Sept. 22, 2008
Candidates Continue Duel Over The Economy
McCain Calls For Greater Oversight Of Bailout Plan; Obama Pushes Fiscal Responsibility To Pay For It
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Bailout Plan Heads To Congress
Critics of the Wall Street bailout plan want penalties for banks and relief for homeowners, Michelle Gielan reports. Harry Smith talks to Sen. Christopher Dodd, Senate Banking Committee Chairman.
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Schieffer On Economy
Bob Schieffer says that Wall Street has been dominated by an "anything goes" attitude. Schieffer says that regulation is needed because "no game works without an umpire."
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Bush's Billion-Dollar Bail Out
President Bush says that Wall Street's problems must be solved with taxpayer dollars. Kimberly Dozier reports on the latest initiatives proposed in order to ease the latest economic crisis.
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Barack Obama and John McCain both focused their comments on Monday to the economy and the crisis on Wall Street. (AP)
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Urging members of his own party to be just as fiscally tough as the most conservative Republicans, Obama said the $700 billion economic bailout plan proposed by the Bush administration and congressional leaders is forcing a renewed look at federal spending.
As president, Obama said he would create a White House team headed by a chief performance officer to monitor the efficiency of government spending.
"I am not a Democrat who believes that we can or should defend every government program just because it's there," Obama said at a rally in Green Bay. "We will fire government managers who aren't getting results, we will cut funding for programs that are wasting your money and we will use technology and lessons from the private sector to improve efficiency across every level of government."
"The only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends," he said.
McCain said the massive $700 billion plan being crafted by Treasury Secretary Henry Paulson needed broader supervision
"Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable," the presidential candidate said at a rally here. "We will not solve a problem caused by poor oversight with a plan that has no oversight."
McCain praised Paulson and said he had spoken to him several times over the weekend. But the GOP presidential hopeful nonetheless called for a bipartisan oversight board to supervise the proposed bailout, to be led by Warren Buffett or another widely respected business leader.
Earlier, McCain, who just a week ago said the economy was fundamentally sound, said he believed the U.S. financial system is facing a major crisis.
Speaking on NBC's "Today" show, McCain said, "We are in the most serious crisis since World War II."
He also said that despite the ballooning national debt he would not raise taxes if elected president. "History shows us that if you raise people's taxes in tough economic times that makes problems worse," McCain said.
The Arizona senator also called on Congress to move quickly and work with the Bush administration to restore stability to the troubled financial sector. But he said the goal of any action must be to allow homeowners to stay in their homes and prevent Wall Street executives from profiting from a taxpayer bailout.
Obama also has focused tightly on the economy in recent days, and he has urged Democrats and Republicans to join forces to approve a bailout of the troubled financial industry that not only saves the industry but protects taxpayers.
"We are here because an ethic of irresponsibility has swept through our government, leaving politicians with the belief they can waste billions and billions of your money on no-bid contracts for friends and contributors, slip pork projects into bills during the dead of night and spend billions on corporate tax breaks we can't afford and old programs we don't need," said Obama.
He linked the turmoil that's rocked Wall Street to federal spending he said has soared out of control, laying the blame at the feet of Republican policies he argued that McCain is certain to continue.
President Bush ran for office on a platform of efficiency in government, Obama said, noting that Bush instead has presided over a mushrooming federal budget and deficits. Under Bush, spending on contractors has more than doubled, from $203 billion in 2000 to $412 billion in 2006.
"We cannot give a blank check to Washington with no oversight and accountability, when no oversight and accountability is what got us into this mess in the first place," said Obama. He warned that even as the government moves to bail out the financial sector there are signs that special interests are looking to profit.
Obama said he's spent the last two years running for president on a promise of change, and he mocked McCain's argument he can bring change to Washington.
"This whole change thing must be catching on," said Obama. "I've noticed that John McCain is trying to steal my signs. He trying to make up for 26 years in 26 hours. Who do you think has been running the government for the last eight years?"
He accused McCain of "an election-year conversion" that's brought change into his rhetoric.
"After 26 years of being part of this Washington culture, all that he has changed is his slogan for the fall campaign," said Obama.
Obama warned that the election is hard fought because special interests are fighting hard to keep their place at the table.
"It won't be easy, the kind of change we're looking for is never easy," said Obama. "What we are up against is a very powerful entrenched status quo in Washington who will say anything and do anything and fight with everything they've got to keep things just the way they are."
Obama spoke to 6,000 people in an arena in a state that trends Democratic, and where Obama badly needs a win.
McCain's comments came at a raucous meeting with an Irish-American group in Scranton, a working-class city in northeastern Pennsylvania that has been a hub of campaign activity and rhetoric throughout the year.
