NEW YORK, March 27, 2008
Obama Proposes Homeowner Relief
Presidential Candidate Calls For Additional $30 Billion Economic Stimulus Package
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Obama's Foreclosure Plan
"CBS News Raw": Speaking in New York City, Sen. Barack Obama outlines his plan to help homeowners which includes incentives for lenders to refinance, fraud prevention, and amending bankruptcy laws.
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Obama's Regulatory Reform Plan
"CBS News Raw": In a New York City speech Sen. Barack Obama lays out his core points for reforming the nation's financial institutions.
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Democratic presidential hopeful Sen. Barack Obama D-Ill., speaks about the economy, Thursday, March 27, 2008, in the Great Hall at Cooper Union in New York. (AP Photo/Alex Brandon)
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Barack Obama
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"We do American business - and the American people - no favors when we turn a blind eye to excessive leverage and dangerous risks," Obama said.
The presidential candidate spoke not far from Wall Street, hard hit by the mortgage meltdown and credit problems.
To fix the economy, Obama proposed relief for homeowners and an additional $30 billion stimulus package to address the nation's economic woes.
"If we can extend a hand to banks on Wall Street, we can extend a hand to Americans who are struggling," he said.
New York Mayor Michael Bloomberg, the almost candidate, introduced Obama but stopped short of an endorsement.
Bemoaning the United States' economic woes, Obama dismissed Republican rival John McCain's approach as pure hands-off. On Tuesday, McCain derided government intervention to save and reward banks or small borrowers who behave irresponsibly though he offered few immediate alternatives for fixing the country's growing housing crisis. Obama said McCain's plan "amounts to little more than watching this crisis happen."
Instead, Obama said, the next president should:
While he laid out a half-dozen principles for closer scrutiny of the financial markets, he offered no specifics, such as which agencies should be reorganized or exactly how the government should go about peering over the shoulders of bank executives.
Obama's Democratic rival Hillary Rodham Clinton planned a speech on the economy Thursday in Raleigh, North Carolina.
Even before Obama finished his speech, McCain said in a statement, "there is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face."
The political debate comes as a new government report shows the economy nearly sputtered out at the end of the year and is probably faring even worse amid continuing housing, credit and financial crises.
The U.S. Commerce Department reported that gross domestic product - the value of all goods and services produced in the country - increased at a feeble 0.6 percent annual rate in the October-to-December quarter. The reading - unchanged from a previous estimate a month ago - provided stark evidence of just how much the economy has weakened. In the prior quarter, the economy clocked in at a sizzling 4.9 percent growth rate.
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See all 239 CommentsThank you Big Mac. Where in hell is Obama gonna get his bail out funds? The american public, that''s where. No thank you.
What will he do in the meetings with world leaders ?
The meetings could last for 20 years and he would not know what they were talking about ?
He is clueless ! ! !
Either he is a liar or asleep at the wheel !
Posted by Hillarygrl34 at 11:57 AM : Mar 27, 2008
It''s probably more correct to cast your blame at the banks for lending to unqualified applicants in the first place. Who''s more at fault, the dealer or the user? The relationship may be symbiotic or synergistic, but the fault here lies more with the people dishing out the cash as opposed to the ones asking for a home.
Posted by mudrose at 11:55 AM : Mar 27, 2008,,,
How can Sen. McCain say that with a straight face?, fix his mouth to say that when Pres. Bush has increased the size of government and outspent any known Democrat in history! Is Sen. McCain kidding? Pres. Bush expanded the government even creating the Dept. of Homeland Security that is anything but! The old Republican arguments are no longer valid thanks to the Bush mis-administration!
Posted by mudrose
Yeah...better that money goes towards more war.
New Obama Scandal: Top Obama Adviser Could Face Legal Disbarment.
Obama has nothing new to offer, just more words.
Posted by commonsence1 at 12:22 PM : Mar 27, 2008
HERE''S SOME MORE RASMUSSEN DATA FOR YOU FROM TODAY.
"Rasmussen Markets data now give Obama a 78.6 % chance to win the Democratic nomination while expectations for a Clinton victory are at 19.8 %. Market data also suggests that Obama has a 47.9 % chance to become the next President. Expectations for McCain to become President are at 39.5 % while Clinton%u2019s prospects are at 13.4 %. "
"http://www.rasmussenreports.com/public_content/politics/election_20082/2008_presidential_election/daily_presidential_tracking_poll"
Posted by mudrose
Yeah...better that money goes towards more war.
