Sept. 28, 2008
Obama: "No Welfare For Wall Street"
Nominee Is Inclined To Support Congress' $700B Bailout Package If It Also Protects Main Street
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Play CBS Video Video Obama's Stance On Bailout Barack Obama talks with Bob Schieffer about his role in the bailout negotiations, stressing the importance of added reforms and protecting American taxpayers.
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Video Obama On The Debate Barack Obama talks about his debate against John McCain and calls one of McCain's assertions a "debating trick." Bob Schieffer questions Obama on the heated topic of diplomacy without preconditions.
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Video Returning To Ole Miss In 1962, riots erupted on the campus of Ole Miss in protest of the university's first black student. In 2008, the school welcomed a historic debate with a black candidate. Bob Schieffer comments.
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Sen. Barack Obama on Face The Nation. (CBS)
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Photo Essay Barack Obama A look at the life and meteoric rise of the president-elect.
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Photo Essay Behind The Scenes Take a behind-the-scenes peek of Steve Kroft's interview with Sen. Barack Obama.
"My inclination is to support it, because I think Main Street is now at stake," he told Face The Nation host Bob Schieffer. He added, though, "I'm not happy about it."
"This [crisis] could affect every sector of the economy. If the credit crisis continues or worsens, then suddenly small business people can't make their payroll. You have large businesses who can't sell corporate debt, which could bring the entire economy to a grinding halt."
Obama was pleased that, at first reports, his basic goals for the package were included: "The issue of making sure that we had strong oversight; the insistence that taxpayers share in the gains (if there are any) when the market recovers; the insistence that homeowners get additional relief so that there's some reciprocity - if in fact we're bailing out or helping banks, they in turn have to help rework mortgages for people who are potentially facing foreclosure; and the final thing, the issue of executive compensation, making sure that taxpayer money is not going to pad bonuses or golden parachutes.
"It appears that those principles have all been incorporated into the core agreement. And I'm going to be reviewing the language over the next day to make sure that those provisions actually stick."
But beyond the bailout (which has reportedly been agreed to by Congressional leaders), Obama focused on how the U.S. economy came to the point of a president sounding the alarm that a catastrophe was in the offing if drastic action wasn't taken immediately. "We have to remember how we got here, not so much to allocate blame as to understand the choices that are going to face the next president. Unless we update our 20th century regulatory framework for a 21st century global financial system, then we're going to continue to be vulnerable to this kind of situation, and I think the next president has to come in with a very strong package of reforms."
Obama said fighting off lobbyists and special interests was key, as is recognizing that the fundamentals of our economy are not strong - which he suggested his opponent, Republican John McCain, has not recognized.
"Some of the root causes of this crisis have to do with the day-to-day struggles that ordinary people are going through," he said, "with flat wages and incomes but constantly increasing costs.
That puts pressure on them to take out more debt, to use home equity loans, to try to refinance. It created an environment in which this kind of crisis potentially could occur.
"We should have never gotten into this place in the first place. And I think this is a final verdict on eight years of failed economic policy."
Obama noted that the dire predictions of Treasury Secretary Henry Paulson, Federal Reserve chairman Ben Bernanke and President Bush set the stage for a week of high drama that, he said, shouldn't have ever happened. "Think about it. I mean, we had the largest bank failure in our history, and it wasn't even the major news that day!"
"You agree with the president's assessment that it's as serious as he said it was?" Schieffer asked.
"I agree that this is probably the most serious financial crisis we've faced since the Great Depression," Obama said. "And what we can't do is do nothing. What I absolutely insist on, though, is that the same sense of urgency that we have about Wall Street, we have about folks on Main Street who have been struggling for a long time."
Obama said more serious regulations are required. "We have to set up some rules of the road, some regulations that work to keep the system solvent, and prevent Wall Street from taking enormous risks with other people's money, figuring that, 'Tails I win, heads you lose,' where they don't have any risk on the downside.
"But the second thing that we have to learn is that, if you think about how this all started, subprime lending, you've got homeowners who ultimately could not make payments on their homes, and that's an indication of the degree to which family budgets have been under huge stress for years now, and we haven't been paying much attention about it because the theory has been, 'Well, as long as those at the top are doing well, prosperity somehow is going to trickle down.'"
In response to Thursday's meeting at the White House, attended by both Obama and McCain, at which the tentative brokered agreement was upset by House Republicans, prompting further tense negotiations, Schieffer asked Obama if McCain should get any credit for helping to get the bailout package settled.
