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Obama to Support $700B Bailout If ...
September 23, 2008 5:00 PM
ABC News' Sunlen Miller reports: Shortly after landing in the Sunshine State to prepare for Friday’s first presidential debate –- Sen. Barack Obama held a news conference to discuss the emergency economic package that’s being debated in Congress, and outlined his proposals for what he would like to be included in the plan.
"The President’s stubborn inflexibility is both unacceptable and disturbingly familiar," Obama said in Clearwater Florida about the Bush administration's call today for Congress to act quickly to pass a "clean" bailout plan.
"This is not the time for my-way-or-the-highway intransigence from anyone involved," Obama said.
Obama argued the bailout plan should include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street.
The Democratic presidential candidate also wants an independent board of economic wise men and women chosen by Democrats and Republicans to provide oversight and accountability to the plan. Obama argued Treasury Secretary Henry Paulson cannot act alone on this.
Obama also called for a return on any profits made by the government from the plan to taxpayers and argued the plan should provide assistance to help to families who are struggling to stay in their homes.
Obama called for additional legislation -- not part of the administration's $700 billion Wall Street bailout package–- to pass his proposed tax cut for working families.
"The American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do about the problems on Wall Street," Obama concluded.
Obama did not say decisively if he will support the current proposal in Congress if it doesn't include the provisions he has laid out.
"The principles I outlined are principles I believe any package needs to contain for me to support it. And there are a number of ways of accomplishing it," he said, arguing that if the plan does not include his principals then he will recommend Paulson to go back to the rework another proposal.
The McCain campaign was quick to respond to Obama’s proposal, “Whether calling for a bipartisan oversight board or prohibitions on golden parachutes, Barack Obama is simply following in John McCain’s footsteps while trying to respond to this financial crisis,” McCain spokesman Tucker Bounds said in a statement.
Obama –- who is huddling with his advisors in Tampa for three days of debate preparation -- said that he will only come back to Washington to vote for the bill if it’s a close vote.
"Well look, if we get a consensus and everybody is popping champagne –- then I will probably be going back to campaign with folks who are having a tough time in places like Ohio, and Michigan and Pennsylvania. If this ends up being a close vote or a vote where the outcome is an open question then obviously this is a top priority,” he said.
September 23, 2008 in Obama, Barack, Vote 2008: Democrats | Permalink | User Comments (99)
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Yeah, Come On Ole John, put your mouth where your, well, mouth is. You say this is bad, but not out loud, SPEAK UP, take a stand. Don't keep hiding in the dark claiming that Obama's doing what YOU, YOURSELF are doing.
Ole McCain, those old guys always crap about everything, don't they?
Posted by: JR | Sep 23, 2008 5:38:11 PM
I will be voting Obama... it will be quite sometime before I ever think of putting a Republican back in office.
Posted by: beck | Sep 23, 2008 5:39:15 PM
liberati
you obviously dont understand why the law makers are waiting for mccain
its not because they want to know what he thinks
they want to make sure he doesnt FLIP FLOP AGAIN
they want to know that if hte democrats stick their necks out AGAIN for this administration and you incompetent republicans taht john mccain cant then say,
well ill oppose the bill, say george bush was being too crazy and that hte dems are really in tow with him and that i was there for the people
they dont wnat mccain to shift all the blame to them
if you dont understand why someting is happening dont comment on it
and dont act like you care about the economy or the markets because if you support mccain you support what has happened to the economy and the markets
that is after all waht happens when you stop regulating a market and let your elite friends do whatever they want
thansk but no thanks john mccain take your pig and shove it
Posted by: Bhrandon | Sep 23, 2008 5:40:50 PM
mccain hasnt been around to vote for anything in congress since january
he probably wont be there to vote for this
obama will vote if the vote is needed, there is no reason for him or mccain to cast their votes
it essentially wastes a day of their 42 days left
Posted by: Bhrandon | Sep 23, 2008 5:43:02 PM
We Don't have a "Democratic" Congress. The Democrats have a 2 vote majority in the Senate, and a very slim margin in the House, so Congress is, at least until Election Day, largely Republican.
