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Obama Proposes New Economic Measures

Updated 2:35 p.m.
By Shailagh Murray and Paul Kane
TOLEDO, Ohio -- Determined to keep the campaign spotlight on the economy, Sen. Barack Obama added $60 billion in new tax breaks and other benefits to his economic stimulus plan, and urged Congress to act quickly after the election to provide middle-class relief.

While his opponent, Sen. John McCain, has reportedly considered but not yet spelled out additional economic recovery steps, the Democratic nominee outlined several costly new proposals at a speech here this afternoon. They include:

  • A temporary tax credit for firms that create jobs in the U.S.

  • Penalty-free 401(k) and IRA withdrawals through 2009, to allow families to withdraw up to 15 percent of their savings, up to $10,000.

  • A 90-day foreclosure moratorium for homeowners making "good-faith efforts" to keep up with their mortgage payments.

  • Creating a new entity to lend to state and local governments, allowing for an effort similar to the liquidity assistance that the Federal Reserve recently extended to commercial banks.

  • The temporary elimination of taxes on unemployment insurance benefits.

    Obama raised the prospect of government aid to the automobile industry and more aggressive federal action to help banks and free up consumer credit. He has already outlined benefits such as a middle-class tax break -- delivered immediately in the form of a check -- and small-business incentives that total about $115 billion over two years.

    Speaking before about 3,000 supporters at a downtown convention center, Obama also sought to give his economic proposals a broader theme, calling for a "new era of responsibility" from Wall Street to Main Street. He pointedly told the crowd that all Americans own a piece of the current mess.

    "CEOs got greedy. Politicians spent money they didn't have. Lenders tricked people into buying homes they couldn't afford -- and some folks knew they couldn't afford them and bought them anyway," Obama said, as the crowd applauded. "We've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits, to borrow instead of save."

    He conceded: "For many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government has borrowed from China and other creditors to help pay its bills. But we now know how dangerous that can be. Once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt."

    The Toledo speech coincides with a meeting of House Democratic leaders this morning to discuss action on a stimulus bill when the chamber reconvenes, as planned, after the election.

    Exiting what she billed an economic summit, House Speaker Nancy Pelosi (D-Calif.) told reporters the nation is in "survival mode." Declining to outline a specific plan, she appeared with a group of liberal economists who endorsed a massive federal government investment in infrastructure and cash transfers to state and local governments that are facing shortfalls and layoffs. They also endorsed another 13-week extension of unemployment benefits.

    Pelosi said she was coordinating her emerging plan with Obama, who urged Congress to act immediately.

    "We can't wait to help workers and families and communities who are struggling right now -- who don't know if their job or their retirement will be there tomorrow, who don't know if next week's paycheck will cover this month's bills," said Obama. "We need to pass an economic rescue plan for the middle-class and we need to do it now."

    He also gave a nod to McCain for urging changes to 401(k) and IRA withdrawal rules for seniors. "I think that's a good idea, but I think we need to do even more," said Obama, outlining his proposal to waive early-withdrawal fees for all households. "This will help families get through this crisis without being forced to make painful choices like selling their homes or not sending their kids to college."

    McCain spokesman Tucker Bounds noted that Obama planned a series of tax increases, although not until next year, that target wealthy households and many businesses. "As our economy and our financial markets struggle through unprecedented turmoil, one thing is certain: raising taxes on the American people and American business will have a devastating effect," Bounds said. He said Obama "has proven unwilling to break with the left wing of his party and stand up for the American taxpayer."

    Posted at 1:50 PM ET on Oct 13, 2008  | Category:  Battlegrounds
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    So bobo,

    What you're saying is that you want the rest of us to do your thinking for you so you won't have to consider whether John McCain will run the country like he's run his campaign.

    Posted by: JohnQuimby | October 14, 2008 1:36 AM

    The current desperate stock-market rally will be followed by stagnating economies for some time to come with corrosive attendant declines in market value and further desperate rallies.

    Without resolute action, as soon as possible, America is headed toward total insolvency. Without tax increases for all, all will suffer. Who will bear the greater burden will depend entirely upon who is installed into office next January. As the wealthy have been the recipients of GOP tax-breaks for many years, it would be fairer to slug them more than those of the lower-paid more highly-taxed classes - they are also the ones who still hold some wealth. If you are one of those 20% who believe they are in the top single percentile - who were the greatest beneficiaries of the tax-breaks received under republican rule - you need to re-evaluate your position and vote accordingly.

    Posted by: icurhuman2 | October 14, 2008 1:19 AM


    Savor this quote:

    " Darkness Dominates the Anal-ysis of Political Proctology
    ... in exposing the moose fueled emanations of the lipsticked orifice as processed and secreted through a serpentine persona compels an urgency to sane-itary showering and masking the wounded atmosphere with bundles of abusively warming, hydrocarboned, but stench quenching incense..."


    http://www.alternet.org/election08/100551/mad_dog_palin_/?page=4
    Matt Taibbi

    Posted by: Liberty77 | October 13, 2008 11:49 PM

    Andrew Sullivan, Atlantic.com
    “Unless, in fact, this election is about Palin. And it has to be. She - along with the Iraq war - is the embodiment of McCain's claim to presidential judgment and experience. If she is a fraud, and has been proven a demonstrable liar in ways that a competent campaign would have vetted six months ago, McCain's campaign is over, and deserves to be over. As is the election. I don't see how we can know anything until she has answered a series of obvious, factual questions from the press corps about the truthfulness of her various statements in the public record.

    Look: we seem to be on the verge of a financial crisis of potentially severe proportions, we have a nuclear-armed rogue state with a leadership in flux in North Korea, we have a direct war between the United States and the Taliban in Pakistani territory - and John McCain wants to talk about "lipstick on a pig" and a woman who didn't know the difference between a Shiite and Sunni two weeks ago. (I'm sure they've programmed her now).

    They cannot be serious. I don't believe the McCain campaign is serious about anything any more, except bullying the press and running out the clock. This is the most shambolic campaign I have ever witnessed in a general election. If he runs his campaign this badly, how would he run the country?”

    Posted by: Liberty77 | October 13, 2008 11:48 PM

    Right after Palin was found by investigators (most of whom are Republican) to have violated an ethics law and to have abused power, what does Palin say?

    Why, she says repeatedly to reporters that she is glad she was cleared of all ethics violations.

    Is she delusional or BLATANTLY LYING, AGAIN?

    Or both? Scary, indeed.

    Posted by: Liberty77 | October 13, 2008 11:45 PM

    >WOMEN OF AMERICA UNITE!
    UNITE AGAINST THE SEXIST MEDIA AND BARACK HUSSEIN’S MUGGING OF VICE PRESIDENT, SARAH PALIN!

    It's ironic this a-hole is using racism to protest sexism.

    What hypocracy.

    Palin is a corrupt lier. She lied about being pregant too to cover up. There are dated public photos of her from March 2008, 1 month before "her" baby was born which clearly show she wasnt pregnant. check for yourself:

    http://www.daylife.com/photo/0fcQ5EM7gafd9

    Oh by the way the name Hussein mean "good" you dope.

    Posted by: Dano111 | October 13, 2008 10:19 PM

    I'm so ready to vote.

    I cant wait until this is over so I can finally stop listening to asinine Karl Rove and Sean Hannity talking points from the sheep.

    Plain/McCain 08 = Igloo trash and an erratic old hot-head.

