You are not logged in. Please register or login.
- Topics: Active | Unanswered
Re: Obama Blasts McCain on the Economy
WASHINGTON - Video
Bush says economy can withstand 'adjustments'
Sept. 15: President Bush says he is confident the economy is strong enough to withstand "adjustments" in the financial markets.
MSNBC
Democrat Barack Obama laid into the economic policies of the Republican opposition on Monday and Republican rival John McCain called for a regulatory overhaul of the battered financial sector as Americans awoke to the disappearance of two Wall Street giants.
Obama called the fall of both Lehman Brothers and Merrill Lynch & Co. "the most serious financial crisis since the Great Depression" of the 1930s.
The Democrat is battling to overcome a significant boost in the polls for his opponent, who stunned Americans and solidified wavering support among his party's Christian conservative base with the choice of Alaska Gov. Sarah Palin as running mate. After trailing Obama throughout the run-up to both party conventions, McCain has pulled even or edged slightly ahead in national polling '” primarily riding the wave of Palin's initial popularity.
Deepening turmoil in the U.S. economy, the No. 1 issue among voters despite the ongoing wars in Iraq and Afghanistan, could resonate in Obama's favor as he tries mightily to link McCain to President George W. Bush, whose stewardship of the United States has left him with near-record disapproval ratings.
McCain and Obama responded Monday to the news overnight that the investment banking firm Lehman Brothers, burdened by $60 billion in soured real-estate holdings, said it was filing for bankruptcy protection after attempts to rescue the 158-year-old institution failed. Its businesses in Britain were already placed in administration, said the administrator, accounting firm PricewaterhouseCoopers.
Also, Bank of America Corp. said it was buying Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.
Bipartisan agreement: No bailout
Over the weekend, advisers both to McCain and Obama said they did not favor a government bailout like that previously provided to mortgage giants Fannie Mae and Freddie Mac. The government also help engineer the recent sale of Bear Stearns Cos. to J.P. Morgan & Co.
In a fiery campaign speech in Grand Junction, Colorado, Obama said he did not blame McCain, but "I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years '” one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
The address to an outdoor rally closely mirrored a statement Obama had issued shortly after dawn on Monday as Americans were awaking to the fearsome news from Wall Street.
"It's a philosophy that says even commonsense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
McCain said in a statement issued in advance of market openings that he agreed there should be no taxpayer-financed bailout of Lehman Brothers even as the investment banking giant faced the specter of liquidation.
"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my administration. In order to do this, major reform must be made in Washington and on Wall Street," McCain said.
Financial turmoil was overshadowing a campaign that has grown increasingly nasty.
A question of 'deception'
Earlier, Obama's campaign announced it would begin airing a new television ad that challenges McCain's campaign tactics '” questionable and, in some cases, untrue assertions about Obama, a first-term senator representing Illinois.
The commercial begins with videotape of McCain saying: "I will not take the low road to the highest office in this land," after which an announcer asks "What's happened to John McCain?"
The 30-second ad then quotes snippets of negative media commentary about the Republican's campaign tactics and concludes: "After voting with Bush 90 percent of the time proposing the same disastrous economic policies it seems 'deception' is all he has left." The word "deception" is attributed to The Washington Post.
McCain, when challenged on the issue last week, said the contest would not have reached this point had Obama agreed to the four-term Arizona senator's call for weekly joint appearances at town hall meetings.
The Republican's campaign also issued a new ad Monday, underscoring concern about the U.S. economy on the same day that he said he still believes the U.S. economy "fundamentals" are strong at a Florida campaign stop.
The ad said, "Our economy in crisis. Only proven reformers John McCain and Sarah Palin can fix it. Tougher rules on Wall Street to protect your life savings. No special interest giveaways. Lower taxes to create new jobs. Offshore drilling to reduce gas prices."
Out of touch?
The Obama campaign ridiculed the commercial.
"Today of all days, John McCain's stubborn insistence that the 'fundamentals of the economy are strong' shows that he is disturbingly out of touch with what's going in the lives of ordinary Americans," spokesman Bill Burton said in a statement. "Even as his own ads try to convince him that the economy is in crisis, apparently his 26 years in Washington have left him incapable of understanding that the policies he supports have created an historic economic crisis."
