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Obama Outlines Principles for Bailout

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By Shailagh Murray
CLEARWATER, Fla. -- Accusing President Bush of "my way or the highway intransigence," Sen. Barack Obama outlined four principles that he said a financial bailout package must address, asserting it was "wholly unreasonable" for taxpayers to accept the White House's call for legislation with no strings attached.

Obama arrived on Florida's Gulf Coast this afternoon for three days of preparation for Friday's foreign policy debate. But the economic crisis continued to consume his attention, and he was eager to engage after a day of heated hearings on Capitol Hill and with his GOP rival, Sen. John McCain, preparing for his first press conference since August.

Summoning Democratic frustrations about the Bush White House, including its dire warnings to Congress before the Iraq war, Obama urged negotiators to take a consensus approach with a broader scope, including more oversight and taxpayer benefits, while preventing benefits from reaching financial executives who were involved in the collapse.

"The president's stubborn inflexibility is both unacceptable and disturbingly familiar," Obama told reporters. "It is wholly unreasonable to expect that American taxpayers would or should hand this administration or any administration a $700 billion blank check with absolutely no oversight or conditions when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess."

Obama's proposed additions include:

  • A ban on generous payouts for "irresponsible CEOs on Wall Street." Obama warned: "There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multimillion-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake."

  • Replacing Treasury Secretary Hank Paulson's absolute authority over the bailout's execution with a bipartisan independent board. Obama noted that Paulson signaled during testimony this morning that he may be open to the broadening idea.

  • An investor stake for taxpayers. "The American people should share in the upside as Wall Street recovers," Obama said, adding, "There are different ways to accomplish this."

  • Assistance for people who are in danger of foreclosure. He outlined several possible ways to provide aid, including giving the government the authority to purchase mortgages directly, instead of the mortgage-backed securities that have cause the banking woes.

    He also called for a stimulus package, although he added that it shouldn't be attached to the bailout bill.

    Although Obama denounced the Bush plan and criticized the administration's handling of the crisis with more force than he has previously, he would not be pinned down on whether any of the principles were deal-breakers.

    "It is absolutely wrong to suggest that we cannot protect American taxpayers while still stabilizing our market and saving our financial system from collapse. We can and must do both," he said.

    But when pressed about how he would vote if the final package did not include any of the four provisions he offered, Obama said, "If the plan that emerges does not address the principles that I discussed, I will strongly recommend to Secretary Paulson that he go back to the drawing board and find an approach that does address them. This goes back to my original point. ... This is not one of those circumstances where the president can come out and simply say, you do it my way or nothing's going to happen."

    He said he would return to Congress for the vote, but probably will only if it is expected to be close.

    Tucker Bounds, a spokesman for McCain-Palin, called Obama's response derivative. "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, as he followed in John McCain's footsteps when he attempted to respond to the recent crisis in Georgia," he said. "Again, Barack Obama has shown indecision and a lack of leadership at a time when the American people need certainty."

  • By Web Politics Editor  |  September 23, 2008; 4:15 PM ET
    Categories:  B_Blog , Barack Obama  
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    Next: McCain Lays Out Bailout Principles

    Comments

    HI I'M SARAH PALIN AND I ENDORSE JOHN MCCAINS AD!

    Posted by: FIRST DUDET | September 24, 2008 3:00 PM | Report abuse

    MY FRIENDS IF I BECOME PRESIDENT HAVE YOUR TEENAGE MEN AND WOMEN READY TO GO TO WAR!


    MY FRIENDS IF I BECOME PRESIDENT I WILL FOLLOW BIN LADEN TO THE GATES OF HELL.

    MY FRIENDS IF I BECOME PRESIDENT I WILL ASK CONGRESS FOR ONLY 1 TRILLION DOLLARS TO FIX OUR ECONOMY!

    MY FRIENDS IF YOU BELIEVE PALIN CAN SEE RUSSIA FROM HER HOUSE VOTE FOR ME.

    MY FRIENDS I PROMISE TO ONLY BUY 10 MORE HOMES IF I BECOME PRESIDENT.

    MY FRIENDS IF I BECOME PRESIDENT YOUR TAXES WOULD ONLY COME UP AT A 10% INCREASE!

    MY FRIENDS IF YOU VOTE FOR ME YOU CAN CALL ME YOUR FRIEND. JUST DON'T LOOK FOR ME TO BAIL YOU OUT!

    MY FRIENDS REMEMBER THIS IF I BECOME PRESIDENT GOD LOVES YOU.

    MY FRIENDS DON'T COMPARE TO TO PRESIDENT BUSH...I AM NOT A REPUBLICAN ANYMORE!

    MY FRIENDS I WILL REPAY THE NAVY FOR THE JET FIGHTERS I DESTROYED...ALL 5!

    MY FRIENDS DON'T THINK OF ME AS A P.O.W. THINK OF ME AS A MAVERICK!

