Obama: McCain Gets No Credit for Wall Street Bailout
As usual, Obama takes credit for something he really did not deserve to....so much for being bi-partisan
Obama: McCain Gets No Credit for Wall Street Bailout
( from Fox News)
Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
FOXNews.com
Sunday, September 28, 2008
WASHINGTON -- Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street.
Instead, Obama said he deserves credit for making sure the proposal includes safeguards for taxpayers. Obama said he is inclined to support the bailout because it includes increased oversight, relief for homeowners facing foreclosure and limits on executive compensation for chief executives of firms that receive government help.
"None of those were in the president's provisions. They are identical to the things I called for the day that (Treasury) Secretary (Henry) Paulson released his package," Obama said. "That I think is an indication of the degree to which when it comes to protecting taxpayers, I was pushing very hard and involved in shaping those provisions."
The safeguards were supported by many in Congress, including Democrats and Republicans.
Republican presidential nominee John McCain announced last week that he was suspending his campaign to focus on the crisis.
Asked during an interview on CBS' "Face the Nation" whether McCain deserved credit for bringing lawmakers together, Obama said "no."
"Here are the facts: For two weeks I was on the phone everyday with Secretary Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill," Obama said.
Congressional leaders were working through the weekend on a package to bailout troubled Wall Street firms. They hope to have a House vote on the measure Monday, with a vote in the Senate coming later.
Under the plan, the federal government would buy mortgage-backed securities and other bad debt held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price.
"My inclination is to support it because I think Main Street is now at stake," Obama said.
Obama also said the next president should work to overhaul the regulatory structure of Wall Street, though he offered no specifics.
"We have to remember how we got here, not so much to allocate blame as to understand the choices that are going to face the next president," he said. "Unless we update our 20th century regulatory framework for a 21st century global financial system, then we are going to continue to be vulnerable to this kind of situation. And I think the next president has to come in with a very strong package of reforms."
http://elections.foxnews.com/2008/09/28/obama-mccain-gets-credit-wall-st...
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How about an ad showing Rep John Boehner telling that "if it were not for John McCain supporting me at the White House when I said whoa, whoa, time out, they'd have run over me like a freight train and I'm grateful for his support."(his talk Sunday night when he and three other GOP members talked to the press)
I also heard Rep Boehner and others tell that if John McCain wouldn't have come to Washington, the Republicans in the house wouldn't have gotten in the talks and therefore they wouldn't have voted for the bill (something to that effect).
could this work?
Dear Sen McCain;
What about if stronger banks buy weaker banks and other financials enterprises, and then after they are absorbed, they can 'remodelate internally' and look for for revenues vectors, even if they might be mild in the beginning.
Then promote and activelly issue savings bonds ( FEDERAL STYLE AND MUNICIPAL STYLE - with higher yield in interest to/for the buyers.( this should produce money for the situation without to be enforced to almost 'nationalize public assets' - which is socialism really, we do not want to become kind like old Russia)
If cash flow is needed then taxpayers can issue loans to wherever is needed, and secure that all money has to come back with some interest even if is not much.
In addition all this s to be overseen and supervised by a group of decent pople that look and work for the best interest of the people of our great nation.
The gorup could be partissian or not, does not really matters,... only that they are honest individuals.
Ultimately put in jail for long and longer time the thieves and crooks who offended our economy, and return ALL THE STOEN MONEY ( golden parachutte -related and so on, etc ) and do this FAST, FAST.
And on this, Gov Palin is so good!
In other words, to start the ceaning in Washington, and the financial spectrum right away without longer than time theatrical litigations so the taxpayers do not get rip-off on this neither.
How does that sound?,...I know it sound simple but I am a simple man.Perhaps much more is to it, I am not economist.
Sincerely, with all due respect,
Daniel Cabrera
Merrillville, Indiana