by John McCormick
DAYTONA BEACH, Fla. - Sen. Barack Obama will be on the radio nationwide today, delivering the weekly Democratic Radio Address for the second time since getting his party's nomination for president.
Not surprisingly, he will be talking about the economy, a central topic in his campaign much of the summer and especially this week, following the financial crisis on Wall Street.
The address is essentially the same as what Obama has been saying on the campaign trail all week. The text, as prepared for delivery, is below.
Good morning. This is Barack Obama.
This has been a difficult week for our economy. We are in the midst of the most serious economic challenge of our time. But we also know that the storm that's now shaking Wall Street didn't start there. It grew out of quiet storms you've been feeling in your own lives for years: ¬from all the mortgages you can't pay, from all the jobs that have been lost, and from the bills that keep piling up month after month after month.
And yet, earlier this week, at the moment a clear-eyed assessment of this crisis was needed, my opponent repeated a line that he's used again and again during this campaign ¬ quote ¬ "the fundamentals of our economy are strong." Not even George Bush's White House would agree with that statement when they were asked about it.
America, we cannot afford a President who's that out of touch. These are serious times and they demand serious leadership.
That's why yesterday, I laid out the principles for a plan that would establish a more stable and permanent solution to strengthen our financial system. And I fully support the efforts of Secretary Paulson and Federal Reserve Chairman Bernanke to find that solution. Those basic principles are clear.
First, it must be a plan not just for Wall Street, but for Main Street. We need to help people cope with rising gas and food prices, spark job creation by repairing our schools and our roads, help states avoid painful budget cuts and tax increases, and help homeowners stay in their homes. And we must also ensure that the solution we design doesn't reward particular companies, or irresponsible borrowers or lenders, or CEOs, some of whom helped cause this mess.
But if we're going to put our financial system on firmer footing, we're also going to have to take some additional steps to strengthen our economy from the bottom up.
Here's what I'll do: I'll stop giving tax breaks to corporations that ship jobs overseas, and I'll start giving them to companies that create good jobs right here in America. I'll cut taxes ¬cut taxes ¬ for 95% of all working families, and if you make less than $250,000 a year, you will not see your taxes increase one single dime.
And I will finally keep the promise of affordable, accessible health care for every single American. If you already have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves.
I'll create the jobs of the future by transforming our energy economy. I'll help our auto companies re-tool, so the fuel-efficient cars of the future are built right here in America. And I'll invest 150 billion dollars over the next decade in affordable, renewable sources of energy ¬spurring the creation of new industries and five million jobs that pay well and can't be outsourced
And now is the time to finally meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. So I'll recruit an army of new teachers, pay them more and give them more support, even as we ask for more accountability. And if you commit to serving your community or your country, we will make sure you can afford a college education.
Times are hard. I won't pretend that the changes we need will come without a cost, though, I've proposed a way to make these changes in a fiscally responsible way. But I believe that if we're willing to overcome our doubts and divisions and the opposition of powerful special interests, we can truly reform our broken economy and advance opportunity for all Americans.
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Comments
I had hope that Senator Obama would explain his relationship with Jim Johnson and Franklin Raines, the former CEO's of Fannie, who made hundreds of millions of dollars in compensation while making untenable loans?
I had hoped Senator Obama would explain why he has received all those campaign contributions from individuals connected with Fannie and Freddie?
I wish he would explain why he ignored Senator McCain's "hue and Cry" about the practices at Fannie and Freddie in 2005?
Was Senator Obama listening to the lobbyists employed by Fannie and Freddie and therefore failing to demand more regulation of these institutions?
We need answers!
Posted by: Pat H | September 20, 2008 11:26 AM
Total waste of Air Tme but Team Obama has plenty of campaign money to blow, too bad they can't find some ,more useful use of the money-
Posted by: LOAM | September 20, 2008 11:53 AM
There is so much political talk about jobs. I feel like people can get a job if they know where to look. About.com just added 3 new employment sites to their top 10 list:
www.linkedin.com (networking)
www.indeed.com (aggregated lists)
www.realmatch.com (matches you to jobs)
Whole Top 10 list here:
http://jobsearch.about.com/od/joblistings/tp/jobbanks.htm
Posted by: Rachel Murphy | September 20, 2008 12:02 PM
Donations rec'd from individuals are just that -- individual donations. The kingpins of this disaster were closely associated with McCain. McCain was part of the S&L debacle in the late 80's. McCain is the one who hobnobs with the elite of the elite. McCain is the one who had nothing but hasty slogans in reply to the current crisis. Obama's response is reasoned, measured and calm. Who do you want in charge of a crisis? The knee-jerk responder, or the guy who thinks first?
Posted by: Marie | September 20, 2008 12:23 PM
Dear Pat H. @ 11:26 AM
Try this for an answer !!!!!
http://www.usnews.com/blogs/robert-schlesinger/2008/09/19/john-mccain-rick-davis-and-the-glass-housing-crisis.html
Posted by: Gary | September 20, 2008 12:28 PM
Pat H. you know you can find the answers. Raines has no connection with Obama's campaign and Johnson left months ago.
