NEW YORK, March 27, 2008
Obama Proposes Homeowner Relief
Presidential Candidate Calls For Additional $30 Billion Economic Stimulus Package
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Play CBS Video Video 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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Video 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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Photo Essay Barack Obama A look at the life and meteoric rise of the president-elect.
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Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
"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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- Sure, let the government take over more and more responsibility when it comes to people who can''t be responsible enough to manage their own finances. The government by the way leads by a great example of how to manage money! The rest of us will be just forced into more regulation because of the irresponsible weak links.
- Reply to this comment
- OBAMA''''S RIGHT. WE ALL NEED TO HELP EACH OTHER OUT DURING HARD TIMES. THAT IS WHAT THIS COUNTRY WAS ORIGINALLY BUILT. GO OBAMA!!!!!!!!!!!!!
Posted by LUCILIONESS
Sure he is. He''d like to see a government takeover of the free market as he would like to see universal healthcare and government indoctrination err, I mean government takeover of the schools. He''d like Big Titty Nanny Government to take over everything you have, own and would ever earn in your lifetime. See, poverty is a very lucrative business. You see this baloney to the dummies and they eat it up like manna. - Reply to this comment
- Hillary released this same economic package a week ago. Obama has changed the wording a bit but the proposals he is making are directly from Hillary''''''''s plan.
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Posted by ginny321 at 12:21 AM : Mar 28, 2008
Yes, Ginny, Obama always has to wait until someone else writes a plan so he has a clue! He hasn''''t put out an original plan once in this campaign.
Posted by RowdyTexan2 at 10:30 AM : Mar 28,
...and this is why...Hillary may still have a shot at an advisor position, when Obama forms his cabinet.
Face it--some people are born leaders, others are just as important--but their place is behind the scene or in the trenches handling all those ideas and details.
What do you think a President really does? He does not create the ideas--he represents them. Face it--Obama has presence, and as you point out--maybe Hillary has more detailed msgs. She will make a good advisor or adjunct--but inspire the country or world? NEVER. Amuse us, humiliate us--maybe--inspire? Not Hillary. She belongs in the background. LOL - Reply to this comment
- In an interview on CNN''s American Morning on March 5, 2008, Clinton said, "I helped to bring peace to Northern Ireland. I negotiated open borders to let fleeing refugees into safety from Kosovo. I''ve been standing up against ... the Chinese government over women''s rights and standing up for human rights." http://www.politifact.com/truth-o-meter/statements/392/
Yep. I was in Ireland myself in 1994 and again in 1999, besides visiting a lot of sites and strolling through some parks, I can''t claim much else...say--wait a minute!! I bought lots of souvineers while I was there. I think I will claim that I helped to make Ireland economically solvent and helped to end their recession. Yep. LMAO - Reply to this comment
- OBAMA''S RIGHT. WE ALL NEED TO HELP EACH OTHER OUT DURING HARD TIMES. THAT IS WHAT THIS COUNTRY WAS ORIGINALLY BUILT. GO OBAMA!!!!!!!!!!!!!
- Reply to this comment
- Hillary released this same economic package a week ago. Obama has changed the wording a bit but the proposals he is making are directly from Hillary''''s plan.
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Posted by ginny321 at 12:21 AM : Mar 28, 2008
Yes, Ginny, Obama always has to wait until someone else writes a plan so he has a clue! He hasn''t put out an original plan once in this campaign. - Reply to this comment
- I wasn''''''''''''''''t sitting at the negotiating table, but the role I played was instrumental," she said in a March 13 interview with National Public Radio."
And the condundrum here is that people like B-easy and the Obama campaign, twisted Hillary''s definite experience helping to organize the Norther Ireland women into saying something she never and swill their *****.
Hillary''s claim that she helped in organizing the peace process in Northern Ireland is absolutely true according to John Hume one of the architects of that peace agreement and who is witness to Hillary''s work.
B-easy posts more inaccuries on this boards and flat out lies more than anybody I''ve seen on these boards. - Reply to this comment
- HILLARY CAUGHT "EMBELLISHING AGAIN"
"I think for anyone to try to question the Clintons'''''''' huge support (for Ireland) and start trying to nitpick and saying, ''''''''But she wasn''''''''t sitting down at the negotiation table'''''''' _ sure, we know she wasn''''''''t sitting down at the negotiation table," Ahern said.
After suffering criticism from rival Obama''''''''s campaign and Protestant politicians in Northern Ireland, Clinton this month backed off language that suggested she was ever involved in the 22 months of negotiations that preceded the Good Friday pact.
But Clinton still suggests that she wielded a hidden hand over the diplomatic triumph.
"I wasn''''''''t sitting at the negotiating table, but the role I played was instrumental," she said in a March 13 interview with National Public Radio."
We''''re sure it was Hillary, just as sure as we are that you ducked snipers and ran for cover with no greeting ceremony in Bosnia.
catch the full article here:
http://www.cbsnews.com/stor
ies/2
008/03/28/ap/politics/main3976527
.shtml - Reply to this comment
- Now that we have steamrolled lil'''' missy, bring on OLD man McCain so he can experience the Obama shuffle too.