Obama appears to be refocusing his campaign on the issue distinctions between him and McCain after having spent much of the previous week trying to figure out a campaign strategy to blunt the Republican surge in the polls.
Obama was making campaign stops in the battleground state of Colorado on Monday, while running mate Sen. Joe Biden accused McCain of adopting what he termed the serve-the-rich policies of Bush and the divisive tactics of ex-Bush strategist Karl Rove.
McCain's appearance in Jacksonville, Florida, was his first solo rally since announcing Palin as running mate more than two weeks ago. He was greeted by a crowd of several thousand who filled less than a quarter of the Jacksonville Veterans Memorial Arena.
Palin attended a rally in Colorado, her first outside her home state of Alaska without McCain at her side. She said Obama "wants to raise income taxes and raise payroll taxes and raise investment income taxes and raise business taxes and raise the death tax."
"But John McCain and I know that's not the way you grow the economy," she added.
In fact, independent groups such as the Tax Policy Center have concluded that four out of five U.S. households would receive tax cuts under Obama's proposals.
Re: Obama Blasts McCain on the Economy
"I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years '” one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
Question: Why didn't you try to do anything about it while in the Senate? If you wont do shit in the Senate, why should I believe you'll do something as President?
Re: Obama Blasts McCain on the Economy
"I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years '” one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
Question: Why didn't you try to do anything about it while in the Senate? If you wont do shit in the Senate, why should I believe you'll do something as President?
He's referring to Bush's tax cuts to the rich. He's stated numerous times he wants to reduce taxes to people making under $250k, basically return the tax rate to where it was under Clinton. McCain camp continues to imply he will "raise taxes" (GOP fear tactics)
Re: Obama Blasts McCain on the Economy
James Lofton wrote:"I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years '” one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
Question: Why didn't you try to do anything about it while in the Senate? If you wont do shit in the Senate, why should I believe you'll do something as President?
He's referring to Bush's tax cuts to the rich. He's stated numerous times he wants to reduce taxes to people making under $250k, basically return the tax rate to where it was under Clinton. McCain camp continues to imply he will "raise taxes" (GOP fear tactics)
That doesn't answer my question. I see what you're saying, but where are the bills sponsored by him in the Senate that shows he truly cares about this issue?
This is the trouble with nominating someone with such little experience. He literally has almost no record to run on. Its all based on talk.
Re: Obama Blasts McCain on the Economy
At least Obama's talking about issues again.
Jesus Christ it's about time, instead of rambling on about Bush III and lipstick on pigs.
Fine James...if you do indeed contend that Obama supported these things in the Senate...things that McCain, Bush...etc...established...
What are you saying?
The end result is the same...the same policy has been persued...Is it better when McCain does it?
Re: Obama Blasts McCain on the Economy
Is it better when McCain does it?
Yeah. McCain predicted the current crisis in 2005. What was Obama doing? This bill McCain sponsored got shelved(no surprise) until the next Congress(democratic) who stonewalled it into obscurity. Not ONE democrat sponsored this bill.
Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were 'illusions deliberately and systematically created' by the company's senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac'”known as Government-sponsored entities or GSEs'”and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
http://www.freerepublic.com/focus/f-news/2083758/posts
http://swampie.wordpress.com/2008/09/16 … annie-mae/
If anyone questions the authenticity of those links, I'll dig it up in the Senate records tomorrow.
Re: Obama Blasts McCain on the Economy
Oh man, the democrats are so out of touch its comical. Read this:
Among the groups denouncing the proposal were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems,the more pressure there is on these companies, the less we will see in terms of affordable housing."
Will there come a point when people stop defending this nonsense?
Re: Obama Blasts McCain on the Economy
1999-The Gramm-Leach-Bliley Act, authored by McCain's principle economic advisor, Phil Gramm is the law that deregulated banking and allowed the explosion of financial derivatives that led to the current credit crisis. John McCain voted for the bill.
2004-The SEC voted to require Hedge Funds to simply register with the agency. Gramm and McCain both argued that since hedge fund investors were high net worth individuals, there was no need for such regulation. The SEC order was overturned on a technicality.
http://jtaplin.wordpress.com/2008/09/07 … ae-crisis/
