The Trail: A Daily Diary of Campaign 2008

Archives

Primary Source

Candidate Reaction: Wall Street Falters

Sens. Barack Obama and John McCain issued statements on the situation in the financial markets this morning, with Obama faulting the economic philosophies of McCain and President Bush as leading to present economic woes and McCain praising the decision of the Federal Reserve and the Treasury Department not to bail out failing Wall Street investment bank Lehman Brothers.

Obama: "This morning we woke up to some very serious and troubling news from Wall Street.

"The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.

"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.

"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years -- one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.

"Well now, instead of prosperity trickling down, the pain has trickled up -- from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.

"This country can't afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market -- rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle class together. That is the change I am calling for in this campaign, and that is the change I will bring as President."

McCain: "The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers. I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.

"It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my Administration. In order to do this, major reform must be made in Washington and on Wall Street. We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors. The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."

Posted at 9:41 AM ET on Sep 15, 2008  | Category:  Primary Source
Share This: Technorati talk bubble Technorati | Tag in Del.icio.us | Digg This
Previous: Biden: 'Whatever Happened' to McCain's Principles? | Next: Empty Seats Greet McCain at Fla. Rally


Add 44 to Your Site
Be the first to know when there's a new installment of The Trail. This widget is easy to add to your Web site, and it will update every time there's a new entry on The Trail.
Get This Widget >>


Comments

Please email us to report offensive comments.



Palin believes men walked the earth the earth with dinosaurs.

Think about that.

Posted by: Becca | September 15, 2008 11:05 PM

John McCain come off a lot stronger again than Barack Obama. McCain offers consistent strategies and solutions where Obama offers blame and rhetoric.

Obama's number one plan is a $1,000 check for every American as "emergency energy releif". Sounds just like Bush to me - more of the same.

McCain's number one plan is to strengthen the dollar by reducing our debt and improving oversight of our financial markets. Sounds like a real plan to me!

Count me as a Democrat for McCain!

Posted by: Check it out | September 15, 2008 9:54 PM

McCain today:

"Our economy, I think still -- the fundamentals of our economy are strong."

Really, Senator?

Posted by: Nutmeg | September 15, 2008 9:39 PM

On a side note...This weepy crap about how McCain can't use the internet because of his injuries. Prior to neck surgury, I was pretty well compromised in the use of my arms for two years. I still managed to "one finger" may way through work every day. McCain is the one who said he was a computer "illiterate". He also claims to pretty slow on the economy.

Posted by: willandjansdad | September 15, 2008 4:57 PM
---------------------
I agree, this story just doesn't wash. Hasn't McCain ever heard of a Blackberry?

Posted by: Steve | September 15, 2008 9:32 PM

Our national security is in shambles after Bush. Iraq has a govt that is pro-Iranian. Osama Bin-Laden is free (wanted dead or alive?). Pakistan defies us. We have an oil only policy under Bush so now our enemies in Venezuela, Russia, and Iran are RICH. Iran almost has nuclear weapons.

Bush/McCain are all TALK. Help! We need a real leader who will protect us.

Bush/McCain folks thought we would begin drawing down US soldiers in Iraq in fall 2003. Oops. here we are five years later.

Posted by: Nutmeg | September 15, 2008 9:29 PM

Now Palin won't meet with the "Troopergate" investigators because the McCain campaign has decided that the investigation is "tainted." Anything to push the conclusion of that investigation until after the election. I hope they subpoena her.

Posted by: S. | September 15, 2008 9:27 PM

More McCain corruption and ties to sleaze from a Republican writer in Connecticut:

http://www.courant.com/news/opinion/columnists/hc-rennie0914.artsep14,0,2182551.column

Posted by: nutmeg | September 15, 2008 9:21 PM

Gov. Palin cannot compose a grammatically correct sentence if it is not written for her. Sound like anyone else you know? She and he also happen to pronounce nuclear the same (wrong) way. God help us. Do Americans really want to teach their youth that, not only is it okay to be illiterate and proud of being a mediocre student, it makes you better qualified to be POTUS than any liberal will ever be?

Posted by: themis | September 15, 2008 9:13 PM

"....Track, Trig, Bristol, Piper -- for a minute there I thought she was calling in an airstrike."

Posted by: Anonymous | September 15, 2008 8:42 PM

Founding Member of the Keating Five

Back in the old days, defendants in famous trials got numbers -- the Chicago Eight, the Gang of Four, the Dave Clark Five, the Daytona 500. McCain was one of the "Keating Five," congressmen investigated on ethics charges for strenuously helping convicted racketeer Charles Keating after he gave them large campaign contributions and vacation trips.

Charles Keating was convicted of racketeering and fraud in both state and federal court after his Lincoln Savings & Loan collapsed, costing the taxpayers $3.4 billion. His convictions were overturned on technicalities; for example, the federal conviction was overturned because jurors had heard about his state conviction, and his state charges because Judge Lance Ito (yes, that judge) screwed up jury instructions. Neither court cleared him, and he faces new trials in both courts.)

Though he was not convicted of anything, McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."

Mafia ties:

In 1995, McCain sent birthday regards, and regrets for not attending, to Joseph "Joe Bananas" Bonano, the head of the New York Bonano crime family, who had retired to Arizona. Another politician to send regrets was Governor Fife Symington, who has since been kicked out of office and convicted of 7 felonies relating to fraud and extortion.

Adulterer

For a guy campaigning on family values, John McCain has broken up a lot of marriages. When he met his first wife (a swimsuit model), she was married to another man. After breaking that marriage up, she stuck by him loyally as he went off to war and was a prisoner for 5 and a half years. When he returned to America, though, he found out that she had been in a car wreck and wasn't as pretty. So he had a series of affairs, by his own admission, and dumped his wife and adopted family for a younger, very rich blond (now Cindy McCain.) Cindy, the daughter of a wealthy Budweiser beer distributor, was addicted to prescription narcotics and even stole hard drugs from a medical charity that she ran. In February, 2008, the New York Times ran a big article about the unusually close relationship between John McCain and a young telecommunications lobbyist named Vicki Iseman (who looks uncannily like Cindy McCain did when SHE was 25). They became so close that his staff, convinced they were having an affair, confronted both McCain and Iseman, telling them to back off. Now, a lot of people have criticized the Times for hinting without actually saying that McCain had sexual relations with that woman. But really, it doesn't matter. It's a matter of record that he accepted money and favors from her, spent a lot of time for her, and did favors for her clients. Among other things, McCain wrote two letters -- from a draft provided by Vicki Iseman -- to the head of the Federal Communications Commission -- which was way out of line, since McCain headed the Senate Commmerce Committee, which controls the FCC. McCain's pressure was so outrageous that, even though McCain was in charge of funding his commission, the FCC commissioner wrote a letter back rebuking him for his interference, at the height of McCain's "ethics in government" campaign.

So, was McCain sleeping with her, hoping to sleep with her, or being subconsciously manipulated by a cute young woman? It doesn't really matter. He was being led by his groin into ethical violations. Let's face it, he was 64 at the time and is 72 now. Whether he is still cheating or not, he seems to be led by his dick; witness the videos of McCain checking out Sarah Palin's butt during the speech where he introduced her.

