RENO, Nev., Sept. 30, 2008
Obama Asks Americans To Support Bailout
Democrat Says American Economy Needs Rescue Plan As Crisis Has Moved Beyond Wall Street
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Economic Bailout & Politics
Experts believe Sens. John McCain & Barack Obama each had something to lose when Congress failed to pass an economic rescue bill, reports Jeff Glor.
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McCain Faults Obama
John McCain criticized Barack Obama for bringing partisan interests into the bailout negotiations and called for Congress to return to work immediately to address the financial crisis.
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Advice From Financial Expert
After the House voted against the bailout bill, many concerned Americans phoned The Motley Fool's Tim Hanson for advice. Harry Smith talks with Hanson about what Americans should do.
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Weathering The Downturn
In this economy, it's smart to save. CBS News shows you how.
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Barack Obama
A look at the life and meteoric rise of the president-elect.
"This is no longer just a Wall Street crisis. It's an American crisis, and it's the American economy that needs this rescue plan," Obama told about 12,000 people at a rally at the University of Nevada at Reno.
Obama said Congress should put aside politics - he didn't mention GOP rival John McCain by name during his remarks - and should act on the legislation quickly.
"To the Democrats and Republicans who opposed this plan yesterday, I say: Step up to the plate and do what's right for this country," he said. "And to all Americans, I say this: If I am president of the United States, this rescue plan will not be the end of what we do to strengthen this economy. It will only be the beginning."
The House on Monday balked at approving the Bush administration's $700 billion proposal, its 228-205 vote sparking the largest sell-off on Wall Street since the day after the Sept. 11, 2001, terror attacks. Obama, McCain and President Bush all indicated support for the plan, but the legislation was highly unpopular with the public, as well as ideological groups on the left and the right.
Obama called for bipartisanship in a time of financial crisis.
"While there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American," he said. "There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out."
Obama said he had talked with Bush, Senate Majority Leader Harry Reid of Nevada and other leaders Tuesday about resurrecting the recovery plan. He also sought to reassure the public, saying the plan had been "misunderstood and poorly communicated."
"This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street," the Illinois senator said.
Without a rescue for the financial sector, ordinary people will soon begin to suffer, Obama said.
"If we do not act, it will be harder for you to get a mortgage for your home or the loans you need to go to college or a loan you need to buy a car to get to work," Obama said.
"What it means is that businesses won't be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close around the country. Millions of jobs could be lost," he said.
Obama and McCain announced separately their backing for a plan that some House Republicans had pushed earlier: raising the federal deposit insurance limit from $100,000 to $250,000. The aim would be to reassure nervous Americans and to shore up the economy while helping small businesses.
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See all 124 CommentsWe do our part with every paycheck, property tax, car tax and every other thing they tax.
Sorry but that lousy $600 we all got wasn''t for nothing--we''re paying it back 10 fold.
Posted by sincityq at 03:53 PM : Sep 30, 2008
Yes, you are right about that but if we do not support this bill we will be going to the lower regions too. Of course you could take stake in that we will be the ones sending the wall street people there before we go.
Remember this problmes effects us all we need to first fix the problems then break these too big to fail companies up into tiny little companies and never have this problem again.
See how easy it is if we have controls. Oh wait we do they just were not being enforced thank you GOP for this mess.
The deregulators at it again.
''Bailout'' - The word does not sound as if there is knowledge nor experience gained. Until banking heads roll, let them twist in the wind. Most of us knew a credit correction was inevitable...
Everybody check out "What Jack Carrferty Really Thinks Of Sarah Palin" on youtube. A Must See! Funny Stuff!!!
I think I spelled his name right. Mabey not.
Thank...and I approved this message...
Obama
It''s not the kid gloves that is the problem...most men can''t win a simple argument against a woman. Now if she goes in acting like a politician instead of a Barbie Doll...then it''s on.
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Posted by Voltaire7
It was split. A lot of Dems refused to support it, too. And while on the subject why didn''t Pelosi point the finger at Barney Frank and Obama who served on the committee supposedly over seeing all this mess? Cleaver and Moore were also on that committee and Moore STILL voted yes!!! This crisis is a Democrat-made crisis. Do your homework...Frank led the way in obstructing all efforts the Republicans made to rein in Fannie and Freddie...he should be in jail. Interesting Pelosi hasn''t got a memory where THAT is concerned.
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Posted by proisrael
Which is how it SHOULD be done and was highly encouraged until the big push to expand credit back in the 90s....there were warnings but very few listened and now they want a free pass out of he11....forget it....the market isn''t going to explode...just weed out the spoilers and parasites.
I laid out 5 or 6 different criteria that people need to address to make their case, and the politicians and the so-called experts continue to only address 2, if that. It''s always in a person''s best interest to plod through the details to make their case because without grounding one''s analysis in the details you leave yourself vulnerable to being grievously wrong. Like with the Iraq war, also a situation where time was made to appear to be of the essence, the stakes for and against were high, and emotions were running wild.
But hey, Wall St. and Washington have the juice to push it through without the analysis. Do what you want. What else are we going to do?
Take this $700 billion and send it out to every citizen who paid taxes last year. That''''ll stimulate the economy more than "bailing out" a dozen banks run by white coller crooks.
Posted by Hammy06
700bill/U.S. pop 301139947 July 07= 2,234per person
This is one factor.
---"If we do not act, it will be harder for you to get a mortgage for your home or the loans you need to go to college or a loan you need to buy a car to get to work," Obama said.---
This is another.
