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Obama Pushes Rescue Plan ... Lays Off McCain

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September 30, 2008 1:44 PM

ABC News' John Berman, Sunlen Miller, and Ursula Fahy report: Barack Obama delivered a rarity today in Reno, Nevada.  After days of hammering John McCain, trying to tie him to the Bush administration, and suggesting he doesn't understand the problems facing the country, Obama held a rally today, delivering a full  36-minute speech where he didn’t once mention the name “John McCain.”

“There will be time to punish those who set this fire,” he said, “but now is the moment for us to come together and put the fire out.”

Obama used the speech at the University of Nevada, Reno to try build public support for the economic rescue plan being discussed in Washington, and put pressure on Congress to act.

“It is not a time for politicians to concern themselves with the next election,” Obama told the crowd,  “It is a time for all of us to concern ourselves with the future of the country we love. This is a time for action.”

And in his speech, he leaned on members from both parties. 

“To the Democrats and Republicans who opposed this plan yesterday, I say – step up to the plate and do what’s right for this country.” 

While Obama had been in touch with President Bush, Treasury Secretary Henry Paulson and Democratic House leaders, aides say he did not make any calls to push for Democratic votes before the failed vote Monday.  Now, campaign officials refuse to say whether he is making directs pleas to wary members.

Obama also made a more direct sales pitch to voters than he has in recent days, trying to persuade of the risks of not taking action.  “What it means is that thousands of businesses could close. Millions of jobs could be lost. A long and painful recession could follow,” he said.

He also tried to put the cost of the plan in perspective, “This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street. If this is executed the right way, then the government will temporarily purchase the bad assets of our financial institutions so that they can start lending again, and then sell those assets once the markets settle down and the economy recovers.”

Obama offered a new policy proposal in the speech, raising the Federal Deposit Insurance limit to $250,000 from where it stands at $100,000 right now. 

It’s an idea Republicans say they first brought up last week. 

McCain has also recommended increasing the FDIC's insurance coverage to $250,000.

In a statement, House Republican Leader John Boehner said, “The presidential candidates’ support for increasing the FDIC cap is welcome news. Increasing the FDIC cap is a proposal put on the table by Roy Blunt and House Republicans but ruled out by Democrats during the negotiations that led to yesterday’s unsuccessful vote.”

Nevertheless, Obama asked for other ideas too.

“That’s one idea. If there are others that can help shore up support for this plan and shore up our economy, I encourage both parties, Democrats and Republicans to offer them.”

He concluded, “We can't have another day like yesterday.”

UPDATE: Obama campaign spokeswoman Linda Douglass now says that "yes" Obama is making calls to lobby members. She would not say which members or how many, but she did say that it is being done in consultation with the House leadership.

September 30, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans, Washington | Permalink | User Comments (517)

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It is not a time for politicians to concern themselves with the next election,” Obama told the crowd

The guy who studied for a debate instead of doing his job is lecturing people now?

Posted by: geevill | Sep 30, 2008 1:46:40 PM

Will Obama "Punish" Jim Johnson, Franklin Raines and the ACORN gang, as they are what started this???

An ACORN Falls from the Tree
Ken Blackwell
Tuesday, September 30, 2008

As negotiations over Congress’s emergency rescue bill continued over the weekend, repeated rumors leaked out that the Democrats were trying to funnel money to a hyper-partisan organization involved in criminal voter fraud. I’m speaking of the Association of Community Organizations for Reform Now — known by its acronym, ACORN. Although ACORN was cut from the final legislation, it’s important to understand this organization and its long history with, of all people, Barack Obama. And it’s important to see how partisan this emergency legislation has become.

As the weekend progressed, reports were constantly emerging of the sticking points preventing a final agreement. One of these reputed points of contention was whether 20 percent of the profit proceedings for asset sales in the future would go to what is called the Housing Trust Fund, subsidizing certain groups for ostensibly nonpartisan activity. One of these groups that this trust supports is ACORN.

ACORN has often been in the news since 2004. Officially, they work to register voters and support housing. In reality, everyone in public life knows that they are hardcore supporters for the Democratic Party, and employ bare-knuckle tactics. Their organization is plagued by repeated investigations of voter fraud and other crimes.

In Ohio, where as secretary of state I oversaw elections for eight years, ACORN has been busy. One ACORN man in Reynoldsburg was indicted on two felony counts of voter fraud, and another was indicted in Columbus. Other such problems surfaced in Cuyahoga County, where criminal investigations are ongoing.

It’s not just Ohio. ACORN personnel are facing criminal charges in over a dozen states. In Washington State, for example, seven ACORN leaders had felony charges filed against them for voter fraud.

And there’s an unexpected twist. One of the organizations accused of pushing banks into making many of the unwise loans at the heart of the current crisis is … ACORN. Now that’s ironic. An organization that possibly contributed to our current financial profits is now being considered to make money off of it. And by “money,” I’m referring to your tax money.