"No," Obama said. "Look, here are the facts: For two weeks, I was on the phone every day with Secretary Paulson and the congressional leaders, making sure that the principles that have ultimately been adopted were incorporated into the bill. None [of the amendments in the package] were in the president's provision. They are identical to the things I called for the day that Secretary Paulson released his package. That, I think, is an indication of the degree to which, when it comes to protecting taxpayers, I was pushing very hard and involved in shaping those provisions.
"But understand this: The important thing here is making sure that we don't have a photo op session, because this is serious. We should not have been here in the first place. And, you know, I think the critical debate that we're going to have to have between myself and Senator McCain moving forward is, how do we prevent this kind of thing from happening again?"
In addition to the bailout, Obama discussed Friday's debate, where McCain accused Obama of "not understanding" something.
"The interesting thing is, he kept on asserting I didn't understand, but beyond saying the line never indicated what exactly I didn't understand. It's true I don't understand Senator McCain's positions on a whole host of issues, because given how the Bush administration has created an extraordinary crisis in the economy and considering that we remain bogged down in Iraq, al Qaeda is resurgent, Iran is developing nuclear weapons, that our foreign policy is if not in a shambles, then certainly in a place that I think anybody is comfortable with - given those facts, what I don't understand is that Senator McCain continues to promote them."
Read the full "Face the Nation" transcript here.By CBSNews.com producer David Morgan.
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See all 215 CommentsBy Kate Klonick - September 2, 2008, 3:25PM
The McCain camp today disputed rumors that presumptive vice presidential nominee Sarah Palin was ever registered with the secessionist Alaska Independence Party by releasing years of voter registration history . . . but it looks like that doesn''t apply to her husband.
This afternoon, the director of Division of Elections in Alaska, Gail Fenumiai, told TPMmuckraker that Todd Palin registered in October 1995 to the Alaska Independence Party, a radical group that advocates for Alaskan secession from the United States.
Besides a short period of a few months in 2000 when he changed his registration to undeclared, Todd Palin remained a registered member of AIP until July 2002 when he registered again as an undeclared voter.
http://tpmmuckraker.talkingpointsmemo.com/2008/09/todd_palin_was_registered_memb.php
what happened to that 100 day promise? more than 100 days have passed and theres nada.
she''s following the failed policies of the lame duck bush whom she continually rails against and she tried to drag the house with her!
what happened to that 100 days commitment? another failed pelosi sound bite.
recall her and put in a LEADER as speaker of the house
what happened to that 100 day promise? more than 100 days have passed and theres nada.
she''s following the failed policies of the lame duck bush whom she continually rails against and she tried to drag the house with her!
what happened to that 100 days commitment? another failed pelosi sound bite.
recall her and put in a LEADER as speaker of the house
what happened to that 100 day promise? more than 100 days have passed and theres nada.
she''s following the failed policies of the lame duck bush whom she continually rails against and she tried to drag the house with her!
what happened to that 100 days commitment? another failed pelosi sound bite.
recall her and put in a LEADER as speaker of the house
what happened to that 100 day promise? more than 100 days have passed and theres nada.
she''s following the failed policies of the lame duck bush whom she continually rails against and she tried to drag the house with her!
what happened to that 100 days commitment? another failed pelosi sound bite.
recall her and put in a LEADER as speaker of the house
what happened to that 100 day promise? more than 100 days have passed and theres nada.
she''s following the failed policies of the lame duck bush whom she continually rails against and she tried to drag the house with her!
what happened to that 100 days commitment? another failed pelosi sound bite.
recall her and put in a LEADER as speaker of the house
Berg feels confident that he has %u201CStanding%u201D and the Court will allow the case to go forward. Our response was due in 14 days, but the Court requested our answer by Monday, September 29, 2008 and we complied.
In our response we set forth sufficient reasons that I have %u201CStanding%u201D to bring this lawsuit. Furthermore, I set forth additional reasons that indicate Obama does not meet the qualifications for President of the United States and Obama should be removed from the ballot and held accountable.
Our website obamacrimes.com has received 17.1 + million hits. We are urging all to spread the word of our website %u2013 and forward to your local newspapers and radio and TV stations.
Berg again stressed his position regarding the urgency of this case as, %u201Cwe%u201D the people, are heading to a %u201CConstitutional Crisis%u201D if this case is not resolved forthwith.
For copies of all court pleadings, go to obamacrimes.com.
