Obama pushes economic reform message

We can all thank the Man!!!

The Man who started the IT bubble with the Telecom Act of '96 (which blew up in March 2000 and was the beginning of the 2001 recession)

The Man who relaxed lending in the late 90's because "everyone should own a home". Which we see the great effects today.

The Man who relaxed business and FCC regulation leading to the "Enrons" of the world (Enron blew up in October 2001 - all their "dirty work" was done in the late 90s).

The Man who gave us NAFTA (how many American blue collar jobs did that cost?)

The Man who gave us FMLA (Family Medical Leave Act). Which clarified you could take 12 weeks off but the company did NOT have to pay you. Why only 18% of companies pay full maternity leave today versus 70% in 1993).

Ah yes. The Man. One of the most "pro-business" presidents in history. All built on a house of cards which is now crumbling down.

And ya ya, he balanced the budget. With "inflated" profits I may add.

Trey. That's pretty funny.

McCain offered an amendment to an accounting-reform bill on limiting CEO pay six years ago. What happened to it?

Sure, Trey. It all happened in the '90s and nothing done since then is relevant. You must be Newt...blame it all on The Man. Nice rant, tho.

McCain's amendment also addressed regulating the financial industry.

Reform-
He should practice on Chicago first and get some experience before making ---- of himself-

Funnny guys. Americans should not accept any form of economic "reform" till they have the facts on what happened to cause this housing mess. This article does just that. Enjoy. As best you can, considering the topic.

http://tinyurl.com/6fqn6l

The reporter forgot to tell us Sen. Obama had to use a teleprompter to give this speech. Since he can't seem to remember what he said 16 months ago about the economy, he has to be reminded to either, 1. Don't repeat the stupid stuff you said before or, 2. Make sure you don't flip flop from your earlier generalized statements on the economy.

What has certainly NOT changed is the tiring mantra of McCain = Bush. People just aren't falling for it any more Barry, better change your tune a wee bit.

"His outrage at Wall Street would be more convincing if he wasn't offering them more tax cuts. His call for fiscal responsibility would be believable if he wasn't for more tax cuts for the wealthiest Americans." "

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This is a phony argument twice over. In the first place, the problem with Wall Street was (and continues to be) a lack of regulation, and not an overabundance of money. In the second place, fiscal responsibility does not consist of gathering as much in tax revenues as possible. Fiscal responsibility consists of NOT spending more than one takes in, and not wasting the money one has allocated.
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Obambi has yet to explain what regulations, if any, he would offer to curb the excesses that led to the current financial meltdown. (Here's a hint: Maybe he should seek repeal of the Gramm-Leach-Bliley act, signed into law by Clinton; and seek reinstatement of the relevant portions of the earlier Glass-Steagall act.) Nor has he explained how adding more than $100 billion to the budget annually, just for social welfare programs, isn't more fiscally irresponsible than McCain's tax cuts. (Hint: It isn't.)

A great speech with some real meat to it. McCain offers nothing on this, just a 'let's study it with a commission' approach.

Useless, that McCain.

Posted by: John W. | September 16, 2008 3:48 PM

Why aren't you asking how exacty Senator McCain plans to "Guarantee" that something like this will never happen agian iif he's President? Where are his specifics? Where is his plan that is so perfect, it comes with a "Guarantee"?]

Yet you only question "Obambi". I guess we're just supposed to take McCain's lofty promises on faith?

Obama when you say it’s a difference in policy, why don’t you just say that you are a socialist, and McCain is a capitalist.
Obama the problem with you; is that you really believe in big government and big business.
The reason capitalism is the most efficient economic system, is due to the fact that it’s an adaptable distributed system. Centralized systems, like what you propose Obama are prone to cascade failures.
Just like the cascade failures that took out power in the North East a few years ago.
What we need is more small business, not more big business, and big government. While you and McCain are right in calling for government oversight, what needs to be done by government is set standards and develop investment incentives for small business investment, while reducing the cost of small business developing and producing innovative products. This is possible by creating something of a co-op for each particular industry, with shared labs and equipment. We as a country need to move towards fabrication labs, and move manufacturing from vertical large corporations, to distributed regional manufacturing companies, which produce a multitude of products based upon IP.

This approach will provide diversity much like living organisms and create a much more robust economy. This in turn will create more small businesses, and more jobs, which will lead to a higher standard of living for all Americans.
The government by creating standards and incentives through the tax code can provide both carrot and stick, and force the people who have monies to invest in small business by making it detrimental not to do so.
So Obama as usual you can fool some of the people but not all. America needs real solutions.

Yeah, Obama is bankrolled by more hedgefunds than he can count.

George Soros, anyone?

Why doesn't anyone mention that the IL unemployment rate is over 7%, a full 1.5% higher than the national average.

What in his background even mildly suggests that he has a clear understanding of the real-world eoconomy?

