Obama's latest statement on the financial crisis

[Silence]

as posted on his website

Barack Obama and Joe Biden: The Change We Need | Amanda Scott's Blog: Statement of Senator Obama on Moving Financial Legislation Forward

Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families.

At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us – Democrats and Republicans alike – come together to meet this crisis.

The bill rejected yesterday was a marked improvement over the original blank check proposed by the Bush Administration. It included restraints on CEO pay, protections for homeowners, strict oversight as to how the money is spent, and an assurance that taxpayers will recover their money once the economy recovers. Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement. But in order to pass this plan, we must do more.

One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.

The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.

While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation.

That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.
I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan.

it seems that Obama continues to work on ideas to make this deal more tolerable for everyone while protecting the taxpayer, families and small businesses in particular.

John McCain's statement from yesterday

JohnMcCain.com - McCain-Palin 2008

kind of ironic that he'd make the statement about affixing blame when just moments before his statement his Republican counterparts went on national television and laid the blame squarely on the shoulders of Nancy Pelosi.

 

[Jon]

McCain also proposed raising the FDIC insurance. Both sides are pointing fingers at the other side, including McCain and Obama. Seriously, I think both are proving they shouldn't be elected.

 

[NOBama]

McCain also proposed raising the FDIC insurance. Both sides are pointing fingers at the other side, including McCain and Obama. Seriously, I think both are proving they shouldn't be elected.

Best post I've read all day.

 

[Silence]

McCain also proposed raising the FDIC insurance. Both sides are pointing fingers at the other side, including McCain and Obama. Seriously, I think both are proving they shouldn't be elected.

can you provide the link to McCain saying the FDIC insurance should be increased? thanks.

and can you give me an example of what Obama has said or done that you think indicates he shouldn't be elected? thanks again.

Best post I've read all day.

how long have you been awake? 10 minutes?

 

[Haro]

Best post I've read all day.

There goes another patisan bolster, 'YEAH you are definitly right even though you have presented no evidence and are just penning my own personal opinion which I formed using no factual basis!!!'

 

[Jon]

can you provide the link to McCain saying the FDIC insurance should be increased? thanks.

I shouldn't have to, YOU provided it in your post.

and can you give me an example of what Obama has said or done that you think indicates he shouldn't be elected? thanks again.

He supported the bailout.

 

[WillowTree]

and can you give me an example of what Obama has said or done that you think indicates he shouldn't be elected? thanks again.

you are kidding right?

 

[Haro]

you are kidding right?

Silence, did you think your call for facts from the McCain supporters would be answered? You have recieved an 'are you kidding me' and a 'i do not think I have to explain myself further'. If those people used logic they would not be voting for McCain.

 

[Jon]

Silence, did you think your call for facts from the McCain supporters would be answered? You have recieved an 'are you kidding me' and a 'i do not think I have to explain myself further'. If those people used logic they would not be voting for McCain.

The dumb fucking bitch provided ME the link where I found out McCain called for raising the FDIC insurance, why should I feed it back to her? She needs to read her own fucking sources.

 

[Silence]

I shouldn't have to, YOU provided it in your post.

he didn't even mention the FDIC in that statement

he said go back to the drawing board... ie: start from scratch?

He supported the bailout.

umm so does McCain dipshit.... give me another example... one of them WILL be president, whether you like it or not... make your case for your man if you can.

The dumb fucking bitch provided ME the link where I found out McCain called for raising the FDIC insurance, why should I feed it back to her? She needs to read her own fucking sources.

again you hear what you want to hear... I didn't hear ONE mention of FDIC in the statement I provided... and I've listen to that drivel three times

transcript of McCain statement

I speak to an hour of crisis. For our nation's economy. I believe that the challenges facing our economy you could have a great impact on every American worker. Small business owner and family.

If our leaders failed to act. I share the anger and frustration that many Americans feel toward reckless and -- mismanagement. On Wall Street and in Washington. I returned to Washington last week to work on a bipartisan rescue plan. Was the only plan that at that time on the table. Lacked enough support to pass. They also lacks sufficient accountability and transparency.

To justify. The expenditure of the taxpayers' money. At the time. The concerns of wrong numbers were not being hurt. My colleagues were worried about the size of the plan. And the risk -- posed to taxpayers. I share those concerns and I laid out principles that I thought must be adhered to. Those principles included responsible oversight. Effective transparency. Added protections for the taxpayers and a cap on excessive salaries. For executives.

I also believe that this legislation should have no earmarks. I worked hard to play constructive role in bringing everyone to the table. The plan is now significantly improved. To strengthen taxpayers protections and oversight. And the taxpayers were on the hook for less money up front. Don't get me wrong. It is in perfect. Affected taxpayers could have to spend a single dollar to create stability in our economy. Is a decision. But I cannot take lightly.

