Obama Attacks McCain's Response to Crisis on Wall Street

John McCain the "double talk" express says, "our economy is fundamentally strong. What planet is he on?

John McCain says, "he wants to make Washington "transparent"...double talk express wants to conceal Sarah Palin's abuse of power in Trooper Gate.

John McCain voted 95% with Bush.

Sarah Palin doesn't know what the "Bush Doctrine" is? As Governor of Alaska, she charges cars, tanning beds and other items using the tax payers money.

John McCain and Sarah Palin is WORSE than Bush/Cheney.

Elect Barack Obama for Presdient.

Change we Need!

Obama/Biden 08

McCain now wants more regulations on the market. The Double Talk Express keeps lurching down the road.

In 1999, McCain supported the Gramm-Leach-Bliley Act which removed the walls between banking, investment and insurance companies that were established after the Great Depression.

In March of this year, he told the Wall Street Journal, "I'm always for less regulation. I'd like to see a lot of the unnecessary government regulations elminated."

In the wake of Enron's collapse, he voted for Sarbanes-Oxley but in 2007, he said that he "regretted his vote."

Is this man capable of sustaining a consistent position on anything but warmongering? He regularly seems to assume that Americans will just lap up whatever he says at the moment.

Back in 2003 -

Democrats who fear that tighter regulation of Fannie Mae and Freddie Mac 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.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

So if the Democrats hadn't blocked this back in 2003 -- we would most likely not have this housing crisis today.

Obama is attemptint to recreat history. This whole mess is the result of the deregluation in the Clinton Administration which and the subprime loan market. Democrates pressured banks to make loan completely devoid of sound lending practices. After these risky loans were made, they sold them in the secondary market. Democrates blocked legislation proposed by John McCain in 2005. John McCain said
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.
-- John McCain, May 25, 2006

Obama failed to see there was a problem so who is out of touch!!!

For your information, Obama has pushed through and sponsored plenty of ethics reform bills that aim to cut wasteful spending. You can look it up. He has also supported bills to protect women from domestic abuse.

No one is saying that YOU are clinging to guns and religion and are bitter. Yes, that was something Obama shouldn't have said. He has apologised for that remark, at least. However, McCain isn't exactly not guilty of any mudslinging or whatnot either.

Don't forget Obama taught Constitutional law for 10 years and, before he was elected into the US Senate, was a state senator in the Illinois Senate for 8 years. Even if you think John McCain is more experienced, in this case it doesn't seem to equate to sound decisions. McCain supported the policies and deregulation that have led to the huge economic disaster we are currently mired in.

Just because Obama wants to increase taxes on the wealthy and give the middle and lower income a cut and some credits does NOT make a socialist government. Nor will the US become a socialist country.

For now, so that the plenty of people who are losing their houses or struggling to pay their bills, the tax returns they get are a lifeline to allow them to crawl out of the huge hole the disastrous economic policies of Bush and overspending on the Iraq war that is now going into the trillions dug them into.

Once the economy stabilises, of course then policies can be readjusted. A socialist country means having the state own all the companies and whatnot. I don't see that happening.

Penny Pritzker, Obama's national finance chair was, with her family, the half owner of Superior Bank, which was shut down in 2001 by the FDIC after it had lost nearly all of its more than $2 billion of assets on bad loans to high-risk borrowers, federal regulators said.

Pritzker has avoided media attention over the past week as reporters covering the Obama campaign sought comment on the Fannie Mae and Freddie Mac debacle.

Pritzker also served as finance chair for Obama's Senate run, and supported him during his time in the Illinois state legislature.

McCain economics = Phil Gramm economics

The fundamentals of the economy are
strong.

There is no crisis on Wall Street.

We are not in an economic downturn.
It is all in your hesd.

The economy is not in a depression.
We are in a "mental depression".

SOLUTION:

Stop being a nation of whiners.

What!

I came here hoping to see well reasoned arguments as to why a appointing commission is the correct and proper thing to do in these trying times.

So disappointed.

I'll go check out that Obama guys site, sounds like he has some ideas.

The United States House Committee on Financial Services (or House Banking Committee) oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators. It is chaired by Barney Frank (D-MA).

Don - read my post, look up the article on the NY Times about McCain's radical approach to health plans. That is something he is planning to "DO" and it is disastrous - a gift to multi-BILLION dollar insurance companies. What Obama will do? He will cut our middle class taxes by 5%, putting more money into the pockets of people to spend and stimulate the economy, WITHOUT taxing my benefits. He will regulate industries like banking and energy that need it. Responsible regulation that protects investments and the middle class whose retirements are at stake. McCain's economic policies were written by Phil Gramm - who drafted the legislation to DEregulate the banking and mortgage industries (in addition to the energy industries like Enron which led to THAT disaster and others like it).