Posted by ThinkHarder
We budget money for Defense. Sorry if you don''t like it. Ask you Congressman and Senator to return it along with all the other pork the stick in Omnibus Bills. Here''s another one you might want a reimbursement for -- new bill tucked way inside Omnibus Pork bill makes no further provision for fencing the borders. No matter who gets in, no more border fence whether they''d like to or not. How''s that for misappropriation of Defense?
The idea of Obama running this country in these troubled times is sad !
Hillary may have the balls, I don''t know.
She certainly doesn''t have the experience to get much of anything done. She screwed up healthcare, kissed up to Bush on Iraq, promised voting rights reform but dropped the ball,and,fought against worker and environmental protections in NAFTA.
She did help to pass legislation on children''s health, legislation that only Bush could see as contentious.
I guess you don''t pay much attention to this stuff. If you did, you would know that the $12Billion per month Bush is spending in Iraq comes from "supplemental" spending requests. These are NOT included in the budget!
It''s pretty obvious the numbers are like that given the DFL doesn''t even have a nominee yet. You can''t be serious that people want another 4 years of Bush polocies.
For those of you Mac backers wondering where Obama would get the 30 bill from, why don''t you think about why Mac supported and continues to support a war that was never needed and is funded by borrowing money from China? That war is funded on credit for us to pay off later down the road -real smart.
Posted by wendy_lady
His writers are running out of material. He is now beginning to stutter, too. Hopefully he won''t let in another slip from his preacher''s rants. His "typical white person" speech or his preacher''s "garlic nose".
"For all the Democrats'' advantages, Rep. Cole points out, Republicans hold a few of their own: The current Democratic-controlled Congress isn''t very popular, Sen. John McCain is probably the best presidential contender House Republicans could have hoped to run alongside, and lots of freshmen Democrats, who have never run for re-election, now have to do so in districts that aren''t naturally Democrat-friendly...Democrats have some problems as well. For starters, they now run a Congress that has a job approval of just 19%, which makes President Bush''s rating look almost rosy by comparison. Democrats took control of the House in 2006 by winning 31 seats that had been held by Republicans. The flip side for Democrats is that they now have 31 freshman members who have to defend those seats, in districts that previously tended to vote Republican. ''Those seats are probably going to perform in a very Republican fashion,'' Rep. Cole says...Rep. Cole ticks off a list of districts where Republicans should have a good chance to take back seats. In Florida''s 16th district, for example...leans Republican; President Bush won 54% of its vote in 2004...Such freshmen Democrats have had to make some politically difficult votes in the past two years...in particular, look for Republicans to make a year''s worth of tax-and-spend attack ads based on a House vote earlier this month on a budget resolution that called for rolling back President Bush''s tax cuts."
Are you another plant from the Clinton campaign? We all know they camp out on these blogs from time to time.
The government should make 30 billion directly available to home owners to pay off their rip off loans and then owe the government the loan at a percentage that will pay for the administration of the program - not make a profit.
Nothing could be better than to keep home owners owners rather than bankrupt renters.
It is the people''s money and we should not have to help banks make a profit while ripping off low income borrowers.
I could not get a fixed rate loan but wow could I qualify for a higher rate loan - no problem guys.
It is OK to let the stock market crash a little bit so that money from the stock market comes running back to housing. Increase margins for commodities and stocks to 100% down. All the speculative money going into oil futures and gold and copper futures will go into housing and oil price will crash below $60
WAKE UP FEDERAL RESERVE BANK, HILLARY & OBAMA Have the guts to propose something which will work rather than putting 5 million homes into foreclosure in the next one year
Reducing interest rates for banks is not helping home owners as they are not passing on these reduced rates to the general public.
WHERE ELSE ARE YOU GOING TO GET THE MONEY???
BE STUPID- VOTE DEMOCRAT ''08
;)
To my knowledge there is no formula to prevent irrational bubble because nobody wants to slow the gravy train down in the high profit upswing. Everybody wants to steer the train on the way down though.
The leasons are specifically about lending practices. Some regulatory change will be needed but too much and you handicap those willing to take a risk, like starting new businesses, going back for more education and expanding your business. Too little and we could do this all again.
Obama is trying to fix the symptoms because in an election year that is what everybody wants. McCain is correct in that there has to be some pain. It is a question of balance between the two and trying to prevent this from becoming a bigger pain.
So most of these "economic" speaches are for vote getting - not for implementing.
This bozo is too much.
mudrose,
That''s a silly argument. Are you saying that if we were attacked again that Bush would wait until Congress passed an Omnibus spending Bill to respond?
If the rising tide of foreclosures isn''t stemmed by government and market intervention working concurrently the Tsunami will effect the entire economy and that will really play havoc on the budget.
