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Obama to Meet with Economic Team
September 19, 2008 9:05 AM
ABC's David Kerley and Sunlen Miller report: Senator Barack Obama had big plans for this morning. Meeting with his economic team in Florida he was going to roll out his response to the deepening economic crisis. But with the Bush administration and Congress talking about a massive move to shore up the markets, Obama will stand back temporarily.
In a statement issued by the Democratic nominee, Obama said that despite his economic team meeting today – he will not provide specific details of his plan to revive the financial markets yet – and rather see the government's plan first.
“"I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal,” Obama said in a statement, “It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand.”
Warren Buffett, Paul O’Neill, Bob Rubin, Joe Stiglitz, Larry Summers, Dan Tarullo, Laura Tyson and Paul Volcker will all participate in Obama’s economic team meeting either by phone or in person in Miami Florida this morning. Democratic vice presidential candidate Sen. Joe Biden will now participate in the economic meeting by phone, in addition to Gene Sperling, who was the chief economic advisor to Sen. Hillary Clinton's 2008 presidential campaign.
The Obama campaign says that during the meeting they will, "discuss his plan to stabilize the financial system and turn the economy around. They’ll finalize Obama’s plan to call for the passage of a Homeowner and Financial Support Act that would establish a more stable and permanent solution to the crisis."
In an early morning statement today, Obama also indicated that he will support additional government intervention into the markets.
Obama – who spoke on the phone with Treasury Secretary Paulson last night – says that he supports the efforts to work with Congressional leadership to solve the crisis, and as he reviews their eventual proposal he will be guided by four principles.
"First, the plan must account for the fact that the country is in an economic crisis that is broad, not just on Wall Street, second, any taxpayer-funded support must have as its focus protecting the nation's long-term interest, third the plan must be temporarily coupled with new oversight regulations of financial institutions, and lastly plan should be part of a globally coordinated efforts with the G-20," Obama wrote.
The campaign trail rhetoric this week has been dominated by the economic news – putting the spotlight on both candidates to formulate a firm economic plan. Obama has been critical of Senator John McCain – telling audiences in battleground states this week that while he doesn’t blame McCain for the economic crisis, he does blame the hands-off, supply side, philosophy he subscribes to.
September 19, 2008 in Obama, Barack, Vote 2008: Democrats | Permalink | User Comments (60)
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First of all I see the media has no intention of letting up on its stupid biased 'reporting' of whatever can keep Obama lookin good.
Second of all , the replies are simply carved out of replies to fit the candidate you want to win.
Like a great gang of sociopaths who think their narcissistic egocentric view of the world does anyone any good.
Posted by: infoseeking | Sep 19, 2008 9:53:25 AM
Yep. It takes days for Obama to make a decision. Days. Not hours, minutes, or seconds... days!
And that is exactly why I am voting for him. The decision to allow the Feds to roll out their plan is brilliant, because if he ran out his plan and his plan is contradictory, it may have a negative effect in the market. It can produce instability.
But to sit back and allow the Feds to handle it, while showing support for what they are doing, is the best thing to me, as an investor.
I mean, isn't it about time for us to have a President that doesn't rush to judgment? Isn't it great that we may finally have a President that makes conscientious decisions and not just run out there and say foolish things?
I mean, think about John McCain and how he's handling it: First of all, on Monday, as employees of Lehman Brothers were walking down Wall Street with boxes in hand, stating that the fundamentals of the economy is strong. And he called for a "commission."
On Tuesday, he said that the fundamentals are the American worker, and that they are strong. Earlier though, we find out that unemployment is at 6.2%. That's doesn't sound like strength.
On Wednesday, took hints from Obama and started to talk about more regulation. He came up with this regulatory organization that will buy bad mortgages. Just like the organization that fixed the S&L scandal. You know, the one with the Keating 5. (John McCain was #3, right?)
On Thursday, he went back and tried to attack Obama, who was hammering him, and tried to say that Obama shouldn't have taken so much money from the management of Freddie and Fannie in campaign contributions. LOL! And then he said that one guy was over his VP committee, and the other, whom Obama never even met, was somehow advising him about the mortgage crisis. Like the VP committee is putting together his economic policies.
