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Candidate Reaction: Emergency Federal Reserve Rate Cut

Sens. John McCain and Barack Obama issued statements on the emergency Federal Reserve interest rate cut this morning:

McCain: "I applaud the move by the Open Market Committee of the Federal Reserve and other national monetary authorities to reduce interest rates to address the financial crisis spreading across the globe. It is imperative at this moment that government be responsive to the needs of Americans, restore confidence in our financial system, provide assistance to struggling homeowners, and implement pro-growth policies that will create jobs and provide a foundation for a more prosperous future. That is why last night, I called for an American Homeownership Resurgence Plan -- a plan to use taxpayer money not just to bail out Wall Street, but instead to keep families in their homes and to stabilize financial markets from the bottom up. I am committed to protecting the American worker in this crisis. I am dedicated to reforming the corruption in Washington and on Wall Street that is the root of the financial system meltdown. I will get the economy back on track."

Obama: "I've said before that this is a global crisis that requires a global solution, and so I support the action of the Federal Reserve and other central banks around the world to cut interests rates and ease the mounting pressure on global credit markets. I hope this response continues as leaders of major financial institutions and representatives from nations around the world gather in Washington. But it is clear that more urgent and vigorous action is necessary to stem this crisis, which is making it impossible for businesses large and small to get loans and may have already cost Americans nearly $2 trillion from their retirement accounts. The Treasury Department must move quickly to implement a plan based on the rescue package we passed last week and use the authority they already have to purchase troubled assets, including mortgages. It is also critical that Treasury, in coordination with other government agencies, move as vigorously as possible to help homeowners stay in their homes. And I call on Congress to immediately pass a rescue plan for our middle-class that will save one millions jobs and provide relief to struggling families, small businesses, and Americans who are losing their homes."

Posted at 9:41 AM ET on Oct 8, 2008  | Category:  Primary Source
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I saw a comment putting down Nacy Pelosi for her save the planet at any cost...I find questioning exactly that totally silly. That would be like not putting out the fire in your living room because one might have to stop a behaviour that makes money. Hello? What exactly are we going to do without a planet or air to breath? Yes, it is time to address this, now..not when no one can breath without a mask.

Posted by: wetwren | October 9, 2008 11:05 AM

The most successful businesses NEVER evaluate people on formal education alone.

and if you do, you are part of the reason nothing ever gets done in this country.

People who rest all their eggs in one basket by saying they have this degree or that one and you should hire me because of it, all seem to forget that those people are the ones who have been sheltered while in school and have not learned the REAL lessons of life yet.

I for one am not looking for another inexperienced leader like Bush or Obama as I think it would be the worst course our country could take.

It would be tantamount to letting your 14-year-old take your Ferrari out for a drive to prove to you how well he can handle it.

Smart? I dont think so... and if Obama's version of "Change" doesnt turn out to be quite what we expected, we will really but up the creek without a paddle.

Just "Say NO" to n00bies

Posted by: indep2 | October 8, 2008 2:54 PM

Let's look at the educational background of our two options:

Obama:
Occidental College - Two years.
Columbia University - B.A. political science with a specialization in
international relations.
Harvard - Juris Doctor (J.D.) Magna Cum Laude

Biden:
University of Delaware - B.A. in history and B.A. in political science.
Syracuse University College of Law - Juris Doctor (J.D.)

vs

McCain:
United States Naval Academy - Class rank 894 of 899

Palin:
Hawaii Pacific University - 1 semester
North Idaho College - 2 semesters - general study
University of Idaho - 2 semesters - journalism
Matanuska-Susitna College - 1 semester
University of Idaho - 3 semesters - B.A. in journalism

Now tell me . . . Who would you 'hire'?

Posted by: novaik | October 8, 2008 2:28 PM

How about old geaser, McCain? He hates Americans that are not white.

Posted by: mattyng | October 8, 2008 2:14 PM

I am amazed so many Americans are mesmerized by slick willy Obama, he is a wolf in sheep’s clothing. A short list of his buddies:
William Ayers – I hate America
Ludicrous – I hate America
P Diddy- I hate America
Black Panthers – I hate America
Louis Farrakhan – I hate America
Rev Wright – I hate America
Mummer Kaddafi – I hate America
Tony Rezko – I love America
Michell Obama – I hate America
4 years of civil rights muck – UGG
Nancy Pelosi – Save the planet at any cost.
Harry Reid- Worm
DoDD - crook
Barney Frank – crook
Acorn
Obamas buddy who stole the 90mil from fanny & freddi
Im sure I left a half dozen out but Surly this isn’t what we want, is it?
I think the reason stock markets all around the world are crashing regardless of what all the worlds governments are doing to build confidence is because all the rich guys around the world can see the writing on the walls, they can see the stupid American public is getting ready to vote in obama and they know that means so they are getting out of the market now.
God save us all if Farrakhan/ I mean obama gets in…
Posted by: amazed | August 21, 2008 2:03 PM

Posted by: mralexva | October 8, 2008 1:42 PM

"Dow floating in low 9,200 range.