Posted by: John McCain's History | September 15, 2008 8:12 PM

How Obama deals with the economic problem: another Wall Street giant, the Goldman Sachs saddled with bad loans, prime-sub mortgages, high risk derivates and bonds buckled today. The announcement that the Goldman Sachs lost $50 billion in this quarter unnerved the stock market. A massive exodus of funds began sending the ripple effect across the world. President Obama was informed about this development by his Secretary of Treasure, Gov. Corzine of New Jersey, former Chairman of the Goldman Sachs. President Obama called his VP Sen. Biden and asked if this is serious development. Sen. Biden drawing on his 36 years of work in the US Senate unequivocally reinforced President Obama’s opinion. VP Biden received a phone call from his son telling him that he lost all his stocks invested with the Goldman Sachs. Goldmas Sachs stocks after the opening session on Dow Jones dropped 80% to $5. Alarmed Chairman called his colleague Gov. Corzine with a request for an intervention. President Obama has called a meeting of his economic advisers to the Verizon Center hastily rented for this occasion from the Washington Wizards. Over one thousands economic advisers assembled at the center at noon. Another 100 hundred advisers were on their way. President Obama turned on the CNN and watched with his advisers Lou Dobbs commentary on the unveiling crisis on Wall Street. Then selected advisers spoke for three minutes each on this topic. President Obama listened to 97 speakers over a period of 5 hours. Everybody took a break for a dinner served by vendors. President Obama had a hot dog with a pretzel ($10) with a bottle of water ($4). After a recess, President Obama asked pointed questions to 17 speakers. President Obama agreed with his VP Biden that an action is needed. He requested that the advisers divide themselves into 20 teams and present to him their three best options. Around 9 pm. all teams concluded their work. President Obama looked through 20 sets of options and stated that 18 teams included the following options: federal injection of $35 billion to the Goldman Sachs tomorrow morning; 15 teams suggested smaller amounts; 10 teams also included a federal takeover of the firm. President Obama stated that only 1 team suggested no federal intervention whatsoever. President Obama, VP Biden and Secretary Corzine went to the sky box and discussed their final decision. Around 10 pm. President Obama announced through the loudspeakers that the federal government will bail out the Goldman Sachs with a $50 billion cash infusion in the morning. Then he announced that a DJ was invited for those who would like to stay and party. Large crowd of angry basketball fans greeted President Obama outside of the arena. The Washington Wizards game had to be postponed this evening. President Obama invited the crowd inside for the DJ party. Free hats, tea shirts, and coffee mugs with Obama/Biden names were handed out.

Posted by: Wiel | September 15, 2008 8:00 PM

Obama demagogued the issue and McCain said, "I'm gonna fix it."

Winner: McCain.

They speak of McCain's admission that economic matters have not been his strong suit, but what experience does Obama have in economic matters? He's got that crook Franklin Raines who stole Fanny Mae blind as one of his trusted economic advisors.

What is going on is a major correction in the markets that is going to cause a major restructuring of the financial industry. Creative destruction. It's going to be a very explosive week. Buckle em on.

Posted by: theduke | September 15, 2008 7:34 PM

All Mccain can do is attempt to hide blame to Bush. That's what Americans have come to expect from Mccain. They don't expect him to have any credible plan or a way to implement one. All he can offer is empty words. Mccain is fooling a smaller amount of voters daily . You can only BS and try to hide blame to the Bush administration for so long. Americans know what the last 8 years were about. They want to hear concrete plans about the future and not more esoteric BS from Mccain.

Posted by: Anonymous | September 15, 2008 6:49 PM

Posted by: dippa | September 15, 2008 7:29 PM

All Obaby can do is attempt to assign blame to Bush and/or McCain. That's what Americans have come to expect from Obaby. They don't expect him to have any credible plan or a way to implement one. All he can offer is empty words. Barry is fooling a smaller amount of voters daily as reflected in his falling poll numbers. You can only BS and try to assign blame to the Bush administration for so long. Americans know what the last 8 years were about. They want to hear concrete plans about the future and not more esoteric BS from Barry.

Posted by: Anonymous | September 15, 2008 6:49 PM

Scott is a one issue voter: The Logan Act!

LOL - too funny!

Posted by: Sally | September 15, 2008 5:54 PM
*************
No Sally- Hypocrisy-
Claiming McCain wanted a 100 year war, Obama went to Iraq and negotiated a DELAYED exit for our troops!
How can that Not bother you Sally?

And Corn Ethanol...

And the his opposition to the Infant Protection Act...

And Tony Rezko....

And Bill Ayres...


*********
National Review

Monday, September 15, 2008


Did Obama Violate The Logan Act? [Jonah Goldberg]


Amir Taheri:

WHILE campaigning in public for a speedy withdrawal of US troops from Iraq, Sen. Barack Obama has tried in private to persuade Iraqi leaders to delay an agreement on a draw-down of the American military presence.

According to Iraqi Foreign Minister Hoshyar Zebari, Obama made his demand for delay a key theme of his discussions with Iraqi leaders in Baghdad in July.

"He asked why we were not prepared to delay an agreement until after the US elections and the formation of a new administration in Washington," Zebari said in an interview.

Obama insisted that Congress should be involved in negotiations on the status of US troops - and that it was in the interests of both sides not to have an agreement negotiated by the Bush administration in its "state of weakness and political confusion."

"However, as an Iraqi, I prefer to have a security agreement that regulates the activities of foreign troops, rather than keeping the matter open." Zebari says.

Though Obama claims the US presence is "illegal," he suddenly remembered that Americans troops were in Iraq within the legal framework of a UN mandate. His advice was that, rather than reach an accord with the "weakened Bush administration," Iraq should seek an extension of the UN mandate.

While in Iraq, Obama also tried to persuade the US commanders, including Gen. David Petraeus, to suggest a "realistic withdrawal date." They declined.
____

In 1975, Senators John Sparkman and George McGovern were accused of violating the Logan Act when they traveled to Cuba and met with officials there. In considering that case, the U.S. Department of State concluded:

The clear intent of this provision [Logan Act] is to prohibit unauthorized persons from intervening in disputes between the United States and foreign governments. Nothing in section 953 [Logan Act], however, would appear to restrict members of the Congress from engaging in discussions with foreign officials in pursuance of their legislative duties under the Constitution. In the case of Senators McGovern and Sparkman the executive branch, although it did not in any way encourage the Senators to go to Cuba , was fully informed of the nature and purpose of their visit, and had validated their passports for travel to that country. Senator McGovern’s report of his discussions with Cuban officials states: "I made it clear that I had no authority to negotiate on behalf of the United States — that I had come to listen and learn...." (Cuban Realities: May 1975, 94th Cong., 1st Sess., August 1975).

OBAMA CAME TO NEGOTIATE A POLITICALLY EXPEDIENT DELAY IN THE WITHDRAWL OF OUR TROOPS- WAS HE AFRAID THE "100 YEARS WAR" CLAIM WOULD BE CONSIDERED THE JOKE IT ALWAYS WAS?

WHAT A HYPOCRITE !!!

WELL AT LEAST HE'LL HAVE ONE MORE THING IN COMMON WITH MCGOVERN AFTER NOVEMBER!

Posted by: Scott | September 15, 2008 6:47 PM


The Republican Administration of Bush/McCain has impacted the economy much the same way the 9/11 did..

Time to change.

Posted by: Center | September 15, 2008 5:58 PM

Congress controls Wall Street more than the Presidency and who do you think has had both houses for the last two years? Democrats. Where was all their high talk yesterday? What is needed is transparency and that is what McCain-Biden are proposing. Those who request earmarks, etc. should have their names and what the earmarks are for published on the front page of newspapers. And don't give me the crap about Palin getting earmarks. She is in the process of weaning Alaska off earmarks, which are a form of welfare, and you can't just do it cold turkey. She has significantly cut it from where she started.

Posted by: Georgetowner1 | September 15, 2008 5:29 PM

To keith. CAN'T YOU READ ENGLISH ? I DON'T RUN FOR OFFICE, BUT YOU ASK ME FOR MY PLAN AND SOLUTIONS FOR THE PROBLEMS OF THE COUNTRY ? WHAT A MORONIC RESPON. A TYPICAL HYPOCRITE REPUBLICAN TRY TO TWIST THE TRUTH. BY THE WAY I AMN'T OBAMA OR McSAME SUPPORTER,I JUST DON'T LIKE THE MESS THAT THE COUNTRY IS IN AND CREATED BY THE BUSH ADMINISTRATION. OR YOU WANT TO BLAME THE WEATHER FOR THIS MESS ! P.S. MY FIRST RESPOND WAS KILLED BY WASHINGTON POST ; OHH I FORGOT THAT IS THE HEADQUARTER OF THE REPUBLICAN PARTY HERE!