Philip J. Berg, Esquire
555 Andorra Glen Court, Suite 12
Lafayette Hill, PA 19444-2531
An equal share for each of us, rich or poor and it will immediately affect each and every rural and metro. city in this country! We can''t stimulate the economy when the money isn''t there but - you give us that power to repay, build, provide and yes...invest...we can do this! Trust US, not Wall Street, banks, investors and so on who got us into this mess because we trusted them. Give us the power to breathe and recover and you will see a healing of no other proportion. It''s so simple. There is no other option to affect a country as this would be. Every town, bank, company, business and family would benefit from it. We could all heal and move forward.
Give US the money and trust US with our economy. It''s the only way.
more of the same -
no way
no how
no McCain
This is the worse case scenario.
In the last couple of days the $ dollar value went down 2-3% against the EURO when it looked like the bailout would go through. On the other hand, the value of the dollar went UP 2-3% overnight, after the bailout failed.
This may be a harbinger of things to come. Stop looking at the stock market. Start looking at the value of the dollar, inflation, and how savers will be punished, and borrower will be rewarded.
http://www.cbsnews.com/stories/
2008/09/19/opinion/main4460105.shtml?
source=RSSattr=Opinion_4460105
Thanks to reporting from Amir Taheri, the gist of which the Obama campaign has confirmed, we now know that while Obama is telling the American people he wants an end to the war, he has secretly negotiated with the government in Iraq to extend the U.S. military mission there. That is a black-and-white violation of federal criminal law.
Yet, during Obama%u2019s heralded trip to Baghdad in July, he asked Iraqi leaders to ignore Bush and delay resolving the legal status of our forces until next year - by which time the Senator hopes no longer to need a phony presidential seal.
Under the %u201CLogan Act%u201D (now codified at Section 953 of the federal penal code) it has been against the law since the late 18th century for U.S. citizens to carry on %u201Cintercourse with any foreign government%u201D that is aimed either %u201Cto defeat the measures of the United States%u201D or to influence the foreign government%u2019s dealings with the United States. Being a senator is no immunity from this statute - as any Republican senator would find out in a hurry if he dared to pull a stunt like this during an Obama administration.
http://www.youtube.com/watch?v=sW6lW8uD1ck&feature=related
I am writing this message to inform people of the injustice being perpretrated by Fox News against Barack Obama. For the past two weeks there has been nothing but negative reporting against senator Obama by the Fox News network, which is unfair to listeners and the candidate. This networks seemingly biased opinions are not of interest to us viewers. My concern is that negative reporting like this will influence voters that are undecided of which candidate best express their wishes. I depend on these news stations for fair, accurate and just reporting regardless of the outcome whether it be a debate or any other current event and if that cant be accomplished I feel that it is grounds for that station (Fox News network) to be boycotted until they learn and understand that those types of injustices will not be tolerated. If anyone else can relate to the unfair reporting of Fox News I suggest that you join us in a boycott of this news station. PASS THIS MESSAGE ALONG.
"At $100K per family in trouble, $700 billion would help seven million families and save their homes.
"In reality, the average amount needed per family would probably be more like $50K... 14 million families would have their lives turned around.
"Plus, no golden parachutes for the theives that caused this mess in the first place."
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All good ideas, and far better than the $770 billion demand we got from the same Wall Street bozos whose greed and foolish disdain for the truth caused this disaster.
Wall Street may be "too big to fail" but not too big for taxpayers to have their interests held paramount.
However, we do not need an insider to tell us the GOP is pulling for the bankers to come out smelling like roses-- once again, at our expense.
Why don''t you phone your congressman, talk with his legislative staff chief, and see what you can get started?
P.S. You really need to learn how to run a meeting. My understanding is that after Pelosi turned the White House meeting over to her Presidential candidate, it turned into a near riot.
Perhaps you can ask Palin how she manages meetings.
The giant brains in Washington are attempting to find a way to buy up $700 billion in delinquent debt. The latest estimate that I have heard is an expected overall loss of 50% when this thing washes out years down the road.
For decades, ''hard equity'' lenders have been making a healthy profit loaning money a a 65% LTV (loan-to-value).
Why haven''t at least one of these geniuses thought of going to the source to cut our losses instead of handing this massive amount of money over to the same morons that caused the problem?
If homeowners were offered a no-interest loan of up to $100K and then the mortgage holders were offered a one time chance to renegotiate to a payoff equal to 65% LTV plus up to $100K at a ''market'' interest rate, those lenders would minimize their losses and the taxpayers would enjoy a return considerable greater that 50% of the investment.
At $100K per family in trouble, $700 billion would help seven million families and save their homes.
In reality, the average amount needed per family would probably be more like $50K... 14 million families would have their lives turned around. Plus, no golden parachutes for the theives that caused this mess in the first place.
Someone please tell me how I''m wrong.
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