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Obama Urges Bailout Passage to 'Prevent Catastrophe'

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October 01, 2008 12:45 PM

ABC News' Sunlen Miller Reports: Senator Obama, at a rally before almost 15,000 people in Wisconsin, admitted the emergency economic bailout plan wasn't perfect but urged Congress to pass the bill in order to prevent a financial catastrophe.

"This plan is not perfect," Obama admitted at the rally in LaCrosse, "Democrats and Republicans in Congress have legitimate concerns about it. I know many Americans share these concerns. But it is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe."

After the rally, Senator Obama is flying back to DC. He told the gathered crowd he intends to cast his vote for the bill before the Senate today. The Obama campaign says that he has spoken to congressional leaders, government leaders and rank-and-file leaders of Congress on the phone today about the vote.

"I've been reaching out to leaders in both parties to do whatever I can to help pass this plan," Obama said, "I'll be flying back to Washington today to cast my vote to safeguard the American economy."

Yesterday Obama proposed an FDIC hike, one that he says he's pleased will be in the legislation the Senate will be voting on tonight in DC in addition to the other four taxpayer protection principles.

The bailout bill suffered a surprising defeat on Monday and Senator Obama had a simple message for those who opposed it: now is the time to act, even if the bill may not be perfect or popular.

"To the Democrats and Republicans who have opposed this plan, I say this– step up to the plate do what's right for the country even if it's not popular, because the time to act is now."

While Sen. John McCain's name was absent form Obama's last speech – today Obama reinvigorated part of his stump speech on taxes to draw comparisons with his Republican rival.

"I want everybody to know the differences between myself and Sen. McCain on this campaign. I will begin by reforming our tax code so that it doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it," Obama said.

Obama said not to believe the ads that were coming for the "other side" saying that he intends to raise taxes.

And perhaps sending a sign to Gov Sarah Palin that she -  as "Joe Six Pack" - doesn't have a corner on the beer-drinking market, Obama joked that since Oktoberfest was going on in LaCrosse that maybe he’d join in.

"Let me call my campaign staff and see if I can have a pint with you."

October 1, 2008 in Obama, Barack, Vote 2008: Democrats | Permalink | User Comments (139)

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Yep one of Obama's big contributors Goldman is going to hurting if this bailout doesn't go through.

Posted by: Ben Straub | Oct 1, 2008 1:00:15 PM

Ya, we will see once he reads it. What does he mean by "not perfect" what does he not like about it. I trust him more than anyone working on this thing.

Posted by: beck | Oct 1, 2008 1:03:39 PM

He lost my vote. 1st FISA betrayal, and now bailouts for billionaires, from their millionaire buddies in congress; On the back of the American taxpayer... When IS enough ENOUGH. Ist they give into the wars, then they vote to destroy our constitution and personal privacy, and NOW they want us to be subjected to a financial patriot act, that puts all the risk on US, and gives their criminal cronies OUR money to be able to continue steal even more money from us and give to the international bankers and countries like China, England, and of all places Russia. Why are we stealing money and savings from US citizens and giving it to FOREIGN BANKS!!! How does that help OUR economy!?! I think between the wars and the recession that we are already in since the fourth quarter of last year; I don't think we need to bleed the American taxpayer and give away OUR hard earned money to subsidize FOREIGN BANKERS! On top of Wall St. America... WHEN is enough ENOUGH!!! Contact your members of congress and get them to KILL this bill a 2nd time!!! Don't let the Senate or the President, bully the House Republicans to capitulate to the House Democrats and Pelosi and bail out the billionaires, on the backs and personal accounts of YOU and ME, and our children.

Posted by: hmn | Oct 1, 2008 1:14:30 PM

I do wish that Washington, on both sides of the isle, would invite some real economic experts into the process so a deal can be worked out that is the best for the economy and the country with the 'politics' portion removed. I do not favor a bailout, as I believe that would punish those who have been responsible with their money, while rewarding the one who were irresponsible.

Posted by: aj1221 | Oct 1, 2008 1:15:09 PM

Well at least he is being honest saying its not perfect he doesnt like it HONESTY where mccain just wants it passed he doesnt care Mccains looking out for his lobbysit friends

Posted by: angie | Oct 1, 2008 1:16:15 PM

Does he think he's in England? Who has a pint?

Posted by: Kitty | Oct 1, 2008 1:18:23 PM

"Let me call my campaign staff and see if I can have a pint with you."

Once again Obama shows how out of touch he is with real America. No American talks about having a "pint". Does Obama want a bag of "crisps" with that?

Posted by: geevill | Oct 1, 2008 1:18:52 PM

By "campaign staff" he probably means he has to go ask Michelle.

Posted by: Kitty | Oct 1, 2008 1:21:55 PM

This bill IS A SHAM! Oppose it at all costs!


It is a giant land grab by several institutions, especially Goldman Sachs! Just as NJ's governor, who is a former Goldman CEO, the Treasury head is former Goldman. Guess who is the main benefactor of this deal... you got it. Goldman! NJ's governor, Jon Corzine, and the NJ government over the past several years have directly benefitted Goldman Sachs. It's a running joke in NJ that Goldman seems to be the ONLY lending institution in the country. FORMER GOLDMAN PEOPLE TAKE CARE OF GOLDMAN... PERIOD!