My friends, we are witnessing the impoverishment of America before our eyes."

No, not really. All of America's wealth is still there--just look around you. The monetary system has to adjust, but the wealth is still there. Whether a home is worth $250K or $50K, it's still exactly the same house. Relative values will shake out and find their correct level and life will go on.

To be sure, we will all be hurt in the short term, and there will be winners and losers--hares and tortoises, ants and grasshoppers. But the wealth will still be there and it will be distributed according to market realities tempered by government action.

Posted by: Bluefish2012 | October 8, 2008 1:06 PM

Happy I have Social Security and NOT the BUSH-CHENEY, McCAIN-PALIN plan to privatize this great program. Just where would today's retirees be with such a plan with this 'melt-down' of our financial institutions?

And they better not try to do this to Medicare or there will be a revolution in this country.

VOTE: OBAMA-BIDEN for true Social and Economic Security.

Posted by: hfaulk | October 8, 2008 12:59 PM

"Are you better off than you were 4 weeks ago?"

Heehee

:-)

Posted by: toritto | October 8, 2008 12:46 PM

ACORN and Barack Obama at the root of subprime mortgage crisis (aka global economic meltdown).

http://article.nationalreview.com/?q=ZjRjYzE0YmQxNzU4MDJjYWE5MjIzMTMxMmNhZWQ1MTA=

Posted by: eureka60 | October 8, 2008 12:44 PM

If all I knew about John McCain was what I heard him say last night I would think he was a liberal socialist.

I guess It's all free market fun and games until the wheels fall off. Then you'll beg Washington for "lawyers, guns and money" and say whatever it takes to get re-elected.

I'm voting for Barack Obama because he's clear about ending the failed policies steered by Republicans and supported by a weak Democratic party that traded it's integrity for marginal power in a corrupt government.

The Democratic Party that lost its soul in the 90's has a new leader and millions of new voters.

Posted by: JohnQuimby | October 8, 2008 12:44 PM

Dow floating in low 9,200 range.

My friends, we are witnessing the impoverishment of America before our eyes.

Posted by: toritto | October 8, 2008 12:38 PM

Obama still seems to have the sensible plan. McCain is all about him: "I will get the economy back on track." If one man could do it, then it would have been done by now. The brash egocentrism of McCain is alarming to me. I cannot understand why others are not alarmed as well.

Go back and review McCain's record and life, all of it. There are alarming things there. This bottom of the class Annapolis graduate seems to have all of the answers. He berates people with smarts. He foists an unknown extremist from Alaska on the American political stage.

The religious right is going nuts over Sarah Palin and her caustic speech. As a Christian, I am sad for my country. Not because of the fact that we actually have homosexuals and abortionists living here, but because our political tone has become one of hatred, bigotry, and extremism.

Posted by: EarlC | October 8, 2008 12:31 PM

See Out Takes From Last Nights Debate, Obama and McCain practicing for the debate and the mistakes they made. http://www.watchdebate.com

Watch a video of McCain dropping the F-Bomb
in a video http://www.mccanes.com

I just saw a new poll come out....Dream tickets for the president. Huckabee/Palin comes out 5 to 1 over McCain/Palin. Perhaps the RNC should switch out McCain for Huckabee, they might have a better chance at the white house this year cause I just can't see Obama loosing at this point. The problem is news stations are already calling the race for Obama.....switch it up and have a chance, or should we all stay home and just let Obama take the white house? see poll at http://www.mccanes.com/watchdebatevp.html

Posted by: pastor123 | October 8, 2008 12:09 PM

So McCain is beginning to formulate a specific plan while Barack is still speaking in generalities?

There is one month to go and I think that most bloggers, and especially the media, will be very disappointed in the outcome....

But just remember, the Messiah can always run again in 2012!

Posted by: indep2 | October 8, 2008 12:07 PM

One year ago today the Dow reached the record level of 14,164.