Democratic vice presidential contender Joe Biden hails from Scranton and on the campaign trail often speaks of his blue-collar roots here.
Before last spring's Pennsylvania primary, Democratic Sen. Hillary Rodham Clinton also laid claim to the town, where her father grew up and is buried. Clinton defeated Obama by 10 percentage points, in part due to her strong showing among white working-class voters in the state.
At the rally, McCain was introduced by the state's Republican senator, Arlen Specter, who praised Obama as an "able fellow" who nonetheless lacked McCain's years of experience in Washington.
McCain also took a few friendly questions from the audience, including one from a woman who asked why news organizations had committed so many investigative reporters to look into the background of Alaska Gov. Sarah Palin, McCain's running mate.
"Shame on you, shame on you," the woman shouted to applause, while McCain looked on approvingly.
"That is a great question," McCain said. "One thing I want to assure you of is that Governor Palin - she can take it."
The anti-media rant continued on a conference call later with McCain campaign manager Rick Davis and Steve Schmidt, who manages day-to-day operations and strategy. Schmidt criticized what he called a "compliant media" that he argued hadn't sufficiently investigated Obama's background and campaign claims, and singled out The New York Times, which he called a "pro-Obama advocacy organization.
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See all 141 CommentsPosted by mr22581 at 03:58 PM : Sep 22, 2008
If that''s the most important issue for you, you are a fool. No one, including Obama, is going to take away your hunting or self-defense weapons. The economy is going south, we''re spending hundreds of billions on an occupation in Iraq, health insurance is disappearing for many Americans, and all you care about is gun control?
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Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
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Paulson is trying to get himself a license to steal so he can go down in history as "$007".
lolllll...sorry, Mr. Paulson...Cheney already got "$001".
And Bush, of course, is "$0.00".
McCain hopes this will fool enough middle class voters into thinking he cares, wealthy voters know better.
Here''s a piece of advice: If you want help for the middle class, oversight of lobbyists, improved health care, a fix for social security and support for businesses who support employees, vote for the party that has always supported these ideas %u2013 The Democrats.
Not the party that provides lip service to these ideas(Like lipstick on a pig) at election time- The Republicans.
Now mr, that is not fair to that party. Each party has good and bad people. To say that you won''t vote democrat again is unfair to the good guy.
Posted by mr22581 at 04:17 PM : Sep 22, 2008
lolll..wow, you ARE scared, mr22581...
You are now actually trying to appear as if you were capable of making rational decisions occassionally - like, sometimes voting for Democrats - to make your other Republican rants seem more sane?
John McLame is going to have to answer questions about the Economy (which he knows nothing about) and other hard questions that He and Sarah Palin have been avoiding for months.
John McLame is going to fall flat on his face and Sarah Palin is going to Stumble big time because she is not qualified for V.P. or President.
McLame and Palin will show how unprepaired they truely are.
[bq]
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
[eq]
Paulson is trying to get himself a license to steal so he can go down in history as "$007".
lolllll...sorry, Mr. Paulson...Cheney already got "$001".
And Bush, of course, is "$0.00".
And McCain? He''s "You got change for $1? I need some change - that Obama is kicking my @ss."
Posted by mr22581 at 04:17 PM : Sep 22, 2008
What are you talking about? Two years, with GOP filibusters left and right, and Bush in office, and you blame Democrats? Man, your logic fails.
Posted by mr22581 at 04:17 PM : Sep 22, 2008
Hey Bonehead, Congress passes laws, Bush has vetoed all of the Democrats attemps at passing anything thus the Democrat led congress has accomplished nothing thanks to Bush.
Get a clue.
Posted by funzie50 at 04:26 PM : Sep 22, 2008
Like Palin taxed in Wasilla?
lolll...old "role model mommie" even taxed groceries - which REALLY whacks the poor who have children.
Better a flat tax - with no loopholes. I get tired of reading that 66% of America''s corporations have gone five years and more without paying a single thin dime in taxes.
%u2026and they will still get a ton of votes because they have a reputation for being "closer to Jesus" or "less likely to raise taxes" or "they are both the right color" or some other ignorant reason.
Sorry, I guess this should be a place for intelligent comment
The McCain camp figures, Why waist the time, you cant teach an extremely old pig (with or without lipstick) new tricks.
OMG you blame the economy on the Democrats. You IDIOT the housing market was already starting to tank 2+ years ago. McLame voted for deregulation years ago and the Bush Administration stood by and let this hit the fan because some of George W Bushies cronies will make big money from this.
Blame Bush and his Administration for standing by with their head up their A$$ and letting this happen. I didnt see Bush sounding or screaming any alarm about this 1 or 2 years ago.