Dennis Kucinich (D-Ohio) is 100% correct on this problem. If the problem is bad mortgage debt, then the problem should be solved from the BOTTOM UP! Just like how Obama wants to correct the economy and help the middle-class by starting from the BOTTOM UP! If Goldman wasn't getting any money from this deal, I might think that it has a bit of legitimacy to it. But Goldman seems to be the main beneficiary of this plan.


Floating money from the TOP DOWN WILL NOT correct this problem - THE BAD MORTGAGES WILL STILL EXIST! Fix the bad mortgages - Stop the foreclosures - Save the people's homes. If the big institutions are complaining about the bad mortgages, How can they complain if the bad mortgages are addressed? DO NOT GIVE THEM THE MONEY DIRECTLY!


THIS IS A LAND GRAB AT THE EXPENSE OF THE AMERICAN PEOPLE!

Posted by: Wayne | Oct 1, 2008 1:22:31 PM

GOD is NOT on the REPUBLICAN SIDE.

ENOUGH of REPUBLICAN LIES and BLAMING GAME.

ENOUGH of REPUBLICAN DISASTERS. 8 years is more than enough.

ENOUGH of BULLIES in the WHITE HOUSE.

DEMOCRATS for 09'

Posted by: tired of lies | Oct 1, 2008 1:23:53 PM

Quote: "Once again Obama shows how out of touch he is with real America. No American talks about having a "pint". Does Obama want a bag of "crisps" with that?"

It appears that it is _you_ who are out of touch.. come on down to our local pub and you can see some real American workers putting down a few pints. Sorry we don't fit your world view..

Posted by: aj1221 | Oct 1, 2008 1:24:50 PM

If the bill fails tomorrow in the House, the market may drop 1000 points. The bill must pass because there are too many people who will panic if it doesn't.

Credit lines are already drying up; there is no choice now. What a bunch of morons to let it come to this.

Posted by: 1percenter | Oct 1, 2008 1:25:06 PM

Does he want aragula with his "pint"? Seems to me when McCain said it wasn't perfect, that he didn't want to do it, but needed to, the Obots had a screamin mimi...

Posted by: samhiguchi | Oct 1, 2008 1:25:07 PM

I don't agree with Senator Obama's assessment either. I think these companies need to crumble. Can America afford to keep dumping money into these decripit institutions? But he's still getting my vote. Better him than McCain/Palin.

Posted by: che099 | Oct 1, 2008 1:25:33 PM


Please join facebook's 700,000,000,000 strong against the 700 billion bailout.

Also contact your representative and express you are against this.

http://schumer.senate.gov/SchumerWebsite/contact/webform.cfm

http://clinton.senate.gov/contact/webform.cfm?subj=issue

I am expressing I'm unhappy with the idea of a bailout. I feel if passed Americans will pay yet again for others greed and poor choices. I vote no.

Posted by: C Dickinson | Oct 1, 2008 1:26:04 PM

arugula...sorry (just in case the grammar police are around)

Posted by: samhiguchi | Oct 1, 2008 1:26:54 PM

John McCain warned about corruption at Fannie Mae and Freddie Mac in 2005. He even introduced a bill to address the problems. The Democrats (Barney Frank, Maxine Waters, etc.) insisted there were no problems at these institutions. Now it’s clear that McCain was right, but somehow McCain and the Republicans are to blame for this mess? Are you Obamabots crazy? The mortgage crisis is at the heart of this financial meltdown, and it is the Democratic Party who supported ACORN in its quest to make sure low-income people got homes, whether they could afford them or not. You know ACORN – the group that registers their pets and dead people to vote Democratic? As a Democrat, even I can see the Republicans are getting the bum rap for this. The Bush administration has been a disaster, and the Republicans are far from pure, but it’s clear to me that the Democratic elite (not ordinary Democrats) are at the heart of this particular financial problem. The Democrats want to strengthen their numbers in the minority community, and Republicans were hamstrung in their efforts to address these issues because they did not want to be called racists. Now we see what happens when low-income people buy houses they can’t afford – the rest of us wind up footing the bill. This fed-up Democrat has seen the light.

Posted by: Ex-Democrat | Oct 1, 2008 1:30:02 PM

Uh...they have pints at Oktoberfest in LaCrosse, WI. Obviously you've never been or you'd know that.

Not that you would ever go...they have beer that isn't from a can and that is way above your level of patriotism.

Posted by: Greg | Oct 1, 2008 1:32:42 PM

The Repugs railing against the bailout are just stupid.

Our house is on fire.

Instead of doing everything to put the fire out, you want to chase those who set the fire.

By the time you catch them the house would have burned to ground you morons.

If we have to catch and jail those who set the fire like you neocons say, we should:

IMPEACH BUSH AND CHENEY.


Posted by: Steve_NJ | Oct 1, 2008 1:35:14 PM

geevill and kitty,

don't know bout you but here in small town PA.,the origin of Octoberfest, IT ALWAYS HAS AND ALWAYS WILL BE CALLED A "PINT"

Posted by: here in pa | Oct 1, 2008 1:36:06 PM

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