I was hopeful that the improved rescue plan. Would have had the votes needed to pass. Because addressing the credit crisis is of vital importance to families small businesses. And every working American. Who must be assured. That their assets are safe and protected. And that our economy. Will continue to function.

Today I've spoken to the federal chairman Bernanke secretary Paulson and congressional leaders. And now it's time. For all members of congress to go to back to the drawing board. I call on congress to get back obviously immediately. To address this crisis. Our leaders are expected to leave partisanship at the door. And come to the table to solve our problems.

Senator Obama and his allies in congress. Confused unnecessary partners partisanship into the process. Now he's not the time to fix the blame. It's time to fix the problem. I would hope that all our leaders all of them can put aside short term political goals and do what's in the best interest of the American people. Thank you."

perhaps you can find me the sentence in that statement where he calls for increased FDIC insurance in the bailout package... Thanks in advance fucko

 

[Silence]

where oh where did jsanders go?

 

[WhiteLion]

as posted on his website

Barack Obama and Joe Biden: The Change We Need | Amanda Scott's Blog: Statement of Senator Obama on Moving Financial Legislation Forward



it seems that Obama continues to work on ideas to make this deal more tolerable for everyone while protecting the taxpayer, families and small businesses in particular.

John McCain's statement from yesterday

JohnMcCain.com - McCain-Palin 2008

kind of ironic that he'd make the statement about affixing blame when just moments before his statement his Republican counterparts went on national television and laid the blame squarely on the shoulders of Nancy Pelosi.

According to this link Obama and ACORN was involved long before his running for the senate:
O'S DANGEROUS PALS - New York Post

Democratic socialist ant out of the water yet check out this link: [ame=http://www.youtube.com/watch?v=_MGT_cSi7Rs]YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/ame]
If the shoe fits wear it.........

 

[Silence]

According to this link Obama and ACORN was involved long before his running for the senate:
O'S DANGEROUS PALS - New York Post

Democratic socialist ant out of the water yet check out this link: YouTube - Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
If the shoe fits wear it.........

I know it's a challenge to stay on topic when the topic isn't flattering to your candidate but try it... or at least start your own thread...

 

[Skull Pilot]

McCain also proposed raising the FDIC insurance. Both sides are pointing fingers at the other side, including McCain and Obama. Seriously, I think both are proving they shouldn't be elected.

REVOLT

How great would it be if we all voted libertarian? Vote against every pol who is an incumbent.

Seriously it is time for a major house cleaning (ass kicking)

 

[kane3o1]

Obama>McCain

 

[Skull Pilot]

Obama>McCain

Anyone> Obama + McCain

 

[WillowTree]

as posted on his website

Barack Obama and Joe Biden: The Change We Need | Amanda Scott's Blog: Statement of Senator Obama on Moving Financial Legislation Forward



it seems that Obama continues to work on ideas to make this deal more tolerable for everyone while protecting the taxpayer, families and small businesses in particular.

John McCain's statement from yesterday

JohnMcCain.com - McCain-Palin 2008

kind of ironic that he'd make the statement about affixing blame when just moments before his statement his Republican counterparts went on national television and laid the blame squarely on the shoulders of Nancy Pelosi.

...Obamalama the bigglest liar on the planet.

 

[user_name_guest]

I was on the phone with Paulson, several times this morning. Oh wait, anyone could say that (apparently like McCain and Obama who also wears some kind of bracelet, next they are going to talk about sending text messages). If something as urgent as this, maybe a up-close visit. I guess $700 billion isn't such a big deal. You would think execs dealing with that kind of money would meet face-to-face. Especially the one who is going to have to deal with it as president.

 

[Skull Pilot]

I was on the phone with Paulson, several times this morning. Oh wait, anyone could say that (apparently like McCain and Obama who also wears some kind of bracelet, next they are going to talk about sending text messages). If something as urgent as this, maybe a up-close visit. I guess $700 billion isn't such a big deal. You would think execs dealing with that kind of money would meet face-to-face. Especially the one who is going to have to deal with it as president.

why deal with any "crisis" in person when you can "monitor" the situation???

 

[Missourian]

can you provide the link to McCain saying the FDIC insurance should be increased? thanks.

From CNN:

Earlier Tuesday on CNN's American Morning, McCain said the rescue plan failed because people don't think it will do anything for them.

"We haven't convinced people that this is a rescue effort not just for Wall Street but for Main Street America," McCain said. "... We didn't do a good enough job."

McCain said the proposal needs modifications, including an increase in federal deposit insurance for private bank accounts.

"FDIC insurance should be increased to $250,000 from $100,000," McCain said.