    MY FRIENDS WHEN YOU GO TO THE VOTING POLLS IN NOVEMBER TRY NOT TO THINK OF MY PAST POLITICAL FLAWS.

    RATHER ALL THE GOOD THINGS I'VE DONE FOR YOU AND YOUR COUNTRY!

    HI I'M JOHN MCCAIN AND I ENDORSE THIS AD!

    Posted by: JOHN MCCAIN | September 24, 2008 2:52 PM | Report abuse

    TUCKER BOUNDS WOULD SELL HE'S GRANDMOTHER BAD BONDS..

    Posted by: Anonymous | September 24, 2008 2:24 PM | Report abuse

    A 700 Billion Dollar Check is NOT BLANK.
    A Blank Check is blank, it is signed but has no value entered.
    If this had been stated Bush, the Media would have had a field day with it. But it came from the Chosen One, so we'll all close our eyes and ears and pretend not to notice that he's the same brand of puffed up nitwit as Bush. 57 states. Yeah.

    Ben

    Posted by: Ben | September 24, 2008 10:20 AM | Report abuse

    john5750 is a typical left wing projectionist who cares only about himself and what he can get. Probably not even from this country but proud to take part in it's destruction.

    Posted by: aristotle | September 24, 2008 3:31 AM | Report abuse

    Posted by: nevermind | September 24, 2008 3:27 AM | Report abuse

    aristotle is a paid RNC/Palin-McCain troll and not a very intelligent one either. Good thing it gets paid by the post and not the quality of the post.

    Posted by: john5750 | September 24, 2008 2:20 AM | Report abuse

    9 houses
    13 cars
    Mc Cain has no clue what the american people are going through. Only a stupid guy will vote for him. a true warmnonger...singing; bomb, bomb, bomb. this guy is crazy

    Posted by: ko | September 24, 2008 1:49 AM | Report abuse

    Sorry, Obama's plan can't possibly be as good as McCain's. He only had four principles; McCain had five.

    Just kidding about that. I was impressed that Obama said that much of his spending ideas might have to wait until we get out of the mess W & Co. left him (and us). McCain still wants all the tax cuts preserved, and even expanded; if he can pay down the debt with all those restrictions I'll believe that lipsticked pigs can fly.

    Posted by: 66kicks | September 24, 2008 12:12 AM | Report abuse

    As usual, McCant throws out a bunch of one line statements, without any reality or cohesion, and calls it "an answer".I dont know about all of you,but as i recall, the 9/11 commision was a farce, a powerless, ball-less group of weiners who gave no conclusive answers, showed less spine than the people who attacked us, and did absolutely NOTHING to stop, change, re-direct missteps taken as a result of 9/11.
    Now, if McCant thinks this will bring about Change thats needed, why would he want to appoint a "information Only" commision?Why fire the people who know the most about the situation?
    Throwing blame at the SEC chairperson shows how out of step McCain and his whole campaign is.The SEC and its handlers have all been appointed by his party, the same one who is bolstering his campaign.And his party, the GOP, is one and the same that deregulated the SEC powers, stripped them every year for the last 12 of any ability to oversee, or even question the un-ethical trading practices that have taken our economy into the GUTTER.
    Shame on the GOP, Shame on Bush, Shame on You McCain, you've been there to watch all of it, and backed every bit of it, until oast week any way.
    Obama/Biden 08

    Posted by: Duh | September 24, 2008 12:01 AM | Report abuse

    Oh, don't worry. You WILL get what you've got coming. You're going to have nothing but devastation, and there you will be standing with your hand held out waiting for what's never going to come. Compliments of your savior.

    Posted by: aristotle | September 23, 2008 11:52 PM | Report abuse

    Obama's absolutely right. McCain couldn't be this right if he'd lost his left arm in Vietnam.

    Tax payers shouldn't be paying for ANYTHING unless they see a return. All expenditure warrants a return and nothing is free.

    Frankly, they should eat it but if it'll help the nation in any way to toss money in that direction, then hell yes I want someone watching. And I want what I have coming to me: a profitable stake in WHATEVER I pay into. Period.

    Posted by: monitor | September 23, 2008 11:31 PM | Report abuse

    Why can't people admit that both of these candidates are worthless? Is it going to be "my party before my country" right up to the bitter end?

    Posted by: aristotle | September 23, 2008 11:21 PM | Report abuse

    "Again, Barack Obama has shown indecision and a lack of leadership at a time when the American people need certainty."

    Thank you for the spit-tea-all-over-the-monitor moment.

    Posted by: M. Soga | September 23, 2008 11:18 PM | Report abuse

    I think Obama should just cut to the chase and offer everyone in America who votes for him a check for $50,000.

    Posted by: aristotle | September 23, 2008 11:16 PM | Report abuse

    Yeah, me me me me me me me!

