- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
Obama Picks Up Phone on Economy
Email
ShareSeptember 21, 2008 6:35 PM
ABC's Sunlen Miller reports: Since yesterday, Sen. Barack Obama has spoken on the phone with House Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Senate Banking Committee chairman Chris Dodd, Rep. Barney Frank, Sen. Chuck Schumer, Rep. Ralph Emmanuel, former President Bill Clinton and Sen. Hillary Clinton about the economic situation and the plan for dealing with it.
Spokesperson Linda Douglass says that the conversations were about devising a "quick, bipartisan solution" to the economic crisis and they touched on the principles that Obama laid out in a speech in Charlotte, N.C., today.
"As of now, the Bush administration has only offered a concept with a staggering price tag, not a plan," Obama said. "Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects the basic principles of transparency, and fairness, and reform. We can’t allow this to happen again. They have run this government, they have run this economy into the ground. We’ve got to make sure that we lift if back up, but we’ve got to have some rules in place to make sure it doesn’t happen again."
Obama set out seven principles (several of which he has regularly mentioned on the campaign trail) for what he would like to see included in the government's bailout plan.
- No blank check. If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.
- Rescue requires mutual responsibility. As taxpayers are asked to take extraordinary steps to protect our financial system, it is only appropriate to expect those institutions that benefit to help protect American homeowners and the American economy. We cannot underwrite continued irresponsibility, where CEOs cash in and our regulators look the other way. We cannot abet and reward the unconscionable practices that triggered this crisis. We have to end them.
- Taxpayers should be protected. This should not be a handout to Wall Street. It should be structured in a way that maximizes the ability of taxpayers to recoup their investment. Going forward, we need to make sure that the institutions that benefit from financial insurance also bear the cost of that insurance.
- Help homeowners stay in their homes. This crisis started with homeowners and they bear the brunt of the nearly unprecedented collapse in housing prices. We cannot have a plan for Wall Street banks that does not help homeowners stay in their homes and help distressed communities.
- A global response. As I said on Friday, this is a global financial crisis and it requires a global solution. The United States must lead, but we must also insist that other nations, who have a huge stake in the outcome, join us in helping to secure the financial markets.
- Main Street, not just Wall Street. The American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do the emergency on Wall Street. That is why I call on Senator McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families – a plan that would help folks cope with rising gas and food prices, save one million jobs through rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, help homeowners stay in their homes, and provide retooling assistance to help ensure that the fuel-efficient cars of the future are built in America.
- Build a regulatory structure for the 21st Century. While there is not time in a week to remake our regulatory structure to prevent abuses in the future, we should commit ourselves to the kind of reforms I have been advocating for several years. We need new rules of the road for the 21st Century economy, together with the means and willingness to enforce them.
September 21, 2008 | Permalink | User Comments (231)
You can follow this conversation by subscribing to the comment feed for this post.
I agree with Obama. He is NOW acting like a leader and I'm impressed. Now if he can get the rest of the dems behind him and not back down, he will have passed a huge test!
Posted by: veronica, Atlanta, GA. | Sep 21, 2008 6:41:06 PM
This is very smart of Obama for waiting till he gets all the facts before making his informed decision.
McCain on the other hand jumped all over this issue on friday talking pointing fingers and saying he opposed a bailout only to come out the next day to reverse his position. After been a champion of deregulation for more than 26 years, McCain has made a 180 degree to support Obama`s call for more regulation.
These are the two different kinds of leadership styles we can chose from. One is all talk about experience while the other displays intelligence and good judgment.
Obama 08
Posted by: Krista | Sep 21, 2008 6:49:33 PM
Those are the statements of today. He was so Presidential and the speech was so penetrating that my friend broke down in tears. She is about lose her home. I pray he wins.
Posted by: vuzous | Sep 21, 2008 6:51:42 PM
Judgment over experience. The choice is clear. Once again Obama has been right and McCain has been wrong for 26 years of calling for deregulation.
Obama 08
Posted by: Keith | Sep 21, 2008 6:51:47 PM
I'm glad Ralph Emmanuel is on the case.
Posted by: Levi Johnston | Sep 21, 2008 6:53:34 PM
Sorry, meant she is about to lose her home.
Posted by: vuzous | Sep 21, 2008 6:53:37 PM
This is no specifics, Obama has no plan. How can we expect him to lead?