Posted by: mort | September 20, 2008 12:36 PM
PAY attention to the last paragraph, second sentence of Obama's speech.
"I won't pretend that the changes we need will come without a cost, though, I;ve propsed a way to make these changes in a fiscally responsible way."
What does that mean? Try income tax reduction for those making under $250,000, BUT tax increases for ALL on gasoline, inefficent autos, use of electricity tied to home size, disposable materials (plastics, diapers, etc. nongreen).
What one "saves" on personal income tax will come back as taxes on other things.
With the financial disaster that we will be paying (nearly a trillion) Obama will add to that cost.
Make no mistake we ALL will be taxed.
Posted by: John | September 20, 2008 12:44 PM
In Obama Nation, it is all about taxation! Send a check to people so they can cover all his new hidden taxes.
http://www.bop-o-rama.com.
It looks like Obama will break 2,000,000 bops soon.
Posted by: acarponzo | September 20, 2008 1:56 PM
HE NEEDS TO AVOID TALKING ABOUT THE ECONOMY>Anyone who has a good memory or has done a small amount of research can tell you that there was a housing bubble that burst in the Clinton Administration and to prop it back up they gave out special loans to minorities who could not otherwise afford it, which proped up the housing problem.
THOSE SAME DO GOODER LIBERALS pressured the Bush Administration to give out special loans because MINORITIES were unable to qualify for loans. Under pressure Bush agreed. THE BANKS PUT TOGETHER THESE SPECIAL LOANS (of course special people were collecting money from these Banks who benefited from the lib idea) thinking they would be out nothing since the market was strong and the houses could be resold at same value. Interest rates went up and homeowners already in houses way above their means couldn't pay the higher interest which was stated as a possibility in their loan agreements. There were so many of them, that the market sunk and banks couldn't get money back.
THE MEDIA IS HOOD WINKING THE AMERICAN PEOPLE BY NOT EXPLAINING THE FACT THAT IT WAS DO GOODER DEMOCRATS PLAN THAT WE ARE GOING TO HAVE TO BAIL OUT. WHERE IS THE RESPONSIBILITY THAT DEMS ARE SUPPOSE TO TAKE FOR THIS MESS< WHERE IS THE MEDIA ON THIS TRUTH....to caught up in the tingle that goes up their leg thinking of Obama in office. BOOOOO MEDIA ! ! !
Posted by: THE MEDIA ISN'T TELLING US THE TRUTH | September 20, 2008 2:04 PM
"I;ve propsed" euals EMPTY SUIT
Posted by: LOAM | September 20, 2008 3:52 PM
Raines and Johnson are still helping Obama Mort. You sould like Obama. That's not the Jeremaih Wright I knew, that's not the Tony Rezko I knew, that's not the Father Pfleger I knew. On and on Obama just words just speeches! Jerry White, Springfield, IL
Posted by: Jerry White | September 20, 2008 5:11 PM
With the financial disaster that we will be paying (nearly a trillion) Obama will add to that cost.
Make no mistake we ALL will be taxed.
Posted by: John | September 20, 2008 12:44 PM
Yes, that should have been evident in the "I won't pretend that the changes we need will come without a cost, though, I;ve propsed a way to make these changes in a fiscally responsible way" part of the message. That would tell me nothing I didn't know before. Thanks to the Bush administration, the Sword of Damocles he hung over all our heads has come down and it's time to pay. I'm a citizen of this country; therefore, I have an obligation to shoulder some of that burden. Is there something that's unclear in that? I'd rather pay now than allow some Republican to keep denying there's a problem, putting a band-aid on it and let it build even more so that the burden becomes absolutely crippling (if it hasn't gotten to that point already).
Posted by: Op109 | September 20, 2008 6:53 PM
Father Pflegler is McCain's "spiritual advisor" Jerry White. What you drinkin?
As I said, Raines and Johnson are not in the campaign.
Posted by: mort | September 20, 2008 7:23 PM
I wish he would explain why he ignored Senator McCain's "hue and Cry" about the practices at Fannie and Freddie in 2005?
Was Senator Obama listening to the lobbyists employed by Fannie and Freddie and therefore failing to demand more regulation of these institutions?
We need answers!
Posted by: Pat H | September 20, 2008 11:26 AM
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Well, since he was an Illinois senator in 2005, I guess that explains a lot. But if he HAD been demanding regulation, mcbush would have attacked him on that, since mcbush just this week found the value in the concept of regulation, a long time Democratic principle.
Posted by: paulo | September 20, 2008 9:26 PM
Tunnel vision and selfish resentment of expanded opportunity. Frank Raines did not over-leverage Fannie Mae, the Bush appointees who succeeded him are responsible. Current situation reminds me of the Savings and Loan Crisis, W's brother (Neil?) and John McCain (Keating Five) were in the headlines then too. Neither one did the deserved "perp walk." Over the past eight years the Republicans have been rapacious! Why am I not seeing more discussion of this because it certainly is the underlying issue!
Posted by: Renee | September 22, 2008 6:32 PM