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Obama Attacks McCain's Response to Crisis on Wall Street
September 16, 2008 2:58 PM
GOLDEN, COLO. -- In front of eight American flags and a crowd of 2,184, Sen. Barack Obama, D-Ill., told voters want to understand he and Sen. John McCain, R-Ariz., differ they should look at how they have responded to the housing and financial crisis.
“This morning instead of offering up concrete ideas to solve the problems Senator McCain offered up the oldest Washington stunt in the book – you pass the buck to a commission to study the problem,” Obama told his supporters who’d packed the bleachers at the Colorado School of Mines. “But here’s the thing – this isn’t 9/11. We know how we got into this mess. What we need now is leadership that gets us out. I’ll provide it, John McCain won’t, and that’s the choice for Americans in this election.”
This morning on Good Morning America, McCain told ABC News' Chris Cuomo that regarding the current Wall Street crises, "we're going to need a '9/11 Commission to find out what happened and what needs to be fixed. I warned two years ago that this situation was deteriorating and unacceptable."
Obama said that “history shows us that there is no substitute for presidential leadership in times of economic crisis. FDR and Harry Truman didn’t put their heads in the sand, or hand accountability over to a commission. Bill Clinton didn’t put off hard choices. They led, and that’s what I will do.”
While discussing the housing crisis, Obama took a shot at the incident last month when McCain either could not or refused to answer a question as to how many houses he and his wife Cindy own.
‘If you’re a family that owns one house, bankruptcy judges are actually barred from helping you keep a roof over your head by writing down the value of your mortgage,” Obama said. ‘If you own seven homes, the judge is free to write down any or all of the debt on your second, third, fourth, fifth, sixth or seventh homes. Now that may be of comfort to Senator McCain, but that’s the kind of out-of-touch Washington loophole that makes no sense.”
Obama continued to hit McCain for his remark that “the fundamentals of the economy are strong,” adding that McCain “has said it over and over again throughout this campaign – no fewer than 16 times, according to one independent count.” (This was a reference to a tabulation compiled by NBC, that network officials of the McCain campaign have complained quite a bit about, though it may be tough for them to complain about this compilation.)
McCain continued this morning to offer his brands new definition of what he supposedly meant by “fundamentals.”
"I said the fundamental of our economy is the American worker," he said on GMA "I know that the American worker is the strongest, the best, and most productive and most innovative."
Obama offered his definition of fundamentals Tuesday, saying, “We have a different way of measuring the fundamentals of our economy.
"We know that the fundamentals that we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great," Obama said, channeling Bill Withers, "that America is a place where you can make it if you try.”
The Democrat also seized on a past remark by his Republican opponent. In March McCain told the Wall Street Journal that, “I’m always for less regulation, but I am aware of the view that there is a need for government oversight” in matters such as the subprime lending crisis. “But I am fundamentally a deregulator.”
Said Obama in response to the partial quote he read to the crowd of McCain saying he’s ‘fundamentally a deregulator,’ “this is what happens when you confuse the free market with a free license to let special interests take whatever they can get.’
“What we’ve seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed,” Obama charged, adding that McCain “is running for four more years of policies that will throw the economy further out of balance…..John McCain cannot be trusted to reestablish proper oversight of our financial markets for one simple reason: he has shown time and again that he does not believe in it.”
Obama presented his economic vision, reiterating previous economic proposals such as a $50 billion emergency economic plan that he suggested in August, and a six-point economic plan outlined in March 2007, a plan that includes:
• More oversight of financial institutions that borrow from the government;
• reforming requirements for all regulated financial institutions;
• requiring greater transparency;
• a streamlining of regulatory agencies;
• a new policy of regulating institutions for “what they do, not for what they are”;
• cracking down on trading activity that constitutes market manipulation; and establishing a process that identifies risks in the financial system earlier.
McCain campaign spokesman Tucker Bounds responded to Obama’s speech, saying that ‘Barack Obama offered nothing new except for sharp criticisms of the most fundamental elements of the American economy and pessimism about genuine efforts to restore our country’s prosperity. More important than understanding that raising taxes on small businesses during a struggling economy is a bad idea, is respecting the strength of American workers and ingenuity – sadly Barack Obama demonstrates neither.”