    Posted by: aristotle | September 23, 2008 11:13 PM | Report abuse

    Obama is the man with the plan at this point in time. Everyone needs to take close look at this plan because we have no real choice. The GOP leadership has allowed this problem. The policies are bad for America. Our government must be restructured to better sever people and not the rich only.

    Posted by: Jim | September 23, 2008 11:10 PM | Report abuse

    Anonymous:

    You said:

    "Wiel- where does McCain offer "Assistance for people who are in danger of foreclosure"?
    He doesn't , Obama does.
    You can disagree with the proposal but to say they're identicalignores a basic philosophical difference."

    Yes, because Obama is as clueless as it gets, and his irresponsible pandering is out of control. Hoping to get a check from Obama for your $2,000 a month mortgage are you? Greedy, self centered, irresponsible as*holes applies to the vast majority of homeowners as well as everyone else involved.

    Posted by: a | September 23, 2008 11:09 PM | Report abuse

    McCain is an imbecile.

    Obama is worse.

    Either of these candidates will hurt us more than we are already hurting.

    It amazes me how people can be so critical of Palin. Even with little experience she could probably do a much better job than McCain or Obama. Personally, I hope McCain wins and then has to step aside for some reason and Palin becomes president!

    It's not much in the way of hope, but I think it's our best shot. How did we get these two jokers as nominees? Perhaps Plato was right. Counting everyone's vote equally has led to disaster.

    Posted by: aristotle | September 23, 2008 11:03 PM | Report abuse

    Wiel- where does McCain offer "Assistance for people who are in danger of foreclosure"?
    He doesn't , Obama does.
    You can disagree with the proposal but to say they're identicalignores a basic philosophical difference.

    Posted by: Anonymous | September 23, 2008 10:50 PM | Report abuse

    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 and that we, the tax payers are looked after.

    Obama's conditions are thoughtful, help the situation and benefit the majority. Mccain's are old catch phrases meant to appeal to the billionaires of America (like his wife)

    Posted by: Ender | September 23, 2008 10:14 PM | Report abuse

    "Obama following in McCain's footsteps"?
    I don't see Obama calling for firing the SEC Chairman during the height of crisis...
    Nor is he pushing for a new Cold War with Russia...
    Neither did he denounce the bailout before backing it and Bush...

    The McCain press releases hasn't touched reality since Schmidt took over on behalf of Rove.

    Posted by: FLRepublican | September 23, 2008 10:08 PM | Report abuse

    Look at these pictures to see all the "good" Mr. Obama did for Chicago slums(I mean developer buddies) as "Community Organizer"....

    http://directorblue.blogspot.com/2008/07/photo-gallery-results-of-obamas.html

    "Grove Parc and several other prominent failures were developed and managed by Obama’s close friends and political supporters. Those people profited from the subsidies even as many of Obama’s constituents suffered. Tenants lost their homes; surrounding neighborhoods were blighted."

    http://www.boston.com/news/nation/articles/2008/06/27/grim_proving_ground_for_obamas_housing_policy/

    Hey, maybe he can do the SAME TO G*D D*MN AMERICA WHILE HE'S AT IT!!

    REZKO/WRIGHT/AYERS/KILPATRICK/??? NO THANKS!!

    Posted by: Kevin | September 23, 2008 10:00 PM | Report abuse

    I don't think anyone should ever use the words "bailout" and "principle" in conveying an idea.

    Posted by: None of the Above 08 | September 23, 2008 10:00 PM | Report abuse

    Well, if we're going to start spending more money we don't have, why not use it on something that will benefit ALL of us?

    Not just investment banks.
    Not just struggling homeowners (they are not anywhere close to a majority)
    Not just unionized workers
    Not just women, men, gays, straights, unmarried people, married people, children, cats, dogs, fish, whatever
    Not just a few particular states

    Everyone

    Posted by: Sick of it | September 23, 2008 9:54 PM | Report abuse

    Here's a better idea: Have Obama, McCain, Barr whoever come out AGAINST ANY bailout.

    This, like the crap going on in Congress right now is about ONE thing and one thing only:

    Votes, even if it means We The People get screwed.

    Posted by: Sick of it | September 23, 2008 9:50 PM | Report abuse

    WHY IS HE NOT IN THE SENATE REPRESENTING THE PEOPLE OF ILLINOIS ON THE BAILOUT. YOU CANNOT EVEN VOTE “PRESENT” IF YOU ARE NOT THERE. BY THE WAY, I KNOW THERE IS NOT A “PRESENT” VOTE IN THE US SENATE.