:-)

....."once I built a railroad!
Made it run!
Made it race against time!

Once I built a railroad.
Now its done.

Brother, can you spare a dime.

Posted by: toritto | October 8, 2008 11:55 AM

LET THEM BECOME USELESS (Taliban's rifles and land mines)

Obama was complaining why our military were air-raiding the vilages infested with Taliban and suggest that they do the raid by foot.

NO WONDER WE HAVE RISING AMERICAN CASUALTIES IN AFGHANISTAN. Obama and Bush should be held accountable for the rising American casualties.

More Americans could die in Afghanistan if Obama becomes president. Like George Bush, this man is an AMATEUR.

The life of an American soldier is more precious than a hundred taliban sympathizers.

The talibans' shoulder weapons and mines are useless in the face of an air-raid. LET THEM BECOME USELESS. Don't send foot soldiers. ONLY PLANES.

Posted by: spidermean2 | October 8, 2008 11:10 AM

I did not watch the whole debate. But I suspect the next debate will get little attention. Neither candidate is going to come out with anything radically new or effective at this late date. McCain has evidently decided not to try to smear Obama personally while he is present in the room to react - instead he is letting others do that for him. So the debates are not going to be of any major importance. Obama has shown himself to be McCain's match or better, he has ideas that more Americans like than not, and he has a powerful argument - why reward 8 years of GOP incompetence with another 4?

Posted by: troisieme | October 8, 2008 11:07 AM

There is no question that neither of them won the debate. There is also no question that neither of them will really be able to do much of anything regarding the economy. Its bigger than either of them and both are along for the ride like all of us. God help either of these gentlemen when the election is over. I'm voting McChange.

Posted by: StJohn1 | October 8, 2008 10:59 AM

There is no question that Senator Obama won the debate. Sen. McCain looked desperate, old and tired. More importantly, he looked like a Bush retread. Senator Obama brings a fresh, educated, point by point look at the problems the U.S. faces as well as nuanced solutions for attacking these problems.

In addition, he will surround himself with the best and brightest immediately getting to work righting the multiple thorny disasters the Bush administration has left as his legacy to the American people.

Sen. McCain, a 26 year veteran of the Republican party who supported Bush 90% of the time should retire now, play golf and let those with a new, fresh vision of what American can accomplish lead us in this 21st century.

Posted by: northernlights | October 8, 2008 10:35 AM

Democrats for John McCain and Sarah Palin in 2008

Posted by: hclark1 | October 8, 2008 10:24 AM

mcsame talking about he is dedicated to reforming washington when he have been there twenty six years and he is now thinking of reforming washington now when he had his chance all those years and tow years ago when he campainge started he did say anything about reforming until now what that tells me is that either he just making up stuff as we go alone or he is really lying very bad and choose both and he ain't it done anything yet his time is up he must be talking about in year 2016 and he really will be dragging he self across the stage in the debate "think about it" (ain't know body mad but the devil!!)

Posted by: obama1 | October 8, 2008 10:20 AM

talk about a couple of mental midgets... why would we care what the two hood ornaments of the corrupt, entrenched political parties think about the economy? i'd get better economic advice if i asked my 8 year old twin nieces.

Posted by: millionea7 | October 8, 2008 10:04 AM

BAN SHORTSELLING !!

The stock market is shooting downward. Naturally, everybody should be saddened. But NO, not everyone. Who are these people? Who are they who profit from this downturn. It's the SHORTSELLERS. The government should realize that shortselling DEFIES NATURAL SCIENCE. It is an ABNORMALITY. Nobody should be allowed to sell things that are not theirs.

THIS IS THE CANCER THAT IS PLAGUING the stock market. It defies science and anything that defies science is HARMFUL. We are now reaping the bad fruits which SHORTSELLING sowed.

When a house is burning, everybody should grieve. If you see somebody who's overjoyed, Im sure HE/SHE IS THE ARSONIST. Shortsellers are the only people who are overjoyed now.

For as long as the "arsonists" are at large, people's money are NOT safe. LOCK THEM (shortsellers) UP BEFORE MORE HOUSES WOULD BURN. For as long as they are around, our money will not be safe in the bank. LOCK THEM UP SOON OR THE FIRE WON'T STOP.

These bailouts cannot continue forever. These water hoses would soon dry up. Stop the fire from its source -- the SHORTSELLERS

Posted by: spidermean2 | October 8, 2008 9:49 AM

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