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Obama Spending Plans Little Changed by Wall Street Crisis

Sen. Barack Obama speaks during a rally at the University of Nevada September 30, 2008 in Reno, Nev. (Max Whittaker/Getty Images)

By Perry Bacon Jr.
RENO, Nev. -- Barack Obama essentially ruled out any reductions in his major domestic spending proposals, even as he touted a $700 billion financial sector rescue plan and urged Congress to support it to help avert an economic crisis.

"People have asked whether the size of this plan, together with the weakening economy, means that the next president will have to scale back his agenda," Obama told a crowd of thousands here. "The answer is both yes and no. With less money flowing into the treasury, it is likely that some useful programs or policies that I've proposed on the campaign trail may need to be delayed."

But without naming anything he would scale back, he added, "There are certain investments in our future that we cannot delay precisely because our economy is in turmoil."

"We need a new deal for the American people," Obama said.

The candidate then listed the proposals he will continue to advocate: tax cuts for most Americans who make less $250,000, efforts to get more Americans health insurance, increased funding for education and an energy plan Obama hopes would offer incentives for the use of alternative fuels.

The health insurance provision alone could cost more than $100 billion and non-partisan experts have said Obama would cut taxes by more than $3 trillion over the next ten years. (The federal budget is more than $2 trillion a year, and the budget deficit has been more than $400 billion over the last year.)

Bill Clinton campaigned in 1992 on a broad middle class-cut tax but dropped it once in office because of a high budget deficit, but Obama has so far seemed to determine to carry out his main proposals, arguing the country needs them now.

By Web Politics Editor  |  September 30, 2008; 3:24 PM ET
Categories:  Barack Obama  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Obama's Two-Minute Ad on Taxes
Next: On Social Policy Questions, Palin Sticks to Personal Views


Obama is smart and knows how to manage money. He will do what's right with the budget. McCain will ensure that the rich companies and rich people prosper and the middle class remain as is. Give me Obama to manage my tax dollar anytime because I do not want my tax dollar going into the wealthy pocket.

Posted by: lclon | October 1, 2008 6:58 PM | Report abuse

OBAMA is a FAKE! He won't deliver what he promises, he can't. His plans are weak, there is no substance. Listen to his speeches. Are there any plans with details?Exactly what is he going to do and how is he going to do that. OBAMA's plans are incomplete. I can say I'm gonna change this, but how, what is it that I have to do to make this change....NO DETAILS. I'm sure the MUSLIMS KNOW HIS EXACT PLAN. Sure, he is for the HUGE$ bailout. He'll get his kickbacks like the $175,000.00 he already received from Fannie May and the other one that failed. Why bite the hand that feeds you? OBAMA only tells voters what they want to hear, and with little substance to back it up. PROMISES. That's what makes a politician the parasite they become. Promise voters everything, give them nothing, and blame it on Congress & the president.They're covered And the only cover the American voter gets, is BS. Be careful what you wish for.

Posted by: Chipsan2 | October 1, 2008 1:26 PM | Report abuse

We're really hitting the Republican party talking points this morning, aren't we? I think it's funny that throughout this piece, there isn't a single mention of McCain's tax and spending plans. Afraid to see McCain's campaign just might be the pot calling the kettle black?

Posted by: katie84 | October 1, 2008 12:21 PM | Report abuse

The time is now!
To remind Americans that Barack Hussein Obama is just another politician that will do or say whatever it takes to fulfill his political ambitions. Barack is calculated and methodical about hiding his true convictions and intentions, and uses deception to get elected.

The time is now!
To remind Americans that Barack Hussein Obama had a 20 year association with his religious leader and priest Jeremiah Wright, who became Barack's idol and role model. Jeremiah married Barack and Michelle and baptized both their daughters. AND, we all remember the hideous videos of Jeremiah Wright’s congregation which included the Obamas, damning America with bombastic joy, after the Muslim’s criminal attack on America on 9/11.

The time is now!
To remind Americans that Barack's religious leader Jeremiah Wright used his tax-exempt church to exercise a radical political agenda, and he refers to Israel, as well as America, as a "racist" State. Theologically Barack's religious leader Jeremiah Wright believes that the true 'Chosen People' are the blacks; He believes that black values are superior to middle-class American values, and that blacks should isolate themselves from the wider American society.
 Indeed Barack's religious leader Jeremiah Wright is a black supremacist.

