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September 29, 2008 4:48 PM

Obama Calls For "Calm" In Wake Of Bailout Failure

Posted by Maria Gavrilovic
(CBS)
From CBS News' Maria Gavrilovic:

(WESTMINSTER, COLO.) - Barack Obama called for calm today, after the House rejected $700 billion rescue plan.

“It's important for the American public and for the markets to stay calm because things are never smooth in Congress,” Obama said at a rally outside of Denver.

He added, I'm confident that we are gonna get there, but it's going to be a little rocky.”

News that the bailout plan was rejected broke moments before Obama was expected to speak at Mountain Range High School. Campaign aides say he immediately telephoned Treasury Secretary Henry Paulson and House Speaker Nancy Pelosi.

As of this morning, Obama had planned to travel to Washington when the bill was to be voted on in the Senate later this week. It remains unclear if Obama will travel to the Capitol sooner than that to partake in further negotiations.

Today, Obama praised the Democratic and Republican leadership for their work on the rescue plan, but said it is important for Congress to “step up to the plate.” He was cautious not to fault John McCain specifically for the financial crisis, but rather blamed the crisis on the philosophy that drove the Bush Administration.

Obama explained that it is “a philosophy that says we should give more and more to those with the most and hope that prosperity trickles down on everyone else, a philosophy that says even common-sense regulations are unnecessary…it's a philosophy that prefers scoring political points to showing leadership.”

He said what’s need now is “adult supervision” of the White House - “What we have seen over the last few weeks is the final verdict on this failed philosophy. This is the consequence of 8 yrs of irresponsibility. And it is time that we had some adult supervision in the White House, that's what I am running for President of the United States.”
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by atoh1 September 30, 2008 3:25 PM EDT
In this whole picture, John McCain has been following Obama''s quiet lead on this issue, while pulling no stops to undercut him with his relentless political maneuvers and attacks. Leadership is about coming up with a compelling position that people follow, and applying gentle persuasion to ensure that your surrogates deliver that succcess. It means finding common ground to unite disparate interests, instead of finger pointing to drive divide; it means offering a voice of reason and calm in chaos. A new leader is rising, and it fills me with new hope that this kind of pragmatic, sensitive, and level-headed leadership is finally within our grasps.
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by atoh1 September 30, 2008 3:24 PM EDT
I agree with most of you here, Obama just seems to be the one with all the ideas and initiatives, and has been level-headed in dealing with this delicate situation. When he came out with his 4 point plan, John McCain mimicked his recommendations but added a 5th point on earmarks which were never part of the plan anyway. Obama''s call for a joint statement behind the scenes was met with McCain''s mock suspension of his campaign and intruding on the talks to upset the delicate consensus that was there before his involvement. At the white house meeting, Obama emphasized common interests while John McCain was reportedly quiet, while working outside the meeting to stoke partisan opposition to the plan. Obama rallied his party to deliver the majority of the votes needed to pass the bill, while McCain failed as a leader to persuade republicans to back the bill. Obama called for calm When the deal broke down, and focused on the situation, not emphasizing the fact that it was the house republicans who were against the bill, called on BOTH parties to step up, and gave both parties credit for the bill. John McCain instead claimed credict for the bill before it was passed and went on the offensive, and accused Obama and democrats for the failure of the bill, further driving a wedge in the already complicated process. Today, Obama proposed raising the FDIC cap to $250,000, and McCain also followed his lead.
Reply to this comment
by madame_m September 30, 2008 1:08 PM EDT
I''m not sure it matters in the long run if we pass this thing or not. The reality is that the culture of the US is not sustainable and how we do economics is a big piece of that. Did we really think we could consume forever without a stopping point? I think there were MANY people who participated in the lead up to this. Consumers, banks, regulators, congress, the white house and wall street all played a role, and none of those roles were being looked to too strongly in a culture of over-consumption. All of this happened in a culture of hubris (the same one that has a lot of the world not very happy with us right now).

A bailout only staves off the inevitable. Our economy isn''t viable long term. The sooner we can get honest about that, the less our grandchildren will shake their heads at us.

Can we stop the knee jerk reaction to "socialism" and actually look at the standard of living in countries with socialized programs? What are we so afraid of? Taking care of our brothers and sisters? We are afraid of a word and it makes it hard to have real dialogue.