Posted by BLKPRESIDENT
Just thought you might like to know that there are a lot of us oldtimers out there that can really kick you ************* butt. Just thought you might like to look over your shoulder because you are gonna say this very same thing to some old timer and he''s gonna flatten your face. - Reply to this comment
- Constitution are relevant here:
Article I, Section 10: "No State shall pass any law impairing the obligation of contracts."
RamaLamaObama keep you filthy hands off the Constitution. We don''t need government interferance in the market place. The Fed bailout was sufficient. We don''t need to burden the rest of the population because some azzholes are simply irresponsible. - Reply to this comment
- "Obama Proposes Homeowner Relief"
I''d settle for some gratification. - Reply to this comment
- Hillary released this same economic package a week ago. Obama has changed the wording a bit but the proposals he is making are directly from Hillary''s plan.
- Reply to this comment
- I find it hard to believe that I can actually, for the first time, agree with McCain.
McCain said, and I agree:
"It is not the duty of government to bail out and reward those who act irresponsibly, whether they are big banks or small borrowers."
The government should stay out of bailing out banks, etc. Let the chips fall where there may. We will all be better off in the long run.
Obama still has my vote, at least thus far, but this idea of his is wrong. - Reply to this comment
- Now that we have steamrolled lil'' missy, bring on OLD man McCain so he can experience the Obama shuffle too.
- Reply to this comment
- 1 trillion over 5 years, that figure includes Afghanistan and maintaining our entire military by the way.... I say we got our money''''s worth lib.
We''''ll spend 10x that ammount when the Socialist get into office...........Get your hand out and bow to your Pharo...Barak Hussian Obamma
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Posted by hillaryin012 at 04:36 PM : Mar 27, 2008
The vast majority of the $1 Trillion was for the war in Iraq. As to getting our moneys worth, we''ve wrecked the country (Iraq), cost the lives of over 4000 US serviceman and tens of thousand of Iraqis, as well as the maiming of tens of thousands of US troops.
Not to mention, our presence in Iraq has been a magnet for Al Quaida and has split the various Iraq factions nearly to the point of civil war. You may call that getting our moneys worth. I call it an obscene wast of lives and treasure. If being opposed to such an immoral, unjustified war that it absolutely contrary to the US interests makes me a liberal, then I''d be proud of such label. As for you . . . - Reply to this comment
- 1 trillion over 5 years, that figure includes Afghanistan and maintaining our entire military by the way.... I say we got our money''''s worth lib.
We''''ll spend 10x that ammount when the Socialist get into office...........Get your hand out and bow to your Pharo...Barak Hussian Obamma
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Posted by hillaryin012 at 04:36 PM : Mar 27, 2008
The vast majority of the $1 Trillion was for the war in Iraq. As to getting our moneys worth, we''ve wrecked the country (Iraq), cost the lives of over 4000 US serviceman and tens of thousand of Iraqis, as well as the maiming of tens of thousands of US troops.
Not to mention, our presence in Iraq has been a magnet for Al Quaida and has split the various Iraq factions nearly to the point of civil war. You may call that getting our moneys worth. I call it an obscene wast of lives and treasure. If being opposed to such an immoral, unjustified war that it absolutely contrary to the US interests makes me a liberal, then I''d be proud of such label. As for you . . . - Reply to this comment
- 1 trillion over 5 years, that figure includes Afghanistan and maintaining our entire military by the way.... I say we got our money''''s worth lib.
We''''ll spend 10x that ammount when the Socialist get into office...........Get your hand out and bow to your Pharo...Barak Hussian Obamma
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Posted by hillaryin012 at 04:36 PM : Mar 27, 2008
The vast majority of the $1 Trillion was for the war in Iraq. As to getting our moneys worth, we''ve wrecked the country (Iraq), cost the lives of over 4000 US serviceman and tens of thousand of Iraqis, as well as the maiming of tens of thousands of US troops.
Not to mention, our presence in Iraq has been a magnet for Al Quaida and has split the various Iraq factions nearly to the point of civil war. You may call that getting our moneys worth. I call it an obscene wast of lives and treasure. If being opposed to such an immoral, unjustified war that it absolutely contrary to the US interests makes me a liberal, then I''d be proud of such label. As for you . . . - Reply to this comment
- I tell ya, next to Obama and his incompetence and naivete, John McCain ain''''t lookin bad at all.
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Posted by RowdyTexan2 at 07:46 PM : Mar 27, 2008
Yep were just plug our nose and vote McCain!!Baracks toast!! - Reply to this comment
- FINALLY, someone with something worthwhile to say. Great job!
- Reply to this comment
- Posted by jesterbelle at 06:55 PM : Mar 27, 2008
I tell ya, next to Obama and his incompetence and naivete, John McCain ain''t lookin bad at all. - Reply to this comment
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