Obama hasn't just been consulting his advisors, he's also been consulting his supporters. The provisos he's made are sound. Paulson is part of the Bush administration; Paulson came to the Bush administration from Wall Street. We can't trust either Paulson or Bush to do what's right for the American people, only what's right for their cronies and lobbyists.
Posted by: nanameow | Sep 23, 2008 5:44:56 PM
There's a huge difference between what Mccain proposed and what Obama proposed, starting with the independent commissions.
Mccain wanted a 911 style commission to come in, investigate and provide its findings to the government. Obama criticized this by saying, and I paraphrase, "We know how we got into this mess. This isn't at all like 911."
Obama was opposed to a lengthy investigation commission because he knew what caused this. Mccain didn't. Mccain thought the economy was strong until he was advised otherwise. Obama wants a commission not to investigate but to ensure that the tax payer money given in the bail out is properly utilized.
Obama's conditions are thoughtful and help the situation. Mccain's were old catch phrases.
Posted by: Ender | Sep 23, 2008 5:46:26 PM
i can see Russia from my porch!
Boys like me a lot, polar bears not so much!
How did my daughter and i get prego?
I was a POW --- prisoner of Wasillar
The road to nowhere is a dead end...
Posted by: philosopherkingtomas | Sep 23, 2008 5:51:19 PM
McCain is so scrooed.
Posted by: JJ | Sep 23, 2008 5:56:48 PM
Actually, It's time to tie Obama to Bush.
Obama is Bush 3rd term. He supports gov. bail out. He xeroxed Bush's plan.
Posted by: golfgirlusa | Sep 23, 2008 5:57:05 PM
Sorry, but I am still waiting for McCain to say whether he supports this bail-out or not. His testicles must be going numb from riding the fence so long.
Posted by: the other jd | Sep 23, 2008 5:57:21 PM
Tax payer dollars should never be used to reward the bad behavior of irresponsible CEOs at fannie mae or freddie mac.
Unless I get my cut.
Posted by: Barry O | Sep 23, 2008 5:57:48 PM
I have to agree with many others. Obama again has chosen to hide out and see how it played out instead of taking an immediate stand. To me, the Senator from Illinois is consistently afraid of what people think of him rather than grow a backbone. Neither he or Mc Cain know what they are talking about, but Mc Cain at least takes a stand whether it ends up being loved by the media or not. Obama decides based on what he think the media will love him for.
Posted by: infoseeking | Sep 23, 2008 5:57:59 PM
B-I-N-G-O
Obama nails it.
John McCain flails around all week, reversing himself, then reversing his reversals several times.
Obama steps in, looks presidential, and nails it.
Obama 08 -- It's the economy stupid.
Posted by: ron | Sep 23, 2008 6:00:02 PM
Do you GOP'ers seriously think that Obama is copying McCain's "plan?" They've both been echoing what Congress has been saying since minute one. Man, the "moral majority" seriously can't stop lying . . . and molesting children . . . and having airport gay sex . . . and smoking meth with gay prostitutes . . . and hitting on underage congressional pages (same sex of course). . . and embezzelling money on literally more than 50 occasions over the past 4 years . . . and . . .
Posted by: Ralphie1111 | Sep 23, 2008 6:02:53 PM
Popping champagne???? OMG - this man drives me nuts.
______________
Easy tiger. Here... have a cold one one me!
Posted by: PJ | Sep 23, 2008 6:03:55 PM
I guess Obama doesn't care about the poor people in Texas loosing everything from hurricane Ike. Or the thousand of people without homes, insurance, or electric. But please take time to visit the states that might elect you to the white house.