Posted by mr22581 at 04:38 PM : Sep 22, 2008
mr22581: Citizen, or not?
OMG you blame the economy on the Democrats. You IDIOT the housing market was already starting to tank 2+ years ago. McLame voted for deregulation years ago and the Bush Administration stood by and let this hit the fan because some of George W Bushies cronies will make big money from this.
Blame Bush and his Administration for standing by with their head up their A$$ and letting this happen. I didnt see Bush sounding or screaming any alarm about this 1 or 2 years ago.
Posted by XmanBorg
Xman, what the Helll are you talking about?
Reread my post, I blame Bush.
I''m glad to have you on our side - I think...
REMEMBER 7 YEARS AGO TODAY: SEPTEMBER 11, 2001
George W Bushie was sitting in a class room with a bunch of Children during story time and after the first plane hit he sat there for COUNTLESS Minutes looking like a DUMBFOUNDED REETARDED DOUSCHBAG and thinking what should I do.
The FACTS:
1. George W Bushie had a Memo warning about an attack on the USA a few weeks before 9-11 and he did nothing.
2. Both World Trade Center Towers Collapsed after getting hit by Jets and World Trade Center # 7 burned for hours and also Collapsed.
3. The Pentagon was also hit by a Jet and United Flight 93 was plane # 4 but was saved by some very brave American citizens who fought back !
4. All this Happen on 09-11-2001 when George W Bushie was President and on the Republicans Watch.
5. So the Country is NOT SAFER OR MORE SECURE with a Republican as President, Republicans are ( 0 for 1 ) advantage terrorists, Because Bushie had warning an attack was going to happen and did nothing and all this happen on the Republicans WATCH.
6. You can put Lipstick on a Pig but it%u2019s still a Pig.
7. The Republicans and George W Bush have been in sleep mode and let the Economy tank on their watch. George W Bush sounded NO ALARM or Screamed about this failure about to hit the fan.
Mrblahblah
If you are being paid as a Repug Troll, I hope it isnt much, you suckk at it.
Sorry I was looking at the wrong post. My bad.
McCain CAMPAIGN MANAGER RICK DAVIS took MILLIONS from Failed Financial Companies to FIGHT REGULATION OF THE FINANCE INDUSTRY.
Senator John McCain%u2019s campaign manager, Rick Davis, was paid more than $30,000 a MONTH for five years (almost $2 MILLION) as president of an advocacy group set up by the mortgage giants Fannie Mae and Freddie Mac to defend them against stricter regulations, current and former officials say.
McCain has recently begun campaigning as a critic of the two companies and the lobbying army that helped them evade greater regulation Incensed by the advertisements, several current and former executives of the companies came forward to discuss the role that Rick Davis, Mr. McCain%u2019s campaign manager and longtime adviser, played in helping Fannie Mae and Freddie Mac beat back regulatory challenges when he served as president of their advocacy group, the Homeownership Alliance, formed in the summer of 2000. Some who came forward were Democrats, but Republicans, speaking on the condition of anonymity, confirmed their descriptions.
McCAIN IS A HYPOCRITE AND LIAR.
Cool.
Do the country a favor, vote Democratic to save our economy.
Obama for POTUS
Do the country a favor, vote Democratic to save our economy.
Obama for POTUS
Posted by yeswecan09
I agree, Well said.
Putting McCain in charge of providing a solution to this mess would be like putting Al Capone in charge of the Liqueur Control Commission.
"Shame on you, shame on you," the woman shouted to applause, while McCain looked on approvingly.
What? Sarah Palin could very well be President if McCain is elected, due to his age and past bouts with skin cancer! The press has a DUTY to investigate and report on her record and her background! All the other candidates have been running for a while now and are well known except for Palin! To the woman who asked that question , I say SHAME ON YOU FOR BEING AN IDIOT! SHAME ON YOU FOR NOT HAVING A F-ing brain in your sorry excuse for a head!
McClone = son of Bushit.
No doubt about it.
''Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.''
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No, probably he will ask people like me who will gladly give him what I can. It is not much (about $10 a week) but every little bit helps.
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Posted by mr22581
Must be because they''re not all White People.
The democrats have been in control of NOTHING for that past 2 years. To be "in control", they would need a veto-proof majority to over-ride Bush''s veto. They don''t have that, so they are NOT "in control".
You repug id.iots just want to PRETEND that the democrats have effed up this country. In fact, and this should be completely obvious to EVERYONE, it is Bush and Cheney and their repug enablers and sycophants who have effed up this country, and now it is time for a change. McCain ain''t it. By his own admission, he doesn''t know jack about the economy. Hell, he doesn''t even know how many houses he owns!
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If there are any losers on this board, buddy, it''s you!