Posted by: midwestmom | Sep 21, 2008 6:57:09 PM
Impressive economic outline by Obama. Real leadership for a change. And he consulted with all the knowledgeable, key players. Average Americans should not be asked to pick up this price tag without ensuring that their interests are protected and advanced. It's time for a new, fair deal for the middle class folk who do the heavy lifting of the American economy. This is the end of the "ugly American" Bush era of greed, selfishness and corruption.
Posted by: hopesprings52 | Sep 21, 2008 7:07:42 PM
"How can we expect him to lead?"
..asks midwestmom?! Seriously? How about you hit "refresh" on your browser and read this article one more time. There is a seven-point plan?
Oh, but wait. You say that "Obama has no plan."
You know, some people will just never get it. Midwestmom, maybe you need an election-season time-out until you can think more clearly.
Posted by: Finally | Sep 21, 2008 7:09:11 PM
The palin bounce is over. Voters are realizing that this is serious business, not the junior prom. palin will head back up north after November and mccain should retire with his millionaire wife in one of the 9 houses they own. Obama/Biden 2008!!!
Posted by: pt | Sep 21, 2008 7:10:05 PM
Midestmom shows her ignorance by not understanding roles & responsibilities, as well as the process that goes into implementing actionable plans.
Obama has clearly outlined the guidelines. Right now Paulson has NO specifics other than he wants Congress to give him a blank check to do whatever he wants.
The first part of establishing any plan is to set guidelines and parameters, and then breaking them further into details. Secondly that's what the Banking Committee should be working on. Can you honestly say that George W. Bush is in his office typing up a detailed plan?
One thing that I can't stand are people who are stupid and yet spout off opinions. We just have WAY too many idiots in America today.
Posted by: Susan | Sep 21, 2008 7:10:38 PM
I read Hillary's comments on Politico and she was right on. I pray he continues to call on her if he gets the white house because, it seems he needs her help and everyone elses.
Posted by: rachel | Sep 21, 2008 7:11:17 PM
Pander.
Posted by: John | Sep 21, 2008 7:13:31 PM
Midwestmom.......You do not like have to like Obama, but you surely must be able to recognise a good plan when you seen one...but then rage can make us blind
Posted by: African At Large | Sep 21, 2008 7:15:50 PM
Midwestmom, what do you mean Obama has no plan? What precisely is the Bush plan? Asking for $700 billion with no oversight, no judicial review, and no post hoc adjustments?!? That's a real humdinger coming from our President....
Obama has been calling for a new regulatory structure, much like the New Deal did under FDR. Do you expect him to talk point by point about the specifics?
Obama's seven principles are far more detailed than anything Bush or McCain has put out; all McCain wants to do is fired the SEC Chief. Not much of a plan there.
Midwestmom, wake up!!! The Republicans have run this country into the ground. What could Obama possibly do that would be worse?
Posted by: TheOpinionGuy | Sep 21, 2008 7:15:52 PM
By midwesternmom
``This is no specifics, Obama has no plan. How can we expect him to lead?``
_________________________________________
Wow!! Take a nap.
Posted by: Todd | Sep 21, 2008 7:16:08 PM
Obama is a leader and McCain is a whiner.
Posted by: betty | Sep 21, 2008 7:16:12 PM
midwestmom:
No one has specific plan including John McCain. How can you have specific plan if you can't get all the facts right?
This is like sailing in a new area, you don't know what you will face on the way to the shore, the only thing is to set up guidelines and deal with what to come. In fact, it sounds childish that anyone who can present a specific plan in a day or two to this huge problem. That's another reason that we can't afford McCain/Palin ticket.
Posted by: sarah | Sep 21, 2008 7:17:42 PM
It all comes down to whether or not you think we should continue the bush policies. If you think the war should continue indefinitely, while we spend $10,000,000,000 a month, and you think that bush has done well with the economy then mc-more-war is your man. If you think that it's time we start to get out of iraq and do some positive things for the average American instead of just the top 1% then vote for Obama.
Posted by: pt | Sep 21, 2008 7:19:46 PM
This is a good outline, but I am not convinced that Obama is ready to lead this nation. This crisis is exceeds 9/11 in financial cost. Obama was too slow to come out and reassure the American people. He hid behind his stump speeches with empty rhetoric. And now, after every expert and pundit and advisor has offered opinions and advice, Obama has something to say. The phone rang at 3 am and Obama did not answer!!
Posted by: JH | Sep 21, 2008 7:20:12 PM
Post a comment