The time is now!
To remind Americans that Barack Hussein Obama wants to be president to implement Jeremiah Wright’s dream of a black supremacist society in America.

The time is now!
For Americans of all political parties to come together to preserve the future of the country we love by voting for John McCain for President of the United States of America.

Country First!
Americans for John McCain/Sarah Palin

Posted by: Manolete | October 1, 2008 10:02 AM | Report abuse

First of all if you read the TARP Bill that was vetoed.

You have a "New" set limit to the national debt of 11,315,000,000,000 about 2.5 Trillion
dollars the current cap.

One version had the Obama voter organizer ACORN and LA Rusa, set up with a couple of other slush funds.. to funnel profits from the TARP bill to these characters.

OBAMA has not concept of financial management of ANY LARGE organization. The Democrats were PROUD that they again gave the budget to Congress with 24 hours to read and approve before the September 30th deadline. IT WAS FOR 1 TRILLION DOLLARS.

He has been ordained as the savior of the Democratic Party by the OLE Boy Network, the DNC and MSM.

He claims that he will be able to self-fund his programs. There is no way in h-LL that he can accomplish that.

The US Net International debt in 2007 was 39% percent of Gross Domestic Product.

Now take a look at household debt.

In 1950 it was 50 % of the GDP
In 2000 it was 70 % of the GDP
In 2007 it was 100 % of the GDP.

The smoke and mirrors that the United States Government is using to run our Government and the debt of our citizens.. is the cause of our financial mess.

Obama MUST NOT BE ELECTED. If his programs of spending, spending, spending without tax increase and decreases in government spending. We will have an ever worst situation than now.

Plus you MUST research OBAMA'S academic background (no records), and his lack of leadership he has shown while in politics.

His is a good ole boy, you take care of me, Ill take care of you. You do me a favor, Ill do you a favor. I will use racism, deceit, lies anything concept that get me elected to my next goal.

CHECK out Ayers, Rezko, Jones, Wright, and all his other bad guy friends. Take a look at how he TRULY FUNDED his college educations. (Foreign investors, rich black leaders, and etc.)

Posted by: miller51550 | October 1, 2008 10:01 AM | Report abuse



(From, 9/22:)

Beginning in October, the Army plans to station an active unit inside the United States for the first time to serve as an on-call federal response in times of emergency.

The 3rd Infantry Division’s 1st Brigade Combat Team has spent thirty-five of the last sixty months in Iraq, but now the unit is training for domestic operations.

The unit will soon be under the day-to-day control of US Army North, the Army service component of Northern Command.

The Army Times reports this new mission marks the first time an active unit has been given a dedicated assignment to Northern Command.

The paper says the Army unit may be called upon to help with civil unrest and crowd control. The soldiers are learning to use so-called nonlethal weapons designed to subdue unruly or dangerous individuals and crowds.


Do the candidates believe the President has the authority to use the armed forces for active duty in domestic deployment, what appears to be a violation of the 130-year-old "Posse Comitatus Act"?

Is it true that Biden, appearing on Fox News, endorsed that concept?

Is Sarah Palin familiar with the term "posse comitatus" and the principle for which it stands? Could she explain the concept and why it's important to the preservation of American democracy and civil liberties?

What the Army speaks of "non-lethal weapons," are they referring to "directed energy weapons" that emit silent bursts of various forms of radiation, such as microwaves -- energy that can induce illness, cause injury, and even death?

And what do Barack Obama and John McCain have to say about this?

Are they concerned that silent, dangerous "directed energy weapons", which have been imprecisely described as "non-lethal," could be used as a weapon against perceived POLITICAL "enemies?"

Posted by: scrivener50 | October 1, 2008 1:43 AM | Report abuse

This is good news. It means Obama's proposals and programs are paid for as he has described. It means he would administer the bailout so it breaks even or makes money. The guy has the Midas touch. He can probably just ask everybody to send $100 and they will do it. The Fed should not just print money no matter what because that makes inflation worse. This all goes to price of oil. Thank the Saudis.