    Posted by: Dano111 | October 13, 2008 10:09 PM

    What the hel* does a Keyan or Indonesian or whatever he wants to be this week, know about the economy? Isn't it, if you have 2 shiney rocks and an apple core, you are considered wealthy over there? But seriously....
    There's only 1 of these candidates that I have no question about his patriotism. He's never givin me 1 reason to question it.
    There is another candiate that I have to seriously question. He's 'The One' that HAS been enrolled in a muslim school, HAS gone to mosque with his step father, frequently, and over half of his relatives are muslim.
    He's also 'The One' with very questionable associations.
    I don't like the nagging doubt, so I may as well go with The Real One, the 1 I don't have to question. 'The Real One' that will do whats best for me and my country. 'The Real One' with the real track record for change and working across party lines.
    At least i'll be able to sleep at night knowing I did what was right and good for us all.

    Posted by: Bobo4bush | October 13, 2008 10:05 PM

    WOMEN OF AMERICA UNITE!
    UNITE AGAINST THE SEXIST MEDIA AND BARACK HUSSEIN’S MUGGING OF VICE PRESIDENT, SARAH PALIN!

    Women must unite against the liberal media vicious, sexist, cruel, demeaning, contemptuous UN-AMERICAN, unfair, unprofessional, unrelenting and blatantly biased treatment against Vice President Sarah Palin and acting blatantly in favor of Barack Hussein Obama during this unprecedented historic quest for the presidency!

    Barack Hussein Obama claims a mightier throne, one forged in liberal ideals of justice and equality and hope, BUT he has benefited mightily from sexism in this campaign, and has remained silent. Obama supporters seem very happy with the sexist way pundits and some news organizations treat any action or statement by Sarah Palin, and many believe that most of the "venom" in the campaign is coming from supporters of Obama.

    WOMEN OF AMERICA UNITE IN THIS DEFINING MOMENT IN AMERICAN HISTORY. To ensure we can grow up from the male dominated government that has caused many of the problems our country is facing; to a country where men and women are equal partners in governance.

    WOMEN OF AMERICA UNITE!
    UNITE AGAINST THE SEXIST MEDIA AND BARACK HUSSEIN’S MUGGING OF VICE PRESIDENT, SARAH PALIN!
    VOTE FOR MCCAIN/PALIN

    Posted by: Manolete | October 13, 2008 10:02 PM

    Someone commented:

    "Unbelievable has happened today (Oct. 13) on the Larry King Show (CNN). We have witnessed the demopop in action. The campaign issues and the latest economic proposals by both Sen. Obama and Sen. McCain were discussed by Sheryl Crow (rock singer, Obama supporter), Dean Kain (actor, supporter of McCain), Paul Begala (CNN analyst, Obama supporter, formerly Clinton supporter), and a Republican pollster. It was just unbelievable. What has happened to a serious debate on economic issues in the presidential campaign? We might joke about it now, but it is scary in its surreality."

    Umm, as you note, it's The Larry King Show. This is actually a big increase in gravitas from Larry's usual off-season fare, which typially seems to involve detailed tracking of personal feuds on The View.

    When you see the Wall Street Journal or Meet the Press convene that same panel, that might be a different story. This, just to repeat, was The Larry King Show. !! Get a grip.

    Posted by: fairfaxvoter | October 13, 2008 10:01 PM

    Unbelievable has happened today (Oct. 13) on the Larry King Show (CNN). We have witnessed the demopop in action. The campaign issues and the latest economic proposals by both Sen. Obama and Sen. McCain were discussed by Sheryl Crow (rock singer, Obama supporter), Dean Kain (actor, supporter of McCain), Paul Begala (CNN analyst, Obama supporter, formerly Clinton supporter), and a Republican pollster. It was just unbelievable. What has happened to a serious debate on economic issues in the presidential campaign? We might joke about it now, but it is scary in its surreality.

    Posted by: Wiel | October 13, 2008 9:56 PM

    Repubs lowering taxes is a joke anyway. If you run up a deficit cause you won't cover your spending, you're just pushing your tax bill into the future. A debt you don't pay now has to be paid sometime.

    Posted by: Axel1 | October 13, 2008 9:49 PM

    Obama, if he is elected, will become the leader of the Democrat Party and will continue to move the country into socialism, taking taxes from the producers, reducing jobs and encouraging an increase in the size of the underclass. Individual freedom will be lost to increased regulation of every facet of life. Soft foreign policy will result in wars that will require universal military service.

    Posted by: pauljuliusevergreen
    **************
    Dude, I'm not an ideologue but just given how crappy the economy has been under the Repub watch compared the the glorious '90s, I gotta vote Dem.

    Repubs have been selling us this "trickle down economics" since Reagan and it's proven to be a loser for working people and a great big giveaway to the rich.

    The country was absolutely better off under Clinton. Taxes were higher but the budget was balanced and average people had more money in their pockets. Don't tell me that the monkey's running these Wall St. companies can't spare a little more from the millions and millions they make. The pres of Lehman made more than $300 mil in the past five years driving his company into bankruptsy. That didn't create more jobs, and as far as I'm concerned Obama's plan doesn't tax him enough.

    Posted by: Axel1 | October 13, 2008 9:45 PM

    to davec701
    are you really that frightened of change?
    Bush and friends have already used that wrecking ball with dramatic effect. he has 99 days left to secure his imaginary legacy. good thing his library is paid for.
    ...and to all you hate-mongers out there, your plan hasn't worked. blacks haven't rioted in the streets as you had hoped.
    Obama is not rev. wright, or jesse jackson, et al., and intelligent people see this.

    Posted by: kbtoledo | October 13, 2008 9:34 PM

    Obama will give everything to everybody. Tax cuts for 95% of the people (except those 5% evil rich), judges can "adjust" the balance of your mortgage, oil company profits seized and given to the people, no more tooth decay, pleasant weather all the time (not too hot, not too cold). Does anyone really believe this load of bull that Obama is spewing? This guy, along with Nancy Pelosi and Harry Reid, will take a wrecking ball to our economy.

    Posted by: davec701 | October 13, 2008 9:25 PM

    let's see... the GOP says when the country is doing well, it will do better if we cut taxes;
    when the country is doing poorly, it will do better if we cut taxes.
    what is the time to not cut taxes? when the GOP has damn near bankrupted and sold off the country to China and the Saudis!
    Restore taxes, restore regulation, restore stability and credibility. country first, party second in this time of crisis.

    Posted by: kbtoledo | October 13, 2008 9:22 PM

    Obama will suck this country dry of any entreprenuerial and economic strength. he's a leech that wants to feed off the hard working Americans who pay taxes and create jobs for others. his protectionist idealism will only lead to the demise of our economy. He's the great equalizer of all non-working people and will drive American people to the lowest common denominator.

    you democrats tell me how open-minded and "liberal" and tolerant you are, but no where is that shown or seen, unless it drives all people in American to lowest common denominator of mediocrity.

    and you actually believe your charismatic man who professes to do no evil came out of the Old Chicago boys' network without doing anything ethically wrong??? you can't get elected into Chicago and Illinois positions without selling your soul. impossible. lowest common denominator in the U.S.A. just got lower.

    Posted by: jbinnova | October 13, 2008 9:12 PM

    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!
    For Americans to remember Barack Hussein Obama’s intimate 20 year relationship with the Priest of Hate, Jeremiah Wright, who blessed Barack and Michelle marriage and baptized both their daughters. AND, to 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!
    For Americans to remember how Barack's Priest of Hate, Jeremiah Wright used his tax-exempt church to exercise a radical political agenda, and how he refers to Israel, as well as America, as a "racist" State. Barack's religious leader, Jeremiah Wright believes that the true 'Chosen People' are the blacks; and that black values are superior to middle-class American values.
 Indeed Barack's Priest of Hate, 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 and have always been proud of, by voting for a True American Patriot and War Hero who risked his life for our country:
    John McCain for President of the United States of America.

    Country First!
    Americans for John McCain/Sarah Palin

    Posted by: Manolete | October 13, 2008 8:51 PM

    McCain or Obama?