    THE TAXPAYERS OF ILLINOIS CANNOT BAILOUT OUT THE EXECUTIVES OF WALL STREET. WE DO NOT BELIEVE THE SCARE TACTICS OF THE BUSH ADMINISTRATION. THESE ARE THE SAME PEOPLE THAT SOLD THE AMERICAN PUBLIC ON IRAQ’S WEAPONS OF MASS DESTRUCTION. THERE IS NO CREDITABILITY BOTH IN THE ADMINISTRATION AND IN THE CONGRESS. PAULSON IS ONE OF THOSE THAT CREATED THE MESS ALONG WITH ALL OF THE CONGRESSMEN AND SENATORS THAT HAVE TAKEN CAMPAIGN MONEY FROM WALL STREET, INCLUDING YOU. TALK ABOUT A CONFLICT OF INTEREST. THIS IS NO CHANGE IT IS BUSINESS AS USUAL AND THE TAXPAYERS ARE GETTING STUCK WITH THE BILL. WE WILL REMEMBER THIS ON ELECTION DAY.

    WHY ARE THE TAXPAYERS NOW GOING TO HAVE TO BAILOUT FOREIGN BANKS?

    WHY ARE THE WALL STREET EXECUTIVES AND THEIR BANKS NOT BEING HELD ACCOUNTABLE?

    WHY SHOULD THE AMERICAN TAXPAYERS HAVE TO PAY THE SALARIES OF THE EXECUTIVES AND FOR THEIR RETIREMENT PACKAGES.


    GO TO THE SENATE AND VOTE, YOU WILL GET A BIGGER SPLASH THAN THE LOST HOUR OF CAMPAIGNING. SHOW US THAT YOU REALLY STAND FOR SOMETHING.

    Posted by: JOHN | September 23, 2008 9:32 PM | Report abuse

    Yes, one gets the sense with McCaine that when he took multiple choice tests he filled in all the answers: a,b,c,d and none of the above and all of the above.
    LUX L

    Posted by: Anonymous | September 23, 2008 9:25 PM | Report abuse

    Weil, which of McCain's positions and plans are you referring to? You might recall he had a different one each day of the week.

    Posted by: Helen | September 23, 2008 9:18 PM | Report abuse

    NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) (BRKb.N) will invest $5 billion in Goldman Sachs Group Inc (GS.N), in a major boost for the Wall Street bank from perhaps the world's best-known investor.

    "It's a vote of confidence which is gold plated," said Michael Holland, a money manager at Holland & Co in New York. "You don't get better than this."

    Shares of Goldman rose 6.5 percent following the announcement, while Standard & Poor's 500 futures gained 16 points.

    Berkshire will buy $5 billion of perpetual preferred stock that carries a 10 percent dividend. It also will receive warrants to buy $5 billion of common stock, or 43.5 million shares, at $115 per share, within five years, which could give it a roughly 9 percent stake in Goldman.

    Goldman also plans to sell at least $2.5 billion of common stock in a public offering. The company averaged 448.3 million common shares outstanding in the quarter ended Aug 29.

    No bail out for Goldman!!

    Posted by: toritto | September 23, 2008 9:17 PM | Report abuse

    For the record : Obama had total of $126,349 in donations from the employees of Fannie and Freddie compared to McCain's 21,550 however, McCain received $169,000 from members of the board of directors, oficers andlobbyists compared to $16,000 for Obama. Go to factcheck.org

    Posted by: mj | September 23, 2008 9:14 PM | Report abuse

    Today Sen. Obama announced his conditions for accepting the bailout. They sound just like Sen. McCain’s conditions announced last week. Again, Sen. Obama should fire his economic policy advisers and just call Sen. McCain directly and asks him for his advice from now on.

    Posted by: Wiel | September 23, 2008 7:09 PM

    Hey Weil saying something that is incorrect and not very clever (even though you thought it was) the second time doesn’t make it any truer, and makes it pathetically less clever on the second pass- sorry buddy.

    My take was that there were some generic similarities, but Obama’s thoughts were more nuanced, and subtler- reflecting probably the 40-point IQ advantage Bema has over McCain.
    I suspect the way you heard it also reflects a parallel intellectual differential that exists between say you and m the intelligent quotient area.
    Your humble servant,
    Lux Lumina

    Posted by: Anonymous | September 23, 2008 9:11 PM | Report abuse

    For the record : Obama had total of $126,349 in donations from the employees of Fannie and Freddie compared to McCain's 21,550 however, McCain received $169,000 from members of the board of directors, oficers andlobbyists compared to $16,000 for Obama. Go to factcheck.org

    Posted by: mj | September 23, 2008 9:09 PM | Report abuse

    Anyone notice the paucity of economists who think that the bailout will actually work?

    Firstly, at what price will the Treasury buy back this toxic debt? "Toxic as it is, there are bids for this debt - its just that the sellers don't like the bids. They expect the Treasury to do better. Ideally for the sellers, the price paid by the Treasury would be somewhere close to what the paper was originally purchased for...that's what the institutions want...to be essentially recapitalized to where they were before the bubble burst and to not grant any equity to the feds in return.

    Think that move will free up the credit markets? Think again.

