Obama: Wall St. 'bad as anything seen'

Would somebody please explain the Bush-Palin economic policy? Outside of more tax cuts for businesses. Yep, that worked real well this time, didn't it?

Will Sarah Palin ask her husband's help on the budget just like she did in Alaska??

And what was Obama's plan?

More government SPENDING?

Oh, that is just what this country needs!

This is a WORLDWIDE RECESSION. Check out Australia, England, Germany, France, Russia, Italy, Spain.

It's happening everywhere!

The US is way ahead of the game. Our economy is strong (thanks to the hard working people in this nation). This country is leading the way OUT of the recession. We are in good shape.

Rather have a veteran that a new guy on the block guide us out of this recession.

Obama is still wet behind his ears.

The US needs someone who has worked BOTH sides of the aisle to get us through.

Obama just spouts PR sound bits attacking McCain.

McCain knows who to tap and who to listen to, Obama still is being guided through the process.

SOUNDS LIKE MORE OBAMA FLIPDY FLOP-

GRAND JUNCTION, Colo. - Sen. Barack Obama today called the economic situation on Wall Street a "serious, serious situation, as bad as anything we've seen."

Does the Messiah remember the 70's double digit unemployment - and the Carter "put on a sweater" doctrine?

Has he read about the 50% of defaulted mortgages in the depression?

Did he completely forget about the virtual shut down of wall street after 9/11?

Senator Obama....Forget about "Senator - what economy are you talking about?" -- how about what country are you talking about?

SOUNDS LIKE MORE OBAMA FLIPDY FLOP: George -
What the hell is that supposed to mean? Was there some time you can point to that Obama said, "Wow, these Republicans sure know how to run an economy"?

If you can't provide anything resembling coherent thought, why waste your time posting?

Godfrey - Obama has argued for putting back the taxes on the top few percent of earners and starting to collect payroll (social security) taxes on earnings over $250K. McCain wants to continue the tax cuts and allow the budget to stay out of control.

"as bad as anything we've seen"

Worse than 2000-2002?
WOrse than 1987?
Worse than 73-74?

Oh yea... this guy's only been around for two years. OK.. its the worst since 2006. I'll give him that.

Question... is Obama's economic expertise based on intense knowledge of everything since 2006?

Former Senator Phil Gramm deregulated commodities (oil) and the banking sector. Gramm is too close to McCain for McCain to get my vote.

Our economy is not strong. The Dow is lower than it was eight years ago. Median income from 2000-2007 shrank, while during the 70's it grew 4.5%, in the 80's it grew 6.5% and in the 90's it grew 8.3% (http://www.epi.org/content.cfm/webfeatures_econindicators_income_20080826). Unemployment is up to 6%. Inflation is up. I don't know how anyone can say "the economy is strong" unless he's as out of touch as McCain is.

heartburn,
Lehman survived the Civil War and the Depression....so yes this is a "serious, serious situation, as bad as anything we've seen." Talk about whistling past the graveyard, you scare me.

"...Median income from 2000-2007 shrank..."

Posted by: Redeye | September 15, 2008 4:47 PM

This is statistically true- but not a fair assesment of income growth in the time period you are referring to ( 2000-2007)...this time period includes an income "bump" from the dot.com bubble (which as you know- burst) taking with it those inflated income stats. I have attached a link to an article where Samuleson explains in better detail..

His assesment is that the actual income GROWTH form 97-2007 was a healthy +5%

http://www.realclearpolitics.com/articles/2008/09/the_real_economic_report_card.html

I don't know how anyone can say "the economy is strong" unless he's as out of touch as McCain is.

Posted by: Redeye | September 15, 2008 4:47 PM

BTW- McCains quote on the economy ( in full) minus your parsing..

"The fundamentals of our economy are still strong but these are very, very difficult times. I promise you we will never put America in this position again."

heartburn,
Lehman survived the Civil War and the Depression....so yes this is a "serious, serious situation, as bad as anything we've seen." Talk about whistling past the graveyard, you scare me.

Posted by: mark marx | September 15, 2008 5:02 PM

Our economy has lasted through all of those times as well...

You don't have to be scared of me- Seems that the messiah has put more fear into you than I would ever be able to.

What, me worry? I've been told the economy is fundamentally sound!

And who does Lehman Brothers consider their special friend?????

Barack Obama has received $365,922 in campaign dough from employees of Lehman, while McCain has received $115,800--less than 1/3 as much.

Swamp writers and other Democrats will never mention this fact.

Lehman Bros. was never the same firm after Bobby Lehman retired. The Lehmans were the greatest investment bankers America produced but the family exited Lehman Bros. many moons ago. Then the firm almost went bankrupt about 25 years ago, before they brought in Pete Peterson.
But it is a huge shocker--as if Harvard University put its library up for sale at a Saturday flee market.

Posted by: heartburn | September 15, 2008 5:20 PM

I'm not sure what is more delusional, saying that the economy is strong, or thinking that he can promise that nothing like this will ever happen again.

Tell us heartburn, what magic is McCain going to do to make sure no investment or banking houses EVER fail again. What is his basis for that promise?

Thanks for pointing out how truly out of touch with reality McCain is.

And who does Lehman Brothers consider their special friend?????

Barack Obama has received $365,922 in campaign dough from employees of Lehman, while McCain has received $115,800--less than 1/3 as much.

Swamp writers and other Democrats will never mention this fact.

Posted by: Bruce | September 15, 2008 7:16 PM

Same for Freddie and Fannie...Chris Dodd and Obama are the top two lawmakers in campaign funds received from the two failed mortgage giants....

This is a real intersting point when you consider that Obama has reched number two after only 3 years in the Senate- Dodd took 20 years to reach # 1..
BTW Mc Cain is not even in the top 50.

Change we can MAKE you believe in

Link to the list of "Friends Of Fannie and Freddie" I had refferred to in my last post...

http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html

Isn't it amazing how "sweet talk" decries the economic situation and his Republican oponent? So, ok then, in his long tenure as senator how many pieces of legislation has Obama supported (not passed, not authored, just supported) which if enacted would have averted the present situation? Yup, just political hog-wash and opportunism. Thanks BO, we really need your horse feathers.

Tell us heartburn, what magic is McCain going to do to make sure no investment or banking houses EVER fail again. What is his basis for that promise?

Thanks for pointing out how truly out of touch with reality McCain is.

Posted by: JT | September 16, 2008 9:02 AM

I am not going to defend that- McCains statement is obviously campaign rhetoric...kind of like Obama's attempt to say that not enough government was in place to prevent this..

The answer is that bad government caused this issue, starting with Carter requiring banks to provide loans to everyone in the neighborhoods where they operate ( Community Restoration Act) to Greenspans ignoring how Fed policy devalued the dollar... and then to Bush's INCREASE in regulation, but not where it was needed...

If you want to make it political you will find plenty of blame to go around...but to say this problem was created in the last 7 years would be wrong.

It was ignored for the last 7 years as much as it was ignored and created prior to this admin...