    Both candidates are qualified. There are hundreds of other people equally qualified to be President. This election we will choose either McCain or Obama. There are no other practical choices.

    Both candidates are, to some degree, lacking some desirable characteristics. Both are struggling to develop and explain plans and programs that advance their political theories of Government. Both are trying to explain their programs to attract the most votes.

    One rule of politics that is good to remember is, "Candidates are a dime a dozen." There are at least a thousand people in the Government in Washington who think they would be a better candidate than either McCain or Obama.

    We should guard against taking a liking to either candidate just as you would not take a liking to a used car salesman. McCain and Obama got themselves into this race and we do not owe them anything.

    Obama, if he is elected, will become the leader of the Democrat Party and will continue to move the country into socialism, taking taxes from the producers, reducing jobs and encouraging an increase in the size of the underclass. Individual freedom will be lost to increased regulation of every facet of life. Soft foreign policy will result in wars that will require universal military service.


    McCain, if he is elected, will become the leader of the Republican Party and will continue to move the country into capitalism. Producers will keep more of the fruits of their work effort resulting in more jobs for everyone. Individual freedoms will be insured by the courts and Government regulation will be minimized. Hard foreign policy will result in an expansion of freedom around the world.

    Forget about these two turkeys and vote for your best interest.

    Posted by: pauljuliusevergreen | October 13, 2008 8:32 PM

    Can either of these guys really "fix" the economy? Too bad Mark Warner didn't hang in there for the presidency. We need an economic mind like his to get this country back on track. Heck, even Mitt Romney would be better than McCain or Obama.

    Posted by: StageMom | October 13, 2008 8:24 PM

    The difference between McCain and Obama on Economic policies is why Senator Obama is leading.

    Senator Obama knows that the economy is going to need economic stimulus to get out of recession. In fact to avoid depression.

    Look at the people being made homeless in Ohio, Florida and California. It is a National Disaster not seen since the days of the depression.

    All agree it is due to Predatory Home Loans. Financed By Wall Street Firms.

    You have to spend at Main Street to fix the damage. You spend at Wall Street to limit the damage.

    Senator Obama's plans are the better long term policies. They work for Main Street not Wall Street

    Posted by: guytaur1 | October 13, 2008 7:46 PM


    McCAIN-PALIN'S 'FELLOW TRAVELER' INSINUATIONS:
    WHAT IF U.S. SECURITY FORCES AGREE?

    http://www.nowpublic.com/world/mccain-palins-fellow-traveler-insinuations-what-if-u-s-security-forces-agree

    Posted by: scrivener50 | October 13, 2008 7:29 PM

    Well I see the "new deal" Democrat has a plan for pumping up his socialist ideals, and he is an economic major? Wow, how education has changed over the years. I believe his plans would just about break the country. He is against a capitalist society that made America great. He espouses that he is for the socialist society that gives everything to the poor and dis-enchanted of America. Well apparently he does not understand that big business supplies the majority of jobs within the U.S. and that those commercial enterprises making over 250,000 per year are the backbone of the U.S. take them away with no tax breaks, etc. and you lose.

    Posted by: bob111 | October 13, 2008 7:26 PM

    Posted by: malett | October 13, 2008 3:17 PM

    My wife and I our both on SS disability, we have a mortgage, medical insurance in addition to medicare, eliminated our credit card spending and cutback on our expenses where possible.

    We have had to use money from our IRA (

    We have not had to pay any taxes for the last few years with the medical and mortgage deductions we have. We are not looking for a bailout.

    What good does cutting taxes for me do ?

    It creates more of the drunken sailor government spending, bails out the finical losers, allows the government to force more its inefficient bureaucracy on individuals and business, and sets the stage for more foreign investment in the USA.
    ---------------------------------
    It's none of my business to inquire as to how both you and your wife are on disability (for what appears to be years). May the 2 of you be blessed with better health.
    But, I can't help but marvel that you are able to live on SS, own a home and have an IRA for when you reach retirement. I had no idea one could somewhat comfortably sustain themselves on SS in such a way.

    Posted by: Ayne | October 13, 2008 6:58 PM

    If anyone is still undecided, here are the Republican party's great ideas for helping the American people who are hurting in today's economy. House Republicans proposed a number of measures today that, they say, will "turn the corner towards real economic growth," including:


    Removing legal barriers to speed up new offshore oil drilling;

    Lowering taxes on income that U.S. corporations earn from their overseas subsidiaries; and


    Eliminating capital gains taxes on the sale of homes up to $500,000 for a couple.

    Let's see, we're going to help the oil companies and companies that have shipped their jobs overseas. How does that begin to assist the people McCain and Palin claim to represent?


    Posted by: fmjk | October 13, 2008 6:58 PM

    For all the deficit hawks its called investment not spending. When you invest you get a return on your money. When you spend you get something that depreciates (becomes less valuable). Does anyone really believe that roads, bridges and schools do not give a substantial return? Will these programs increase the National debt? Yes, but only short term. Once the people start getting paid they will have money to pump into the system. Its a fairly simple issue, if "Joe six-pack" has an extra $50 a week he will either save it, spend it, or invest it. Either way the over all economy gets better. If you invest in education like in the original G.I. bill those who partake give back $11 for every $1 invested in them.

    Pumping Money into the bottom vs. the top of the system is just good sense.

    Posted by: gcswift2 | October 13, 2008 6:53 PM

    If all I wanted to do was crash airplanes and help make rich people richer while I chased girls, then I would change my name to John McCain.

    Posted by: McCainIsPopeye | October 13, 2008 6:08 PM

    amitchell13, a small note of reality:
    Democrats were not in the majority until 2006. Until then Republicans called the shots and the president only vetoed twice.
    Since 2006, the Democrats had a 51/49 split in the Senate. One of that majority was Sen. Lieberman, an independent w3ho caucuses with the Democrats but usually votes with the Republicans. That looks more like 50/50.
    In addition it takes a 60 vote majority to get things to the floor for a vote so many measures never saw the light of day.
    And the president starting to use all those vetoes he had saved up for 6 years.

    The economic situation we face today has been building for many years and there is plenty of blame to be shared on all sides.

    However, as you can see, it is inaccurate to load the blame on the Democrats in the past year and a half.

    Posted by: wallace2 | October 13, 2008 6:07 PM

    It was that commie McCain who said the taxpayers should eat the losses from the bad mortgages so that the banks wouldn't have to.

    That would leave the overextended buyers of overpriced houses with a massive windfall while the responsible citizens in their affordable housing had to pay for the mistakes - while continuing to live in their affordable housing. (while the profligate continue to live in their huge houses).

    Obama knows what is fair.

    McCain, who thinks everybody has 11 houses, is a commie idiot.

    Posted by: McCainIsPopeye | October 13, 2008 6:06 PM

    amitchell13, a small note of reality:
    Democrats were not in the majority until 2006. Until then Republicans called the shots and the president only vetoed twice.
    Since 2006, the Democrats had a 51/49 split in the Senate. One of that majority was Sen. Lieberman, an independent w3ho caucuses with the Democrats but usually votes with the Republicans. That looks more like 50/50.
    In addition it takes a 60 vote majority to get things to the floor for a vote so many measures never saw the light of day.
    And the president starting to use all those vetoes he had saved up for 6 years.

    The economic situation we face today has been building for many years and there is plenty of blame to be shared on all sides.

    However, it is inaccurate to load the blame on the Democrats in the past year and a half.