Springfieldringfield - all the candidates use teleprompters so they don't have to constantly look down at notes. I don't know about you, but I know I wouldn't be able to give a speech from memory without needing to refer to something.

And don't even get started about giving the same speech he gave in the spring - um, have you heard Sarah Palin speak lately? Every speech she has given, she says the exact same thing.

I think the fact Obama mentioned similar points in the spring shows he understands it, he gets it. He saw the problems months ago before they became an unfortunate reality.

Maybe we do need more regulation in the financial industry. I'm not an expert, so I can't speak to that.

What I can speak to is what I know. What I know is that the current sad state of the economy is mainly due to GREED. And there is certainly enough blame to go around to members of both political parties, CEOs, hedge fund managers, bankers, realtors and consumers. The list goes on and on.

Greedy shareholders want a higher return on their investments; CEOs push their employees to produce, so they have loosened their lending and investing standards. Consumers aren't satisfied with buying only what they need, so they fall for the realtor's sales pitch and buy more house than they could possibly need. Now we're all suffering.

As I see it, unless you can regulate greed, there is no way to prevent this from happening again.

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Posted by: Mel | September 16, 2008 4:24 PM
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You raise a good point Mel, because I have yet to hear either Obambi or McCain give any specifics on how to solve the problem. Both are simply politicking right now. All the same, the correct answer to the problem is more regulation (or the reinstatement of regulations that were repealed in 1999). Obambi was way off in blaming the problem on tax policy. I'll take silence (McCain's position) over loud mouthed foolishness (Obambi's position) any day.
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P.S. In case you didn't see my previous explanation, I call Obama "Obambi" because he has proven himself to be a first class wimp.

Senator McCain and his mentor, former Senator Phil Gramm never saw a piece of deregulation legislation they didn't love and support !! That is still part of the Republican chant book, along with: Drill, Drill, Drill. or Bomb, Bomb, Bomb Iran and Deregulate Deregulate, Deregulate. All of these chants lead directly to more Republican failures and they can't even talk straight about our national problems !! They don't deserve another four years in our White House. Give Senators Obama and Biden a chance at solving these Republican failures and I guaranty, we will be a lot better off, then we would be with four more years of McCain-Palin !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.

Obama actually said something that wasn't a smear of Palin or McCain? I'm impressed....not really.

But Kimberly McCain isn't talking like a capitalist and Obama is not a socialist. You're giving an elementary school essay that doesn't apply to the situation or the candidates.

Macho He-man John W.-

McCain has been far from silent. He has said that he can "guarantee" that this will never happen again if he is President. No wimping out there huh? That must be some plan he has. He's a real testosterone filled economic tough guy compared to that "wimp" Obambi, isn't he? I

I bet a tough guy like you could beat Obambi up with one arm tied behing your back, couldn't you? I bet you are so tought that you can open bottles of beer with your teeth. I bet women swoon at the site of your awesome masculine frame.

McCain fought a bill that Barney Frank introduced over a year ago that would have laid down some very strict rules and regs on Freddie and Fannie, rules requiring more transparency and a better d2e ratio on loans among many things. McCain opposed this because Bush threatened to veto the bill and John wanted to be seen standing at the side of his good friend GW. If that bill had been enacted this current crisis- started by Fan and Fred- would have been greatly mnimized or even avoided. Thanks John- thats the reformer renegade we all know and love!!!

So the same person who recieved the third highest donations - behind Sen. Dodd and Sen. Kerry - from Fanny and Freddi Mac is now calling for fiscal responsability? Does Obama think we are stupid?

This entire mess is due to the push, from the likes of Obama and his senate allies, to allow for loose availability of capitol to the very constintuency who should have never qualified for a loan. Now he thinks he is going to go into middle America, with NO legislative accomplishments or plans to restore the US economy back to fiscal responsability - in fact - he now wants to make health care, higher education, and even CHARITY the responsability of the US taxpayer to provide to every citizen, regardless of their willingness to take responsability - and raising an already record budget deficit.

This guy is a joke. I can not believe this is the Democratic candidate for President. He's going to deliver change - BASED ON WHAT?

I have to say he is such an arrogant SOB! Blames “Washington” on our current woes! Maybe if he tried to be a Senator he could have written the monumental bill to avoid the current issue. But He didn’t. All the things he says he will do he could have done. That is the big issue. Everybody argues about his experience but they should be examining the lack of history that relates to his current mantra. I am sure he came up with everything after they convinced him to run because he is so well know for reading his book! We’re doomed!

At last, a substantive disagreement over important policy issues between the two candidates for President! All the discussion about canine and porcine beauty tips was trivial and had become tiresome.

The Obama con continues. November can't come soon enough.

Ok Obama, what's the plan.

Show me the plan that you can get through Congress.

