Obama has no idea what to do. He always wants others to answer first. he wanted HIllary to answer first then say he agrees. Obama is total phony.

Barack Obama simply does not understand American capitalism. John McCain does. Barack Obama has spent his entire adult life marinating himself in economic defeatism and elitism. John McCain has made decisions; Barack Obama has avoided deciding.

McCain understands the power of American capitalism. Obama disdains it.

For Obama to say we face the worst economy since 1929 is despicable and ridiculous. Only his mainstream media chorale would echo such self-defeatism. In 1932 there was 25% unemployment. Today unemployment is 6%. In 1929, stockbrokers were selling apples on the street. Today immigrants run fruit stands on the street. Year-round. Then, people jumped out of windows. Has anyone jumped out of a window in the last week?

Obama accuses McCain of being stupid on the economy because McCain once made a stupid offhanded remark and said he didn’t understand the economy very well.

Here are the facts:

America’s economy is owned by the American people. (A tip of the hat to Ross Perot for his “ownership” mantra). We worked for it, we built it and we own it. We welcome foreign investors, and indeed they are good for us. But, ultimately, our economy is ours.

Second, as both Obama and McCain recognize, we face challenging times. “The City” in London is a strong challenger for Wall Street’s primacy in financial matters. Foreign manufacturers have come to the United States and produced better products at lower costs. China, India and the Middle East are accumulating wealth and want heightened respect commensurate with the growing strength of their economies. They are a challenge.

And both Democrats and Republicans-the mandarin class that despises John McCain and that he in turn disdains–have done nothing to create energy independence through a massive “Manhattan Project”-style national effort. A primitive economy created the atom bomb in three years (1942-45). In over thirty years (1973-2008) we have been unable to solve our detrimental dependence on imported oil. Who votes for these losers? A show of hands, please.

The solutions to all of our challenges today require two essential components: a leader who will make decisions, and a leadership team that is not afraid to take decisive, not to say brutal, action. The power of American capitalism that makes us the wealthiest nation in history is our willingness to bring the malefactors of great wealth into the abattoir, and dismember them. Yes, there is blood on the floor. But at the end of the day the blood will be washed away and tomorrow morning America will reopen for business with a clean balance sheet. The bad assets will have been “marked to market” and sent away to the rendering plant.

Twenty years ago Japan faced a property bubble not unlike our current problems. Simultaneously we faced a 1980’s savings and loan crisis brought on by bad lending practices and corruption. The American people authorized their government to chop away at the bad assets. In a few years the Resolution Trust Company (”RTC”) was out of business, the bad assets having been recovered and restored. Property values began to rise again and we launched on a new boom. In Japan, by comparison, economic leaders were afraid to take decisive action and the lingering effects of the bust went on for over a decade.

Today, the world economy faces similar challenges. The property bubble does not exist only in Florida and Nevada; there are similar booms and bubbles across the globe, from China to Europe and in between. The world economy is slowing, partly because of financial excesses and partly because of an unexpected oil price spike. But many foreign leaders and foreign economic managers will be reluctant to take immediate, decisive, brutal action. Welcome to Wall Street.

I have been critical of the way the so-called “sub-prime” mortgage situation was handled beginning last year and, frankly, I believe that government made a tolerable situation intolerably worse. We are still paying the price for the poor forward thinking that triggered a “crisis” out of the sub-prime “challenge.”

But when people blunder on Wall Street, the American people’s “terrible swift sword,” Samurai-style, falls on them. Lehman Brothers? The firm now belongs to history. In weeks the bankruptcy lawyers will be tearing apart the few remaining bones. A judge will supervise the dismemberment. It will be a quick slice and dice operation. Lehman will not linger. The firm will have been cut up and devoured by the survivors. No taxpayer dollars involved.

Merrill Lynch. I feel the sale to Bank of America is a bad one. But I am not confident of being able to stop the acquisition, although I will try. Merrill Lynch was mismanaged. Someone new will get a chance to make mistakes. No taxpayer dollars involved.

American International Group (AIG)? This firm was indeed “too large to fail,” and so it was taken over by the government. Uh, that means us. But we took 80% of the company’s stock in return. That’s no incentive for a business to ask for a government bail-out.

Fannie Mae and Freddie Mac? Fannie/Freddie’s greedy managers and influence peddlers? Toast. Mortgage lending? The market will return after the bad assets are “marked to market.” Distressed assets provide a lucrative opportunity today for patient investors willing to risk their capital. That’s the American way. Mark to market, and move on.

Now please don’t get me wrong. I do not encourage or endorse weekend deal making as the preferred approach to running the economy. But I do wholeheartedly support decision-making.

And I do not support selling short the American people or their collective economic wealth which we call “the economy.” When Obama says we are in a mess, he only reflects his own confusion and impotence, not our own. Tomorrow morning, most of us will get up and go to work, 94% of us. Lehman, Merrill, AIG? Done and gone. It’s sad, and I’m sorry, but they took risks, and they paid for their errors and excesses. The abattoir works. The floors will be clean in the morning.