    Posted by: wallace2 | October 13, 2008 6:06 PM

    i guess he is letting us know take the 401k or he will once he gets elected one thing he has not thougt of poor people dont hire they dont pay taxes if they do they get it back in refunds also when you tax the rich who own companys they will pass the increase onto there prices so who ends up paying the guy that works hey all you barney fans turns out your patron saint was sleeping with number 2 guy in fanny may so thats why fanny and freddy went belly up barney had a personal interest in not regulating it because of his lover boy

    Posted by: getsix1 | October 13, 2008 6:05 PM

    Look the fact is that McCain's Morgage idea, as it stands, would be a disaster. The only people who would profit would be the lenders. Econimists agree on this... that does not mean that the intent of the plan is flawed though. However help for morgages is already written into the bail out.

    Another fact, when McCain was asked (in the last debate) who he would like to have take the position of treasurer, the first name he came up with is the Nobel prize winning adviser and supporter of Obama.

    Seems to me that Obama has the right people behind and advising him... I will comfortably and confidently be voting for Obama this fall.

    Posted by: GirlfromAlaska | October 13, 2008 6:03 PM

    "Speaking before about 3,000 supporters at a downtown convention center, Obama also sought to give his economic proposals a broader theme, calling for a "new era of responsibility" from Wall Street to Main Street. He pointedly told the crowd that all Americans own a piece of the current mess."

    Darn me for having a mortgage that is only half of what the bank wanted to give me. How irresponsible of me to keep my credit card paid off. It's unconscionable that I actually save some money each month. Obama, sir, I'm so glad that you want to rescue me from this mess that I helped make.

    Before anyone takes cheap shots at my salary, circumstances, family tree, and choice of shampoo, read this: I live in a Maryland suburb of Washington DC. My salary is under $100,000 annually. (No, not $98,000, it's less than that also. I chose 100,000 because it is a pretty number with lots of zeros.) While I'm not in the poor house, I'm certainly not a high-stakes investor or overpaid CEO.

    Sir, please do not group me with the greedy majority of Americans. That is irresponsible and arrogant on your part, and is not appreciated.

    I suppose I should take comfort in the fact that I get to help pay for this mess that you say I helped make. Regrettably, I do not.

    Posted by: ReasonedPoints | October 13, 2008 5:56 PM

    A vote Obama is a vote for Socialist.. Obama said it himself

    http://elections.foxnews.com/2008/10/13/obama-plumber-plan-spread-wealth/comments/

    Posted by: lynnL123 | October 13, 2008 5:56 PM

    "Here's something to do while Rome burns:

    Name one market or banking regulation that was removed and illustrate how its removal precipitated this collapse."

    nicholasg -

    Gotta love the Wikipedia
    http://en.wikipedia.org/wiki/Glass-Steagall_Act

    Gramm-Leach-Bliley repealed portions of Glass-Steagal, from 1933, coincidentally after the last big crash. More specifically, this now allowed bank holding companies to own other types of financial companies.

    The problem with this is that it allowed these companies to create SIVs (Structured Investment Vehicles) out of crappy mortgages in a way that they looked good on paper.

    Since all this was done in house, without government regulation, these 'investments' never got the scrutinity they deserved.

    The rest is history, the financial private sector dropped a huge deuce and were all now stuck holding it.

    Posted by: JtotheK | October 13, 2008 5:49 PM

    See the best Sarah Palin impersonations, short clip. Very Funny.
    http://www.youtube.com/watch?v=uMebGbcC2Sg

    See What they didnt show during the debate
    What the media didnt cover, the debate outtakes. A tense moment between tom brokaw and John McCain.
    http://www.youtube.com/watch?v=Mng0njC1D6c
    watchdebate.com

    Posted by: pastor123 | October 13, 2008 5:32 PM

    thomas777,

    I'm not opposed to anything Obama proposes, provided that what he proposes actually makes sense. You, however, seemed sucked in by his rhetoric, while paying no mind to the fact that Obama's actual policy proposals run entirely contrary to his rhetoric.

    Obama *tells* us that we need to cut back on unsecured borrowing and to live within our means. At the same time, his policy proposals are all about borrowing more money and sustaining more debt. Forcing banks to hold on to mortgages that should have been in foreclosure months ago just prolongs the debt/credit crisis, and cutting taxes and breaking the cookie jar of retirement funds is no way to cut back and save for the future.

    Obama's rhetoric of responsibility and frugality appeals to me. The shame is that his policies run absolutely the opposite direction.

    Your last tag of "at least I hope so" is about all you have going for you here. Personally, I'm not certain that McCain will be any better or worse than Obama on this issue, but all you've got going in Obama is hope that things will work out. Meanwhile, I'm looking at his actual policy proposals and screaming, "Madness!"

    Posted by: blert | October 13, 2008 5:20 PM

    It is the economy stupid! Bush is a pathetic lame duck, and is acting like one. It is the economy stupid! Without a solid economic base, the United States of America is a vulnerable target from various religious fanatics like Al Queda, as well as Russia, some tin-horn dictator from Venezuela, let alone China. Mr. McCain relies upon advice from Phil Gram who stated that "We have become a nation of whiners" in an interview with the Washington Times. Phil Gram’s wife was on the Board of Directors of Enron, as well as their Audit Committee. They have nothing to whine about. I guess that Gram and McCain do not see a problem. When people lose their jobs, pensions and other retirement funds, as well as their homes, those “whiners” should just move into one of their other houses. It is time for a change! Obama receives advice from Robert Reich, and other economists with proven track records. Meanwhile, Paul Krugman just received the Noble Prize for Economics. Mr. Krugman is a very vocal critic of the Bush economic policies. Mr. McCain just wants to continue theses same policies.

    Posted by: lynnlm | October 13, 2008 5:06 PM

    You see this is the problem that I am having still as an Independent Republican

    Rich people know all of the loop holes in the Tax Code and System ... and they have it both ways ... IF YOU SPEND they get filthy rich IF YOU TAX they still get rich and poorer Americans who don't know about the loop holes ... they bear the burden of the tax.

    IT DOES NOT SEEM FAIR TO ME ... and that is why Obama (as in the last debate) was pulling me his way IT IS ALL ABOUT SOME SENSE OF FAIRNESS. The $800 billion passed by Congress (darn them for doing something but they had to) was to help out Wall Street and continue the trickle down hand outs we call laons for house, cars, our children college education. The $300 billion proposed by John McCain to again bail out banks ... was his answer to help these poor irresponsible home buyers in their over priced homes.

    Something has to change and we cannot miss this opportunity in America to at least REVISE what is wrong with the American and Global Financial System.

    Who would you trust to do this?

    Posted by: amitchell13 | October 13, 2008 4:59 PM

    "Determined to keep the campaign spotlight on the economy"

    Do WaPo reporters read minds?

    Posted by: zukermand | October 13, 2008 4:49 PM

    How about a permanent tax hike on companies that export US jobs?

    Posted by: josheyre | October 13, 2008 4:47 PM

    Here's something to do while Rome burns:

    Name one market or banking regulation that was removed and illustrate how its removal precipitated this collapse.

    For each one you name, please find congressional testimony reflecting why it was removed.

    Good luck.

    Here's a hint on why the bailout(s) won't work (and it matters not who's in the White House):

    The cure can not be the same as the disease.

    INSANITY - The road to happiness is paved with self-delusion...

    ROFL...

    Posted by: nickolasg | October 13, 2008 4:37 PM

    DrainYou

    It does not matter Lou Dobbs still like John McCain

    Posted by: amitchell13 | October 13, 2008 4:35 PM

    McCain attended ACORN rally!

    HAHAHA!!!


    Miami, Florida – February 20, 2006 ―
    "Leaders from a diverse array of sectors will hold a rally in Miami on Thursday, February 23, 2006, in support of comprehensive immigration reform in an effort to keep immigration reform at the forefront of the public debate. Leaders from both political parties, immigrant communities, labor, business, and religious organizations will gather to call on Washington to enact workable reform."