-- Jake Tapper and Sunlen Miller
September 16, 2008 | Permalink | Share | User Comments (247)
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re Posted by: johnTX | Sep 16, 2008 7:13:45 PM
The rich become rich by squeezing money out of everyone else.
----------------------------
The economy is not a zero sum game. A growth of the economy helps more people than a government handout program.
Posted by: Davei n lv | Sep 16, 2008 7:38:32 PM
And just so you guys know, Obama would raise my taxes. I am part of the 5% that he would raise taxes on.
And you know what? The only people in my bracket who complain about tax increases are ones who are overextended, hold a short term view of the economy and/or are greedy.
I worry about finding educated employees. If an extra $50,000 from me can bring me just a few more educated employees, then I'm more than willing to pay it. If it means the price for healthcare for employees goes down, then by all means take my money (do you have any idea how much healthcare costs a company?).
I'm a fiscal conservative. I have a hard time voting for a Democrat, but McCain's economic platform is disastrous. The man simply does not understand economics. Not only that, but the Republicans have taken the idea of deregulation, which I support for many things, to such an extreme that it has become an ideology. Deregulating telecom? Awesome. Deregulating banks? Are you freaking kidding me?
The GOP likes to pretend that taxes kill jobs. The truth is that California, which has some of the highest taxes in the nation, is also the powerhouse of our nation. The same is true of New York. Excess taxes are a problem, but Obama is not talking about some radical tax plan. His tax increases basically bring us back to Clinton-era levels.
Obama/Biden '08
Posted by: johnTX | Sep 16, 2008 7:38:06 PM
JohnTx,
I do admire you for your views - and the willingness to pay the price. But I just don't trust BHO to bring the changes you want. Hillary I trusted, but that is history...
Don't even mention Greenspan - he is the one most responsible for the housing bubble. That is why he is no longer for McCain - the Dems won't blame him if he is one of them! He is hiding behind their skirts!
Posted by: Beckie | Sep 16, 2008 7:35:53 PM
johnTX , Please note that while Bush cut the tax rates, the amount of revenue this generated was 20% higher than under Clinton's best year.
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.
Posted by: Davei n lv | Sep 16, 2008 7:30:32 PM
re: Post by: krista | Sep 16, 2008 6:31:16 PM
Obama is a socialist?
This is the dumbest statement i have heard anybody make about Obama especially when he is running on the ticket of a major party.
------------------
Obama has said several times his major goal is income redistribution, not only in the US but throughout the world.
1. When asked if an increase capital gains tax rates would REDUCE the amount of revenue to the federal government would he be for it? He replied yes, it was a question of "fairness".
2. One of the few bills he wrote as a US Senator was a REQUIREMENT the US will reduce poverty by 25% THROUGHOUT the world within 5 years.
3. Numerous new programs which have the effect of taking money from the rich and giving it to the poor.
That is, unless it's HIS money. He gave little money for charity until he began his run for President. Although he gave several speeches how "we" should contribute money for Katrina relief efforts, his tax records showed he didn't give a dime of his own money for Katrina victims.
Posted by: Davei n lv | Sep 16, 2008 7:24:39 PM
Beckie, I wouldn't mind my taxes going back to what they were during the Clinton-era. I am far more worried about finding employees because our education system is so poor and our colleges are full of foreigners who are going back to their own countries rather than staying here.
I have the long term view. We go in cycles. We tax for 8 years and then we get a Republican in and drop taxes and eventually we get another democrat in and we raise taxes.
Taking a hit on my own checkbook for the next 8 years is nothing compared to taking a hit for the next 16 years because our economy goes into the tank.
Am I a tax and spend liberal? I personally prefer taxing and spending to not taxing and still spending. Even Greenspan says that McCain's economic plan doesn't hold water.
Posted by: johnTX | Sep 16, 2008 7:22:11 PM
Yes Johntx..lets look at Gramm, by the way he was almost at the bottom of the list of politician recieving contributions from Fannie and Freddie along with McCain. Its not hard to see who has more influence on Wall Street just check who is getting paid! Dodd, Obama, Kerry are you listening?