WHERE ELSE ARE YOU GOING TO GET THE MONEY???
BE STUPID- VOTE DEMOCRAT ''''08
;)
+
Wow what ignorance by McCain. It has been the current republican regime (Bush) that has bailed out the banks and investment banks to the tune of Hundreds of billions of dollars all at the expense of the American taxpayer and yet it has not resolved the problem. Corporate welfare in the most egregious fashion ever recorded with no resolution insight. So how is it that he sees it as the liberals who sock it to the American taxpayer? If McCain is not able to see how exactly opposit his statement is in reality - he is blind as a bat and I do not want to vote for any one who is so biasedly blind. Wow, this is unbelievable to make such a blatantly stupid statement.
It was all based on a simple thing - human greed. People wanted houses they knew they couldn''t afford or bought houses on speculation that the value would rise 20% in 3 years and they could resell them.
Mortgage lenders made a profit when they sold them to the banks. Banks made a profit selling them to wall street. Wall street made a profit by bundling them and selling them as securities.
When you can eliminate greed from the human condition you will eliminate bubbles. Calling home owners victims and banks culprits is horrifingly simplistic and won''t result in anything beneficial.
Do you want to bail out the speculators? How about those who decided to live it up while they could with no intention of paying the mortgage on time? How do those get filtered out?
It isn''t that easy.
Posted by architekker at 12:50 PM : Mar 27, 2008
Where did you get this fantasy?
Considering that Sen. Obama has received $1.18 million from subprime lenders and has taken more campaign contributions from the top ten issuers of subprime loans that attack rings hollow as just words. Sen. Obama has a record of talking about standing up to special interests and then caving to their demands. Hillary has a 35-year record of standing up to special interests and delivering results.
Obama has taken $1,180,103 from the top issuers of subprime loans. [cq.com]
Obama received $266,907 from Lehman. [Cq.com]
Obama received $5395 from GMAC. [Cq.com]
Obama received $150,850 from CS First Boston . [Cq.com]
Obama received $11,250 from Countrywide. [Cq.com]
Obama received $9052 from Washington Mutual. [Cq.com]
Obama received $161,850 from Citigroup. [Cq.com]
Obama received $4600 from CBASS. [Cq.com]
Obama received $170,050 from Morgan Stanley. [Cq.com]
Obama received $1150 from Centex. [Cq.com]
Obama received $351,900 from Goldman Sachs. [Cq.com]
Posted by architekker
We also infected them with the HIV/AIDS virsus to kill them. We bombed Japan for the hell of it and didn''t bat an eyelash. We allow the Israelis to slaughter innocent Palestinians, never mind those rockets from Hamas and Herzbollah and Iran flying over Israel. Yep, all our chickens are coming home to roost. Preacher man says whities evil. Obama tells us we''re "typical ***** people" and the preacher man calls some of us garlic noses. Wow, don''t you hear Sharpton and Jackson denouncing these guys? The silence is deafening.
Posted by architekker at 12:50 PM : Mar 27, 2008
Where did you get this fantasy?
for twenty years he excusing white people government given problems. Hogwash!
"For all the Democrats'''' advantages, Rep. Cole points out, Republicans hold a few of their own: The current Democratic-controlled Congress isn''''t very popular, Sen. John McCain is probably the best presidential contender House Republicans could have hoped to run alongside, and lots of freshmen Democrats, who have never run for re-election, now have to do so in districts that aren''''t naturally Democrat-friendly...Democrats have some problems as well. For starters, they now run a Congress that has a job approval of just 19%, which makes President Bush''''s rating look almost rosy by comparison. Democrats took control of the House in 2006 by winning 31 seats that had been held by Republicans. The flip side for Democrats is that they now have 31 freshman members who have to defend those seats, in districts that previously tended to vote Republican. ''''Those seats are probably going to perform in a very Republican fashion,'''' Rep. Cole says...Rep. Cole ticks off a list of districts where Republicans should have a good chance to take back seats. In Florida''''s 16th district, for example...leans Republican; President Bush won 54% of its vote in 2004...Such freshmen Democrats have had to make some politically difficult votes in the past two years...in particular, look for Republicans to make a year''''s worth of tax-and-spend attack ads based on a House vote earlier this month on a budget resolution that called for rolling back President Bush''''s tax cuts."
If the Hillary-bots make good on their threat by teaming up with the Lieberman-McCain ticket and the moderate Republicans come to our side we''ll have a better party going forward. I say good riddance!
Every time the government creates an entitlement program -i.e gives away money - the thieves line up - this will be no different.
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