It better not contain the Employee Free Choice Act. Haven't unions destroyed enough jobs in this country?

Macho man John W, John McCain isn't silent, far from it. He is promising that if he is President this will never happen again. He has guaranteed it. I think the overload of testosterone in you ever so masculine brain is starting to affect your ability to comprehend what you read, but I guess that's a small price to pay not to be a "wimp" like "Obambi". Now go lift some weights tough guy, and leave the politics to us "wimps" who actually use our brain, OK?

1929...1987......2008. What do they have in common? Economic meltdowns while Republican presidents were in office. This is no coincidence--it's a trend.

Is it just me or did Obama just say nothing about how he is going to change everything? Obama be more specific. Tell us what taxes you plan on raising?

2001 atrocity- Bush-Cheney-Rumsfeld-McCain-Palin's fault

airline industry collapse after 2001 atrocity- Bush-Cheney-Rumsfeld-McCain-Palin's fault

antrax attacks - Bush-Cheney-Rumsfeld-McCain-Palin's fault

Darfur genocide- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Enron collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Arthur Anderson collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Hurricane Katrina- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Hurricane Rita- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Hurricane Gustav- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Hurricane Ike- Bush-Cheney-Rumsfeld-McCain-Palin's fault

1800 Hurricane Katrina deaths- Bush-Cheney-Rumsfeld-McCain-Palin's fault

global warming- Bush-Cheney-Rumsfeld-McCain-Palin's fault

mortgage meltdown- Bush-Cheney-Rumsfeld-McCain-Palin's fault

everyone who signed up for an adjustable rate mortgage- Bush-Cheney-Rumsfeld-McCain-Palin's fault

$4 gas- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Motorola collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Bear Stearns collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Fannie Mae collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Freddie Mac collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

China's rise- Bush-Cheney-Rumsfeld-McCain-Palin's fault

India's rise- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Lehman Brothers collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Merril Lynch collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Morgan Stanley collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

AIG collapse- Bush-Cheney-Rumsfeld-McCain-Palin's fault

flooding in Chicago - Bush-Cheney-Rumsfeld-McCain-Palin's fault

congress not voting on offshore drilling- Bush-Cheney-Rumsfeld-McCain-Palin's fault

9% approval rating of congress- Bush-Cheney-Rumsfeld-McCain-Palin's fault

Microsoft Vista collapse - Bush-Cheney-Rumsfeld-McCain-Palin's fault

90 billion gallons of storm runoff water released into Lake Michigan - Bush-Cheney-Rumsfeld-McCain-Palin's fault

CHANGE is needed now !! Obama-Biden in '08 !

McCain has a reputation as a free-marketeer, but he says that Washington regulatory agencies need to be overhauled.

History of Financial Morass 101

The beginning of all of this mess was November 12, 1999. That was the day that Bill Clinton abolished the Glass-Stiegel Act of 1933. Glass-Stiegel acted to protect the American people against the type of collusion between commercial and investment banks we are seeing today.

The repeal permitted banks to begin trading and underwriting mortgage backed securities and other garbage. This happened after a one year $200 million dollar effort by DEMOCRATIC lobbyists.

The Congressional Research Service's own report instructed the Dems not to do it but they went ahead with their eyes wide open. Investment and commerical banking was COMBINED to the detriment of the American people.

The Congressional Research Service said this, "Depository institutions are supposed to be managed to limit risk. Their managers thus may not be conditioned to operate prudently in more speculative securities businesses."

This problem can be laid squarely with Democratic president Bill Clinton and Democratic lobbyists.

The Administration and Congress were under Republican control when the following occurred (not listed in chronological order):

-9/11/01
-Cutting taxes and then going to war
-Banking deregulation
-Energy market deregulation
-Creation of Homeland Security
-Complete failure to provide timely aid after Katrina
-the largest federal deficits in history

America cannot afford to let the Republicans screw up for another four years and still continue to blame it all on "the Clinton years..."

I worked in the subprime market before common sense with my career took over. Mortgages were given out to illegal immigrants, people on welfare, unverified income, poor credit, 0 down, etc. Why? It was all about the numbers. The more loans/the bigger the loans, the better for those monthly, quarterly, yearly bonuses. That's all that mattered. & when loans went bad, no one lost anything because it was always assumed the value of the home at the time of auction will be great enough to pay the loan off. That was your business model in a nutshell & all the lending regulators would do is sign-off on their reviews without batting an eye. The sub-prime lender even advertised on tv how they helped write legislation in DC (with all their republican buddies well lobbied) that helped the consumer, which was either useless of blatantly ignored. I pointed all these problems with an executive on my exit interview, & his only real response was "that's just the media talking" That was four years ago.

So go ahead & convince yourself there's nothing wrong with the economy, that McCain, the "I'm not good at economics" candidate is the right choice. It will be interesting what he has to say at the debates, once he can't hide behind his running-mate's skirt.