    "The rally will feature Sen. John McCain (R-AZ) as the headline speaker along with elected officials, immigrants and key local and national leaders. Sen. McCain is one of the chief sponsors of the Secure America and Orderly Immigration Act; bipartisan, comprehensive immigration reform legislation introduced last Congress and scheduled for consideration by the Senate in the coming weeks. A similar rally with Sen. McCain is planned for New York City on February 27 [...]"

    "The rally in Miami is being sponsored by the New American Opportunity campaign (NAOC) in partnership with ACORN, Catholic Legal Services - Archdiocese of Miami, Florida Immigrant Advocacy Center, Florida Immigrant Coalition, Miami Dade College, People for the American Way/Mi Familia Vota en Acción, Service Employees International Union, and UNITE HERE."
    .
    http://www.mdc.edu/Home/Press/rally.htm


    That was a great event, and I'm glad McCain headlined it. But it does make it a bit more difficult for his campaign to press this line of attack, doesn't it? There's even a picture of Johnny McBush attending the rally, live and in person:
    .
    http://www.politico.com/blogs/bensmith/1008/Acorn_pushes_back_hugs_McCain.html?showall


    The McCain campaign is one of a kind. Every time it settles on a line of attack, it always undermines it days later. It's almost like McCain hired the Three Stooges to run his campaign strategy.
    .

    Posted by: DrainYou | October 13, 2008 4:32 PM

    blert: It sounds like you'd oppose anything he said, but in case you're open to an alternate perspective, the important part of what he said came at the end:

    "We've lived through an era of easy money, in which we were allowed and even encouraged to spend without limits, to borrow instead of save."

    "For many folks this was not a choice but a necessity. People have been forced to turn to credit cards and home equity loans to keep up, just like our government has borrowed from China and other creditors to help pay its bills. But we now know how dangerous that can be. Once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt."

    In my opinion, the single biggest threat to the future of our country is our addiction to unsecured borrowing, both public and private. Turning that around is going to be traumatic, but it's something we simply must do if we're going to survive. If he is elected, I think we can look forward to that theme taking on a greater share of the agenda than more spending, at least I hope so.

    Posted by: thomas777 | October 13, 2008 4:32 PM

    Texan2007: So you think ACORN thought up the bright idea to submit 4000 obviously forged voter registration forms themselves (and cleverly hid them all in one big box)?

    I'd say the scam was dumb enough that it has 'R' fingerprints all over it, whadaya think?

    Posted by: thomas777 | October 13, 2008 4:25 PM

    Hmmm...how do any of these proposals help solve the fundamental problems in our economy right now?

    Early withdrawals on retirement money? This increases spending, but it was spending unwisely that got us in this mess in the first place. Especially considering that retirement is the next wrecking ball that is going to smash apart our economy, encouraging people to dip into what little money they have saved seems like the absolute worst policy we could establish.

    A moratorium on foreclosures? To accomplish what? To delay foreclosures for three months until the dead of winter? If people can't make their payments, they can't make their payments, and the number of people who are magically going to find better-paying jobs in the next three months to allow them suddenly to make payments that they cannot afford now, especially given the most recent jobs report, is slim. If anything, this moratorium just means that we will hit a brick wall all at once three months from now...and undergo another credit crisis as banks suddenly foreclose on thousands of homes all in the same month.

    Lending to state and local governments? Hurray. In a crisis created by too much borrowing and spending, we are now going to borrow and spend more. Many states were strapped before this housing/credit crisis even hit, and easy lending is not going to encourage any state or local government to tighten belts. Relaxed lending rules got us into this mess, and more relaxed lending rules to get us out of the mess seems completely counterintuitive.

    Tax credits on unemployment and on businesses creating jobs? How is a business supposed to expand and create jobs when there is no loan money available with which to create those jobs? Businesses aren't going to be encouraged to expand in an environment where consumers are spending less, no matter what minor tax credit is offered. And given the amount of most unemployment checks, how much in taxes do the unemployed actually pay? My guess is that most people who are unemployed for a long duration pay zero taxes anyway, so both of these planks are no more than flashy window dressings that will do no one any good.

    This is not an economic policy; this is pandering with empty promises that are, at best, going to accomplish nothing and, more likely, only going to hurt the nation in the end.

    Posted by: blert | October 13, 2008 4:22 PM

    JMGinPDX: great post, right on the money.

    The single most important class which should be taught in high-school is the one which is never taught at all: critical thinking skills. Without it, you end up with an electorate populated by herds, not voters, which is about what we have now.

    -TTinPDX

    Posted by: thomas777 | October 13, 2008 4:20 PM

    Obama, regarding your comment that one day your daughter could be President....You forgot to add IF someone like YOU does not STEAL the election from a woman?

    ACORN and Obama...VOTE VOTE VOTE and then VOTE again!


    Posted by: Texan2007 | October 13, 2008 4:19 PM

    Why is Obama making promises he know that he cannot keep . . . When he becomes president, his followers will be extremely disappointed . . . afraid he will end up making George look good.

    Posted by: pipian | October 13, 2008 4:16 PM

    PIPIAN

    That is a low blow ... lower than GW?

    Posted by: amitchell13 | October 13, 2008 4:15 PM

    Why is Obama making promises he know that he cannot keep . . . When he becomes president, his followers will be extremely disappointed . . . afraid he will end up making George look good.

    Posted by: pipian | October 13, 2008 4:13 PM

    Trying to get all of you who smear with labels like TAX AND SPEND .... to understand that SPENDING IS A TAX WHEN YOU ARE USING OTHER PEOPLES' MONEY

    That is why we are in this crisis ... it was once once alled a "housing crisis" then a "credit crisis" then a "banking crisis" DOES NOT MATTER - IT IS A CRISIS and all of these smart labels do not get to the heart of the problem PERSONAL RESPONSIBILITY ... that is why McCains quick vote economic measure to spend $300 billion more cause me to finally jump off this Republican band wagon.

    IT IS FLAWED LOGIC

    Posted by: amitchell13 | October 13, 2008 4:12 PM

    It was and IS the MAJORITY DEMOCRAT CONGRESS that pushed for lax and laxer lending guidelines. It was the Republicans that asked for stricter guidelines.
    The majority Democrat congress said NO!

    Probably because they were getting RICH off all the hundreds of thousands of dollars that the lenders were paying them. TOP 2 receipients - Democrats Chris Dodd and Democrat Barack OBAMA.
    Yes, Obama that does NOT take lobby money.
    This is what he is TRULY saying YES WE CAN, to.... All the money he is pocketing!
    WHAT A FRAUD
    NO OBAMA or if you have a job he will really raise your taxes! Count on it!
    He wants ACORN to have it as well as his terroist friends and anti jewish and
    anti white friends!
    With Obama in office, who needs enemies?
    They all endorsed him!

    Posted by: Texan2007 | October 13, 2008 4:11 PM

    USA3, did you see the Dow Jones today?

    Posted by: MarkInAustin | October 13, 2008 4:10 PM

    edeldoug1
    Political game changer? - Puhleese. Republicans love to just make stuff up. If they put as much effort into coming up with real ideas for our country, instead of wasting our time with that bullcrap, we be better off.

    Posted by: republicrat | October 13, 2008 4:10 PM

    Obama broke the law when he bought that house in Chicago together with criminal REZKO.No wonder considering his Chicago MOB connections.Do we need the stinking criminal in OUR WH?

    Posted by: pro36 | October 13, 2008 4:08 PM

    pro36

    And John McCain will not do anything to get elected?

    Or to get Sarah Palin elected?

    All roads lead to Alaska my friends

    Posted by: amitchell13 | October 13, 2008 4:07 PM

    One thing I'm learning this year more than years past...

    Partisans really don't give a rat's behind about what the other candidate is saying or doing. Any candidate, Obama, Biden, McCain or Palin, could turn around a offer a plan that truly benefits everyone and is sensible (and perhaps Obama has with this latest proposal), could sit down with honest straight talk about their previous ties to questionable characters, could find a way to truly do the best thing for all Americans...