Posted by: GaiasChild | October 1, 2008 12:50 AM | Report abuse

From "Fact of The Matter"

Camp McCain today issued a new Propaganda ad Called "rein", in which the RNC pointedly accusses the Democrats for the oncoming financial catastrophe that this current administration, and not too mention The past Administreation of Ronald W. Reagan' which begin this snowball effect when they begin undoing the regulations that were in place for banks....

Regarding "Regulating Banks: Enough Already" (Viewpoints, Feb. 7), let's see if I have it straight. Deregulation in the 1980's under President Reagan led to the savings and loan scandal, which led to the Federal bailout, which led to increasing the national debt -- and in the process caused some people to be led to jail.

Now comes Jay Baris, a New York financial services lawyer, arguing (presumably with a straight face) that President Clinton should further deregulate banks. Am I missing something?


Clinton, Republicans agree to deregulation of US financial system
By Martin McLaughlin
1 November 1999
Use this version to print

An agreement between the Clinton administration and congressional Republicans, reached during all-night negotiations which concluded in the early hours of October 22, sets the stage for passage of the most sweeping banking deregulation bill in American history, lifting virtually all restraints on the operation of the giant monopolies which dominate the financial system.

The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal. Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated.


John McCain: The Deregulator
I don’t think anyone who wants to increase the burden of government regulation and higher taxes has any real understanding of economics and the economy and what is needed in order to ensure the future of this country.”
– John McCain [McCain Town Hall in Inez, Kentucky, 4/23/08]

McCain Is An Avid Supporter Of Lax Rules For Financial Institutions
McCain Supported A Banking Bill Because It Eliminated “The Tremendous Regulatory Burden Imposed On Financial Institutions.” While speaking in favor of bank deregulation on the floor of the senate, John McCain said, “This legislation takes a small but important step toward eliminating the tremendous regulatory burden imposed on financial institutions… One principal reason banks are unable to make loans is the bewildering array of statutory and regulatory restrictions and paperwork requirements imposed by Congress and the regulatory agencies. While a case can certainly be made that every law and regulation is intended to serve a laudable purpose, the aggregate effect of the rapidly increasing regulatory burden imposed on banks is to cause them to devote substantial time, energy and money to compliance rather than meeting the credit needs of the community.” [Congressional Record, 11/19/93; emphasis added]

so we now have a brief history leading up to this mess and John McCain is wrapped right in the middle of the NET of blame he is trying to cast on the DEMOCRATIC PARTY
while he lies in this propaganda ad that Obama is silent...

Posted by: need4trth | October 1, 2008 12:16 AM | Report abuse

LOL! :-D

Of course his Bribes-Oops, I meant Hand-Outs,

Er, "Spending Programs";

haven't changed-They really were set to become part of the "Change Package" Promised;

ALL, those "Promises";

Are planed to be the FIRST things "Changed", after he wins! :-(

Now, someone should ask him about his new TAX PLANS-Not the Empty Spending Promises! ;~)

Posted by: SAINT---The | September 30, 2008 11:25 PM | Report abuse

It is hard to get unbiased information on the financial crisis.Martin Wolfe is an economic editorial writer for the financial times (in London).

His latest views have just been published. Those looking for anger and invectives need not read this. He is conservative and rational.

Posted by: Gator-ron | September 30, 2008 11:19 PM | Report abuse

I am so tired of politicians talking about how much they want to spend instead of how much they want to cut. The argument about how much we should tax the rich or the poor is missing the point. No matter who you tax and how you do it, history has shown that you get between 18-19% of GDP for taxes no matter what. Raise tax rates and tax income increases but spending decreases, lower taxes and spending goes up but tax collection goes down. If Obama wants to increase health benifits and money for the education system it has to come from somewhere. That place will either be China, Canada or from other governmental programs that have to be reduced. Raising taxes does not increas tax income.

Posted by: BryceR1 | September 30, 2008 10:17 PM | Report abuse


YOU DID THE RIGHT THING people by stopping this 700 billion dollar bailout of Wall Street with your money. It's a trap set by the Bush McCain administration years ago to spring on you, and the World just before the November elections. It will cripple our economy for years to come by taking away money from important social programs like health care reform, education, and social security.