Posted by: Jim | Sep 16, 2008 7:18:02 PM
Johntx,
Wow! So you will be dancing in the street should BHO raise your taxes! Way to go, John - I guess you are another tax and spend Liberal! Spoken like a true elitist who has lotsa money!
Posted by: Beckie | Sep 16, 2008 7:16:46 PM
The whole trickle down effect was ridiculous to being with. I've started three companies and sold two. You look to cut costs wherever you can. You do not squander money.
The rich become rich by squeezing money out of everyone else.
The idea that they are loose with their money and it just falls to the poor is ignoring how they became rich in the first place. The only rich people who squander money are trustfund babies and a few guys like Gates who have decided to give away their entire fortunes. By and large though, they are tight with their money.
Posted by: johnTX | Sep 16, 2008 7:13:45 PM
Ryan,
You and "The One" have some things in common - I can see why you are such an ardent supporter:
- Both of you believe "right-wingers" and Republicans "lie" (let's not let facts get in the way)
- Both of you agree the Republicans are responsible for everything that is "wrong"
Granted, I'll admit that McCain-Palin ticket have not always been above board in stating "the truth", but I don't always blindly believe that anything a Democrat (or even The One) is a lie.
John, referring to Barack as "The One" is not blasphemous (I did not refer to him as "The Messiah"). But he (Obama) does give the appearance within some speeches that he is seeking to be a "savior" for us and he is uniquely qualify to lead us from the "famine and pestilence" picture he likes to paint of America.
Posted by: tjp8 | Sep 16, 2008 7:11:59 PM
Yes, let's pay attention to Frank Raines who has little to do with Obama and ignore Phil Gramm who wrote McCain's economic policy.
Posted by: johnTX | Sep 16, 2008 7:07:56 PM
FROM REAGAN TO BUSH I AND BUSH II
TRICKLE DOWN AFFECT DOES NOT WORK:
LOBBY THAT.
FOOLS ON WALLSTREET
Posted by: Underdog | Sep 16, 2008 7:07:35 PM
JOHN MCCAIN during the banking and housing crisis:
"The fundamentals of the economy are strong."
HERBERT HOOVER during the Great Depression:
"The economy is fundamentally sound."
McCain just doesn't get it. Vote Obama.
Posted by: VoteObama | Sep 16, 2008 7:06:23 PM
Is it Possible:
WE ARE FACING A TRICKLE UP AFFECT.
NO MIDDLE CLASS MONEY, NO UPPER CLASS WEALTH
NO JOBS FOR THE BOTTOM OF THE ECONOMY WILL NOT SUPPORT THE TOP OF THE ECONOMY
TRICKLE UP AFFECT is real
TRICLE DOWN AFFECT FAILED.
Posted by: Underdog | Sep 16, 2008 7:05:47 PM
John, HE made those statements BEFORE Reps started calling him the Messiah.
His ego knows no bounds.
Posted by: Davei n lv | Sep 16, 2008 7:04:39 PM
Ryan, Frank Raines walked away with OVER 100 MILLION DOLLARS. With that much money I could imagine a person who improves his golf game and has people calling him to be "friend".
Wasn't he APPOINTED by Clinton to head Fannie Mae?
Posted by: Davei n lv | Sep 16, 2008 7:00:40 PM
Biden hired a lobbyist to advise him on his senate run. I could have saved him time and money. If you need a job - run for the senate.
Posted by: Carl | Sep 16, 2008 6:59:02 PM
"But just wondering how he is going to pay for Health care, etc."
Through a variety of cost saving measures such as record modernization(a few things McCain supports as well) coupled with revenue from tax increases on the wealthy and us no longer fighting in Iraq.
Plan has a projected cost of $60B a year.
Posted by: Ryan C | Sep 16, 2008 6:58:42 PM
Barrack Obama...Wall Street's community organizer!
Posted by: Jim | Sep 16, 2008 6:58:32 PM
John McCain invented the Blackberry.
I wonder why he isn't running on that platform.
Posted by: johnTX | Sep 16, 2008 6:57:24 PM
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