You say we can''t find anything wrong with Reps?! Turning the situation ''on it''s head'' isn''t going to win the argument for you, numb skull!
The correct assessment of the situation is, we can''t find anything CORRECT or RIGHT about Republicans!
They have distinguished themselves as the most crooked, irresponsible, thieving, perverts ever assembled, that walks the halls of Congress!
Do you wish to see the Stock Brokers, Financial Professionals and CEOs just laid off from Wall Streets in the last 2 weeks in America today:
-Surf to http://www.joke-portal.com/d_jokes.htm
-Click the ''Day Laborers'' link in the middle of your screen.
Enjoy!
Ronald Reagan was the godfather of deregulation. As president he eliminated many of the safeguards installed by FDR to ensure a safe banking and investment climate. McCain%u2019s chief economic advisor, Phil Gramm railroaded the legislation that created the current Wall Street meltdown. For 8 years, McCain did nothing. He favored total deregulation. Now he wants some sort of oversight committee. And who does he plan to appoint? Donald Trump? We%u2019ve seen oversight McCain style for the last 8 years. The polluters regulate the EPA; and the pharmaceuticals regulate the FDA. McCain approved of the appointment of Chris Cox, whom McCain now wants to fire. If we were to create an oversight committee for the bailout, McCain would appoint lobbyists cronies or K Street crooks to run it.
Obama has long ago called for responsible, tough regulation to prevent wall Street disasters. He is demanding that the benefits go to Main Street not Wall Street. He proposes modest tax hikes on the rich to balance the budget.
My only complaint is that these proposals do not go far enough. The rich robbed working class Americans. The rich must give the money back. We need to cancel all the tax benefits the rich enjoy and slap a hefty surcharge on the income taxes rich people pay. It%u2019s time for Cindy McCain to learn to drive one car, not 13, and figures her household budget on one kitchen table, just like the rest of us.
Posted by john43218 at 05:34 PM : Sep 22, 2008
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Wrong, again, Mr.Genius! The U.S. has the highest death toll in the world when it comes to gun violence!
And with the economy tanking---thanks to Bush and the GOP---we can expect that rate to increase!
Why should law-abiding citizens who are exercising their Constitutional and God-given rights of free speech leave the country because the choose to point out the lawlessness of the political leadership?!
You sound like that Commie, Fidel Castro! Who, loaded up people who politically opposed him and sent them here to America! Are you a COMMUNIST?!
I got news for you, Commie! Us REAL Americans are staying RIGHT here! You and your Commie infiltrators in the GOP can hop into boats and leave if you don''t like real Americans speaking out about political corruption and stupidity in our government!
Posted by john43218
"Most Safest"? No wonder you are a Republican, You trash the English language as bad as your hero, Dubya.
Posted by mr22581
How is this for a sky is falling statement?
Maybe you should put on your hunting cap and get your things together for a war in Iran, if McCain wins.
Believe me he will reinstate the draft and start a war to stimulate the economy.
I can hear it already. We are all Georgians and we need to eliminate a nuclear Iran...forget the fact there is oil there.
Lets prevent another optional war and vote for Obama!
Hearing a lot of that "blame the messenger" nonsense from conservatives these days. Gotta give ''em credit, this is one place where they are consistent. They have always believed fervently that if they don''t like it, then it can''t be true....
does anyone remember the keating 5?
125K you say? Hmm guess that IS MUCH MORE in YOUR MIND than the $700,000,000,000.00 that the NEO-CON Party HAS "ARRANGED" to take using tactics like Chaney used on selected "resistant" to the Iraq war congressmen
-Pulling them into a small room and filling them with supposed "secret threats" to America that turned out to be COMPLETELY UNTRUE but were "useful at the time" to JAWBONE the SKEPTICAL into SUBMISSION!!!
The SAME TACTICS are BEING USED AGAIN in the "NEW CRONY MONEYMAKER" - A RUSH TO FORCE OUR "PUBLIC MONEY"
into PRIVATE HANDS WITHOUT "OVERSIGHT"!!!
Just like the "RUSH TO WAR" that ALSO USED "IMMEDIATE THREATS" and "IMMANENT DANGER" as the EXCUSE to lock in private profits!
It took a couple of DECADES of FOOLISHNESS and DECEPTION to CREATE this "problem" but NOW when the PEOPLE are looking like they''re WAKING UP t the SMOKE and MIRRORS - SUDDENLY there''s a "crisis"??? BULL!!!
The ONLY good laugh -and you can check my past posts is that I TOLD YOU SO - and have been doing so on her for OVER a year - elsewhere for much longer but I had to speak out publicly somehow in hope that at least a few might avoid what is STILL COMING.
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