In new ad, Clinton says "we need to keep going" with Obama

(CBS News) One day after Mitt Romney used former President Bill Clinton in an ad to bash President Obama over welfare, Mr. Clinton is featured in an ad backing President Obama's economic vision.

"The Republican plan is to cut more taxes on upper income people and go back to deregulation. That's what got us in trouble in the first place," Mr. Clinton says speaking to the camera. "President Obama has a plan to rebuild America from the ground up, investing in innovation, education and job training. It only works if there is a strong middle class."

"That's what happened when I was president. We need to keep going with his plan," Clinton concludes.

The GOP ad, released Wednesday, featured archived footage of Mr. Clinton speaking about welfare reform in 1996. In the spot, Republicans insinuate that President Obama gutted work requirements for welfare recipients, a claim that has been refuted by independent analysis.

The Obama ad, "Clear choice," will air in battleground states of New Hampshire, Virginia, North Carolina, Florida, Ohio, Iowa, Colorado, Nevada.

Related: Poll: Ryan pick helps cut into Obama lead in Wis.

[sjc_1]

We need to reelect President Obama, get rid of the Tea Party in the House and pick up some more seats in the senate. THEN we can get this country back on the track to jobs and prosperity.

[wfw3536]

Yes, we should listen to Clinton, who said, "I didn"t have sex with that woman". Maybe Clinton should read yesterdays CBO government report that tells us we are headed for a second recession, an unemployment rate of over 9% and the continuing spending of over a trillion dollars a year we have to borrow. And all Obama wants is to do is raise taxes on the rich, when that amounts to 50 to 70 billion a year when Obama spends over a trillion dollars a year. How sad this president just doesn't have a plan nor does he show any leadership.

[RollotheNorman]

****, there's an astute comment. Clinton went against Norquist and guess what? Prosperity happened.

[chevyhotrod]

by sandy 1027 August 23, 2012 3:00 PM EDT
Great, well-researched post.

____________________________________

Research is not making up numbers, the question is where did they get them sandy?????

The safety net is going broke if we do nothing and will not be here for future generations of Americans, talk about selfish.

Show us the tax table that have been cut sandy? facts, not just talk.

He has cut taxes for those that do not pay taxes using the payroll tax. The people that actually pay taxes have to pay at the end of the year using the tax tables. Cutting the SS tax just makes the hole that much deeper to climb out of.

Your class warfare socialism will never work, it never has.

You can collect 100% of all the wealth from the top 20% and it will not put a dent in the $100 Trillion unfunded liability the United States faces in the near future.

Your post is a joke, get an education and not from a socialist professor.

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
disastrous landslide of Jobs and the economy (that President Obama inherited),

______________________

Remember, the Democrats took over the House and Senate in Jan. 2007, 2 full years before President Obama took office.

Also involved is Jamie S. Gorelick is an American attorney, currently representing BP. She was Deputy Attorney General of the United States during the Clinton administration.

Under the Clinton administration, Gorelick served as General Counsel of the Department of Defense from 1993 to 1994, when she was appointed Deputy Attorney General of the United States, the No. 2 position in the Department of Justice. Gorelick served as Vice Chairman of the Federal National Mortgage Association (Fannie Mae) from 1997 to 2003.

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of Federal National Mortgage Association (Fannie Mae) from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines. During that period, Fannie Mae developed a $10 billion accounting scandal.

On March 25, 2002, Business Week interviewed Gorelick about the health of Fannie Mae. Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength - without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses".

In an additional scandal concerning falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives, Gorelick received $779,625.

Investigation by the OFHEO detailed in their official report on the accounting scandal in 2006 on page 66 that from 1998 to 2002 Gorelick received a total of $26,466,834.00 in income.

Also, Rahm Emanuel, After serving as an advisor to Bill Clinton, in 1998 Emanuel resigned from his position in the Clinton administration and joined the investment banking firm Wasserstein Perella, where he worked until 2002. Although he did not have an MBA degree or prior banking experience, he became a managing director at the firm's Chicago office in 1999, and according to Congressional disclosures, made $16.2 million in his two-and-a-half-years as a banker. At Wasserstein Perella, he worked on eight deals, including the acquisition by Commonwealth Edison of Peco Energy and the purchase by GTCR Golder Rauner of the SecurityLink home security unit from SBC Communications.

Emanuel was named to the Board of Directors of the Federal Home Loan Mortgage Corporation (Freddie Mac) by President Clinton in 2000. He earned at least $320,000 during his time there, including later stock sales.

During Emmanuel's time on the board, Freddie Mac was plagued with scandals involving campaign contributions and accounting irregularities. The Obama Administration rejected a request under the Freedom of Information Act to review Freddie Mac board minutes and correspondence during Emanuel's time as a director. The Office of Federal Housing Enterprise Oversight later accused the board of having "failed in its duty to follow up on matters brought to its attention." Emanuel resigned from the board in 2001 when he ran for Congress and later become President Obama's Chief of Staff.