"So, how many of the "working class" folk Obama purports to represent can afford $28.50 for dinner, let alone $28,500?"

Hmmmm what did McCain do last night when the Dow dropped 500 points....

McCain plans to end the day at a private fundraiser at the Intercontinental Hotel in Miami. Donors will pay as much as $50,000 to have dinner with the Arizona senator.

Obama attacks?

Right?

While he rubs elbows with the stars for mega bucks?

Specifically, Obama dines with Barbara Streisand at a reception and dinner costing $28,500 a person followed by a later event featuring Streisand at $2,500 a ticket.

So, how many of the "working class" folk Obama purports to represent can afford $28.50 for dinner, let alone $28,500?

The extravagant fundraiser comes as a slap in the face to American workers, on a day when the crisis in the U.S. economy remained an urgent issue for many Americans.

It also prompted a deserved response from John McCain.

"He (Obama) talks about siding with the people — siding with the people — just before he flew off the Hollywood for a fundraiser with Barbra Streisand and his celebrity friends," McCain said at a rally in Vienna, Ohio. "Let me tell you, my friends: There's no place I would rather be than here with the working men and woman of Ohio."

Streisand originally backed Sen. Hillary Rodham Clinton but flip-flopped to Obama when he emerged as the Democratic presidential nominee.

Change We Need?

Anybody But Obama...

"Please note that while Bush cut the tax rates, the amount of revenue this generated was 20% higher than under Clinton's best year."

Yes if you don't count for inflation and a declining value of the dollar. If you do, we just hit 2000's revenue level in 2007.

"The Bush tax cuts also eliminated the poorest 10 million people from having to pay any tax.

Therefore eliminating the Bush tax cuts would mean you want to increase taxes on our poorest people."

Except the only Bush Tax cut Obama is for repealing in the one for the highest income tax bracket.

TRICKLE UP AFFECT:

IF THE BOTTOM DOES NOT GET WORK, THE TOP RICH WILL NOT SURVIVE.

AIG, AND OTHERS, BAIL OUT.

NEWS FLASH:

AMERICAN TAXPAYERS WILL BAIL OUT AIG:

TRICKLE UP AFFECT:

85 BILLION TO AIG, PAID WITH AMERICAN TAX DOLLARS.

WHEN WILL THE TRICKLE DOWN AFFECT GET TO WORKING PEOPLE.

ASK THE REPUBLICANS.

TAX CUTS FOR THE RICH

IF A PLANT HAD A SYSTEM THAT WOULD NOT ALLOW WATER TO GET TO ITS ROOTS, IT WOULD DIE

Solutions people!! These candidates just talks about what happend, the past how about talking about WHAT THE HELL ARE THESE TWO GOING TOOOOOOO DO!!

That's right JohnTX. And the bottom-up approach that Obama favors actually helps small and local businesses because it helps people like me (middle class, hardworking, family, mom) spend money at local businesses. Under the current system, I can't afford to spend on anything. And ABC keeps censoring my reference to the NY times article by Bob Herbert. But people NEED to look it up and really see what this means to the average family - hardworking family and not one that relies on handouts). McCain's tax plan will send millions onto the uninsured rolls. Beckie, do you get employer paid benefits - do you even know how much more in taxes you will be paying? Do you have a family that depends on that? I do. I know what those benefits cost and I know the taxes on it will bury me. The credit McCain proposes ($5000 per family for insurance - are you KIDDING ME?) won't go an inch to providing that to my family. So, maybe I'll take the family to Ireland (my husband is from there so we can get European citizenship) and actually survive. And people like JohnTX will lose more qualified workers

Republicans,

Please raise your right hand and repeat after me.

I [state your name] do solemnly swear that I have been wrong about the role government regulation should play in our markets. I hereby acknowledge that unfettered laissez faire economics places the health, safety, and well-being of our citizens at too great of a risk to be allowed. From lead contaminated toys to tainted medicine to an unsafe food supply to the current Wall Street Meltdown, it is now clear to to me that that my beliefs were foolish. While I still support the streamlining of government regulation, I now recognize that government regulation is necessary for the protection of our citizens and of our economy from stupidity, greed, and corruption. I apologize to my fellow citizens for my support of the disasterous policies that have wreaked havoc on our nation. In an effort to make amends for screwing the pooch on this one with my foolish thinking, I will abstain from voting in November's election. It has become obvious to me that my judgment is lacking.

Davei n lv, of course the economy is not a zero sum game. We all create value. And of course government handouts aren't the be all and end all.

However, the idea that government never creates value is ridiculous. Government grants have created or helped create most of our major industries. Without our education system, we'd be a third world nation. So don't imply that the government can only hurt the economy. It just isn't true.