Posted by: Dick | September 15, 2008 5:27 PM

Look,
McC woule rather lose the erection than get the economy right. He can't understand it and can't resolve it.
Adopting his VP candidate's view, though: he can see Wall Street from Washington, maybe, and that is enough to make him an expert.

Posted by: melvina astro | September 15, 2008 5:08 PM

On a side note...This weepy crap about how McCain can't use the internet because of his injuries. Prior to neck surgury, I was pretty well compromised in the use of my arms for two years. I still managed to "one finger" may way through work every day. McCain is the one who said he was a computer "illiterate". He also claims to pretty slow on the economy.

Posted by: willandjansdad | September 15, 2008 4:57 PM

don't you just love it; John McCain proposing change and new legislation to "reform or antiquated regualatory system." This from a man whose party has ignorerd the laws on the books and allowed the greatest financial meltdown in history since the Great Depression on their watch.

Why should we reward the Republican party with another four to eight years of the same? And as far as McCain's call for reform is concerned, wasn't he one of the Keating Five in the Lincoln Financial scam"
Yeah, he knows a bit about scamming the system and making a bundle at the taxpayer expense.

On this issue one of Barack Obama's favorite statements of late is appropriate: Do they thing you are stupid?
Evidently, YES,

Posted by: bobfbell | September 15, 2008 4:50 PM

Monday, September 15, 2008


Did Obama Violate The Logan Act? [Jonah Goldberg]


Amir Taheri:

WHILE campaigning in public for a speedy withdrawal of US troops from Iraq, Sen. Barack Obama has tried in private to persuade Iraqi leaders to delay an agreement on a draw-down of the American military presence.

According to Iraqi Foreign Minister Hoshyar Zebari, Obama made his demand for delay a key theme of his discussions with Iraqi leaders in Baghdad in July.

"He asked why we were not prepared to delay an agreement until after the US elections and the formation of a new administration in Washington," Zebari said in an interview.

Obama insisted that Congress should be involved in negotiations on the status of US troops - and that it was in the interests of both sides not to have an agreement negotiated by the Bush administration in its "state of weakness and political confusion."

"However, as an Iraqi, I prefer to have a security agreement that regulates the activities of foreign troops, rather than keeping the matter open." Zebari says.

Though Obama claims the US presence is "illegal," he suddenly remembered that Americans troops were in Iraq within the legal framework of a UN mandate. His advice was that, rather than reach an accord with the "weakened Bush administration," Iraq should seek an extension of the UN mandate.

While in Iraq, Obama also tried to persuade the US commanders, including Gen. David Petraeus, to suggest a "realistic withdrawal date." They declined.
____

In 1975, Senators John Sparkman and George McGovern were accused of violating the Logan Act when they traveled to Cuba and met with officials there. In considering that case, the U.S. Department of State concluded:

The clear intent of this provision [Logan Act] is to prohibit unauthorized persons from intervening in disputes between the United States and foreign governments. Nothing in section 953 [Logan Act], however, would appear to restrict members of the Congress from engaging in discussions with foreign officials in pursuance of their legislative duties under the Constitution. In the case of Senators McGovern and Sparkman the executive branch, although it did not in any way encourage the Senators to go to Cuba , was fully informed of the nature and purpose of their visit, and had validated their passports for travel to that country. Senator McGovern’s report of his discussions with Cuban officials states: "I made it clear that I had no authority to negotiate on behalf of the United States — that I had come to listen and learn...." (Cuban Realities: May 1975, 94th Cong., 1st Sess., August 1975).

OBAMA CAME TO NEGOTIATE A POLITICALLY EXPEDIENT DELAY IN THE WITHDRAWL OF OUR TROOPS- WAS HE AFRAID THE "100 YEARS WAR" CLAIM WOULD BE CONSIDERED THE JOKE IT ALWAYS WAS?

WHAT A HYPOCRITE !!!

WELL AT LEAST HE'LL HAVE ONE MORE THING IN COMMON WITH MCGOVERN AFTER NOVEMBER!

Posted by: Scott | September 15, 2008 4:45 PM

Believe it or not, you can find out where Mr. McCain and Mr. Obama stand on the economy by following the two links that follow.

http://www.barackobama.com/pdf/issues/economy/EconomicPolicyFullPlan.pdf


http://www.johnmccain.com/Images/Issues/JobsforAmerica/briefing.pdf

Of course, this means that you will have to TAKE THE TIME TO THINK about what these possible economic policies might mean for you, your families, and the nation. Your net worth most likely took a beating today. Perhaps you should try to figure out whether Mr. Obama’s or Mr. McCain’s policies might stabilize our very volatile financial markets.

The web sites for the two candidates have issue briefs on everything from judicial philosophy to health care to national security. Remember, you really should not criticize someone’s ideas unless you understand them.

AS A CITIZEN OF THIS COUNTRY YOU GET TO HELP DETERMINE THE FUTURE OF THIS COUNTRY. NOT EVERYONE IN THE WORLD HAS THIS RIGHT OR RESPONSIBILITY. DO NOT TAKE IT FOR GRANTED. BY NOT TAKING BOTH OF THESE CANDIDATES SERIOUSLY YOU ARE SHIRKING ON YOUR RESPONSIBILITY AS A CITIZEN.

Posted by: rmillerxznu | September 15, 2008 4:45 PM

Maybe America can marry Cindy McCain and never worry about money again! It worked for John.

Posted by: Dale get out of my trashcan | September 15, 2008 4:28 PM

Where's Larry Craig when you need him?
Oh, I forgot, he's hanging out with all the other Republican sicko liars.

Just another event to show that, while the Republicans can pass legislation attempting to protect one woman on life support systems from being allowed to die, they can't protect the rest of us from losing our homes and pensions. Im just so sick of the idiocy of those Americans who think that the Party that has given us big government, record deficits, and Larry Craig will ever care about normal people who pay into 401k's and hope to live a reasonable life...

Posted by: Hacksaw | September 15, 2008 4:18 PM

While there is a lot of blame to go around, this financial situation is a direct result of the subprime mortgage meltdown. The collapse of Fannie and Freddie can be traced to loosening standards at HUD. Who has the most contributions to their campaign from Fannie, Freddie and Wall Street firms? Obama.
http://www.politico.com/blogs/bensmith/0908/Friends_of_Lehman.html?showall

Obama has raised a full $395,574 from employees and of the now-bankrupt Lehman brothers, second only to Hillary Clinton.

Obama's biggest donors: So much for the small contributor
Goldman Sachs $691,930 University of California $611,207 Citigroup Inc $448,599 JPMorgan Chase & Co $442,919 Harvard University $435,769 Google Inc $420,174 UBS AG $404,750 National Amusements Inc $389,140 Microsoft Corp $377,235 Lehman Brothers $370,524 Sidley Austin LLP $350,302 Moveon.org $347,463 Skadden, Arps et al $340,264 Time Warner $338,527 Wilmerhale Llp $335,398 Morgan Stanley $318,070 Latham & Watkins $297,400 Jones Day $289,476 University of Chicago $278,885 Stanford University $276,038


In addition, 2 former Fannie chairs, Jim Johnson and Franklin Raines have been advisors to Obama's campaign and are responsible for bundling millions in contributions.


In recent history, HUD Director, Cuomo (during the Clinton years) pushed Fannie and Freddie into the risky sub-prime markets - the begining of the end:
“[Andrew Cuomo] turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded “kickbacks” to brokers that have fueled the sale of overpriced and unsupportable loans. ”
http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

For Obama to suggest that McCain is to blame is laughable.

Posted by: Voter for Truth | September 15, 2008 3:41 PM

Who pays any attention to what McCain says about the economy?

He stated in a forum with all the other Republican candidates that he didn’t know much about the economy.