Twice already this year Congress has funneled money to ACORN. Some report that February’s economic stimulus included funds for ACORN, as did the bill to help people struggling with mortgages passed this April.

What deserves closer scrutiny is Barack Obama’s history with ACORN. Obama cites Saul Alinsky, a self-acknowledged radical who advocated extreme acts to achieve social goals, as one of his inspirations.

ACORN follows the Saul Alinsky model. After Obama graduated from Harvard, he went to work for ACORN in Chicago. Mr. Obama then became a trainer for ACORN, teaching others how to employ ACORN tactics in voter registration drives.

This ACORN involvement coincides with the increasing partisanship of this situation.

Congressional Democrats, and specifically Mr. Obama, are now saying that the problem underlying all this is “deregulation,” pushed by the Republicans. There are two fundamental flaws with this allegation.

First, this is not deregulation. This is not the private sector. Fannie and Freddie are government creations, that pay their executives millions of dollars but are shielded with your tax money from suffering the downside risk of the market. Engage in racetrack-style financing, they must be strictly controlled. Deregulation is about keeping government from hobbling the private sector and hamstringing its ingenuity and productivity. Deregulation does not apply.

Second, Republicans have tried to rein in Fannie and Freddie. Republican attempts to reform them in 1999 failed. In 2003, when Alan Greenspan testified about how Fannie and Freddie’s loose practices could endanger our financial system, it was Democrat Barney Frank who said these institutions were fundamentally sound, and should be more aggressive in getting loans to low-income people. In 2005, a Republican reform passed the Senate Banking Committee on a party-line vote, only to be blocked by Democrats from passing the full Senate. And in 2006 when John McCain spoke on the Senate floor of the need to reform Fannie and Freddie immediately, Democrats (including Barack Obama) would not respond.

You can also see where Fannie and Freddie look for protection by where they direct their money. Public records show that the top two recipients of Fannie/Freddie campaign contributions are Sens. Chris Dodd and Barack Obama, taking $165,000 and $126,000, respectively. Dodd, who chairs the Senate Banking Committee, and Mr. Obama, who says he’s going to remedy the whole situation.

It suddenly seems so clear why Democrats want ACORN to get some of the taxpayers’ money. I have unapologetically criticized Republicans, some by name, for out-of-control spending, lack of accountability, and other inexcusable actions that have tarnished the GOP and disserved the nation. And there are other issues that are either both parties’ fault, or no one’s fault.

But here, the Democrats are squarely to blame. They have resisted all attempts at reforming Fannie and Freddie, and pushed those organizations to become ever more reckless in their policies. This made the investments on Wall Street carrying those tainted mortgages go from bad to worse, and now we’re in a crisis and on the verge of a meltdown.

This is inexcusable. And if independent voters figure this out, their outrage over this situation will suddenly be directed against the party that pushed these disastrous policies. So Democrats want ACORN to get as much funding as possible, because they might need some new votes in their column on Election Day.

Voter fraud is in one sense the worst crime against democracy. The sole means of democratically choosing leaders is through voting. Every voter gets an equal vote. Every citizen who is a law-abiding adult has an equal voice in who will govern us. Our vote is sacred. Those engaging in voter fraud are in one sense no different than who intimidated voters at the polls in years past. Voter fraud may not be attended by the suffering that accompanied the beatings and water hoses of those days, but the assault on democracy is no less real.

ACORN is a discredited organization, and far too many of its leaders and workers have been prosecuted for felonies against democracy. The idea that a single dime of taxpayer money would ever go to such a group is an outrage.

And Mr. Obama needs to explain his involvement with them.

Copyright © 2008 Salem Web Network. All Rights Reserved.

Posted by: tescondo | Sep 30, 2008 1:49:28 PM

"to punish those who set this fire..."

And what punishment does he recommend for himself, for all of the high-risk home loans he managed to shake banks and other lending agencies down for in Chicago during his days as a "community organizer" for ACORN?

Posted by: SandyB | Sep 30, 2008 1:51:07 PM

THATS MY FUTURE PRESIDENT!!

Posted by: angie | Sep 30, 2008 1:52:30 PM

angie:

HE'S ALL YOURS..............

Posted by: SandyB | Sep 30, 2008 1:53:10 PM

Nevertheless, Obama asked for other ideas too.

“That’s one idea. If there are others that can help shore up support for this plan and shore up our economy, I encourage both parties, Democrats and Republicans to offer them.”


and what about Obama???? His energy plan was to inflate tires. His economic plan is to put taxpayers on the hook for rich depositors. doesn't do a thing for the rest of us.

Posted by: geevill | Sep 30, 2008 1:54:05 PM

This man deserves to be our President. It was an inspiring speech. He was telling Pelosi and those crazy Newt-followers to come back to reality and do what's best for our country. I don't know what America did to deserve this man but I'm glad we have him.