    If you were a senior banker today what would you be doing? Your goal would be to protect your financial institution. Hoard cash. Build liquidity. Strengthen loan/deposit ratios. Reduce borrowing to an absolute minimum - preferably zero. Fund your assets with retail deposits (insured by FDIC) and your own capital if you possible can. Lend money to no one if you don't have to...tighten your credit standards. Do not participate in the inter-bank markets if you are not a net buyer of fed funds. If you are a net buyer, unload some assets to reduce dependency on overnight money.

    Profitability is no longer paramount. Your shareholders will forgive you if your profits slide so long as your institution survives.

    This buyout may not accomplish what it is expected to accomplish for the markets.

    Problem is where do we go from there?

    Posted by: toritto | September 23, 2008 8:47 PM | Report abuse

    I congratulate Obama for taking his time with his outline. This is the biggest thing to have ever happened in the financial world, it deserves critical thinking, proper analysis and then action. And I think Congress is doing the right thing by Americans in insisting that taxpayers get something out of this deal. After all, it's the taxpayers who will be paying for it. McCain's initial reaction, in his usual hasty and panic mode, did not offer any benefits for taxpayers coming from this. He also recommended firing the SEC Chairman, as if he were solely responsible for this economic crisis, which by the way, didn't suddenly just happen. People, especially those at the top within these financial companies, knew that this was coming. So did the stock analysts, legal council etc. etc. etc. Something of this magnitude doesn't ever just happen. It's a direct result of events that occurred long ago. Lack of transparency and regulatory protections led to this situation. If there had been proper oversight, this would never have gotten this far.

    Bush, Paulson and Bernanke have put pressure on Congress (Democrat and Republican members) to act soon. These are the very people who should have seen this coming are now passing the responsibility onto Congress. And where is McCain in all of this... well let's see, he advocated and voted for deregulation, duh, I guess he shares in the blame too, duh.

    Posted by: Aycee | September 23, 2008 8:35 PM | Report abuse

    If the truth of a theory can be tested by its predictive value, then I am now immensely impressed by Naomi Klein's conclusion in The Shock Doctrine that repeated shocks, physical and/or economic, have been and are used by so-called leaders of both U.S. "major" parties, and their corporate backers (including the finance industry), to create crises and then benefit from them through a series of "financial reforms" (with or without troop/police occupation) that repeatedly worsen the shock. We did it to Chile, to Argentina. . . and guess where, today? But you did not that book to see what the gamblers (whether thieves or just losers) who miscontrolled the mortgage and banking industry would stick us up with. Either Senator Sanders' or Obama's proposals are a start toward minimizing the theft and making sure we the people still control this country. A start--but let's make that start. Slow down the administration's game now.

    Posted by: Paula | September 23, 2008 8:17 PM | Report abuse

    El Mugroso's Bail-Out Plan:
    ============================
    1. Impeach Bush and Chenney immedately.
    2. Fire the Treasury Secretary
    3. Rather than give them "Golden Parachutes", put all Wall Street crooks in jail.
    3. Let Congress call the shots
    untill Obama Gets elected, and he'll solve the "crisis" transparently, just as the Constitution calls for: "By the people and FOR the people".

    Posted by: El Mugroso | September 23, 2008 8:15 PM | Report abuse

    Today Sen. Obama announced his conditions for accepting the bailout. They sound just like Sen. McCain’s conditions announced last week. Again, Sen. Obama should fire his economic policy advisers and just call Sen. McCain directly and asks him for his advice from now on.

    Posted by: Wiel | September 23, 2008 7:09 PM

    ___________________________________________

    They are different, perhaps you heard only what you wanted to hear as opposed to what is actually there.

    Nonetheless, I am not a defender of politicians, I don't trust any of them.

    Moroever, what I heard on the Hill today was the same thing from both sides of the aisle (bailout with an independent 'something' as oversight), stirred up, shaken and served as a new dish.

    Posted by: Ward6ForNow | September 23, 2008 7:31 PM | Report abuse

    Today Sen. Obama announced his conditions for accepting the bailout. They sound just like Sen. McCain’s conditions announced last week. Again, Sen. Obama should fire his economic policy advisers and just call Sen. McCain directly and asks him for his advice from now on.

    Posted by: Wiel | September 23, 2008 7:09 PM | Report abuse

    I am voting for Barrack Obama and Joe Biden

    Why? I don't trust anyone who calls themselves "soccer mom" and "first dude" to be a heartbeat away from controling National Security.

    Also, how could I ever trust a party that says that education and a strong command of the English language is a political liability and a sign of elitism. I thought that is why we all go to school.

    Nope...Even though I am uncertain that even the Democrats can dig us out of this economic mess anytime soon I can't fathom yoda and wonder woman in the White House.

    As a washintonian, I don't want to be awaken in the morning by the sounds of yodelling from the VP digs at 34th Street and Massachusetts Avenue, NW.