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
disastrous landslide of Jobs and the economy (that President Obama inherited),

______________________

Remember, the Democrats took over the House and Senate in Jan. 2007, 2 full years before President Obama took office.

People want to know why nobody has been prosecuted for the bank fraud?

Here's a quick look into the two former Fannie Mae executives who brought down Wall Street.

James A. Johnson political history within the Democrat Party and his ties to the Clinton Administration, former campaign manager for Walter Mondale and chaired the vice presidential selection committee for the presidential campaign of John Kerry. He briefly led the vice-presidential selection process for the 2008 Democratic presidential nominee, Senator Barack Obama. Also worked for Presidential campaigns of Eugene McCarthy and George McGovern. From 1977 to 1981 he was executive assistant to Vice President Walter Mondale during the entire Carter Administration. From 1985 to 1990, he was amanaging director with Lehman Brothers.
In 1990, Johnson became vice chairman of Fannie Mae, or the Federal National Mortgage Association, a quasi-public organization that guarantees mortgages for millions of American homeowners. In 1991, he was appointed chairman and chief executive officer of Fannie Mae, a position he held until 1998.
An Office of Federal Housing Enterprise Oversight (OFHEO) report from September 2004 found that, during Johnson's tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses in 1998. A 2006 OFHEO report found that Fannie Mae had substantially under-reported Johnson's compensation. Originally reported as $6-7 million, Johnson actually received approximately $21 million.
In the 2011 book Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon, authors Gretchen Morgenson and Joshua Rosner wrote that Johnson was one of the key figures responsible for the late-2000s financial crisis. Morgenson described him in an NPR interview as "corporate America's founding father of regulation manipulation". Also according to Morgenson, he changed Fannie's executive compensation plan to be based on volume not quality and earned over $200 Million dollars while working at Fannie Mae.

Franklin Raines served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO.
On December 21, 2004 Raines accepted what he called "early retirement" from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.
In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings, initially estimated to be $9 billion but have been announced as $6.3 billion.

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
Lets take a look at some documented facts about the results of tax cuts.

__________________________

Yes, shall we.....with actual facts with links.

By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.

But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a "surprise windfall."

http://www.washingtontimes.com/news/2010/feb/3/bush-tax-cuts-boosted-federal-revenue/

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
The Romney/Ryan campaign has consistently tried to blame President Obama for the Bush/Cheney fiasco.
They have NEVER proposed ANYTHING specific that they would have done to stop the disastrous landslide of Jobs and the economy (that President Obama inherited), or when they would have sent it to congress.

more and more lies will be met with truth and reality.

ROBERT B. REICH was Secretary of Labor under President Bill Clinton from 1993 to 1997.
Washington and Wall Street: The Revolving Door
By ROBERT B. REICH
Published: May 27, 2011

It's hardly news that the near meltdown of America's financial system enriched a few at the expense of the rest of us. Who's responsible? The recent report of the Financial Crisis Inquiry Commission blamed all the usual suspects Wall Street banks, financial regulators, the mortgage giants Fannie Mae and Freddie Mac, and subprime lenders which is tantamount to blaming no one. "Reckless Endangerment" concentrates on particular individuals who played key roles.

The authors, Gretchen Morgenson, a Pulitzer Prize winning business reporter and columnist at The New York Times, and Joshua Rosner, an expert on housing finance, deftly trace the beginnings of the collapse to the mid-1990s, when the Clinton administration called for a partnership between the private sector and Fannie and Freddie to encourage home buying. The mortgage agencies' government backing was, in effect, a valuable subsidy, which was used by Fannie's C.E.O., James A. Johnson, to increase home ownership while enriching himself and other executives. A 1996 study by the Congressional Budget Office found that Fannie pocketed about a third of the subsidy rather than passing it on to homeowners. Over his nine years heading Fannie, Johnson personally took home roughly $100 million. His successor, Franklin D. Raines, was treated no less lavishly.

To entrench Fannie's privileged position, Morgenson and Rosner write, Johnson and Raines channeled some of the profits to members of Congress contributing to campaigns and handing out patronage positions to relatives and former staff members.

http://www.nytimes.com/2011/05/29/books/review/book-review-reckless-endangerment-by-gretchen-morgenson-and-joshua-rosner.html?pagewanted=all

Update: Fannie Mae and Freddie Mac Invest in Lawmakers
By Lindsay Renick Mayer on September 11, 2008 11:26 AM

All Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008

Name Office State Party Grand Total Total from PACs Total from
Individuals
#1 Dodd, Christopher J S CT D $165,400 $48,500 $116,900
#2 Obama, Barack S IL D $126,349 $6,000 $120,349
#3 Kerry, John S MA D $111,000 $2,000 $109,000

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

New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac which together have issued more than $1.5 trillion in outstanding debt is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?pagewanted=all&src=pm

[sandy 1027]