If, as McBush says, “We know how we got into this mess”, then why is he proposing a commission to study it? Why not just change the things that got us into this mess? Because he really doesn't know anything, and he never will. He offers platitudes to the American people, and he hopes it makes him look "leaderly" so that we won't question his lack of substance.

Mccain says "the fundamentals of the economy are strong" and " we need to form an independent commission to investigate corporate economic problems" in the same day? What isn't there to know about the corporate corruption that has been plagueing our nation under the Bush administration? What doesn't McCain understand about the greed and fraud that is becoming so prevalent in our economy? Is he so immune to the corruption of Washington lobbyists that he can't see this on his own? We need a president whomisn't part of the problem , but rather an advocate for CHANGE. For the choice is simple, Eight is Enough, I'm giving Obama and Biden my vote. I've lost enough money under Bush's 8 years, and frankly, I will qualify for Obama's tax breaks for workers who earn less than $300k a year.

Does Obama have a teleprompter when he discusses economic issues?

Here's how he uses it...

Mary, that's idiotic; Clinton didn't do it all by himself. There was a Republican Congress. And then 8 years of "asleep at the switch" as even McCain, Chairman of the Commerce Committee, admits. Regulatory agencies still had a job to do and didn't do it.

Keep the gov't as far away from the economy as possible. I'm talking to you, McBama.

Yes.
Novel idea Obama.
I think that the 'failed policies of George Bush' included something that your party killed, namely increased oversight of Fannie and Fred.

Actually, as a senator, isn't he supposed to be referred to as Mr. President?

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=all

"Is it just me or did Obama just say nothing about how he is going to change everything? Obama be more specific. Tell us what taxes you plan on raising? " - clarence

Knucklehead, stop living off sound bites and go do some research. A simple web search on "obama economy" brought up a link directly to what he's recommending (along with other sites, from both partisan and not-partisan groups). Probably not a coincidence that he also mentions that you go to his site for more info during speeches. This typically does not need to be mentioned, repeatedly, in articles.

And, before you go jumping on me for supporting someone I don't, you can also perform this same web search with McCain and get his detail on his website that he, also, pitches for more info.

Or, if that's too hard, just go to this independent site that breaks down both plans extremely well: www.taxpolicycenter.org

Stump speeches, for both candidates, are for firing people up not recanting policy discussions. I hope, for you and this country, that you are not voting for someone only by what is reported in the media. As any military commander will tell you, acting on a lack of intel is a very, very bad thing.

Next time Obama complains about lobbyists on McCains campaign staff, someone should remind him that according to the bipartisan Center for Responsive Politics that tracks campaign doantions, he is #2 on the list at $126,000 [behind Sen. Dodd [favored low rate loan - $165,000] and ahead of #3 John Kerry at $111,000 in taking money from lobbyists representing Fannie and Freddie.

Interestingly, former Clinton WH Budget Director, Frank Raines, was the Chairman / CEO of Fannie and made $50 million.

Former Clinton Justice Dept. Deputy AG, Jamie Gorelick, was a vice-chairman at Fannie Mae and made $26 million.

Additionally, Jim Johnson, Obama's EX-Head of his VP search committee also worked there and made millions.

It seems that Obama has himself a lobbyist problem here.

Yes.
Novel idea Obama.
I think that the 'failed policies of George Bush' included something that your party killed, namely increased oversight of Fannie and Fred.

Actually, as a senator, isn't he supposed to be referred to as Mr. President?

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=all

Look at what plenty of economists, right & left are saying; McCain's plan is shaky and Obama's will do a great deal of good.

Now who will you listen to?

Another fluff speech from Obama. So, Barack, tell us; what EXACTLY are you proposing to do right now?

Big business should not be allowed to become too large to fail. A business with that much influence is too big for a free market. It has access to wholesale market manipulation. And it has the privilege of depending on a government safety net if it fails.

The recent economic crisis demonstrates that such businesses will now be rescued at taxpayer’s expense when they suddenly collapse. The CEO of AIG has even demonstrated on national TV that big business leaders expect tax funded rescues. And that diminishes a primary incentive for them to be efficient and prudent. It may even encourage their board members to strategically create a crisis requiring a government bailout rather than suffer losses over time on their own. These business leaders have developed an attitude of entitlement that should inspire corporate welfare reform.

If businesses that are too big to fail are allowed to exist, then they should pay for their own government entitlement programs. This has been the arrangement for the lower classes. That is why social security tax rates in the United States become less for those who become wealthier. Wage earners should not be expected to pay for business welfare too. The influence these businesses have over markets should help them pay for their government programs. And to discourage corporate welfare fraud, those in charge of businesses that either purposely or by neglect cause the government to pay for their rescue should be punished for a kind of embezzlement.

Bryant Arms