    And those who despise them would continue to rant on about how the country will go straight to hell if he is elected.

    Partisan dimwits don't care about FACTS, they only care about RHETORIC. Most of the posts on this board, particularly from the Obama-haters, prove this.

    I'm starting to think they should give IQ tests before you're allowed to vote.

    Posted by: JMGinPDX | October 13, 2008 4:07 PM

    While the progressives blame the right and the neocons blame the left, both sides continue the problem by remaining oblivious to the rank corruption in their own house. This problem is directly attributable the the Republicratics and the Demoblicans. Both sides of this tired paradigm are fully to blame and those of you unwilling to admit to the complicity of your own party should be ashamed of yourselves for bankrupting our once great nation. It's time to break the "Two" party system, there is life beyond the "Left/Right" mindset.

    The only real change will come from voting either third party or "None of the above".

    Posted by: AmericanSharecropper | October 13, 2008 4:06 PM

    The fact is, C.E.O.s will still be greedy, and politicians will still spend money we don't have, unless they are made responsible for their actions. The behavior of human nature is to exploit until there is nothing left. We are coming perilously close to the irreversible direction of actions our species has taken. Our behavior dictates the necessity for regulation.
    I can only hope that our divided, distracted, diverted populace does something other than electing one of the corporate shills running, we’ve had 200 years to have a representative government, and still have a corporate power structure that has run us into the ditch YET AGAIN! Lets do something different this time,
    Vote Sanity, Vote Nader.

    Posted by: dairyworms | October 13, 2008 4:05 PM

    Obama Proposes New Economic Measures??????This scambag has no Measures.He will say any BS just to get elected

    Posted by: pro36 | October 13, 2008 4:04 PM

    Obama is the stinking scambag and muslim communist with the communist agenda for this great country.U brainless liberals just repeating this senseless Obama's BS Over and over again.Do we need the traitor muslim communist in OUR WH?

    Posted by: pro36 | October 13, 2008 4:01 PM

    Funny Movie: OTHER PEOPLES MONEY

    Tough Life: A DESTROYED ECONOMY

    Posted by: amitchell13 | October 13, 2008 3:59 PM

    I don't get t, I just don't. This country is in such a mess right now. The GOP has gotten us into this mess. Some can say. "well this is Clitons fault"..... WHAT?!?!?! The GOP has been in power or 8 years and had both the Senate and the House for 6 of those years. You mean in 6 years they couldn't stop it? Really, are you serious?!?! If they couldn't do anything to stop it in that amount of time, how am I, an independet voter, suppossed to vote them in again?

    Posted by: tastic79 | October 13, 2008 3:49 PM


    European Crisis Deepens; Officials Vow to Save Banks

    The credit crunch deepened in Europe as government leaders pledged to bail out troubled banks and protect depositors. Leaders of Europe's four biggest economies stopped short of a plan mirroring the $700 billion rescue in the U.S. and instead agreed to work together to limit the economic fallout, ease accounting rules, and seek tougher financial regulations. French President Nicolas Sarkozy called for a global summit to implement complete reform of the international financial system. We want a new world to come out of this,'' Sarkozy said.

    ----------

    If you had any doubt, the purpose of this financial meltdown has been stated above, "We want a new world to come out of this".

    Posted by: cingi | October 13, 2008 3:39 PM

    PERSONAL RESPONSIBILITY ...

    Destroy the credit cards if you can't pay off the total balance every month.

    Punish the Party in Power/ the Administration that encouraged this mess.

    It may have started under Bill Clinton (last term) but, the Republicans finesed it as a fraud on the American People ... another way of buying votes when we can look at huge credit approx $30,000. for every man, woman and child in America.

    So when we say that the Economy is Fundamentally Sound ... we understand this from the perspective of the greedy and rich.

    Now MAIN STREET has got to belly up to the bar and be responsible ... belt tightening ... setting priorities on spending ... not feeling that you have to keep up with the Jones'

    Posted by: amitchell13 | October 13, 2008 3:39 PM

    Texan2007:

    Are you capable of anything more original than Republican talking points?

    Posted by: VMR1 | October 13, 2008 3:35 PM

    I am under-seige. Go ahead Segal this, this is an internal war, and until you wimps start treating this with "sensitivity" the flames just keep getting higher--so go ahead, make my day!

    Posted by: eddguys | October 13, 2008 3:34 PM

    Here is Obama's straight talk:

    "We’ve lived through an era of easy money, in which we were allowed and even encouraged to spend without limits; to take out as many credit cards as possible, to take out as many credit cards as possible, to borrow instead of save,” Mr. Obama said. “Now, I know that in an age of declining wages and skyrocketing costs, for many folks this was not a choice but a necessity just to keep up, I understand that.”

    “But we now know how dangerous that can be,” he continued. “Once we get past the present emergency, which requires immediate new investments, we have to break that cycle of debt. Our long-term future requires that we do what’s necessary to scale down our deficits, grow wages and encourage personal savings again.”

    Posted by: amitchell13 | October 13, 2008 3:32 PM

    buddecj:

    BAsed on your principle, 99.9% of the people running our capitalist economy should be in jail.

    I'd be all for it but within 5-10 years you'll again have the same kind of people, albeit with different names, running the system and doing the same things.

    I say, let the capitalists contend themselves with inventing better mouse traps but let the essential sectors of the economy - energy, agriculture, defense, transporatation, communications, education, healthcare, and housing - be owned by the American people but run by financially succesful but retired individuals, to be nominated for limited terms by the President and approved by Congress.

    Sort of like National Public Radio - a US taxpayers' supported operation run by ceative and business professionals and producing a "product" that's head & shoulders above the garbage that commercial radio puts out.
    Also, the US Post Office is run better, longer, tham most of the top US corporations.

    Posted by: VMR1 | October 13, 2008 3:32 PM

    VMR1,
    It is Obama that showed his ugly head by actually being a racist for 20 YEARS! "His mother's race". And "typical white people".

    Would America expect Black American and Latino Americans to vote for David Duke?
    Where are the college educated voters we keep hearing about?

    Posted by: Texan2007 | October 13, 2008 3:30 PM

    Posted by: edeldoug1 | October 13, 2008 3:26 PM

    All the stalled housing projects in Miami/Dade reminds us of the last boom times in the 1980 ... drug money gone wild. Now the Republican policies over the past 8 years have left these scars to the skyline for many years to come. We just have to hope that not too much of our $800 billion tax dollars will end up bailing out these rich developers.

    AS TO TAX AND SPEND ... SPENDING IS A TAX WHEN YOU ARE USING OTHER PEOPLES MONEY OR CREDIT.

    Americans have been living high on the hog ... pigs with lipstick ... for a long time ... so in effect ... the bail out (excuse me) "rescue plan" IS A TAX ON AMERICANS.

    The Democrats could not do worse. 8 years is enough.

    Posted by: amitchell13 | October 13, 2008 3:22 PM

    These proposals make sense. They are focused on what people need, not only on what Wall Street and the banks need. They are trickle-up economics, for a change. Combined with a commitment to rebuilding infrastructure and an extension of unemployment benefits, they will help the people most seriously affected by the financial mess.

    One thing should be added. To help the people who were tricked into signing toxic mortgages, foreclosures should first be reviewed by judges with strict enforcement of Truth in Lending laws already on the books. Many of these people could have afforded regular mortgages, but financial garbage like negative amortization loans with teaser rates (such as the one described in a Washington Post article last Sunday a week ago) should be treated as the fraud that they are. It took the woman in the article over a year to figure out what they hadn't told her when they sold her the refinancing.