This statement, I believe, was his “straight talk” before he
opted out of this for half truths, misleading statements, and
lies.

Posted by: janye | September 15, 2008 3:41 PM

Alright, you've made your point Obama, McCain is to blaim for the economy. So where's your plan ?? You can point the finger all you want, but till you come up with a PLAN for that "change" you talk about, you're little more than hot air.

At least McCain pointed to what needs to change and what worked for a change (no bailout of LEH) and he didn't waist energy throwing insults at Obama. Good for him.

Were still waiting for that executive approach to issues Obama, throwing insults isn't part of it.

Posted by: Keith | September 15, 2008 3:39 PM

G.BUSH AND J.McCAIN SAID THIS MORNING THAT, "THE ECONOMY IS FINE". THIS PLUS OTHER COMMENTS THEY MADE IN THE PAST PROVES THAT, THESE TWO MORRRONS ARE TWINS SEPERATED AR BIRTH. ARE THE REPUBLICANS SO EXTREME MORONS,BIGOTS,RACISTS, THAT IN 2008 THE COLOR OF A CANDIDATE IS MORE IMPORTANT THAN A WHITE MUMMY WITH NO SOLUTIONS FOR THE NATION'S PROBLEMS ?

Posted by: Dick | September 15, 2008 3:27 PM

scrivener said: "I am watching Sarah Palin's stump appearance in Colorado.

She is an INCEDIBLE speaker."

Don't you mean "She is an INEDIBLE speaker?"

I mean, it makes much more sense!

Palin/McCain 2008: Thanks, But No Thanks!

Posted by: Anonymous | September 15, 2008 3:27 PM

mortgage crisis? Johm McLame thinks the economy is strong. His VP say's the same. Two lost idiots holding hands and looking like the fools they're thought to be. This idiot thinks that the fundamentals of our economy is strong. Lets see, Berh Sterns, Merill Lynch, Lehmann bros.,AIG all going under, but Hey, the economy is strong! After she showed the world just how stupid she was with her interview, this clown comes up and just remove all doubt about just how stupid he is.

If this wasn't enough, McClames camp in an attempt to bundle all the negative things being said about Palin to Obama but it backfired!!!

Obama didn't have to let the world know that Palin is:
1.under investigation for abuse of power in troopergate.

2.Hired the same lobbyist that Ted Stevens used to get money for his bridge, to get money for her city.

3.Daughter didn't listen to the abstinence speech, you know the one that say's to keep your damn legs closed.

4.Daughter smokes weed and got a line of guys wrapped around the corner.

5.Son, you know the one just shipped out on 9-11 to iraq is a drug addict. Oxy Contin (worst pain drug ever!)

6.Husband is a member and she attended the conference for Alaska for Independance, you know the one that wants Alaska to be seperate from the UNITED STATES! (country first?)

7.Didn't know the Bush doctrine when asked and had to have the interviewer (Charles Gibson) tell her like a freakin KID ON TV!

8.Thinks she has foreign policy experience cause Russia is visible from her porch? WHAT?

9.JUST PLAIN LIES THRU HER TEETH!

Between her and Mclame, they got the combined IQ of a lint ball. Such losers!
LOSERS!

Posted by: Anonymous | September 15, 2008 3:25 PM

Let's face it, the hard right-wingers are not going to look at the truth and the actual proposals given by either party. They vote party.

I just pray that they realize that voting for liars is a vote that they will regret. If McCain is lying to his party now, he'll lie when he is in office.

When the country goes down the tubes with a McCain-Palin administration, I do not want to hear any more garbage out of the mouths of those who have definitely flung way more than their fair share here and elsewhere on the blogs.

Posted by: Earl C | September 15, 2008 3:22 PM

McCain continues to say that the fundamentals of our economy are sound -- similar to "Nero fiddles while Rome burns."

As the government continues to plow money into Wall Street to bolster the stock market, the market continues to tumble. Gambling with taxpayers money is not a wise investment of limited resources. Remember privitizing social security. Obama is opposed!

Even A. Greenspan has called McCain's tax plan a disaster. To give everyone a tax break, including the largest tax breaks to the wealthiest Americans, is not responsive to a country facing the most massage annual debts in history. The cuts to which McCain refers may reduce expenditures 0.01% of the annual budget. His reliance on "pork" is ludicrous. An executive order that either reduces or eliminates pork in tax bills may be all that is necessary. McCain grandstands on the pork issue like he does on everything else. His own running mate has applied for more pork per person than any other governor in America.

However, McCain's and Palin's lies are out there for all to see and hear. There is no shame.

Posted by: Earl C | September 15, 2008 3:14 PM

Obama/Biden '08

"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years -- one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."

I thought it was just me. That's how I understood it. Bring your plan Obama.

Posted by: Obama2008 | September 15, 2008 3:07 PM

Ted Land (907) 762-9269 of KTUU TV an NBC affiliate in Alaska who did the news story of a hugh rally in Alaska against Sarah Palin. I told him that I was amazed that none of the networks carried or asked for any of the footage. He said that he was just as amazed as I was especially when NBC did not request any footage. He also said that CNN was there. I told him the only story that I heard concerning a protest on CNN was about Oprah. What's going on here folks? I found out about the story at KTTU.COM There are a lot of people especially women, democrats and republicans unlike who disagreeD with Palin and thinks she's dangerous for the country. The protest started with 8 to 10 women sitting around realizing that Palin doesn't represent them. A nasty radio host broadcast their names over the airways and others tried to stop the rally. It was big news in Alaska and you can see the story on KTTU.COM website. This goes to show you that Rick Davis has far reaching arms. Palin will be hidden from the legit media as well as any negative press. Alaska is a small community so there will be some backlash but still these people weren't afraid to speak out. What happen to our press coverage here about the protest IN ALASKA. CALL TED AND ASK HIM ABOUT THE STORY

Posted by: WHY WASN'T THIS STORY COVERED? | September 15, 2008 2:32 PM

Just think about it this way - if there was no Federal Reserve the deregulated banking system of the United States would have failed this year.

Taxpayers are on the hook in the banking rescue. Since the taxpayers are always on the hook either through FDIC or the "too big to fail" theory, then the govenment should highly regulate the banking system.

I miss Glass-Steagall.....

Posted by: toritto | September 15, 2008 12:17 PM

Mortagage Crisis?
Obama and Rangel don't worry about them- They get "help" from "politically savvy supporters- Rezko, Auchi, and Olnick-


NY Times
The Public Editor Editorial
Chairman Rangel

Published: September 14, 2008

Mounting embarrassment for taxpayers and Congress makes it imperative that Representative Charles Rangel step aside as chairman of the Ways and Means Committee while his ethical problems are investigated.


This recommendation does not come easily, considering the New York Democrat’s four decades of service in Congress. But Mr. Rangel himself has felt obliged to request three separate House ethics inquiries of his behavior. While denying serious improprieties, Mr. Rangel concedes that he has not lived up to the “higher standard” expected of members of Congress.

His latest admission is that as chief of Congress’s tax-writing committee, he was “irresponsible” in failing to disclose $75,000 in rental income and pay federal and state taxes on a villa in the Dominican Republic.

His temporary yielding of the gavel is an urgent necessity for a Democratic Congress elected two years ago on promises of an ethical housecleaning. The villa dealings only add momentum to the investigations of two earlier controversies — Mr. Rangel’s favored treatment in occupying four rent-stabilized apartments in Manhattan, and his improper use of official letterheads to solicit support from charities and corporations for an academic center to memorialize his career in public service.

Mr. Rangel has hurt his case with clumsy, combative pleas of ignorance of the facts and law involving his Dominican villa. “We do make errors, even though we consider ourselves experts in terms of tax policy for the nation,” said the lawmaker, who has three decades’ experience on Ways and Means.

His excuse of “cultural and language barriers” with Dominican officials was, simply, offensive. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” complained Mr. Rangel.

