidate, he was happy to introduce Obama and “not just because he picked up the check when we had breakfast together.”

Here is the full transcript of his speech.



Update | 10:13 a.m. : Tucker Bounds, McCain campaign spokesman issued the following statement on Mr. Obama’s speech:

“No amount of rhetoric can hide Senator Obama’s clear record of embracing the liberal tax and spend, big government policies that hit hardworking American families at a time when they’re most vulnerable, and are certain to move America backward.”

Update | 11:55 a.m. : Senator Hillary Rodham Clinton is giving her second economic address of the week on Thursday in North Carolina. She announced a plan to commit $2.5 billion a year “to help workers train for new jobs and improve their skills for their existing jobs as well.”

She also took a swipe at Mr. McCain’s proposals.

“Sometimes the phone rings at 3 a.m. in the White House and it’s an economic crisis,” Mrs. Clinton said. “And we need a president who is ready and willing to answer that call. But I read Senator McCain’s plan which does virtually nothing to ease the credit crisis or the housing crisis. The phone is ringing and he would just let it ring and ring.”

Transcript of Mrs. Clinton’s speech.