Meanwhile if we do the bailout, what can we contribute to the bigger "bailout" needs: global warming is indeed rearing its ugly head. We''d be wiser to look toward sustainability at this point and start putting money into educating people about the natural limits we are butting up against. You think Wall Street is out of control, try more hurricanes and flooding with our hands tied financially...
Reply to this comment
by markehrmann September 30, 2008 1:41 AM EDT
Open Letter

A NEW ALTERNATIVE FINANCIAL SYSTEM BASED ON THE PEOPLES TAX CONTRIBUTIONS!

We the people of the United States of America, when joined together are more powerful and wealthy than any company, corporation or country. We must recognize how we are joined together financially through taxation. This acknowledgment of our net worth will empower us to move as one nation.
We need to reinvent our FINANCIAL SYSTEM OF GOVERNMENT so that the money acquired through the taxation process is an alternative base for our financial system.

We need to create a System of Treasury FUNDS based on the collection of all our tax dollars. Title each fund "The USA fund" for each department that uses money from the American tax payer. Each of these funds i.e. USA-Military Fund; USA - Health Care Fund... These individual funds are financed by our taxpayer money.

These Funds are the first building block of our whole financial system. The federal government borrows money from these funds created by our tax base. The loans go to all banks. The banks pay back the loans with interest. When a bank, city, state, or private contractor wants to borrow money from that specific fund, The entity borrows the money with interest pays back on a monthly basis replenishing the fund. All Americans can also buy shares in any fund - thereby strengthening the fund.

Mark Ehrmann
Reply to this comment
by markehrmann September 30, 2008 1:31 AM EDT
Open Letter

A NEW ALTERNATIVE FINANCIAL SYSTEM BASED ON THE PEOPLES TAX CONTRIBUTIONS!

We the people of the United States of America, when joined together are more powerful and wealthy than any company, corporation or country. We must recognize how we are joined together financially through taxation. This acknowledgment of our net worth will empower us to move as one nation.
We need to reinvent our FINANCIAL SYSTEM OF GOVERNMENT so that the money acquired through the taxation process is an alternative base for our financial system.

We need to create a System of Treasury FUNDS based on the collection of all our tax dollars. Title each fund "The USA fund" for each department that uses money from the American tax payer. Each of these funds i.e. USA-Military Fund; USA - Health Care Fund... These individual funds are financed by our taxpayer money.

These Funds are the first building block of our whole financial system. The federal government borrows money from these funds created by our tax base. The loans go to all banks. The banks pay back the loans with interest. When a bank, city, state, or private contractor wants to borrow money from that specific fund, The entity borrows the money with interest pays back on a monthly basis replenishing the fund. All Americans can also buy shares in any fund - thereby strengthening the fund.

Mark Ehrmann
Reply to this comment
by markehrmann September 30, 2008 1:29 AM EDT
Open Letter

A NEW ALTERNATIVE FINANCIAL SYSTEM BASED ON THE PEOPLES TAX CONTRIBUTIONS!

We the people of the United States of America, when joined together are more powerful and wealthy than any company, corporation or country. We must recognize how we are joined together financially through taxation. This acknowledgment of our net worth will empower us to move as one nation.
We need to reinvent our FINANCIAL SYSTEM OF GOVERNMENT so that the money acquired through the taxation process is an alternative base for our financial system.

We need to create a System of Treasury FUNDS based on the collection of all our tax dollars. Title each fund "The USA fund" for each department that uses money from the American tax payer. Each of these funds i.e. USA-Military Fund; USA - Health Care Fund... These individual funds are financed by our taxpayer money.

These Funds are the first building block of our whole financial system. The federal government borrows money from these funds created by our tax base. The loans go to all banks. The banks pay back the loans with interest. When a bank, city, state, or private contractor wants to borrow money from that specific fund, The entity borrows the money with interest pays back on a monthly basis replenishing the fund. All Americans can also buy shares in any fund - thereby strengthening the fund.

Mark Ehrmann
Reply to this comment
by markehrmann September 30, 2008 1:16 AM EDT
To all American'',
Please read:
http://www.markehrmann.com/American_letter.htm

Perhaps we can recreate our American financial system to include all taxpayers benefitting from our combined wealth. Our oldest generation remade America after WWII.

Looking forward to your response.