Posted by: Andrea | Sep 30, 2008 1:54:10 PM

Finally adult supervision.

Posted by: Sandra | Sep 30, 2008 1:54:13 PM

This is the bill we need!!! thanks to whomever posted this!

Found this while on a blog.

I received this in my email today and this would be the best way to initiate economic recovery country wide. I wish I would have thought of it.

I’m against the $85,000,000,000.00 bailout of AIG.

Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child.
So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free.

So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it’ll be there
Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs
Invest in the market - capital drives growth

Pay for your parent’s medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.

If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG - liquidate it.
Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do, the geniuses at AIG, or in Washington DC.

And remember, The Birk plan only really costs $59.5 Billion because $25.5
Billion is returned instantly in taxes to Uncle Sam.

Ahhh…I feel so much better getting that off my chest.

Best regards,
Birk
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

PS: Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought
on how to best use $85 Billion!!”

Posted by: beck | Sep 30, 2008 1:56:00 PM

I want my president to be decisive and to have a good judgment.

I want my president to say "God bless America" not be a follower and surrogate of a hateful pastor who declares "God damn America" from the pulpit.

I want my president to respect small town people like me who happen to be religious.

I want my president to have a spouse who has always been proud of being an American (not just because her husband became a presidential candidate).

I want a president who can make me a proud American and not one who keeps telling me that the glory days of my beloved country are over.

I want a president who tells me that the fundamentals of American greatness are still solid.

I want a president who can stand with the motto: "My country! right or Wrong!"

I want a president who will never belittle America and the American people when he is with foreigner leaders and people.

I am a proud democrat and will always be one. However, what my party leadership did in the primaries is inexcusable. The careless Democratic party leaders pushed Senator Hillary Clinton, the one with a certain chance to defeat McCain, out of the race.

Above my being a democrat, I am a proud American. Therefore, on November 4, I will be crossing party lines and vote for Senator John McCain. McCain at least has the experience and the record to be a great president. His personal story and achievements make me proud of my country.

That's the kind of president I want.

McCain 2008. Hillary 2012.

Posted by: Roger | Sep 30, 2008 1:56:09 PM

Typical Obama.

Solving all of the world's problems with a speech and no action.........

Posted by: SandyB | Sep 30, 2008 1:56:19 PM

If Americans elect this left radical after this Present Vote, I am leaving this country.

Why should I pay Tax.

Obama did not call not even One congressman to vote for this bill and look what he is talking about.

Another PRESENT Vote.

ACORN & all left radicals pushed home loans in the name of Affordable Housing Plan and look at the mess we are in

Posted by: tom | Sep 30, 2008 1:56:55 PM

Ken Blackwell should be in jail. He was the WORST secretary of state of Ohio and he was voted out of office because he was horrible.

Obama has NO relationship with Raines.

McCain has MUCH MORE ties to Fannie and Freddie than Obama does including McCain's chief adviser getting thousands of dollars per month to lobby on behalf of Freddie Mac.

Posted by: Sandra | Sep 30, 2008 1:57:58 PM

gee evil listen you right wing nut i dont know how much rush pays you to sit all day and blog nonsense and lies and listen repukes the acorn THING IS A LIE MADE UP BY THE CONSERVATIVE NUT CASES(limbaugh hannnity fox news) GRAMPS MCCAIN IS DONE DEAL WITH IT STOP THE LIES GEE EVIL TAKE YOUR BLOGGING MONEY AND BUY YOURSELF AN EDUCATION!!

Posted by: angie | Sep 30, 2008 1:58:31 PM

Adult supervision??

He reminds me of the PowerPuff Girls.

Out to save the world before bedtime..

Posted by: SandyB | Sep 30, 2008 1:59:11 PM

Perhaps we can turn a corner on this issue and put our country on the road to recovery?

Posted by: rational | Sep 30, 2008 2:00:04 PM

Obama should let Biden handle the economic issues - Joe reminded us all how President FDR went on TV in 1929 to face the American people - but, FDR wasn't president in 1929 and TV wasn't invented

Posted by: jamescbuilder | Sep 30, 2008 2:00:04 PM

Tescondo ... yawn ... you're really long-winded. This is not the place to post a novel, just succinct comments.

Posted by: annaloh | Sep 30, 2008 2:00:54 PM

YOU CAN PUT LIPSTICK ON A PIG (BAILOUT) AND IT IS STILL A PIG!!

Posted by: Linda SAT | Sep 30, 2008 2:01:08 PM

THAT'S THE WAY TO DO IT!

Again, I'll point this out, the Dems delivered their votes like they agreed to. No reason for Obama (or anyone else) to call around to get more.

He admits that we shouldn't be happy about this, but its got to be done or it will get worse. He says its not over after this bill passes. Its just the start. Gee...that's sounds realistic.

Finally a candidate who is in touch with reality, and not trying to make up his own alternative one.

Posted by: Greg | Sep 30, 2008 2:01:11 PM

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