What ever congress does to try and fix our stunning economic catastrophe needs to be done very carefully. Congress needs to take their time, and be sure of what they are doing. Whatever is done needs to be sharply focused at helping, and protecting the best interest of the ordinary Americans. In particular the vast American middle class. 700 billion dollars is a lot of the peoples money to spend to bail out a bunch of corrupt Bush loan sharks.

When have you ever known any government plan, or project to only cost what the government said it would. Remember the war in Iraq. Bush and his so-called advisers said it would only cost you about 80 billion dollars. But we now know that the war in Iraq will cost you, and your children, and your grand children over a trillion dollars, and still counting.

So if 80 billion can end up costing you over a trillion dollars. How much could 700 billion end up costing you. Any math wizards out there. I come up with 9 trillion...:-(

My fellow human beings, just as I warned you ahead of this catastrophic economic meltdown, I must now warn you that what is ahead has the potential to be even more catastrophic than what we are going through now. The worlds geopolitical landscape has been booby trapped by the Bush McCain administration and their republican allies in congress. These booby traps are poised to spring at any time.

Fortunately the Worlds Nations have been blessed with many excellent leaders (except the US) who have been careful, wise, strong, and self-restrained in dealing with the provocations, and antagonism's of the Bush, McCain administration.

Barack Obama and the democrats are your best hope now. Tell your family, friends, and everyone you know to support them as best you can, and vote for them like your life, and the lives of your loved ones depends on it. Because it does. You will not survive 4 more years of Bush McCain.


Posted by: JackSmith1 | September 30, 2008 10:06 PM | Report abuse

America still does not know who the real Barack Hussein Obama is, but Americans remember Obama’s 20 year close association and blood relationship with his religious leader, priest and father image, Jeremiah Wright.

Americans remember vividly the hideous videos of Jeremiah Wright's congregation which included Obama and Oprah, when they were celebrating in bombastic joy, the murderous attack on America on 9/11.

Americans that love our country and have always been proud of it, know Barack is a radical extremist and black supremacist with a hidden agenda that is a serious threat to the American values we all treasure and cherish.

Country First!
McCain/Sarah Palin

Posted by: Manolete | September 30, 2008 9:05 PM | Report abuse

Sen. Obama desperate for votes has opened his treasure box. You can get whatever you desire like “tax cuts for most Americans who make less $250,000, efforts to get more Americans health insurance, increased funding for education and an energy plan Obama hopes would offer incentives for the use of alternative fuels.” What about money needed for all these programs? Do not worry about it. Sen. Obama will organize the gigantic rock tour with Bruce, Billy, Bon Jovi, Barbara, and a host of other starlets in toe. One catch though. You will have to pay for the tickets. Income from the ticket sale will fund all these programs. Wait a minute. Why Sen. Obama has not done it while he was in the US Senate? Does he have to be the President of the USA to help taxpayers?

Posted by: Wiel | September 30, 2008 7:38 PM |

Senator Obama offers an economic policy that is based on policies that are appropriate for what is ailing this economy, too little job creation and tax breaks for corporations that create jobs overseas and no rewards for those creating them here. Like McCain, Wiel offers ordinary American a workable substitute just criticism and support of policies that are proven failures over the last eight years. Wiel can't do that because the problems in this economy have not struck the sector of the economy that he supports, the American Corporations that create jobs overseas.

Posted by: Gator-ron | September 30, 2008 8:33 PM | Report abuse

Sen. Obama desperate for votes has opened his treasure box. You can get whatever you desire like “tax cuts for most Americans who make less $250,000, efforts to get more Americans health insurance, increased funding for education and an energy plan Obama hopes would offer incentives for the use of alternative fuels.” What about money needed for all these programs? Do not worry about it. Sen. Obama will organize the gigantic rock tour with Bruce, Billy, Bon Jovi, Barbara, and a host of other starlets in toe. One catch though. You will have to pay for the tickets. Income from the ticket sale will fund all these programs. Wait a minute. Why Sen. Obama has not done it while he was in the US Senate? Does he have to be the President of the USA to help taxpayers?