I do not minimize the challenges of unemployment or economic risks. If you are without a job, the unemployment rate is not 6%, it is 100%. But our economy is absorbing workers even as Wall Street deal minders are seeking new horizons.

Obama? Frankly, I don’t think he likes us very much, even though he would very much like to rule us.

McCain? He is one of us. When decisions have to be made, he will make them. But he will do with a consistent attitude: confidence in the American people and faith in their productivity and industry.

Is our economy fundamentally sound as John McCain suggests? Well, let me answer a question with a question: are the American people fundamentally sound?

Do you want to invest in a man who believes in the fundamental soundness of the American people, or invest in a man who has spent his life depreciating America and all we stand for? This time, it’s not “You the judge.” It’s, “You be the investor.”

Whom do you trust with your money? McCain or Obama?

Invest wisely. It’s your economy. A nd your future.

Now decide.

For me it is Mccain/Palin and a no vote just helps Obama

Here's the humor.

McCain says "I'm going to reform Washington...remove the special interest groups and lobbyist"

Yet he fails to mention his entire campiagn is runned by lobbyist. The American people aren't stupid.

The hype of Palin is over and the truth of both McCain and Palin's record is coming to light.

McCain still thinks that "the fundamentals of the economy are strong" so I doubt he will have any new proposals except for restating Bush proposals which got us into this problem in the FIRST PLACE.

Vanessa - Guess waht. Obama's campaign has even more lobbyist, something Obama fails to tell the public. Get your facts right before spewing nonsense.

The Palin bubble has BUST.

Now it's all about the economy.

Once again, it takes DAYS for Obama to make a decision. DAYS!

Yes, it is all about the economy.

That's why McCain is already out there speaking on his plans for reform, and Obama is barely calling a "Special Meeting."

McCain is a leader, Obama a follower.

That's all Obama would do as President, play follow the Leader, when he is the one supposed to be leading.........

Smart move Obama. The candidates can only propose what they would do. The president and congress must act as they are doing now. Obama decision shows me that someone out there is thinking before they jump in to the pot blindly. Obama 08!

Hmmmm. Someone who actually is willing to exercise patience and use logic to take all factors into consideration before jumping in to get their message out first? Sounds like a smart guy who I'll be voting for president to me!

Obama/Biden '08

Eric

Don't you read? Much has already been done and Obama is getting bed-sores from setting on his butt. This isn't the first time that he's waited until after a solution has been found before he comes up with something. Expect criticism from the shallow one -- you'll never get a solution.

No. The Obama camp is not ran by lobbyist b/c if it were the Republicans would say so everytime the Obama camp made the charge.

The Republicans are now second guessing the Palin choice. It looked great for the past 2 weeks by definitely not this one.

Oh yeah . . . Did anyone notice Warren Buffett's name there? Good leaders get all the facts on the table before making decisions. Those who make decisions without getting all the facts on the table end up . . . say . . . starting wars in Iraq?

Thank you Democrat No More. Sadly, many people won't be able to take their blinders off long enough to read what you wrote, but I agree with you and applaud the time you took to write that. I've never gotten a feeling Obama believes in me or my fellow Americans, but I've always known McCain does. And to the person who spoke of Palin's bubble bursting: you just can't stop talking about her can you?

mccain has flip flopped his way through thsi whole week...

dont tell me hes a leader... tahts such bs.

mccain doesnt know what to do about the economy... go ahead ask him... what are his ideas so far... hes had enough.. thats allwe know

obama has been on the fore front of this crisis, and mccain has been riding his tail coats

so, saying that obama is waiting to answer... is like saying mccain has a plan

they just arent true

It’s a time of upheaval and a time of fear for voters. They are more comfortable with Obama on the economy but will gladly switch to McCain if he puts together a comprehensive economic safety plan and quits making verbal blunders. Obama does not have this in the bag…

http://www.political-buzz.com/

Hey Democrat No More: In cause you don't know this, Wall Street is in a mess right now and there is still alot more money that can, or could be LOST. So letting those in charge right now do some things might just be prudent. Of Course, Senator McCain should have KNOWN that this type of crisis would happen, Do you Remember the Savings and Loan mess of the 80's?? Guess who was one of the 5 senators who stuck their nose in it and cost the taxpayer 6 billion dollars??? Don't remember? TRY Senator JOHN MCCAIN. Got reprimanded for LEANING ON REGULATORS. You do know that McCain LOVES deregulation, so does Phil Gramm his economic advisor, and WHAT WAS McCain doing yesterday???? asking for regulations and firing the SEC chief who has had his ability to regulate GUTTED by McCain and Gramm. And just so you know the President CAN NOT fire the SEC chief or any other independent Commission head. Supreme court said it was unconstitutional when FDR tried. I suggest you become part of the informed!

McBush has just tanked! tra lah! Still wants to form a committee. Looks old tired and more confused than usual!

I would rather a president that thinks about issues and doesn't shoot from the hip..

We have had enough of the "Decider" President. This economy is a complicated issue and requires some thought, not just bluster.

Can we vote out the incumbents NOW, or do you call this progress? It's your vote, USE it!

"WASHINGTON (Reuters) - Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan"

Obama has no plan. He never does. We learned how he always copied Clinton's answers.