    Also, we need to shut down the financial derivatives casino. This is somewhere between the third and sixth time that derivatives idiocy has caused a crisis, starting with portfolio insurance that caused the crash of 1987. Credit default swaps are nothing more than portfolio insurance for bonds. The whole idiocy is based on faulty mathematical assumptions that don't work in the real world. Financial deregulation let the idiots keep playing their games, assuming they were smart. This time they finally brought everything down.

    Congress needs to adopt Obama's proposals immediately and then start work on fixing the deeper issues. That is the only way we can get ourselves out of this economic mess.

    Posted by: StanKlein | October 13, 2008 3:21 PM

    My wife and I our both on SS disability, we have a mortgage, medical insurance in addition to medicare, eliminated our credit card spending and cutback on our expenses where possible.

    We have had to use money from our IRA (

    We have not had to pay any taxes for the last few years with the medical and mortgage deductions we have. We are not looking for a bailout.

    What good does cutting taxes for me do ?

    It creates more of the drunken sailor government spending, bails out the finical losers, allows the government to force more its inefficient bureaucracy on individuals and business, and sets the stage for more foreign investment in the USA.

    Posted by: malett | October 13, 2008 3:17 PM

    He is such an expert!
    TAX AND SPEND.SPEND.SPEND!

    Just give him the TRILLION DOLLARS he wants from every tax payor in America...meaning every single person that has a JOB!

    Posted by: Texan2007 | October 13, 2008 3:14 PM

    Unfortunately, as I have predicted all along, what looks like Obama's likely victory today will turn into a very disappointing defeat on Nov. 4th.

    Why? Because I believe the majority of the US voting population is basically like this USA3 guy posting here, pretty dim-witted and racist. You 've all heard the term "Ugly American". Well, On November 4th you'll know exactly what it means. It'll be "Bradley Effect" times three.

    Also, between now and then, we should expect something really disgusting or otherwise underhanded from the McCain campaign, which would sow just enough doubt about Obama among the independent voters to turn the tide. Look at Obama's lead in the critical states - it's either even or couple of points ahead. If Hillary was nominated, in these same states she'd be at least 20 poits ahead of this ridiculous odd couple of GOP nominees, McShmendrick & McIdiot.

    THirdly, three weeks from now, the current panic about the economy would subside, based on the multiple hopeful signs from the governement, Wall Street, and from abroad and Obama will not be as much of a desperation candidate as he's right now.

    I'm still keeping that 40-foot ship container reserved.


    Posted by: VMR1 | October 13, 2008 3:13 PM


    Ugh. What would have become of us if Roosevelt were so cautious and timid?

    McCain's idea of renegotiating failing mortgages on houses with negative equity remains the most solid and fundamental proposal, along with equity stakes in banks.

    McCain's bottom up idea should have come from the Democrats, who could not wait to fling our money into the arms of a trickle-down solution.

    So who's kidding who here?

    Posted by: Chicago1 | October 13, 2008 3:10 PM

    I still have not heard the magic words that will identify a policy that matters. Specifically, "... and the people who engineered these loans, the people who gave property appraisals that were inaccurate and the real-estate agents who brokered them will be sent to prison for the rest of their natural lives." That would make me happy.

    Posted by: buddecj | October 13, 2008 3:09 PM

    Once upon a time there were giants in the GOP:
    "In poor health, drained from working fourteen, fifteen, and sixteen-hour days, Senator Everett Dirksen of Illinois spoke quietly. Twice he gulped pills handed him by a Senate page. In his massive left hand, he held a 12-page speech he had typed the night before on Senate stationery .
    "I have had but one purpose," Dirksen intoned, "and that was the enactment of a good, workable, equitable, practical bill having due regard for the progress made in the civil rights field at the state and local level."
    He warned his colleagues that "we dare not temporize with the issue which is before us. It is essentially moral in character. It must be resolved. It will not go away. It's time has come." He quoted Victor Hugo, the historian and French philosopher who, on the night he died, entered these words in his diary: "stronger than all the armies is an idea whose time has come."
    Dirksen declared, "The time has come for equality of opportunity in sharing of government, in education, and in employment. It must not be stayed or denied. It is here!" His last words were these: "I appeal to all Senators. We are confronted with a moral issue. Today let us not be found wanting in whatever it takes by way of moral and spiritual substance to face up to the issue and to vote cloture."
    Never in history had the Senate been able to muster enough votes to cut off a filibuster on a civil rights bill. And only once in the thirty-seven years since 1927 had it agreed to cloture for any measure. This filibuster had gone on for 534 hours. The clerk proceeded to call the roll at 11:00 a.m. At 11:15 a.m., Republican Senator John Williams of Delaware replied "aye" to the question. It was the 67th vote; cloture had passed by a vote of 71 to 29. The final count showed 44 Democrats and 27 Republicans voting for cloture with 23 Democrats - 20 from the South -- and only 6 Republicans opposed.”
    Everett Dirksen had single handedly delivered the Republican votes necessary to pass Lyndon Johnson's civil rights bill.
    ...and so the Civil Rights Act came to the floor for a vote and passed.
    ....truly Country before Party.
    Where are those GOP giants today??
    :-(

    Posted by: toritto | October 13, 2008 3:06 PM

    Where does the middle class get its money from? More importantly, who does Obama think makes up the middle class? Does he even know?

    Obama wants people to take money from their hard earned savings and put it into the economy. Did Buffet come up with that idea to cover his stock-market losses? Stunningly brilliant!

    Obama wants to inject $150B into government spending projects. Stunningly brilliant!

    Obama wants to inject $80B into the UN. Stunningly brilliant!

    McCain doesn't seem to know what he wants, but he insists Obama is a bad choice. What wisdom, oh great one.

    Obama's top priority - badmouthing Bush. I guess he has trouble faulting McCain (he's not trying hard enough). But he did say he was confident in the American economy during the last debate. Hmmm....

    Biden's top priority - getting a clue as to what the VP is.

    McCain's top priority - badmouthing Obama.

    Palin's top priority - abortion. Oh that has to be the number one concern of all Americans. Yup, she's really got the bull by the cross on that one. Stunningly brilliant!

    It's a pity there is no "none of the above" choice, but if one needs a reason to worry about Obama it's the fact that the Democrats will score a Magic 60 and we will become the next "People's Democratic Republic of". Then again, will things be significantly different under McCain?

    Posted by: khobar | October 13, 2008 3:05 PM

    In a twisted sort of way I almost want McCain to win this election because four more years worth of failed Bush/McCain policies would for all intents and purposes be the end of the Republican party as we know it today. They would become the 4th party gadflies that they deserve to be.
    The only question is, would this country survive it?


    You people out there who live in economic downtrodden states like Ohio, Pa and West Virginia etc: If you are stupid enough to vote for McCain then you will deserve every bit of economic hardship that a "President McCain" would give you.
    .
    http://www.youtube.com/watch?v=N38Ug_ugzXs&feature=related
    .

    Posted by: DrainYou | October 13, 2008 3:05 PM

    Could you imagine how bad this economy would be had Bush/ McCain gotten their way with privatizing social security? The only trickle down effect from Republican economics is the Deregulation Trickle Down Effect from McCain Grahm and Bush 1 that trickled down to Fannie & Freddy and finally toppled the economy. Taxes will end up being raised on the wealthy who have benefited the most from the Republican Deregulation. Who does McCain have advising his economic plans.... Phil Grahm. How about Obama, who is advising him? Oh yeah, he is a nobel prize winner.

    Posted by: MinnesotaBuckeye | October 13, 2008 3:04 PM

    Few of these proposals are original.

    Senator Clinton urged a foreclosure moratorium during the primaries.

    Senator McCain urged penalty free withdrawals as early as last week.

    I also question the creation of yet another government agency/office. How much will that cost taxpayers? We are already on the hook for the usual spending, plus the bailouts, plus.....?