Posted by: Wiel | September 30, 2008 7:38 PM | Report abuse

Obama Plans to spend alot more then the 700 billion they are talking about

See Biden Practice the debates with a Sarah Palin Stand In. She is a Sarah Palin impersonator.

See Palin rehearsing for the debate at

Posted by: pastor123 | September 30, 2008 6:27 PM | Report abuse

This is horrible slanted journalism. I read the whole speech and the person who wrote this article only did a disservice to the reader. If you really want the correct context of what was said, then go to CNN. In my opinion, the speech Sen. Obama gave today was the speech President Bush should have given this morning (instead of coming on television looking scared out of his mind).

Posted by: lmllyles | September 30, 2008 6:11 PM | Report abuse

Ian't it unfair to ask Obama to decimate his policy proposals in the midst of the bailout when the bailout isn't even passed yet and Obama is still just a candidate? I'm sure he'll look real hard at what he wants to do and will be forced to cut back - and Congress will certainly help in that regard.

Remember that McCain has yet to talk about cuts, too. All he recites is his plan to veto earmarks - a plan that saves way too little to make a dent in the budget and deficit.

Posted by: parkerfl1 | September 30, 2008 5:59 PM | Report abuse

No Jack Cafferty is pathetic..

Posted by: gary20 | September 30, 2008 5:56 PM | Report abuse

Jack Cafferty has just skewered Sarah Palin again after a second Katie Couric interview (with John McCain by her side in case a tough question gets asked).

I have just posted the video, along with the original video where Cafferty calls Palin "pathetic."

You can see both videos right now at:

Posted by: scootmandubious | September 30, 2008 5:48 PM | Report abuse

Posted by: tbastian | September 30, 2008 5:04 PM |

Read this post, this person talks about economic and political theory, not putting food on the table or paying the bills. For that he is like McCain, he does not talk about it because it just is not important.

I especially like the we have the second highest business tax as if that were really the case. Thanks to the Bush administration and all the tax loopholes created by Bush and now McCain lobbyists that are not included in his figure, we have amongst the lowest tax rates in the world.

But remember all this fancy talk is a smoke screen for the writers real purpose which is to get you to vote against your own interest by confusing you with distortions that will get you to forget what is important to you.

Posted by: Gator-ron | September 30, 2008 5:36 PM | Report abuse

Ducks, Ducks, Ducks, for everyone.

There is nothing he will not promise to those he thinks will get him elected.


Posted by: acarponzo | September 30, 2008 5:29 PM | Report abuse

Dear AJ2008 ,

How does Obama cut taxes for 95% of Amercians? Raise taxes on everthing and everyone else. This is called wealth redistribution. A common Marxist theme. What you don't realize is he wants to fund everything on capital gains taxes, death taxes, taxes on wealthy, taxes on companies. There are no capitol gains and won't be. It also makes people not want to invest. taxes on the wealthy... good luck they pay 50% right now of all taxes ( the top 5% ) and when they get a pay cut it roll's dpown hill just like sh#t. taxes on business. We already have the highest business tax in the world and we need to penalize them more? tax oil companies? They just increase the price on consumers and effects most those who can least afford it ( regressive tax )

Alternative energy plan. Ai think we ALL agree on that one. But, how about clean coal ( Biden say's NO WAY! )and nuclear ( used by many country's.. we developed it and other country's are using it to it's potential . Obama doesn't care about your pain at the pump.

More and better access to healthcare. Again I think we ALL agree this is an issue on both sides of the aisle.

Education Plan.. once again something we ALL agree on. So, he really doesn't offer anything with any detail except promoting hatred of the GOP and EVIL BUSH and McCain. PLaying class warfare works in Chicago slums but os not a good strategy for our country. There is enough hate in DC already.

Posted by: tbastian | September 30, 2008 5:04 PM | Report abuse

Nine years ago TODAY the Clinton administration introduced new Freddy Mac rules allowing people in 21 states that did not qualify under the normal guidelines, there credit was just under the limits to get home loans with less down that would be purchased by Freddy Mac from the bank. the announced at that time that it would be expanded to other states..Lets have the Post write a piece on that.