At the least, the disclosures betray that gross sense of entitlement that regularly befalls politicians. At the Dominican villa, which the congressman said he came upon 20 years ago during an overseas trip with Speaker Tip O’Neill, Mr. Rangel eventually saw his 10.5 percent mortgage interest payments waived when the developer favored him as a “Pioneer” early investor.

The powerful congressman has enjoyed his rent-stabilized apartments in Harlem — improperly using one as a campaign office — at about half market value. This is a $30,000-a-year boon, and the ethics committee must decide whether it amounts to a gift from a politically savvy landlord that would violate House rules. The panel must also weigh how badly Mr. Rangel violated official letterhead restrictions.

As a new Congress approaches with a thick docket of fiscal and tax measures, House Speaker Nancy Pelosi must see that no cloud hangs over Ways and Means while the chairman is under investigation. The Democratic majority arrived last year promising to “drain the swamp” of corruption epitomized by the previous Republican majority’s quid-pro-quo dealings with Jack Abramoff, the now-imprisoned superlobbyist.

Committee posts are not bestowed by voters. They are partisan privileges granted by leaders in Congress, and Ms. Pelosi must not cut slack for an ally. If Mr. Rangel refuses a temporary hiatus from his chairmanship, Ms. Pelosi should remove him permanently.
****************
Rangel and Obama "working together to craft preminary legislative agenda"- That's just what our economy needs!

From Newsweek 8/28/08

OBAMA TEAM WORKS WITH HILL DEMOCRATS
(Jonathan Weisman, Washington Post)
Eager to avoid the missteps that plagued the first months of the Clinton administration, aides to Barack Obama have begun working in concert with top Democrats in Congress to craft a preliminary legislative agenda that would guide the senator from Illinois should he capture the White House in November. House Speaker Nancy Pelosi (D-Calif.) has assigned her committee chairmen to begin with low-hanging fruit to build confidence and provide a new, young president quick legislative victories, then pivot to more challenging issues, from ending U.S. military involvement in Iraq to broadening health-care coverage. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said his policy staffs and Obama's have been working together for more than a month. (!)

Posted by: Alan | September 15, 2008 12:05 PM

HOLY SARAH! BOY, SHE IS GOOD!

I am watching Sarah Palin's stump appearance in Colorado.

She is an INCEDIBLE speaker. Compelling, mesmerizing, with the common touch -- as she repeats the lies about the "bridge to nowhere" and her record as a "reformer."

And she's getting away with it!

She is a more convincing speaker than Obama ever was. She RELATES to the working class, even as her record belies her words.

I've said it before, I'll say it again: Only Hillary can save Obama from this juggernaut.

Obama ignores Palin at his peril. This is not looking good for the Democrats.

Only a HAIL HILLARY can salvage this fiasco. Even then, it looks like it would be a close battle.

But as of now, it looks like the Dems are headed to another meltdown.

If Hillary's holding out until 2012, I ask her: What kind of nation will it be if you wait?

Obama must make a dramatic move -- no later than this Friday.

Otherwise, this thing looks like it's lost.

More:

NY TIMES FILLETS SARAH BARRACUDA.
NOW WILL OBAMA BITE BACK?

• Barack: Listen to Biden If You Want to Win

http://www.nowpublic.com/world/ny-times-fillets-sarah-barracuda-now-will-obama-bite-back-get-political-w-vic-livingston

Posted by: scrivener | September 15, 2008 11:51 AM

obama biden is the same as the last 8 years, economically speaking.

the only change? tax the rich and try to pay for more programs that dont work.

Posted by: dale | September 15, 2008 11:49 AM

Obama Biden 08

No McCain, No Palin, No same eight years.

Posted by: Larry K | September 15, 2008 11:40 AM

NY Times
The Public Editor Editorial
Chairman Rangel

Published: September 14, 2008

Mounting embarrassment for taxpayers and Congress makes it imperative that Representative Charles Rangel step aside as chairman of the Ways and Means Committee while his ethical problems are investigated.


This recommendation does not come easily, considering the New York Democrat’s four decades of service in Congress. But Mr. Rangel himself has felt obliged to request three separate House ethics inquiries of his behavior. While denying serious improprieties, Mr. Rangel concedes that he has not lived up to the “higher standard” expected of members of Congress.

His latest admission is that as chief of Congress’s tax-writing committee, he was “irresponsible” in failing to disclose $75,000 in rental income and pay federal and state taxes on a villa in the Dominican Republic.

His temporary yielding of the gavel is an urgent necessity for a Democratic Congress elected two years ago on promises of an ethical housecleaning. The villa dealings only add momentum to the investigations of two earlier controversies — Mr. Rangel’s favored treatment in occupying four rent-stabilized apartments in Manhattan, and his improper use of official letterheads to solicit support from charities and corporations for an academic center to memorialize his career in public service.

Mr. Rangel has hurt his case with clumsy, combative pleas of ignorance of the facts and law involving his Dominican villa. “We do make errors, even though we consider ourselves experts in terms of tax policy for the nation,” said the lawmaker, who has three decades’ experience on Ways and Means.

His excuse of “cultural and language barriers” with Dominican officials was, simply, offensive. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” complained Mr. Rangel.

At the least, the disclosures betray that gross sense of entitlement that regularly befalls politicians. At the Dominican villa, which the congressman said he came upon 20 years ago during an overseas trip with Speaker Tip O’Neill, Mr. Rangel eventually saw his 10.5 percent mortgage interest payments waived when the developer favored him as a “Pioneer” early investor.

The powerful congressman has enjoyed his rent-stabilized apartments in Harlem — improperly using one as a campaign office — at about half market value. This is a $30,000-a-year boon, and the ethics committee must decide whether it amounts to a gift from a politically savvy landlord that would violate House rules. The panel must also weigh how badly Mr. Rangel violated official letterhead restrictions.

As a new Congress approaches with a thick docket of fiscal and tax measures, House Speaker Nancy Pelosi must see that no cloud hangs over Ways and Means while the chairman is under investigation. The Democratic majority arrived last year promising to “drain the swamp” of corruption epitomized by the previous Republican majority’s quid-pro-quo dealings with Jack Abramoff, the now-imprisoned superlobbyist.

Committee posts are not bestowed by voters. They are partisan privileges granted by leaders in Congress, and Ms. Pelosi must not cut slack for an ally. If Mr. Rangel refuses a temporary hiatus from his chairmanship, Ms. Pelosi should remove him permanently.
****************
Rangel and Obama "working together to craft preminary legislative agenda"- That's just what our economy needs!

From Newsweek 8/28/08

OBAMA TEAM WORKS WITH HILL DEMOCRATS
(Jonathan Weisman, Washington Post)
Eager to avoid the missteps that plagued the first months of the Clinton administration, aides to Barack Obama have begun working in concert with top Democrats in Congress to craft a preliminary legislative agenda that would guide the senator from Illinois should he capture the White House in November. House Speaker Nancy Pelosi (D-Calif.) has assigned her committee chairmen to begin with low-hanging fruit to build confidence and provide a new, young president quick legislative victories, then pivot to more challenging issues, from ending U.S. military involvement in Iraq to broadening health-care coverage. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said his policy staffs and Obama's have been working together for more than a month. (!)

Posted by: Alan | September 15, 2008 11:38 AM

Obama has an opportunity here. He can paint McCain as being out of touch and as having ignored the looming crisis in the Senate. Interesting that McCain decides to tackle the economy now, with the crises finally reaching Wall Street.

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

Posted by: matt | September 15, 2008 11:34 AM

NY Times
The Public Editor Editorial
Chairman Rangel

Published: September 14, 2008

Mounting embarrassment for taxpayers and Congress makes it imperative that Representative Charles Rangel step aside as chairman of the Ways and Means Committee while his ethical problems are investigated.

Skip to next paragraph
The Board Blog
Additional commentary, background information and other items by Times editorial writers.

