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No One in the Paint, Obama has the Ball

September 15, 2008 8:04 AM

Can he make this lay-up?

With the Merrill Lynch/Lehman Bros. crises, can Sen. Barack Obama, D-Ill., seize this opportunity to make his case -- passionately, convincingly -- on this day that he and running mate Sen. Joe Biden, D-Del., were already previously scheduled to attack Sen. John McCain, R-Ariz., on the economy?

Or will he be a political version of "Beverly Hills Chihuahua"?

“It's 3 a.m. on Wall Street," former Clinton flack Howard Wolfson writes this morning.  "Will either candidate offer an explanation of the problem and a plan to fix it that will reassure voters and break through the din?"

Obama, in a morning statement, says, "I certainly don’t fault Sen. McCain for these problems, but I do fault the economic philosophy he subscribes to. ... Instead of prosperity trickling down, the pain has trickled up."

Says McCain senior adviser Douglas Holtz-Eakin, "we believe the time has come and gone that the taxpayer should be viewed as the solution to problems that are not of their making. Unfortunately, that is the fundamental plank of Barack Obama’s economic philosophy -- raise taxes and concentrate power in Washington. That is the wrong direction."

More Wolfson: "There is a tendency on the part of candidates to be cautious about inserting themselves too dramatically into the markets during periods of volatility.  No one wants to be accused of saying something that causes an adverse reaction on the trading floor. Still, this is ‘a moment.'"

- jpt

September 15, 2008 | Permalink | Share | User Comments (143)

User Comments

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Obama asked Iraqi officials to stall the withdrawal of troops until after the election.

This guy is unbelievable...

Why is this race even close?

Posted by: sally | Sep 15, 2008 12:39:06 PM

"I have to say that "pain has trickled up" sounds silly...what does that even mean?"
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What it means is that the "middle class" these idiots are aiming at is going the way of the HUGE desperate underclass the neo-Democrats have abandoned.

The "pain" has "trickled up" from underclass blacks, the elderly/disabled dispossessed, the "rural" and working-class whites, etc. -- most of the country -- to the "middle class" that funds the banking and credit scams that fund the fancy lifestyles of, among others, the Bidens and Obamas.

Posted by: Belle Starr | Sep 15, 2008 12:25:56 PM

The Economy is color blind.

The Lull is felt in the pockets of everyone irrespective of race.

It appears you have forgotten that it is Politicians that Win Elections; It is Politicians that formulate and implement policies and they same Politicians got us here and; if a bad choice is made, the same Politicians will continue to make bad policies that will eventually wreck the economy.

Posted by: Dare Nigeria | Sep 15, 2008 12:20:34 PM

McCain said today in Florida that the "fundamentals of our economy are strong".

He just doesn't get it.

Posted by: cincyr | Sep 15, 2008 12:14:03 PM

I have to say that "pain has trickled up" sounds silly...what does that even mean?


Posted by: Wade | Sep 15, 2008 12:01:38 PM

But remember that President Bush got Eight years and see where it has landed us.
-----
If "new Democrat" Gore, on the advice of Democratic saboteur John Kerry, hadn't been so hot to throw the election into the Florida courts, Bush would never have BEEN president.

If "new Democrat" John Kerry hadn't sabotaged the campaign of Howard Dean -- whose people's-choice status was REAL, unlike the manufactured Obama "movement", DEAN would be president.

Why anybody would like to see these people in charge of the White House is beyond me.

Posted by: Belle Starr | Sep 15, 2008 12:00:12 PM

Samantha,

Isn't that one of the axioms of Democracy - CHOICE.

Vote for whoever satisfies your yearnings.

But remember that President Bush got Eight years and see where it has landed us.

I was not around during the great Depression but from stories told by my Grans, the Economy may be knocking persistently on the door of depression and I wonder what the REAL VALUE of your Wealth would be by then.

Posted by: Dare Nigeria | Sep 15, 2008 11:37:13 AM

keep your hand out waiting for that tax cut. Just don't be surprised when it doesn't materialize.

Posted by: marylou | Sep 15, 2008 11:36:24 AM

Why is Wall Street in trouble today? The truth is that lenders were greedy and borrowers were greedy. Homebuyers are as much to blame as lenders. No one in Washington wanted to be the bad guy to step in and cut off the housing dreams of Americans. It takes two to tango (lenders and borrowers) and no one wanted to stop the dancing at the risk of being called a party pooper.

Irresponsibility all the way around from Wall Street to Main Street to Washington.

Posted by: marylou | Sep 15, 2008 11:35:07 AM

The activites of the Biden boys -- and of Biden Sr., who was FOR the credit mobsters before he WASN'T for 'em -- have a lot more to do with the "current crisis" than anything McCain has EVER done -- as someone in the McCain campaign presumably will suggest by the end of the day.

The credit mess is where the Democrats COULD, if they had any guts, get rid of Biden.

Posted by: Belle Starr | Sep 15, 2008 11:23:02 AM

"Instead of prosperity trickling down, the pain has trickled up."
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An obscene amount of "prosperity" has trickled down to The CHANGEling, however.

Posted by: Belle Starr | Sep 15, 2008 11:18:06 AM

Marylou,

I need to remind you that If we had not had a Republican President in the W.H, we would have been singing a different tune.