Posted by: gary20 | September 30, 2008 5:04 PM | Report abuse

One of the main reasons that I support John McCain over Barack Obama is that the senator from Illinois shows no understanding that the US faces tough fiscal choices in the year to come. We simply cannot continue borrowing internationally to fight wars, offer prescription drug coverage and now all of the Obama spending proposals. Either Obama is lying and is planning middle class tax increases or he is planning to print and borrow money on a massive scale. John McCain understands that we have to cut out wasteful spending and set priorities in the federal budget.

Posted by: rwe123 | September 30, 2008 5:02 PM | Report abuse

Is the Post involved in some sort of middle school project to get the kids involved in politics? Seriously? You've got a rant about pinkos, some high quality anti Democratic poetry, and a post to a site where you can punch the candidate that you don't like. By the way, Obama has been hit more. Why do you think people make generalizations about Republicans being frothing idiots? Maybe this is a pinko left wing conspiracy to make Republicans look like idiots?

Posted by: stevenmpalmer | September 30, 2008 4:44 PM | Report abuse

AJ2008 1) Tax cuts after a tax increase by removing Bush's tax cut. Then increases in Capital Gains, Estate, Gas taxes. 2)Affordable health care..just words no real plan. 3)What energy plan? More air for your tires? 4)Education plan? Vouchers? I don't think so. "The Rest" maybe cut?

Posted by: arby1 | September 30, 2008 4:40 PM | Report abuse

If you hold very, very still and don't say a word, it won't hurt at all.

1. Abolition of property in land and application of all rents of land to public purposes.
2. A heavy progressive or graduated income tax.
3. Abolition of all rights of inheritance.
4. Confiscation of the property of all emigrants and rebels.

5. Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.

6. Centralisation of the means of communication and transport in the hands of the State.
7. Extension of factories and instruments of production owned by the State; the bringing into cultivation of waste-lands, and the improvement of the soil generally in accordance with a common plan.
8. Equal liability of all to work. Establishment of industrial armies, especially for agriculture.
9. Combination of agriculture with manufacturing industries; gradual abolition of all the distinction between town and country by a more equable distribution of the populace over the country.
10. Free education for all children in public schools. Abolition of children’s factory labour in its present form. Combination of education with industrial production, &c, &c.

or you can chose the alternative freemarket American democratic republic way

Posted by: rtfanning | September 30, 2008 4:36 PM | Report abuse

McCain: Do As I Say, Not As I Do?

McCain's hypocrisy has reached a level that when he says anything about any subject, your automatic reaction should be to go back and see what he was saying the day before. And when it comes to blaming others for his failure of leadership on the bailout bill, McCain has raised the ability to talk out of both sides of his mouth to an art form.

Yesterday McCain managed, in the time it took to get the words out, to blame Barack Obama and the Democratic Party while saying it wasn't time to point fingers:

"Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time to affix the blame. It’s time to fix the problem."

And today, McCain said:

"I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem...I call on everyone in Washington to come together in a bipartisan way to address this crisis."

...and sixteen minutes later, McCain's campaign released an ad that blamed Obama and the Democrats for the financial meltdown. Sixteen minutes. Apparently McCain was calling on everyone except himself.

Posted by: DrainYou | September 30, 2008 4:35 PM | Report abuse

Scrivener50 said:

"Today's market rebound, while short of covering yesterday's losses, proves the markets can survive without welfare for the rich."

At the risk of triggering an ad hominem attack, I must disagree with the above. A lot of the bounce back we've seen today is from opportunistic buying at basement prices. It won't last and it's a temporary salve.

Also, a peeve of mine is seeing terms like "socialism" thrown around in this forum. Either something makes sense or it doesn't, calling it this name or that name adds nothing. Explain (in detail) what you mean by "socialism".


Posted by: mrmoogie | September 30, 2008 4:27 PM | Report abuse

a duck in every pot,
a pot in every duck!
I'm barack obama and I endorse
this ducky message.
just tell me what to say to get
you to vote for me, and I'll say it!