Mark Ehrmann
Reply to this comment
by Blondshag September 30, 2008 1:08 AM EDT
~~~~~MUST READ ARTICLES~~~~~
~~~~~MUST READ ARTICLES~~~~~

Rumors Fly That Rezko''s Talking To Feds
by: Chicago (CBS)
date: September 29, 2008
THIS ARTICLE IS LOCATED AT:
http://cbs2chicago.com/politics/antoin.rezko.corruption.2.828549.html


chicagotribune.com
Rezko courthouse visits fuel rumor''s he''s talking
by: Mike Robinson
date: September 29, 2008 4:52 PM
THIS ARTICLE IS LOCATED AT:
http://www.chicagotribune.com/news/chi-ap-il-fundraiserindicte,0,2340035.story


Sources: Rezko in "intense" talks with feds
Blagojevich investigation going at "top speed"
by: Natasha Korecki, Federal Courts Reporter
date: September 27, 2008
THIS ARTICLE IS LOCATED AT:
http://www.suntimes.com/news/metro/rezko/1189480,rezko092808.article

AMERICA DESERVES TO KNOW THE ENTIRE TRUTH ABOUT THE RELATIONSHIP BETWEEN REZKO AND OBAMA.

THANK YOU MEDIA FOR FOLLOWING UP ON THE EVENT.

Rezko sentencing will be on October 28, 2008.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

TIME for McCain and Palin to "REFORM THE CORRUPT WASHINGTON GOVERNMENT!"

GO-----John McCain!!!
GO-----sarach






Reply to this comment
by Harvybing September 30, 2008 12:48 AM EDT
Chris Dodd. - Nature''s way of telling Americans We Have Too Much In Our Retirement Accounts.

http://www.youtube.com/watch?v=_MGT_cSi7Rs



http://www.youtube.com/user/TheMouthPeace


I think we should award Senator Dodd a permanent place in our federal retirement system located at Leavenworth, Kansas.
I hope everyone in Connecticut is enjoying looking at their 401Ks this afternoon.

Reply to this comment
by drbob10001 September 29, 2008 11:41 PM EDT
Real people, "main street" people, LITERALLY lost their jobs today, and will lose their homes tomorrow because this imperfect but decent bill was not passed today. I''m sick and tired of these know it all comments here and this stupid blame game. Real people were hurt by this. Obama is the only one who showed leadership today with his reassurance that it will get better. He is the only leader who got beyond the intellectual *** and political posturing to address the pain of REAL people.
Reply to this comment
by bracemic September 29, 2008 10:21 PM EDT
obeight:

I hear ya on that one. It just goes to show the brainpower of Congress!
Reply to this comment
by obeight September 29, 2008 10:16 PM EDT
The total worth of the US stock markets is about $15T Dollars. Today at least 5% of it was lost. That is about 750B dollars. So if the congress had passed this bill, the bill would have paid for itself. Not doing anything in these dire circumstances exactly reflects the kind of thinking that brought to this juncture. Government has a role to play. It should be democratic. It should be carefully selected and watched. But treating it as our enemy allows it to be taken over exactly by the people who misuse it.
Reply to this comment
by vmroad089 September 29, 2008 10:15 PM EDT
Sorry, Citi group "bought" Wachovia today.
Reply to this comment
by vmroad089 September 29, 2008 10:13 PM EDT
Excuse me, Katie, but the markets were down earlier in the morning. This type of media frenzy is what feeds the fears of so many, including the markets. Everyone should calm down, take a step back and think about what is happening. I wonder how much of this is fueled by the upcoming elections? In any case, let the congress get to a point where they feel comfortable for a "yes" vote. I don''t think we''re there yet, I know I have called my congressional members with a very negative response to the bailout so far. The current plan allows for way to much for CEO retirement packages, the "Golden Umbrella".

Meanwhile, some banks are being bought and sold with no bad affects yet, Citi Group was sold to Wachovia today. These will work out.

I would much rather see the needed adjustments made within the markets than bail them out with taxpayer money and end up back here in three years.

Reply to this comment
by madame_m September 29, 2008 10:12 PM EDT
I''m not sure it matters in the long run if we pass this thing or not. The reality is that the culture of the US is not sustainable and how we do economics is a big piece of that. Did we really think we could consume forever without a stopping point? I think there were MANY people who participated in the lead up to this. Consumers, banks, regulators, congress, the white house and wall street all played a role, and none of those roles were being looked to too strongly in a culture of over-consumption. All of this happened in a culture of hubris (the same one that has a lot of the world not very happy with us right now).

A bailout only staves off the inevitable. Our economy isn''t viable long term. The sooner we can get honest about that, the less our grandchildren will shake their heads at us.

Can we stop the knee jerk reaction to "socialism" and actually look at the standard of living in countries with socialized programs? What are we so afraid of? Taking care of our brothers and sisters? We are afraid of a word and it makes it hard to have real dialogue.