    Posted by: Ward6ForNow | September 23, 2008 7:04 PM | Report abuse

    Big corporate greed knows no limits or ethics. Conservatives barred regulations to big corporations for years in the name of free market, with their favorite motto THE MARKET WILL SELF ADJUST or REGULATIONS WILL ONLY HURT THE MARKET. Now that their free market is heading for a free fall from the insatiable greed, they want a socialist solution so they can keep lining their own pockets with tax payers’ money. Neat tricks for stupid people who keep voting for conservatives, thinking we are not being screwed enough and their experience can really SAVE us.

    Posted by: Maddi | September 23, 2008 7:00 PM | Report abuse

    obama is america's worse nightmare. he is that pc candidate that will filet our economy and serve it to third worlders and europeans on a buffet.
    liberal white men show their "smallness" by being obama cheerleaders....

    Posted by: laura | September 23, 2008 5:07 PM

    __________________________________________

    Laura,

    Your comments are 'reverse' sexism.

    Men need to call you hypocrits out at ever step.

    Posted by: Ward6ForNow | September 23, 2008 6:56 PM | Report abuse

    McCain knows all about bailing out rich bankers and screwing over middle class and poor people, he's been doing it for years.


    *McCain - Founding Member of the Keating Five:

    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."


    *McCain - 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.


    Here's some more straight-talk, my friends.

    http://www.realchange.org/mccain.htm
    .

    Posted by: ace mcfunkenstein | September 23, 2008 6:48 PM | Report abuse

    "We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself."

    http://politicalwire.com/archives/2008/09/23/extra_bonus_quote_of_the_day.html
    .
    The 2008 Republican Party Platform, adopted earlier this month

    Posted by: oops! | September 23, 2008 6:37 PM | Report abuse

    McCain, In His Own Words

    With the $700+ billion taxpayer-funded bailout looming, John McCain, the longtime champion of deregulation...

    http://digg.com/2008_us_elections/McCain_Financial_Genius_or_Not


    ...has been trying to reinvent himself as the populist champion of the people. But McCain's own record and his own words continue to damn him:

    http://www.youtube.com/watch?v=NhA3Yt-kXDI
    .

    Posted by: DrainYou | September 23, 2008 6:28 PM | Report abuse

    Actually DBW, Cheney is responsible. This all started because of High Gas prices eating into the liquidity of regular people's pocket books. The whole notion of these Bankers running around taking risks in a vacuum is BS. The economy flows from the consumer (real people) up the chain not the other way around.

    The actual cause of this is that regular folks got into debt under a good economy and after 8 years of Bush and Cheney could not afford to pay those debts. That's the "Risk" folks are talking about. The biggest factor in this...High Gas Prices. The single cause of High Gas Prices? Cheney's deal with the Energy Companies to cut supply to drive the prices up.

    And as a typical Repug, you have nothing to offer but insults. So if it wasn't Mom and Pop defaulting on their loans that caused this then what was it? And why was the supply of Oil under Clinton so abundant...but Supply dropped and gas prices rose precipitously under Cheney and Bush, and Rice, etc all oil folks? Answer that, Genius!

    Posted by: SWMissouri | September 23, 2008 6:18 PM | Report abuse

    Lenna, if you're gonna criticize obama just by watching the presidential debate, next time WATCH THE ENTIRE DEBATE!!! maybe next time you won't look like a complete idiot! or better yet, READ A BOOK!!!
    Obama '08

    Posted by: YaskY | September 23, 2008 6:17 PM | Report abuse

    Los Angeles Times
    Witness: Simpson planned nothing illegal in Vegas
    http://ap.google.com/article/ALeqM5iUNgbOr-2bnpFUX0MiII6je2CkRAD93CJ3RO0

    Wonder if it is true that the actual candidate that bumps off mutual opponent will win in November regardless of issues and poll numbers?

    Apparently the mutual opponent is wealthy, exposed corruption within both parties and is presently targeted.

    The question is how?

    Will the Dems use an OJ Simpson-like black convict with jail time?

    Will the GOP use a Guiliani-like mob ties as used by his protege ex-NYPD commissioner who got indicted and may serve up to 140 years of jail time? Or Gotti, Jr. who is in the middle of conspiracy and murder trial now?

    Will both parties use the popular practice of "sweetheart exchange deals" where convicts commit crimes/murders in exchange for less jail time, conveniently covered up and real culprits not publicly suspected?

    Given this information, do we have to worry about our personal safety too? For example, will we be safe while asleep in the middle of the night in the privacy of our home as our habits and plans are known in advance due to bugging devices all over?

    Posted by: Anonymous | September 23, 2008 6:15 PM | Report abuse

    oh, people. just go ahead and vote for obama and let's stop the madness

    Posted by: Anonymous | September 23, 2008 6:09 PM | Report abuse

    dbw, being conclusive is presidential.