Posted by: USA3 | September 30, 2008 4:24 PM | Report abuse

I think your insinuation that
obama might not follow through
on his tax cut rhetoric,
would get you a


the 'new' politics of hope

Posted by: USA3 | September 30, 2008 4:22 PM | Report abuse




• "Work-outs" for strapped homeowners as well as for those who were forced out of their houses by unscrupulous lending practices

Today's market rebound, while short of covering yesterday's losses, proves the markets can survive without welfare for the rich.

House Republicans saved the day by refusing to go along. Obama and the Dems stand to lose politically for their willingness to buy into a flawed plan.

McCain will adopt their view of the House GOPers, and emerge the victor -- UNLESS Obama, Pelosi and Reid cease their appeasement and come up with their own bill, one that offers meaningful "work-outs" and grants a primary equity position for taxpayers in any bad debt buy-outs.

If Congress is going to socialize risk, then it must engage in democratic socialism and let the public share in the upside. Otherwise, lawmakers are endorsing NATIONAL socialism -- and we all know what THAT can mean.

Congressional Democrats must stand up to Wall Street's extortion demands by mandating a "work-out" system to help homeowners stay in their houses, thus guaranteeing the solvency of mortgage instruments held by financial institutions.

Both Barack Obama and John McCain sold out the people. Obama's ads convey the right message: Put the homeowners first. But the bill did not do that. Instead, it was a welfare program for Wall Street fat cats and their corporations, with one man, the Treasury secretary, in charge of doling out the goodies. The "oversight" provisions contained in the defeated bill were largely window-dressing.

One must wonder whether there are some who'd secretly like to see the economy go down the skids -- setting the stage for widespread economic travail that could lead to social unrest and an opening for a repressive political regime.

Remember: The Nazis rose to power amid economic chaos, fueled by convenient events such as the Reichstag fire.

To thwart those who would seek to exploit economic tumult to achieve their peculiar brand of "social engineering," both Obama and McCain would be wise to insist on a bill that saves the economy by restoring the underlying value of mortgage-backed securities instead of simply handing out money to those who were complicit in creating the crisis.

And the bill also should come to the rescue of all those who lost their houses to a corrupt system within the past few years.


See re: "Government Targeting of U.S. Citizens: A Root Cause of Financial Crisis?"

Posted by: scrivener50 | September 30, 2008 4:01 PM | Report abuse

The tax cut for the middle class is not a net tax cut for the country. It is paid for. The tax cut that Clinton wanted would been a net tax cut for the country.

Can we believe everything we are told, if history is any indication we can not. Both candidates will have to change policy after in office but since McCain's plan leads to bigger deficits McCain will have to change more. Part of the reason I supported Obama right from the start is that he seemed to be more concerned about deficits than his opponents. McCain seems to be oblivious as he says one thing but then proposes another.

Posted by: Gator-ron | September 30, 2008 3:55 PM | Report abuse

The man is making sense. Some have decried Obama's reluctance to specify what programs he would cut out of his economic plan, but any such pledge would be unwise and premature. By the time Obama takes office (if elected) the country will need a government willing to take Keynesian steps to bolster the economy. That means targeted government spending on basic infrastructure upgrades/maintenance (roads, bridges, broadband, etc), health care and education. The effect of that government spending will be primarily to create jobs and help middle-class Americans.

The worst approach would be to institute huge cuts in federal spending at a time when layoffs and inflation are at a tipping point. Most people don't mind taxes and government services if they can see tangible benefits from those expenditures.

If Obama can do this competently, we might just have a chance to come out of this mess intact.

I'd love to see some intelligent responses. Thanks.

Posted by: mrmoogie | September 30, 2008 3:42 PM | Report abuse

A "New Deal?" Oh boy, hide your cash, he is definitely coming to get it.

Bop Nobama. I did. 200 times!

McCain '08

Posted by: acarponzo | September 30, 2008 3:37 PM | Report abuse

Perry Bacon Jr. you're not listening.

Obama has given you the four main spending goals he wants to achieve during his 1st term as president; 1) Tax cuts for those who make $250,000 or less; 2) Affordable health care; 3) Comprehensive energy plan; and 4) an education plan. The rest of his proposals are on the table to be potentially cut or cutback.

Posted by: AJ2008 | September 30, 2008 3:36 PM | Report abuse

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