Under Romney-Ryan's proposals, the middle class would probably shrink even more.There would be little ability to move up the income ladder for those in the middle and lower brackets, short of everyone starting a business.Not only do they have their taxes increased, but the education system and job-training programs will take serious hits.Romney has an aversion to unions( as do some of his campaign and SuperPac donors, who have been outspoken ) that have fought for decent salaries and wages, so the lifelines for people in the lower and middle income classes will be cut.At the same time, corporations and people in the top brackets,with then very low taxes, will experience Camelot.It would be the Plutocratic and atheistic Ayn Rand's version of Heaven.Bill Clinton is right.Instead of taking Romney's( and Ryan's) approach, which financial analysts say is unrealistic and more than likely,unachievable( and is also punitive to 97% of the people in this country); we need to follow Clinton's model, which used a balanced method of spending cuts( most famously with Welfare reform) and modest revenue increases that gave the country true prosperity.He put a lot of people to work[ President Obama actually made a similar 4/1 proposal last year regarding the debt that the GOP walked away from because they didn't want to raise a dime in taxes.This is due to their pledges of allegiance to anti-tax advocate Grover Norquist, which 95% of Republicans have signed-including Romney and Ryan; so it will be virtually impossible to do this if they are in the White House.Norquist is on record as saying that he is just looking for someone, as president, who can hold a pen and sign the bills that he wants into law-in other words, a puppet.As ludicrous as this sounds, you just can't make this stuff up.For the doubters who haven't heard the quote, I'm sure that you can google his name and the part about holding a pen, and it will come up].Most of our problems lie with the Congress-deemed the worst in history.They have rejected President Obama's economic proposals that were based on their own ideas, just because he proposed them; and it has hurt us tremendously.They, according to former GOP Sen. George Voinovich, were instructed to deny whatever the president proposed-period.The House GOP did the same, and reportedly, Paul Ryan,agreed, called for unity on the matter; and most of those involved have never denied it when questioned about it.We need to rid ourselves of the people in the Congress who are deliberately impeding our growth because of politics. It is dishonorable and just out and out wrong.Nothing will get better until we do because they write legislation and control the country's purse strings.

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
They have NEVER proposed ANYTHING specific that they would have done to stop the disastrous landslide of Jobs and the economy (that President Obama inherited), or when they would have sent it to congress.


Just more and more lies....

Erskine Bowles praises Paul Ryan, budget plan

A video of former Clinton White House chief of staff Erskine Bowles began circulating in conservative news outlets today. In the clip, the Democratic co-chair of President Obama's National Commission on Fiscal Responsibility and Reform gives high praises to Paul Ryan's budget plan.

"I'm telling you, this guy is amazing. I always thought I was OK with arithmetic. This guy can run circles around me," Bowles tells a class of students at the University of North Carolina at Chapel Hill.

"He is honest, he is straightforward, he is sincere. And the budget he came forward with is just like Paul Ryan. It is a sensible, straightforward, honest, serious budget and it cut the budget deficit just like we did by four trillion dollars."

The video was shot on September 8, 2011, but was just uploaded to YouTube yesterday. What's striking is that not only does Bowles, a former U.S. Senate candidate from North Carolina, praise Ryan's effort, but he is also highly critical of the budget offered by President Obama. More from the video:

"The president came out with his own plan. And the president, as you remember, came out with a budget. And I don't think anybody took that budget very seriously," Bowles continues.

"The Senate voted against it 97 to nothing."

http://news.yahoo.com/blogs/ticket/erskine-bowles-praises-paul-ryan-budget-plan-video-003642883.html

[chevyhotrod]

by jmn122736 August 23, 2012 1:40 PM EDT
Bush 2 increased the debt by $6.1 Trillion in 8 years from $5.807 trillion to $11,9 trillion.

First lie....
The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush's last day in office, which coincided with President Obama's first day.

http://www.cbsnews.com/8301-503544_162-57400369-503544/national-debt-has-increased-more-under-obama-than-under-bush/?tag=re1.channel

Second lie.....
Obama's first fiscal year budget went into effect on October 1, 2009 and his last fiscal year budget will not be proposed before October 1, 2012

President Bush vetoed the budget that was presented to him by a Democrat House and Senate in Aug. 2008, because the increase in cost was to much. President Obama signed this budget, that was increased 15% from what Bush vetoed in April of 2009, the first budget President Obama signed.

President Obama budget proposal for fiscal 2011 was voted on in the Democrat controlled Senate and was voted down 97-0.

President Obama budget proposal for fiscal 2012 was voted on in the House and was voted down 414-0.

Not a single Democrat would support President Obama budget proposals. FACT.

In my opinion, when President Obama inherited The Bush/Cheney fiasco he and congress should have allowed the bush tax cuts to expire, and increased taxes, along with controlling spending, if they had the debt would not have continued to spiral.

President Obama, along with a Democrat controlled Senate and Democrat controlled House renewed the tax cuts in late 2009. They could have repealed the tax cuts anytime they wanted. The put through the Stimulus, Healthcare and Finance Reform without a single Republican vote needed.

They increase spending drastically, they have not cut spending one single dime and have increased spending almost 38% since taking office.