I think that several individuals have great points....lets divide the 700 billion to legal US citizens and not the citizens that were born here from illegal immigrants and let us decide what we want to do with OUR money. I am tired of the Gov't spending my money on wastefull things like bailing out companies that over spend, loan money to people that had no credit and heavily in debt...credit cards and car pmts and only had 200 in the bank account for emergencies. Please give me a break...There is plenty of blame to spread around..gov't, repeal of Glass-Steagall Act in 1998, subprime lending companies and CEO's who saw the loophole. I am a responsible US citizen and I don't want any more of my taxes going to bailouts. Give me my share of the bail out money and let me decide if I want to invest it, spend it, save it for my childrens college education or spend it on future health care needs. I think I am very qualified to decide on my own on how to spend my share of the bail out money not the former CEO of failed companies or anyone in Washington. Washington has already made a mess of things starting 30 years ago. It has taken this long for all of their mistakes, kick back to catch up with the citizens of the US. Impeach them all.........Kick out the special interest groups and lobbist make all Presidental candiates donate all their campaign funds to the failed companies.
It is about time WE, the American working middle class take back OUR country.
Posted by: camp50 | Sep 23, 2008 6:10:05 PM
I think it is hilarious that Obama comes out with a plan that is exactly like the one that McCain announced several days ago. I am more and more convinced that Obama is a complete idiot. I have read several articles talking about how the other Senators votes on the bill depend on what McCain does. Even the Dems (of which I am one). Guess in times of crisis no one looks to Obama for leadership. Probably b/c he has failed to ever show any leadership.
Posted by: sarah | Sep 23, 2008 6:19:02 PM
ahh republicans ... like wine that was never any good to begin with ,that just tastes worse the more you drink and gives you a terrible hangover .
STICK A FORK IN THE REPUBLICANS ,CAUSE THEY ARE DONE!!!
Posted by: bah | Sep 23, 2008 6:19:50 PM
McCain understands that this whole thing began and escalated with each Democratic Admistration's deregulations going all the way back to '74. Granted, Bush should have been paying attention. He pointed out the problems and along with many others pointed to the impending doom looming on the horizon. I don't blame him for not signing his name to this legislative band aide. What is needed is a cork wedged in tight and Obama doesn't see that. Tax and spend, tax and spend, tax and spend. Wealth distribution will not solve this problem. Government has been established to "protect" the people and enable them to pursue that which they will pursue..not weaken them and enable those that would live off tax payer dollars. The truth is..this is all just due to the domino effect. If Clinton had captured Bin Laden, if we had avoided 911, there would have been no war(s) and perhaps we would have had the several trillion dollars to bail out these billion dollar empires or economic growth would have given the people the power to work and make their subprime loan payments, establish credit and refi. Who knows. To me..the bail out is just polishing the brass on the Titanic. Every Republican knows it. This ain't fixable folks. The more America weakens, the stronger our enemies grow as we scramble around carring too much about white knuckling our paychecks and shopping at Wal-Mart. Iran is about to have a bomb, N Korea too. They have China and Russia aligning themselves for a power grab and we...well, it just won't matter then will it. Not for anyone. Its all about oil and we have plenty. They want more. What do I know though and where is my voice? I just hold my children, pray, do what I can to prepare and thank God for each day until Jesus comes. Yeah, you heard me. Its the horseman with the scales, stupid. Love in Christ, ~J~
Posted by: Jana Anderson | Sep 23, 2008 6:20:58 PM
Thank you, George Bush. Thank you, John McCain. Thank you, Sarah Palin. I'm sick to my stomach after reading the following:
"We are now at a tipping point, with about half of the country now penetrated by a range of Sunni militant groups including the Taliban and al Queida," Jones said. Jones said there is growing concern that Dutch and Canadian forces in Afghanistan would "call it quits."
"The US military would then need six, eight, maybe ten brigades but we just don't have that money," Jones said.
Last week, Admiral Michael Mullen, the chairman of the Joint Chiefs of Staff, told Congress "we're running out of time" in Afghanistan. "I'm not convinced we're winning it in Afghanistan," Adm. Mullen testified.
Posted by: Mr. Coffee | Sep 23, 2008 6:21:49 PM
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