Go to The Board » Readers' Comments
Share your thoughts on this article.
Post a Comment »
Read All Comments (64) »
This recommendation does not come easily, considering the New York Democrat’s four decades of service in Congress. But Mr. Rangel himself has felt obliged to request three separate House ethics inquiries of his behavior. While denying serious improprieties, Mr. Rangel concedes that he has not lived up to the “higher standard” expected of members of Congress.

His latest admission is that as chief of Congress’s tax-writing committee, he was “irresponsible” in failing to disclose $75,000 in rental income and pay federal and state taxes on a villa in the Dominican Republic.

His temporary yielding of the gavel is an urgent necessity for a Democratic Congress elected two years ago on promises of an ethical housecleaning. The villa dealings only add momentum to the investigations of two earlier controversies — Mr. Rangel’s favored treatment in occupying four rent-stabilized apartments in Manhattan, and his improper use of official letterheads to solicit support from charities and corporations for an academic center to memorialize his career in public service.

Mr. Rangel has hurt his case with clumsy, combative pleas of ignorance of the facts and law involving his Dominican villa. “We do make errors, even though we consider ourselves experts in terms of tax policy for the nation,” said the lawmaker, who has three decades’ experience on Ways and Means.

His excuse of “cultural and language barriers” with Dominican officials was, simply, offensive. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” complained Mr. Rangel.

At the least, the disclosures betray that gross sense of entitlement that regularly befalls politicians. At the Dominican villa, which the congressman said he came upon 20 years ago during an overseas trip with Speaker Tip O’Neill, Mr. Rangel eventually saw his 10.5 percent mortgage interest payments waived when the developer favored him as a “Pioneer” early investor.

The powerful congressman has enjoyed his rent-stabilized apartments in Harlem — improperly using one as a campaign office — at about half market value. This is a $30,000-a-year boon, and the ethics committee must decide whether it amounts to a gift from a politically savvy landlord that would violate House rules. The panel must also weigh how badly Mr. Rangel violated official letterhead restrictions.

As a new Congress approaches with a thick docket of fiscal and tax measures, House Speaker Nancy Pelosi must see that no cloud hangs over Ways and Means while the chairman is under investigation. The Democratic majority arrived last year promising to “drain the swamp” of corruption epitomized by the previous Republican majority’s quid-pro-quo dealings with Jack Abramoff, the now-imprisoned superlobbyist.

Committee posts are not bestowed by voters. They are partisan privileges granted by leaders in Congress, and Ms. Pelosi must not cut slack for an ally. If Mr. Rangel refuses a temporary hiatus from his chairmanship, Ms. Pelosi should remove him permanently.

Posted by: Alan | September 15, 2008 11:32 AM

Alot of this stuff is funny.

Even Herbert Hoover (an very honorable man), who was a product of his Republicanism, didn't try to blame the Democrats for the Great Depression.

Posted by: toritto | September 15, 2008 11:20 AM

Rangel and Obama "working together to craft preminary legislative agenda"- That's just what our economy needs!

**NY Times Calls for Rangel's Resignation from Chairmanship of House Ways and Means Committee Today**

From Newsweek 8/28/08

OBAMA TEAM WORKS WITH HILL DEMOCRATS
(Jonathan Weisman, Washington Post)
Eager to avoid the missteps that plagued the first months of the Clinton administration, aides to Barack Obama have begun working in concert with top Democrats in Congress to craft a preliminary legislative agenda that would guide the senator from Illinois should he capture the White House in November. House Speaker Nancy Pelosi (D-Calif.) has assigned her committee chairmen to begin with low-hanging fruit to build confidence and provide a new, young president quick legislative victories, then pivot to more challenging issues, from ending U.S. military involvement in Iraq to broadening health-care coverage. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said his policy staffs and Obama's have been working together for more than a month. (!)

Posted by: Alan | September 15, 2008 11:18 AM

Rangel and Obama "working together to craft preminary legislative agenda"- That's just what our economy needs!

**NY Times Calls for Rangel's Resignation from Chairmanship of House Ways and Means Committee Today**

From Newsweek 8/28/08

OBAMA TEAM WORKS WITH HILL DEMOCRATS
(Jonathan Weisman, Washington Post)
Eager to avoid the missteps that plagued the first months of the Clinton administration, aides to Barack Obama have begun working in concert with top Democrats in Congress to craft a preliminary legislative agenda that would guide the senator from Illinois should he capture the White House in November. House Speaker Nancy Pelosi (D-Calif.) has assigned her committee chairmen to begin with low-hanging fruit to build confidence and provide a new, young president quick legislative victories, then pivot to more challenging issues, from ending U.S. military involvement in Iraq to broadening health-care coverage. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said his policy staffs and Obama's have been working together for more than a month. (!)

Posted by: Scott | September 15, 2008 11:18 AM

NY TIMES FILLETS SARAH BARRACUDA.
NOW WILL OBAMA BITE BACK?

• Barack: Listen to Biden If You Want to Win

http://www.nowpublic.com/world/ny-times-fillets-sarah-barracuda-now-will-obama-bite-back-get-political-w-vic-livingston

Posted by: scrivener | September 15, 2008 11:16 AM

Don't count on B.O as Cook County here has 10.25% tax and no services available. CTA trains/ buses are in worse shape than ever and no free services except a country hospital. Pray for dems to get the 61 majority rule in senate but get rid of reid/ pelosi and Durbin out and make BO learn soemthing on his sub committe on afgan 1 meeting in 3 years- gees!
Hillary as majority leader! bush cheney should be under investagtion along with many repoublicans -Independents such as Barry Sanders VT. need to be in charge. More of this- please people!

Posted by: Tom | September 15, 2008 11:14 AM

Rangel and Obama "working together to craft preminary legislative agenda"- That's just what our economy needs!

From Newsweek 8/28/08

OBAMA TEAM WORKS WITH HILL DEMOCRATS
(Jonathan Weisman, Washington Post)
Eager to avoid the missteps that plagued the first months of the Clinton administration, aides to Barack Obama have begun working in concert with top Democrats in Congress to craft a preliminary legislative agenda that would guide the senator from Illinois should he capture the White House in November. House Speaker Nancy Pelosi (D-Calif.) has assigned her committee chairmen to begin with low-hanging fruit to build confidence and provide a new, young president quick legislative victories, then pivot to more challenging issues, from ending U.S. military involvement in Iraq to broadening health-care coverage. House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) said his policy staffs and Obama's have been working together for more than a month. (!)

Posted by: Alan | September 15, 2008 11:07 AM

its documented history, democratic candidates love to milk a sector of the economy for growth and when it crashes blame it on a republican.

if you look at the scales of many democratic rates of economic flux during a democrats reign, they are almost always higher, however if you look at the fiscal constants (in other words how consistant growth is) you will find that democratic presidents tend to have a large dip in the economic upturn throughout the first 3 years of thier presidency and then force growth during the last year.

as its known that no president in history (not even bush) lost a re-election during a positive growth economy.

essentially, its a matter of timing economic change to fit a bubble every 4 years. whereas republicans have a constant growth rate throughout their term.

Posted by: dale | September 15, 2008 11:07 AM

HAY, REPUBLICAN STOOGE. I THINK YOUR COPY AND PASTING ARE GETTING A LITTLE OUT OF DATE.. THAT ONE IS 6 MONTHS OLD.NICE TRY THOUGH.
=========
NY Times called for Obama supporter Charles Rangel to step down from his post as Chairman of the House Ways and Means Committee today-

Rangel blasts Blitzer: Brings up Bizarre beliefs of Falwell and Robertson
By: John Amato on Sunday, May 4th, 2008

Blitzer: The criticism of Barack Obama is that what Jeremiah Wright said at the National Press Club, Congressman Rangel, was no different than what he’s been saying for some time, and he should have known that these controversial remarks would be made. Is this explanation that Senator Obama is making good enough for you?

