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Cautious Support From Obama for Banking Plan


Democratic presidential nominee Sen. Barack Obama greets workers during shift change at the Toledo Machining Plant Oct. 14, 2008 in Perrysburg, Ohio. (Joe Raedle/Getty Images)

By Shailagh Murray
TOLEDO, Ohio -- Sen. Barack Obama offered lukewarm support, along with multiple caveats, to the Bush administration's decision to partially nationalize the U.S. banking industry by investing $250 billion in keep ailing institutions afloat.

The Democratic nominee called the basic idea "the right one," because of the potential harm if no action is taken, but added, "We must make sure this plan is implemented in a way that helps homeowners and does not enrich Wall Street CEOs at the taxpayers' expense." Obama advisers said the senator from Illinois relayed his concerns to Treasury Secretary Henry Paulson on Monday, when Paulson called Obama to brief him about the plan.

In a statement, Obama said he would be "studying the details of this deal to make sure we can advance the core concept while still protecting taxpayers and ensuring that CEOs are not being enriched on our dime."

He said the move was right in theory. "Injecting capital into our financial institutions is essential to stabilizing our economy, but we must make sure we are not giving sweetheart, insider deals that shift the risk to taxpayers without giving them sufficient upside," Obama said.

He urged the administration to enact his proposal, announced yesterday, to place a 90-day moratorium on foreclosures for people who are making good-faith efforts to pay. He also raised alarms that today's Treasury move "appears to extend a broader set of guarantees to banks without requiring any additional regulation, which represents the same failed philosophy that got us into this mess."

Posted at 12:24 PM ET on Oct 14, 2008  | Category:  Barack Obama
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OBAMA IS A SOCIALIST!
HIS MOST RECENT SERMON CLAIMS:
“I THINK WHEN YOU SPREAD THE WEALTH AROUND, IT’S GOOD FOR EVERYBODY.” What Barack means is for government taking from one group of people (the people who worked hard and earned it) and giving it to those who did not earned it (welfare cheats).

WELCOME TO BARACK HUSSEIN OBAMA’S NEW AMERICA, IT’S CALLED REDISTRIBUTION OF WEALTH and his tax cuts for 95% of America is nothing more than Government welfare for people that don’t pay taxes at all. Haven’t we already been down this path ? This was done in the 70’s and the Democrats are bent on bringing it back.

One of Barack Obama’s most potent campaign claims is that he’ll cut taxes for no less than 95% of “working families.” He’s even promising to cut taxes enough that the government’s tax share of GDP will be no more than 18.2% — which is lower than it is today.
It’s a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he’s also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of “tax cut.”
For Barack Hussein Obama, a tax cut is no longer letting you keep more of what you earn. IN HIS REDISTRIBUTION OF WEALTH PLAN, A TAX CUT INCLUDES TENS OF BILLIONS OF DOLLARS IN GOVERNMENT HANDOUTS THAT ARE DISGUISED BY THE PHRASE “TAX CREDIT.”

Will hard working Americans support to cater to the ”parasite class” and bury the American worker further? Mission almost accomplished.
UNLESS YOU VOTE FOR THE PATRIOT JOHN MCCAIN, AND PRESERVE AMERICA AND OUR AMERICAN VALUES!

Posted by: Manolete | October 14, 2008 3:59 PM

McCain just blew it (big surprise) with his recent ACORN line of attack...


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.
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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 [...]
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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.
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http://www.mdc.edu/Home/Press/rally.htm
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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? They even have a picture of McCain attending the event:
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http://www.politico.com/blogs/bensmith/1008/Acorn_pushes_back_hugs_McCain.html?showall
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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 or something.
.

Posted by: DrainYou | October 14, 2008 2:30 PM


HOW CAN THEY THINK IT WAS A 'SOLUTION'
WHEN THEY STILL DON'T KNOW THE CAUSE?

TARGETING OF AMERICANS BY GOV'T AGENCIES
A ROOT CAUSE OF WALL STREET MELTDOWN?

Once again, Congress rushed through emergency legislation -- socializing the capital markets, ceding effective control of the economy to the government.

Officials continue to blame lax lending policies on the part of the mortgage industry for spawning this crisis.

But were lenders ORDERED to offer "easy credit" to people "targeted" by government agencies?

Is government "extrajudicial targeting" of American citizens a root cause of the mortgage meltdown that spawned the broader financial crisis?

And is there a disinformation campaign underway to blame the Democrats, instead of ideologues who have hijacked federal agencies as their tool of "social engineering."

Consider this:

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

Posted by: scrivener50 | October 14, 2008 2:06 PM

Caution is not a word associated with McCain. McCain frequents casinos and has personal ties with gambling industry big shots who made their fortunes by tricking people out of hard earned money.
McCain is a frequent gambler with little to lose at his advanced age. He's already demonstrated the liabilties of his compulsive nature by his lacking serious judgment in choosing a running mate. Even his military career involved the destruction of 5 US aircraft, only one in battle. Getting captured and giving secrets to the enemy is no winning strategy either.

Posted by: rooster54 | October 14, 2008 2:02 PM

McCain knows all about bailing out rich bankers and screwing over middle class and poor people, he's been doing it for years.
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http://www.youtube.com/watch?v=HAzDEbVFcg8
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McCain - Founding Member of the Keating 5

McCain was one of the "Keating Five," congressmen investigated on ethics charges for strenuously helping convicted racketeer Charles Keating after he gave them large campaign contributions and vacation trips.

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

McCain intervened on behalf of Charles Keating after Keating gave McCain at least $112,00 in contributions. In the mid-1980s, McCain made at least 9 trips on Keating's airplanes, and 3 of those were to Keating's luxurious retreat in the Bahamas. McCain's wife and father-in-law also were the largest investors (at $350,000) in a Keating shopping center; the Phoenix New Times called it a "sweetheart deal."

McCain was not convicted of any crimes, though the Senate concluded that he exercised "poor judgment." (Furthermore, he got off on some charges by a technicality -- that he was still in the House when he took those vacation trips, and so the Senate couldn't prosecute him. The House concluded that THEY couldn't prosecute him because he had moved to the Senate.)


Here's some more mavericky straight-talk, my friends:
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http://www.realchange.org/mccain.htm
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Posted by: DrainYou | October 14, 2008 1:38 PM

Want to see what Happens when MTV hosts the debate.
http://www.youtube.com/watch?v=752cvy86qH8

See the winner of best Sarah Palin Impersonator
http://www.youtube.com/watch?v=uMebGbcC2Sg

Posted by: pastor123 | October 14, 2008 1:26 PM

I think John McCain is going to do horrible because he is under so much pressure I feel bad for him.Watch Debate outtakes, See preview of tonights debate I wonder how its going to go tonight. watchdebate.com

Posted by: pastor123 | October 14, 2008 1:23 PM

It is a good thing that ever since his overseas trip Obama has been acting as shadow President because it certainly appears that the big decisions of his administration will be made prior to Jan '09.

Now let's see how Bush handles the 'enduring bases' - which are not to be confused with permanent ones, (yeah right!) - in Iraq.

Posted by: jrob822 | October 14, 2008 12:44 PM

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