    Tax credits are not a tax cut. And how temporary would it be? Squeezing business is the worst solution to our current problems.

    How many people would be helped by not taxing unemployment compensation?

    These are just more political gimmicks to shore up votes.

    They will not help in the long run.

    Neither of these candidates has any ideas that will really do the job.

    Posted by: NoneoftheAbove08 | October 13, 2008 3:03 PM

    I also have a plan: let’s give the banks money, let’s give the homeowners money, let’s give the automakers money, let’s give small and big businesses money, let’s give the poor money, let’s give the sick money, and let’s give anybody money! Government has already done that! Sen. Obama has already promised that as well! So what is left to do? Now, we have to find that money that we are going to give away. That’s right. Somebody has to find this money that the government and Sen. Obama are giving away. Let’s ask Sen. McCain to find some money for us. That’s a great idea. How come the government and Sen. Obama have not thought about it?

    Posted by: Wiel | October 13, 2008 3:02 PM

    We have had 8 years of Republican rule, 6 of which the GOP controlled both houses of Congress.

    We have been lied to and taken into an unnecessary war. The United States usually doesn't go to war pre-emptively against a 3rd world country.

    We have tortured our prisoners and suspended the right of Habeas Corpus - first granted in the Magna Carta.

    Our national debt has virtually tripled to over 10 TRILLION dollars (that's trillion with a "t"). We have a half trillion dollar budget deficit. The GOP was the party of smaller government and fiscal restraint.

    Forty million plus people have no healt insurance.

    The investments of individuals in their retirment funds, college funds and mutual funds have collapsed over the last 12 months wiping out tens of trillions of dollars in wealth.

    Housing prices have declined precipitously to the point where millions of families owe more on their homes than they are worth. The equity in their homes has evaporated into thin air.

    Banks are unwilling to lend even to other banks putting businesses and jobs in danger of disappearing. Three of the five largest investment banks are gone along with Washington Mutual, Wachovia and others. AIG has had to borrow over $100 billion from the Fed.

    Our friends abroad laugh at our President; our armed forces are stretched to the limit and enemies thumb their noses at us.

    Shall I go on?

    I would vote for Charlie Brown before I would vote Republican.

    Not this time; not this year.

    Posted by: toritto | October 13, 2008 3:01 PM

    As a lifelong Republican I have looked long and hard at the issues the candidates and the Bush and Reagan legacies and the current state of my beloved country and have reached the same conclusion as many other lifelong Republicans. I Quit! Obama 2008!

    Posted by: DaveMiner | October 13, 2008 2:59 PM

    Just remember as well who makes the promises. A Harvard educated lawyer, Pres. of Harvard Law Review, and a state & US Senator for almost 2 decades with a VP educated in foreign & domestic matters, or an admitted adulterer who cheated on his wife when she was in the hospital, and finished at the near the bottom of his class, and admittedly knows very little about economics, and his VP candidate whose husband was a member of a seperatist movement whose leader was killed making bombs & who and damned the US, and his wife who addressed their convention in 2006, lied about bridge money, plane, cook, and was found GUILTY of ethics violations. Just what we need, more Rep. scare tactics for four more years of lies, deceit, & corruption!

    Posted by: crossroadsnow | October 13, 2008 2:56 PM

    Ok, wpfree...here I am a Cpa, Cma and an MBA from a great school. I have worked in three different countries, set up an office for my company in London. I know from what's going on in US, Obama will do lot better managing the economy than McCain. The Replublican's punch line is: "we will keep you safe from our enemies both within and from outside!"Period! You could be in tatters, but "safe"! Whatever that means, go figure!

    Posted by: hughes_168 | October 13, 2008 2:55 PM

    See the real John McCain here:
    http://www.youtube.com/watch?v=GEtZlR3zp4c

    Posted by: tantip | October 13, 2008 2:51 PM

    AJ2008, they are called campaign promises. Those elected usually do not follow through on their campaign promises because they were just saying anything to get elected. If you pay more attention to politics you would have gotten it.

    It doesn't matter what McCain says or does not say because it's not like Barack Hussein Obama is going to follow through on everything. When somebody wants to be president (and Obama just wants to because he's ambitious), they will say anything to be elected.

    Posted by: wpfree | October 13, 2008 2:45 PM

    I'm proud to be a liberal. Being associated with conservatives and the GOP is the worst thing that happened to McCain this election season. It's so embarrassing! With Bush and the economy, the hate rallys....It's gotten to the point where John McCain is running away from conservatism. I can't understand why people on this blog brag about being conservatives.

    Posted by: lwattsII | October 13, 2008 2:44 PM

    Hahaha, just because you have been a CPA for 25 years (probably filing tax returns or something) doesn't make your opinion any more valid. You're not an economist.

    Posted by: wpfree | October 13, 2008 2:43 PM

    The only time government spending goes
    down, is when the executive and legislative
    branches of government balance each other.
    obama/bin/biden and pelosi/reid
    will equal=
    let the spending begin!!!!!
    NOBAMA

    Posted by: USA3 | October 13, 2008 2:42 PM

    The Dow will rebound,
    and the fact that nobama
    is promising the moon to anyone
    with a voter registration card,
    promises not worth the breathe
    of this 'I quit smoking'
    ok I almost quit, well I only
    bum a few a day.
    the guy cant even be honest about
    smoking cigarettes....
    he is a pathological liar.
    NOBAMA

    Posted by: USA3 | October 13, 2008 2:39 PM

    The Doom and Gloom Party'
    pelosi and obama,
    good grief,
    letting people steal from
    their 401k's,
    yes, this will really help
    out us middle class people,
    help us to work until we drop.
    No Thanks,
    NOBAMA

    Posted by: USA3 | October 13, 2008 2:36 PM

    McClatchy does its due diligence yet again, and slams down the last-gasp attempt of conservative mouth-breathers to save this election by blaming the financial meltdown on poor people.

    .
    "As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail...."

    "Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis."

    "Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006."

    Federal Reserve Board data show that:

    * More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

    * Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

    * Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.

    "The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets reported Friday."


    Here's some more mavericky straight-talk, my friends:
    .
    http://www.mcclatchydc.com/251/story/53802.html
    .

    It wasn't ACORN helping minorities get affordable homeloans. It wasn't Jimmy Carter's fault for signing the Community Redevelopment Act in 1977.
    .

    Posted by: DrainYou | October 13, 2008 2:34 PM

    Everybody needs to read the story on John Mccain that was done in the Rolling Stone magazine. It is very enlightening about the true character and motivation behind Mccain. Former pow's and former and current friends tell the truth about the man. It is easy to understand why he is so erratic and running this insane campaign. Read it and post it as many places as you can. He cant say these are lies because a lot of it is his own words that condemn him. This is not an honorable or caring man. Neither is his wife. It is really sad.

    Posted by: qneee | October 13, 2008 2:34 PM

    Wow this is incredible: http://www.OBAMAMCCAINBIDENPALIN.INFO

    Posted by: parsonsscott | October 13, 2008 2:33 PM

    Aa a CPA with 25 years experience this is going to help the middle class. Our economy is based upon the middle class and for the past 28 years the Republicans have done everything they can to help the wealthy and leave the middle class behind. Finally Obama is telling it like it is. We need a steady hand on the wheel not erratic like John McCain. First McCain was going to announce a plan then nothing. It is just more of the same. Obama has some great ideas and great advisors.

    Posted by: bradcpa | October 13, 2008 2:32 PM

    Hopefully you political pundits will spend time economicists discussing and analyzing Obama's plans that he has laid out, and notice that McCain has said very little consistently on how to help the middle-class.

    Posted by: AJ2008 | October 13, 2008 2:12 PM

    The comments to this entry are closed.

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