Rangel: It’s disgraceful that he has to make any explanation for anything. The intrusion of the media and Republicans into the sacred relationship that worshipers have with their spiritual leaders I think is going to come back to haunt us. To think that we have to go into the lives and the beliefs of Rabbis and Priests and ministers and Imams is absolutely ridiculous. We’ve got a war on. We’ve got an economy that’s splintered. I think the media should be more responsible and start dealing with those issues. I don’t think many people care what reverend Wright thinks and I don’t see why any candidate should have to explain what ..

Blitzer: But Congressman, even Senator Obama last Sunday said this was a legitimate issue given the nature of — He wants to be President of the United States. If there’s a right wing politician, let’s say a Republican politician that has an extraordinarily close relationship with a pastor who is making outrageous statements has been a member of that church for 20 years. Wouldn’t that be fair game?

Rangel: Of course not. Of course he’s a candidate. He doesn’t want to take all of you on and I’m probably over the hill but the truth is that you guys know that his beliefs have nothing to do with someone that went to the church, and if we’ve got to get into the Jerry Falwell’s and into the Robertson’s and to the number of people who have what appears to other religions to be bizarre beliefs we’ll never get to the issues that Americans were concerned about. I know that every American is more concerned with who is going to be a better Presidential candidate and a better President more than they are on anything that happens in the church that Senator Obama went to."
Posted by: Alan | September 15, 2008 10:59 AM

Posted by: Anonymous | September 15, 2008 11:06 AM

That is a stupid website owned by a guy named Patrick Frey. It is a BS site. He writes stuff on there half truths out of context for fools like you to read. He can write what ever he wants, site false references, say something came from the WSJ, or quote someone with a totally made up quote using their name and so on. There are thousands of sites like that on the net on almost every subject. All you need is to register a site and start your BS.

========Posted by: Anonymous | September 15, 2008 10:35 AM

which is why the majority of american people who have seen his financial disclosure beleive that hes ducking taxes.

but check out the link in the last post i made.

Posted by: dale | September 15, 2008 10:39 AM

Posted by: Anonymous | September 15, 2008 10:57 AM

you sure you arent talking about the washington post? i recall them and charlie gibson both misquoting palin 3 times leaving out specific details to frame the truth.

however, if you take a bit of time to check it, you can see quite clearly that although perhaps bias, the figures and facts are legitimate.

you cant run from facts.

Posted by: dale | September 15, 2008 11:01 AM

NY Times called for Obama supporter Charles Rangel to step down from his post as Chairman of the House Ways and Means Committee today-

Rangel blasts Blitzer: Brings up Bizarre beliefs of Falwell and Robertson
By: John Amato on Sunday, May 4th, 2008

Blitzer: The criticism of Barack Obama is that what Jeremiah Wright said at the National Press Club, Congressman Rangel, was no different than what he’s been saying for some time, and he should have known that these controversial remarks would be made. Is this explanation that Senator Obama is making good enough for you?

Rangel: It’s disgraceful that he has to make any explanation for anything. The intrusion of the media and Republicans into the sacred relationship that worshipers have with their spiritual leaders I think is going to come back to haunt us. To think that we have to go into the lives and the beliefs of Rabbis and Priests and ministers and Imams is absolutely ridiculous. We’ve got a war on. We’ve got an economy that’s splintered. I think the media should be more responsible and start dealing with those issues. I don’t think many people care what reverend Wright thinks and I don’t see why any candidate should have to explain what ..

Blitzer: But Congressman, even Senator Obama last Sunday said this was a legitimate issue given the nature of — He wants to be President of the United States. If there’s a right wing politician, let’s say a Republican politician that has an extraordinarily close relationship with a pastor who is making outrageous statements has been a member of that church for 20 years. Wouldn’t that be fair game?

Rangel: Of course not. Of course he’s a candidate. He doesn’t want to take all of you on and I’m probably over the hill but the truth is that you guys know that his beliefs have nothing to do with someone that went to the church, and if we’ve got to get into the Jerry Falwell’s and into the Robertson’s and to the number of people who have what appears to other religions to be bizarre beliefs we’ll never get to the issues that Americans were concerned about. I know that every American is more concerned with who is going to be a better Presidential candidate and a better President more than they are on anything that happens in the church that Senator Obama went to."

Posted by: Alan | September 15, 2008 10:59 AM

That is a stupid website owned by a guy named Patrick Frey. It is a BS site. He writes stuff on there half truths out of context for fools like you to read. He can write what ever he wants, site false references, say something came from the WSJ, or quote someone with a totally made up quote using their name and so on. There are thousands of sites like that on the net on almost every subject. All you need is to register a site and start your BS.

========Posted by: Anonymous | September 15, 2008 10:35 AM

which is why the majority of american people who have seen his financial disclosure beleive that hes ducking taxes.

but check out the link in the last post i made.

Posted by: dale | September 15, 2008 10:39 AM

Posted by: Anonymous | September 15, 2008 10:57 AM

Obama wants a run on the banks and anarchy in the street. He is truly an unresponsible and unethical dirty politician. A leader should calm people and explain the situation. Instead, obama distorts and inflames. SInce the democrats took control of congress, unemployment has risen from 4.4% to 6.1%. There is a housing crisis and bank problems. They were the oversight, but Chris Dodd, who has gotten rich from the Lehmann's and the banks, did nothing.

Posted by: Karen | September 15, 2008 10:57 AM

That is a stupid website owned by a guy named Patrick Frey. It is a BS site. He writes stuff on there half truths out of context for fools like you to read. He can write what ever he wants, site false references, say something came from the WSJ, or quote someone with a totally made up quote using their name and so on. There are thousands of sites like that on the net on almost every subject. All you need is to register a site and start your BS.

Posted by: Anonymous | September 15, 2008 10:55 AM

Well this morning, whether you believe it or not, we have the greatest financial crisis on our hands since the Great Depression.

Since the beginning of the year, Bear Stearns, Fannie and Freddie have been rescued (bailed) by the government. The Feds now own Fannie and Freddie (how socialist!).

Yesterday the Feds basically said "enough!" and refused to put money up to save Lehman. Merrill, seeing the writing on the wall and having it own difficulties, sold itself to Bank of America.

AIG, the country's largest insurer is "restructuring" which essentially means that if it continues to operate as it was it would reach a point where it couldn't pay its bills so its making major changes trying to stave off default.

Nice going on that deregulation guys! You know - "get government out of the way!!" "Government is the problem!" You know that free market rhetorical BS.

Government is the problem until it has to rescue you.

...and of course topping off this crisis is the fun part - having a dunce for President (do we have a President? Doesn't seem like it lately!)

Posted by: toritto | September 15, 2008 10:52 AM

From:
Head of State
http://headofstate.blogspot.com/2008/09/mccain-adviser-quit-doling-out-that-bad.html


Sunday, September 14, 2008
McCain Adviser: "Quit Doling Out That Bad-Economy Line". Also: "Up is Down", "Bad equals Good"

From "Quit Doling Out That Bad-Economy Line" by McCain Adviser Donald Luskin, Op-Ed, Washington Post, September 14.

Things today just aren't that bad. Sure, there are trouble spots in the economy, as the government takeover of mortgage giants Fannie Mae and Freddie Mac, and jitters about Wall Street firm Lehman Brothers, amply demonstrate. And unemployment figures are up a bit, too. None of this, however, is cause for depression...

Full disclosure: I'm an adviser to John McCain's campaign...


Yes.

And black is white.

And up is down, you see.

Freedom is slavery.

Injustice is truth.

I know. A McCain adviser told me so.


This is not the understanding of the average struggling American McCain wants to portray.

This is what we will receive.

Another Bush era.

Personified.

Cite:
Head of State
http://headofstate.blogspot.com/2008/09/mccain-adviser-quit-doling-out-that-bad.html

Posted by: Robert Hewson | September 15, 2008 10:45 AM

and you refuse to even post your name....whats your point?

do a little research and you can maybe grow up and post a link sooner or later.

as for proof i provided enough for the independents.