    Obama was conclusive, with a single proposal, never once flip-flopping.

    McCain has reversed himself so many times this week I wouldn't be surprised if he came out this evening and said he wants to hire Cox and fire Cumo.

    Posted by: john in montana | September 23, 2008 6:08 PM | Report abuse

    john in montana:

    Indecision, waffling, and refusal to take a position is "presidential"?

    Then you will really love Obama as President.

    Posted by: dbw | September 23, 2008 6:01 PM | Report abuse

    SWMissouri:

    So now Dick Cheney is responsible for the mortgage banking mess, too?

    Question: did you ever read a high school civics textbook? You would probably find it helpful in understanding who's in charge of what in our system of government.

    Your posts indicate a willful ignorance, so I just had to ask....

    Posted by: dbw | September 23, 2008 5:59 PM | Report abuse

    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: john in montana | September 23, 2008 5:58 PM | Report abuse

    I must have missed it somewhere in Obama's press release. What did Obama say he would propose for all of the politicians like himself, Chris Dodd, and Barney Frank who raked in the most contributions from Fannie & Freddie, the kingpin of the financial entities collapsing around us?

    Nothing like the Democrat legislators who were at the helm during the creation of this mess gathering campaign contributions from these fat-cats, turning around and writing the legislation to bail out all the same big-wigs who've been giving wads of cash to their campaigns.

    Nice work, if you can get it...

    Posted by: dbw | September 23, 2008 5:55 PM | Report abuse

    700 Billion Dollars!!!!! Bottom line is there are a million things we can do besides giving Bush and his Cronies 700 Billion dollars, no questions asked. How about stop the Iraq War immediately and give that money to Wall Street. How about taking the salaries of the CEO’s and CFO’s that caused this and use that money to bolster lending? How about taxing the Oil Companies that started this landslide and use that money for a promissory note?

    Turn this around on the GOP that caused this. The folks that created this mess need to feel the pain. The American People will be for that…McCain won’t. Fairness is all we want…700 Billion dollars isn’t fair. Confiscation of property is. Confiscate Cheney’s wealth and don’t give him the right of law to dispute it. That’s Fair! I know a nice Farm in Crawford that could be liquidated or seized under Imminent Domain that could help pay some of this. That’s Fair! Sell Halliburton on EBay…that’s more than Fair!

    We don’t need anymore debt.

    Posted by: SWMissouri | September 23, 2008 5:51 PM | Report abuse

    "Obama urged negotiators to take a consensus approach with a broader scope, including....preventing benefits from reaching financial executives who were involved in the collapse."

    That's rich. Barack Obama wanting to prevent any deal from benefiting the executives who were involved in the collapse.

    I can only assume he means "executives" other than Johnson and Raines....

    Posted by: dbw | September 23, 2008 5:49 PM | Report abuse

    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 | September 23, 2008 5:47 PM | Report abuse

    ,HEY BART,I CALL MY SPELLING, FOR YOU
    DICKATATION!~

    Posted by: KEYES | September 23, 2008 5:29 PM | Report abuse

    The Bush Administration shouldn't expect action on its proposal to bail out Wall Street to be any faster than its own action in the wake of Katrina.
    Sterling Greenwood
    Aspen Free Press

    Posted by: Aspen Free Press | September 23, 2008 5:27 PM | Report abuse

    "Posted by: keyes | September 23, 2008 4:58 PM"
    iefioquehfieufhiue


    keyes,
    Where in the h@$# did you learn to spell? You must be a liberal who attended the government schools. That's awful, really bad! Take some night classes and pull yourself up to some level of competence and then write.
    Sheesh, I'm just saying....

    Posted by: Bart Raymone | September 23, 2008 5:13 PM | Report abuse

    obama is america's worse nightmare. he is that pc candidate that will filet our economy and serve it to third worlders and europeans on a buffet.
    liberal white men show their "smallness" by being obama cheerleaders....

    Posted by: laura | September 23, 2008 5:07 PM | Report abuse

    obama can't buy a house without a felon (retzco). he is one of the largest campaign cash receivers of fannie-mae, and he is in Raines back pocket.
    It is amazing that their are people who would put him in charge of the country with that brick-head biden at his side....
    http://americanpoliticalblog.wordpress.com/

    Posted by: Lenna | September 23, 2008 5:03 PM | Report abuse

    Fire Cox.
    Fire Paulson.
    Fire Bernanke.
    Arrest the Congress (except me).
    Declare martial law.
    Bomb Iran.
    Attack Russia -- we are all Georgians.
    War will boost our economy.
    Thank you.

    Posted by: McCain | September 23, 2008 5:01 PM | Report abuse

    Shut up, ya jerks.

    Posted by: Maverick | September 23, 2008 5:00 PM | Report abuse

    Tucker Bounds will have a civil service job cleaning the White House with his tongue. That is at least one level above his competence grade.