Meanwhile McCain's campaign is absolutely swimming in lobbyists. And Obama has not even one lobbyist in his campaign.
See, all of these gaffes is proof of how McCain will lead. Just like Bush, by the seat of his pants. Me? I am totally refreshed by the fact that a potential POTUS can take actually take some time, pause, and make the right decision.
(Oh, and by the way, President Bush is doing the right thing. He's not even in the picture, but he's letting his experts handle this crisis and answer questions. I may not like the solution, though. I will have to see more.)
Posted by: Manny | Sep 19, 2008 9:54:10 AM
Shooting from the hip is not how one solves a crisis of this magnitude. Obama has the intelligence and discipline to discuss this with advisers to develop a plan. McCain shoots from the hip and thinks later, which is why yesterday he said he would fire the SEC chair (something the President cannot do).
Even the WSJ editorial board is slamming McCain.
"In a crisis, voters want steady, calm leadership, not easy, misleading answers that will do nothing to help. Mr. McCain is sounding like a candidate searching for a political foil rather than a genuine solution. He'll never beat Mr. Obama by running as an angry populist like Al Gore, circa 2000."
Posted by: Calmer Heads Can Prevail | Sep 19, 2008 9:55:53 AM
"They are more comfortable with Obama on the economy"
Who is they? lobbyists?
Posted by: geevill | Sep 19, 2008 9:57:52 AM
Democrat no more, i say GOOD RIDDANCE. Take your bottle with you.
Posted by: Mike D | Sep 19, 2008 9:57:53 AM
kitty
did mccain care about the american people when he started to outright lie to them?
does he care about you when he continues to raise your taxes and give tax breaks to the big businesses?
is mccain making good on his promise to have an open government even as he tries to shut down trooper gate for palin until after the election?
did he know what to do when the last housing crisis happened with the keating five?
did he care about the country when he used his vp pick as a political gamble on someone who has zero experience even after saying that his vp pick probably teh most critical because of his advanced age and medical history....
mccain and his camp continue to lie and be clueless about americans
now he wants to invade spain?
no thanks, republicans, we dont want you anymore you have ruined america in the last 8 years, i dont want to see what 4 more would be like
Posted by: Bhrandon | Sep 19, 2008 9:59:06 AM
"Once again, it takes DAYS for Obama to make a decision. DAYS!"
As opposed to making a rash decision without thinking it through? That's been one of the problems with the current administration. Obama wants all the facts first, and he does not want to undermine efforts to resolve the crisis by those currently in office. When he is president he will make decisions much quicker when needed, but also take the time to think things through and hear all points of view before making a decision, which I think is an important leadership quality.
Posted by: Laura | Sep 19, 2008 10:02:47 AM
geevill, and you want McCain of the Keating 5 to handle this financial crisis? You know the man who sold his soul for campaign money from Charles Keating? The now convicted Charles Keating. The Charles Keating that McCain went on vacations with, and who caused the taxpapers to have to bailout the savings and loans of the 80's to the tune of 6 billiion dollars. You want one of the senators who was reprimanded for leaning on regulators to backoff Mr Keatings businesses. Thats what you want???? John McCain STILL STAND FOR DEregulating the economy, but I'll give him credit for one thing . He was right when he said that Wall Street was a bunch of greedy people. THAT WHY REGULATING WALL STREET is soooo important. GREEDY PEOPLE! And if you try to say he learned from that experience then why oh why does he have so many LOBBYIST ON HIS CAMPAIGN??? Anyone who believes that they are no longer "LOBBYIST" I've got a BRIGDE TO NOWHERE I CAN SELL YA" Get informed public!!!
Posted by: informed public | Sep 19, 2008 10:05:44 AM
Hey laura by the time he makes a decision the ship has sunk
Posted by: reddog0216 | Sep 19, 2008 10:07:03 AM
Who ever still supports McCain to this point (guy who wasted half a page on garbage I wont even read) is just as blind as he is. I have never seen someone flip flop more than he has in one week in my entire life. Palins first two live news interviews were a joke. I cant wait until the debates happen. That will be the end for the republicans. Its pretty much smart vs. stupid. Obama 08 or we will never recover.