Posted by: dale | September 15, 2008 10:43 AM

Posted by: Anonymous | September 15, 2008 10:35 AM

which is why the majority of american people who have seen his financial disclosure beleive that hes ducking taxes.

but check out the link in the last post i made.

Posted by: dale | September 15, 2008 10:39 AM

You know so little about what you are talking about it is hard to even begin to respond. Other then to say you are an idiot. What did you do, get an email today with BS talking points to copy and paste? You are just another republican stooge who isn't even smart enough to know you are being used.

========
Posted by: Nancy | September 15, 2008 10:22 AM

hun, lehman brothers lined obama's pockets, and the housing crunch was something SPURRED ON by clinton.

just because the housing market had 10 years of financial and economic growth in it doesnt mean that clinton made the economy grow and bush didnt.

face reality, the choice to encourage real estate was PURELY DEMOCRAT BASED.

not only have democrats enforced the idea of milking the housing market over the last 10 years but they have FINANCIALLY SUPPLIED THE INCENTIVE TO DO SO.

http://patterico.com/2008/09/15/obama-friendly-lehman-bros-to-file-chapter-11-bankruptcy/

hint hint, this is the future your voting for ;).

Posted by: dale | September 15, 2008 10:30 AM

Posted by: Anonymous | September 15, 2008 10:39 AM

Really, what did he do with all that money? His financial disclosure shows him, except for the money from his book, to be pretty poor. Is it hiding in his mattress?


=========
remember whose pockets were lined by lehman brothers?

thats right, your adorable obamessiah berry O.
Posted by: dale | September 15, 2008 10:25 AM

Posted by: Anonymous | September 15, 2008 10:35 AM

When you compare these statements, you really see now how Obama seems to be making the mistake of playing to his base rather than reaching out to independents. In his statement, like many of his others, Obama blames Washington and offers no specific solutions, while McCain diagnoses the problem and then proposes a specific solution. McCain is clearly reaching out to independents on this issue.


Barack Obama: Blames Washington, blames Bush, states his positions, offers no specific solution.
• Blames Washington: “The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store.”
• Blames President Bush: “I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years.
Blames President Bush (again): “This country can’t afford another four years of this failed philosophy.”
• States his position: “For years, I have consistently called for modernizing the rules of the road to suit a 21st century market.”
• States his position (again): I’ve called for policies that grow our economy and our middle-class together.”


McCain: States a clear policy position, states what his campaign is doing now, diagnoses the problem, states his overall goal with regard to financial markets, and then states a specific solution.
• States a policy position: “I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign.”
• States what the campaign is doing now: “We are carefully monitoring the financial markets
• Diagnoses the problem: “the latest reminder of ineffective regulation and management.”
• States a policy position: “Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.”
• States broad goal: “major reform must be made in Washington and on Wall Street.”
• States specific solution: “The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."

Posted by: Kate | September 15, 2008 10:32 AM

Posted by: Nancy | September 15, 2008 10:22 AM

hun, lehman brothers lined obama's pockets, and the housing crunch was something SPURRED ON by clinton.

just because the housing market had 10 years of financial and economic growth in it doesnt mean that clinton made the economy grow and bush didnt.

face reality, the choice to encourage real estate was PURELY DEMOCRAT BASED.

not only have democrats enforced the idea of milking the housing market over the last 10 years but they have FINANCIALLY SUPPLIED THE INCENTIVE TO DO SO.

http://patterico.com/2008/09/15/obama-friendly-lehman-bros-to-file-chapter-11-bankruptcy/

hint hint, this is the future your voting for ;).

Posted by: dale | September 15, 2008 10:30 AM

Here's what John McCain thinks of the American worker. Can't pick lettuce for $50(!!!) an hour.

http://nahnopenotquite.com/2008/09/15/the-obama-commercial-needed-in-ohio-and-pa/

And this is the guy (with Palin - god help us) who wants to be president in these troubled times?

Posted by: ES | September 15, 2008 10:26 AM

remember whose pockets were lined by lehman brothers?

thats right, your adorable obamessiah berry O.

Posted by: dale | September 15, 2008 10:25 AM

McCain
"We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management"

MCCAIN DOESN'T GET IT AT ALL

- THIS IS A SYMPTOM OF THE DEREGULATION OF THE FINANCIAL MARKETS THAT THE REPUBLICANS PUT IN PLACE AND ARE SO PROUD OF. (AND MADE SO MUCH MONEY OFF OF

Posted by: Nancy | September 15, 2008 10:22 AM

Sarah will be going on TV tonight and have a prayer service to heal the economy. I feel better already.
Mccain by the way will ask his wife what to do.

Posted by: Anonymous | September 15, 2008 10:18 AM

McCain is clueless, he said nothing in his little comment that would make one believe that he would change from the current course of letting a mostly deregulated financial sector continue to play games that enrich them and ultimately harm the average person.
While th eaverage may not understand the intricasies of sub prime mortages, CMOs swap and derivatives they know from experience - with the Latin America debt crisis, the S&L crises, LTCM, and now Freddie and Fannie that an unfterred financial will find way to lose a ton of money faster than you way boo and then want the government to bail them out. The litte guy never gets bailed out nor does he get a huge multimillion golden handshake to award him for destroying so much for so many
That Phil Gramm is McCain closest advisor on economics should be a red flag to everyone watching the crisis that is unfolding. Expect the architects of the disaster to reform it, are you absolutely kidding?? The AMerican people may seem dumb but they are not completely stupidly.
Obama needs to wave that red flag in front of Americans and remind them that the are suffering from the excesses of Republican policies that were a choice not a requirement.
Frankly the horse is out of the barn because the Republicans saw a way to make quick money, I wouldnt trust them for a moment to get the horse back before he trampled a few more citizens

Posted by: Nancy | September 15, 2008 10:17 AM

Good let The Obama take Browns Place.

SARAH PALIN IS ACCUSED OF AN AFFAIR.
http://www.hotpres.com
HotPres.com

Obama's new ad lipstick on a Pig,
http://www.theveep.com
TheVeep.com

Posted by: Anonymous | September 15, 2008 10:11 AM

It warms my heart to think that there is a 50% chance that major national and international crises like this could be handled in the future by a 72 y/o former Navy Fighter Pilot and a completley unqualified Mayor of a city of 6,000.

Posted by: It Warms My Heart | September 15, 2008 10:09 AM

McCain just called us a bunch of whiners, and that the economy is just fine. Sarah Palin is tellig us that the financial meltdown was a task from God.

Posted by: playa | September 15, 2008 10:08 AM

Not to worry, America.....the party that created this mess are sending McLame and Wasilla Mayor Sarah Palin to reform this system. Did I mention, both of them admitted that they don't know much about the economy? Strange times, my friends.

Posted by: JakeD | September 15, 2008 10:04 AM

"This country can't afford another four years of this failed philosophy."

that is true, but the question is, what is the failed philosophy?

bush has spent more than almost any republican in history, and is comparable to most democrats in terms of spending.

is it the trickle down philosophy thats failed?

obama is a king of avoiding the issue and delving into a side plot that he can win in.

heres a little intuitive glance at obamas plans.

increase taxes for the wealthiest americans and give an almost insignificant cut to the lowest income familys (we are talking the difference between a week of top ramen and a week of hot dogs). use this excess of cash in combination with the failed policies already in progress to overfund already failed policies.

then, after that great brain buster of a plan, lets put health insurance into the bucket of government run falsehoods. and with whatever money isnt left over we can reform and fund a new form of medicare.

(does obama really expect to double our income simply by increasing taxes on a few of the higher income familys?)

understand that people who can afford it, often do a reasonable job of following governmental loopholes to avoid paying overmuch on taxes. do you really expect that plan to work?

i mean your basically suggesting that if you tax more, bushes plans will work....if u want that vote obama.

Posted by: dale | September 15, 2008 10:04 AM

The comments to this entry are closed.

 
 

© 2009 The Washington Post Company