    Posted by: BarackObama | September 23, 2008 4:59 PM | Report abuse

    OBAMA has no choice,he have to bail,these
    corp.azzholes out of this mess so that we
    the america people won't fall to this
    downsized depressive economy! but i do agree that Mccain and co. will switch
    to the Riff Raff politics of labeling
    obama as a socialist,thank you GWB.Also
    he has to strenghed the america dollar
    to be competeing with the euro and yen.
    now if we can only keep prices down.
    an negotated a sable engery market,he
    might have a chance tosableize housing and
    food.if we can defer wars and natural
    diasters,we could dig out of this in about 2 or maybe 3 years.

    Posted by: keyes | September 23, 2008 4:58 PM | Report abuse

    Barack Obama
    NBC's "Today"
    September 23, 2008

    NBC's Matt Lauer: "Three minutes later in an interview with Meredith Vieira, Joe Biden, your running mate was asked the exact same question, 'should the federal government bailout AIG?' And he said, 'No, the federal government should not bailout AIG.'"

    Barack Obama: "I think that in that situation, I think Joe should have waited as well."

    Lauer: "But it's the kind of thing that drives people crazy about politics. Sounds like you were trying to score some political points against John McCain using his words, when your own running mate had used very similar words."

    Posted by: Scott | September 23, 2008 4:57 PM | Report abuse

    No traps for Obama or McCain.

    I just saw McCains press conference, he is all for the bailout as well.

    But I, as a citizen who had to get a mortgage loan the old fashioned way within my means, am totally against this.

    I don't trust ANYONE in government. In fact I don't trust any politicians.

    This bailout agreement is more news for a Republican than a Democrat. This goes against everything that the GOP stands for. It is amusing to see that an entire party has been forced by circumstance accept a concept (regulation) that they have for decades fought against.

    The republicans are the new democrats. Who knew?

    Barrack and McCain agree on this issue. So neither wins, both looses if it goes south.

    McCain stands to loose bigger considering he for 20+ years fought regulation of the Fannie's and Freddie's. He was a "part" of the problem. Literally.

    Posted by: Concernedaboutdc | September 23, 2008 4:55 PM | Report abuse

    Barack Obama continues to crack me up...the guy is priceless.

    Posted by: Barack Obama | September 23, 2008 4:46 PM | Report abuse

    "Tucker Bounds, a spokesman Palin-McCain"
    Now mainstream media is starting to put Palin at the top of the Republican ticket? Palin's impact is really boundless.

    Posted by: Anonymous | September 23, 2008 4:40 PM | Report abuse

    OBAMA IS FALLING INTO A TRAP.
    McCAIN WILL END UP OPPOSING THE BAILOUT
    AND BARACK WILL LOOK LIKE THE BIG SPENDER.

    With Shelby, Bunning and Newt Gingrich leading the anti-bailout chorus, McCain will soon change his tune -- just as Obama is doing one of his trademark compromises that has him buying into "corporate socialism."

    And then McCain can announce that upon careful consideration, the bailout approach seems anti-capitalist and bad for America.

    Obama should think about this -- as well as whether there's another agenda at work here:

    TARGETING OF U.S. CITIZENS BY GOV'T AGENCIES: A ROOT CAUSE OF FINANCIAL MELTDOWN?

    http://www.nowpublic.com/world/targeting-u-s-citizens-govt-agencies-root-cause-wall-street-financial-crisis
    OR members.nowpublic.com/scrivener

    Posted by: scrivener | September 23, 2008 4:38 PM | Report abuse

    I can't get enough of you, my tax payer friend. Where do these guys think taxes go. Own more risk? What about the home owners that are walking away by mailing in their keys. Plenty of homes are not going to have any value after all this.

    I'm ready to bop both of these guys!

    http://www.boppoll.com

    Posted by: Geeze Louise! | September 23, 2008 4:24 PM | Report abuse

    Subject: the new form of spam email...
    Dear American:

    I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
    The new e-mail hoax:

    I am Ministry of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of 800 billion dollars US. If you would assist me in this transfer, it would be most profitable to you.

    I am working with Mr. Phil Gram, lobbyist for UBS, who will be my replacement as Ministry of the Treasury in January. As a Senator, you may know him as the leader of the American banking deregulation movement in the 1990s.
    This transactin is 100% safe.

    This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. We cannot directly transfer these funds in the names of our close friends because we are constantly under surveillance. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as a next of kin so the funds can be transferred.

    Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information, I will respond with detailed information about safeguards that will be used to protect the funds.

    Yours Faithfully Minister of Treasury Paulson


    Posted by: thebob.bob | September 23, 2008 4:21 PM | Report abuse

    Tucker Bounds continues to crack me up...the guy is priceless.

    Posted by: scott032 | September 23, 2008 4:19 PM | Report abuse

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