Meanwhile if we do the bailout, what can we contribute to the bigger "bailout" needs: global warming is indeed rearing its ugly head. We''d be wiser to look toward sustainability at this point and start putting money into educating people about the natural limits we are butting up against. You think Wall Street is out of control, try more hurricanes and flooding with our hands tied financially...
Reply to this comment
by bracemic September 29, 2008 10:08 PM EDT
Ok Obama, everybody calm down. Next? This is the most pointless statement he could have made at a time like this. It won''t stop people from selling off their stocks, which is the biggest consequence right down. Next, when the financial sector fails, is the massive recession, loss of jobs, and attack by foreign enemies. None of this can be stopped by "remaining calm."
Reply to this comment
by Harvybing September 29, 2008 10:07 PM EDT

The Bail Out Bill Failed Because CNN, CBS, MSNBC, ABC, NBC, The New York Times and The Los Angeles Times have failed miserably to hold a few corrupt Democrats responsible for their past illegal activities. While a handful of corrupt Fannie Mae Officials were bribing an equally corrupt handful of Democratic Congressmen and Senators to basically turn their head and allow Fannie Mae to award HUGE compensation packages to undeserving Fannie Mae Officials, the main stream media turned its head as well. As a consequence, once Fannie Mae ignited the storm and proceeded to melt down our entire economy, the Democrats knew they had a political firestorm on their hands. But in order to cover themselves on this incendiary issue, the Democrats demanded that the Republicans bite the bullet and provide cover for the Democrats and help the Democrats clean up the mess. Had the main stream media been willing to lay the problem at the feet of the Democrats, where it deserved to be, the Democrats would be much less willing to require Republican cover and the protection it afforded. The meltdown was caused by CNN, MSNBC, NBC, ABC, CBS, and 2 equally corrupt major newspapers because they let the corrupt Democratic Congressmen and Democratic Senators get off SCOTT FREE. Watch these two videos and see for yourself.

http://www.youtube.com/watch?v=_MGT_cSi7Rs


http://www.youtube.com/watch?v=H5tZc8oH--o

I hope those corrupt Democratic officials go to Jail !
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by madame_m September 29, 2008 10:04 PM EDT
I''m not sure it matters in the long run if we pass this thing or not. The reality is that the culture of the US is not sustainable and how we do economics is a big piece of that. Did we really think we could consume forever without a stopping point? I think there were MANY people who participated in the lead up to this. Consumers, banks, regulators, congress, the white house and wall street all played a role, and none of those roles were being looked to too strongly in a culture of over-consumption. All of this happened in a culture of hubris (the same one that has a lot of the world not very happy with us right now).

A bailout only staves off the inevitable. Our economy isn''t viable long term. The sooner we can get honest about that, the less our grandchildren will shake their heads at us.

Can we stop the knee jerk reaction to "socialism" and actually look at the standard of living in countries with socialized programs? What are we so afraid of? Taking care of our brothers and sisters? We are afraid of a word and it makes it hard to have real dialogue.

Meanwhile if we do the bailout, what can we contribute to the bigger "bailout" needs: global warming is indeed rearing its ugly head. We''d be wiser to look toward sustainability at this point and start putting money into educating people about the natural limits we are butting up against. You think Wall Street is out of control, try more hurricanes and flooding with our hands tied financially...
Reply to this comment
by madame_m September 29, 2008 10:02 PM EDT
I''m not sure it matters in the long run if we pass this thing or not. The reality is that the culture of the US is not sustainable and how we do economics is a big piece of that. Did we really think we could consume forever without a stopping point? I think there were MANY people who participated in the lead up to this. Consumers, banks, regulators, congress, the white house and wall street all played a role, and none of those roles were being looked to too strongly in a culture of over-consumption. All of this happened in a culture of hubris (the same one that has a lot of the world not very happy with us right now).

A bailout only staves off the inevitable. Our economy isn''t viable long term. The sooner we can get honest about that, the less our grandchildren will shake their heads at us.

Can we stop the knee jerk reaction to "socialism" and actually look at the standard of living in countries with socialized programs? What are we so afraid of? Taking care of our brothers and sisters? We are afraid of a word and it makes it hard to have real dialogue.

Meanwhile if we do the bailout, what can we contribute to the bigger "bailout" needs: global warming is indeed rearing its ugly head. We''d be wiser to look toward sustainability at this point and start putting money into educating people about the natural limits we are butting up against. You think Wall Street is out of control, try more hurricanes and flooding with our hands tied financially...
Reply to this comment
by September 29, 2008 9:32 PM EDT
This nearly $1 trillion bail-out request is only 9% of the US debt ($11 trillion). Its amazing that no one is outraged over that...which expanded in every Republican administration since Reagan and shrunk under Clinton.
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