You castigate Obama while pretending oblivion to the road that was taken which got us to where we are today.

From the boom of Clinton's years to the doom of G.W Bush's years.

Years that have seen the surge of Locusts and Caterpillers that have mercilessly eaten into the Economic fabrics of the Country.

Posted by: Dare Nigeria | Sep 15, 2008 11:14:51 AM

Samantha, Can you answer one question for me? Why would you vote for a man who said openly that he knows nothing about the economy! Isn't the economy a very important issue that a President should have a modicum of knowledge or concern about? Why should he be concern when he is wealthy and own 9 homes..with the economy the way it is now..people like McCain don't feel the pain.You guys mirror the pretension line you always throw around "America is the richest country in the world" Yea Right! We burrow money from China to buy oil from the Saudi' and we are the richest country in the world..that is the pretension that's killing us. We need to stimulate our economy and bring back the Clinton years of prosperity..Obama can and will do a better job than McCain in that area and that's all that matters! It economy stupid! Heaven help us all and save us from the Republicans!

Posted by: Stanley | Sep 15, 2008 11:14:45 AM

Marylou, I don't understand why you believe this. I do not think I am dreaming. I am reading independent news sources, with input from trust economists. John McCain's own friend and confidant, Alan Greenspan, has discredited McCain's plan, while expressing some limited optimism for Barack Obama's (considering the source, this is akin to incredible enthusiasm). It is for all to read on Bloomberg, a totally independent, yet decidedly right-leaning financial source.

Please tell me why anyone should believe you.

Posted by: Matt | Sep 15, 2008 11:11:21 AM

Who says that high school grads only make minimum wage as adults. My mom was a single parent on welfare.------I did not need or want others to help me.

---------------------------------------

Samantha,

Your Mum was opportuned to be on Welfare. You owe your syrvival to Welfare and there are so many single Mothers that are looking for the same opportunity your Mother had.

They need other People to help them as your Mother was helped to put you through High School.

Posted by: Dare Nigeria | Sep 15, 2008 11:05:34 AM

Anyone in the middle class who thinks they're going to get a tax cut from Obama is dreaming. He can't possibly pay for all of his handouts and government growth with just a tax on the wealthiest of us, not to mention ramping up the military in Afghanistan and Pakistan. And then there's that little nuisance called the National Debt. And the World Welfare he wants to impose called the Global Poverty Act.

Tax cuts are Obama's bright shiny object to get votes from the middle class. Once he has them, we'll see the tarnish but it will be too late to turn back.

Posted by: marylou | Sep 15, 2008 11:03:40 AM

No, I am an independent. I am not ashamed to vote for McCain. I love my country much more than your candidate that won't wear US flag
-----------------
Yes, I'm sure YOU often wear a "flag".

And the self-prclaimed "meverick" didn't have a flag pin at the convention. He must be "un-Americun".

People who vote based on jewelery really amaze me. It scares me our elections are decided on such non-issues.

It amazes me more that rubes keep falling for the same rhetoric every election. Rrpublicans are "patriotic" and Dems "hate the US". When it's the Republicans who have been the most corrupt individuals in our nation! Just look at the news and see how many have been indicted since Bush took office.

You have two GOP candidates who are of mediocre intellegence. McSame grauated in the BOTTON 1% of his class. Palin had to go to multiple schools to get a journalism degree. I PREFER MY LEADERS TO BE THE SOME OF THE SMARTEST OF OUR NATIO. But you don't care. You don't even care if they lie to you. (Which has been proven multiple times. EVEN CARL ROVE said yesterday McCain has been lying - on FOX no less.

Just wave a flag, play the national anthem, and say "freedom" a few dozen times and the easily manipulated will vote still for you. (Who cares that the Republicans have TAKEN AWAY more civil liberties and freedoms than any administration in the past 50 years right?)

Posted by: Facts over Fiction | Sep 15, 2008 10:57:25 AM


It appears you don't know the gravity of the problem the Economy is going through.

Lehman Brothers has just declared bankruptcy. The Going Concern of more Companies on Wall Street are under threat, The DOW took a plunge and you worry about Flag Pin and Revd Wright.


Posted by: Dare Nigeria | Sep 15, 2008 10:56:24 AM

You Republicans really kill me, you want everyone to get a high school educastion then expect those slobs to be content manking minimum wage salaries. While you and yours get 6 figure incomes and expect them to be just happy to get by with a raise mabey every decade or so.
_________________________________________

Who says that high school grads only make minimum wage as adults. My mom was a single parent on welfare. I went to High School and college and graduate school. I make six figures. So why I am evil? For succeeding??? I worked and paid my school off. I did not need or want others to help me.

Posted by: Samantha | Sep 15, 2008 10:50:39 AM

"Unfortunately, that is the fundamental plank of Barack Obama’s economic philosophy — raise taxes and concentrate power in Washington."

I need to know--does anyone actually believe Barack Obama intends to raise taxes on the American middle class? The independent information I've read has me saving $1,200 a year more under Obama's plan than McCain's.

Does anyone believe McCain when he says this?

Posted by: Matt | Sep 15, 2008 10:45:59 AM

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