NEW MEXICO (US) - DEMOCRATIC presidential nominee Barack Obama promised new ideas on Thursday to calm America's financial meltdown and help struggling families avoid mortgage foreclosure, saying that 'this is not a time for fear, it's not a time for panic.'

'I think that's all fine and good but here's what I think,' Mr Obama said.

'In the next 47 days you can fire the whole trickle-down, on-your-own, look-the-other way crowd in Washington who has led us down this disastrous path.'

'Don't just get rid of one guy. Get rid of this administration. Get rid of this philosophy. Get rid of the do-nothing approach to our economic problem and put somebody in there who's going to fight for you,' he said.

Mr Obama came up with yet another way to poke fun at Mr McCain for his comment on Monday that the fundamentals of the economy were strong.

'This comment was so out of touch that even George Bush's White House couldn't agree with it when they were asked about it. They had to distance themselves from John McCain.'

President George W. Bush has used the same language many times but his press secretary would not repeat the line on Wednesday in the face of historic financial turbulence.

With the economy rocketting to the front of the campaign agenda, Mr Obama said he would unveil new proposals on Friday in Florida. Senior members of his economic team were flying to Miami to meet with Mr Obama before his announcement.

He said the ideas grew out of talks with former Federal Reserve Chairman Paul Volcker and others.

Mr Obama had been discussing various proposals with economic advisers in conference calls and individual calls this week, aides said.

Mr Obama's stop in northern New Mexico's Rio Arriba County was aimed at energising the Hispanic vote, which is crucial for his hopes of carrying this state.

New Mexico voted for Mr George Bush in 2004 but Democrat John Kerry got 65 per cent of the vote in Rio Arriba.

The county is about 73 per cent Hispanic and 12 per cent Native American, according to the 2000 Census.

Governor Bill Richardson, warming up the crowd in a community plaza, said the Hispanic vote in toss-up states Colorado, New Mexico and Nevada 'is going to decide this election.'

Mr Obama visited each of those states, along with California, on his Western swing and then was heading to Florida for two days of campaigning.

Saying that Mr McCain strongly advocated deregulation and then changed his mind, Mr Obama said, 'We can't afford to lurch back and forth between positions depending on the latest news of the day when dealing with an economic crisis.'

'We need some clear and steady leadership and that's why I was ahead of the curve in calling for regulation,' he said.

'And that's why I'm calling on the Treasury and the Federal Reserve to use their emergency authorities to maintain the flow of credit, to support the availability of mortgages and to ensure that our financial system is well-capitalised.'

In response, McCain campaign spokesman Tucker Bounds said, 'When Mr Barack Obama came to Washington, he chose to strengthen his ties to spiralling lenders like Fannie Mae, Freddie Mac and their jetset CEOs, not make change.'

'The American people cannot afford leadership that puts a higher premium on campaign contributions than protecting hardworking Americans.'

Briefly outlining his proposals, he said he would call for a Homeowner and Financial Support Act 'that would establish a more stable and permanent solution than the daily improvisations that have characterised policy making over the past year.'

He said his measures would provide capital to the financial system, insure liquidity to allow the financial markets to function, and 'get serious about helping struggling families to restructure their mortgages on affordable terms so they can stay in their homes.' -- AP