Posted by: Brian | Sep 19, 2008 10:13:06 AM
reddog0216, Managing money is NOT MCCAIN's strong suit.. LOOK AT HIS campaign---early primary campaign ---- the one where he said he was going to take matching federal funds--- then borrowed money against those loans then restarted his financially bankrupt campaign????? See the picture??? No will as I said I know of a BRIDGE TO NOWHERE TO SELL YA"
Posted by: informed public | Sep 19, 2008 10:15:41 AM
Hey McCainites: Maybe one of you can till the senator that Spain is located on the continent of Europe. And that Spain has troops supporting us in Afghanistan. So maybe he just might want to talk with their Prime Minister? And while you're at, tell him that his VP actively worked to get "earmarks" for her state and Wasilla. Alaska actually has the HIGHEST per capita pork $$ in the whole nation. Maverick --BS Reformer --HH LIAR now that is a definite YES!!!!!!
Posted by: informed public | Sep 19, 2008 10:24:42 AM
Would you trust Obama to make a lif-or-death decision? The guy must sample all 33 flavors before deciding on which ice cream to pick. He finally chooses what the person before him orders.
Posted by: geevill | Sep 19, 2008 10:25:47 AM
Obama------Obama----Biden----Joe----Barack....Oyeah......................08. I can't wait to see beloved America restore its leadership image on the planet earth. America go Obama/Bden 08
Go go go go Obama/Biden.
Posted by: Penny | Sep 19, 2008 10:28:50 AM
This is scary.
Obama has no idea what to do!
He is clueless!
He's waiting for his advisors to come up with something.
On the other hand, McCain has already come up with a solution and presented it to the American people. Quick thinking by McCain.
Obama is a speaker, not a thinker.
Posted by: Mark | Sep 19, 2008 10:30:08 AM
DID PALIN BACKED RON PAUL? http://www.veeppeek.com
MORE CAME OUT ABOUT SARAH PALINS ALLEDGED AFFIAR. http://www.hotpres.com
Posted by: Janey | Sep 19, 2008 10:32:08 AM
Obama has no platitudes for the current crisis so he has nothing to say. I bet his gang of theives and thugs are working frantically on some meaningless empty statements for his teleprompter. Obama is less than an empty suit - an empty suit has a coat hanger in it.
Posted by: Norman | Sep 19, 2008 10:35:10 AM
Janey - who cares? Palin now is just another Republican ducking an investigation. That's a boring story, and so is she as a result.
Posted by: Paul | Sep 19, 2008 11:02:11 AM
Mark: "On the other hand, McCain has already come up with a solution and presented it to the American people. Quick thinking by McCain."
McCain comes up with ideas quickly, but they're mostly just emotional, kneejerk ideas that are based on false assumptions, like his authority to fire an independent watchdog commissioner.
I'll take Obama's measured and reasoned approach. That's the temperment I prefer in a president.
Posted by: Paul | Sep 19, 2008 11:04:01 AM
The Obama Campaign
“Obama or DIE”
Puff Daddy/P Diddy/whatever chanted “Obama or die” and urged his peers to elect the “first black president.”
“If they bring a knife to the fight, we bring a gun,” Obama said in Philadelphia last night. “Because from what I understand, folks in Philly like a good brawl. ”
“I need you to go out and talk to your friends and talk to your neighbors. I want you to talk to them whether they are independent or whether they are Republican. I want you to argue with them and get in their face,” he said.”
“I want everyone to give me $5 dollars. I dont care how poor you are. you can afford $5 dollars!”
The spectre of race riots in the street if Obama does not get the nomination is reminiscent of Obama’s cousin in Kenya, Raila Odinga, and his party, the ODM, threatening and then causing mayhem after the 2007 election in Kenya.
Brazile used scare tactics to assure that Superdelegates supported her candidate, Obama, by saying that “there will be blood” if her candidate did not receive the nomination.
Tennessee state Rep. Mike Kernell (D) has his son David hack in to Governor Palin’s email.
There is a connection between David Kernell and David Plouffe— Barack Obama’s Campaign Manager!
#
Posted by: HP Boston | Sep 19, 2008 12:33:18 PM
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