If there was ONE additional factor these clowns need to add to the conversation rather than just their sparkling selves, they ought to elaborate on the financial situation of the specific individuals who they believe to be at risk and the outlook of the industries they''re a part of - what''s been their relationship to credit in the past? Why are they in the position of needing credit at the moment? Are there downturns in their industries across the board? Are those industries expected to be slow or to see growth and why? What other factors need to exist for that to assumption to hold true?
Posted by Voltaire777 =(Mooncalf)
Truth hurts doesn''t....
------------------------------------------------------Posted by Voltaire777 at 05:15 PM : Sep 30, 2008
Fine... listen to the Democrats THEMSELVES:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
Note the last quote by BILL CLINTON:
"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighthen up a little on Fannie Mae and Freddie Mac"
-Bill Clinton
So how is that Republican propoganda when it''s the DEMOCRATS saying all of this? But conitnue to ignore the facts, that''s the only thing you can do at this point.
Posted by proisrael
Per person. For family just multiply by number of persons in family..
http://www.youtube.com/watch?v=T
eujrFbh5LU
All I can say his what an idiot! On the bright side you found someone who shares your views.
Posted by Policrypt at 06:11 PM
So McCain and Romney are not liars doesn''t count.
Posted by Voltaire777 at 06:13 PM
Doesn''t seem like a sound plan considering this problem is hitting banks around the world.
Step one: Before you can afford to buy a home you should have saved 20% of its price and then and only then should the bank loan you the remaining 80%.
Step two: The total of your monthly mortgage principal, interest, taxes and insurance (PITI) should not exceed 28% of your total take home pay. The total of your PITI and all other debt payments (student loans, car payments, credit cards monthly payments) should not exceed 36% of your total monthly take home pay. These simple ratios worked to maintain a stable housing market for decades.
Step three: Remove the undue influence of Realtors and Loan officers from the appraisal business.
Step four: Return the independence of Settlement Attorneys by rolling back the affiliated business arrangement regulations of HUD. That way there is a least ONE independent voice at the settlement table who owes a fiduciary duty to the %u201CTransaction%u201D to assure that ALL parties are treated fairly and have an opportunity to understand what is happening when they buy or refinance their home.
When all this crashes down,a nd the post mortem examinations begin; they will find that O_bama was up to his eyeballs in the seeds of this scam; he was the second highest recipient of Fannie Mae bribe money after Christopher Dodd of Connecticut; so yes he needs to have his crooked friends bailed out of their screwed up financial scam.
Sorry Hussein; even your moneyed Irtanian friends can''t get you sorry arse out of this one.
The stock market was up today--can''t be as urgent as they project.
I think we have enough time to let them figure out the difference between those who want whats best for the country from those who want to run home to get re-elected.
If they can''t do that--we need to vote them all out.
Career positions should be replaced with term limits.
Posted by mr22582 at 06:25 PM
You insist on proving how stupid you are---we get it---we believe you!!
Your guy--McCain is the one who suspended hs campaign and went back to Washington to tap dance around this issue to claim credit---yesterday--before it was voted out--McCain was taking credit for it---today he''s blaming Obama because it''s set up as a bail out--I guess McCain was for it before he was against it huh?
That seems to be his campaign theme song.
Posted by mr22582 at 06:25 PM
McCain was pushing very hard trying to win the presidency with the passage of this; and not only his supporters but his own party voted against it and was responsible for blocking it. wow, that must REALLY hurt when you''re tryig to make a case that you should be prez.
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Posted by john43218 at 07:12 PM
Face it John, McCain blew it. He sold his maverick soul to Bush, then picked Palin as a running mate. then he pulls the campaign stunt when the greatest financial crisis in history is crashing down on us. Everything he has done recently is to pander for votes while never considering the good of his country while all the while he hypocritically chants "country first". Too bad. If had run as the 2000 version of himself he would have won. The people are sick of attacks, slander and lies, and that is all he and his supporters have done. Obama''s camp has done their share, but it is McCain''s ONLY political strategy.
wow. Revisionist history and the history is only a couple days old. Somehow, that is not what I heard coming from the mouth of McCain. BTW, when did he suspend his campaign? He said he was, then the next morning I saw him give a stump speech, and then he debated after threatening not to like the stubborn clone of Bush that he has become. And he has been blaming Obama for all of this the whole time. So much for suspending your campaign, huh. Nice stunt that has backfired in his face. He is now parroting everything Obama says on the subject.
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Posted by john43218 at 07:26 PM
cough...cough... Ummm... john... YOU were the one who proudly brought up the suspension of campaign thing buddy. Gotta call a foul when you bring it up, but then when the facts are presented say it is a moot point. Sorry bro, it doesn;t work that way.
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Posted by john43218 at 07:23 PM
Ahhh... you aren;t a plant. You just obviously haven''t had time to read the newspaper lately. you should. See, there''s these really really big banks, and they just went under. Theya re going to have to find new sponsors for a couple PGA tournaments. get it?
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Posted by john43218 at 07:29 PM
Glad to see I got you to your final strategy so quickly. When the facts don;t support you, you deflect, and when called on your deflection you start calling names. for many future elections to come it will be known as the "McCain Strategy". boy, they should have hired a lot better plant than you.
Do you know who that is?? Lets all take a guess at our next PRESIDENT- shall we.
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Posted by john43218 at 07:32 PM
Geesh. Did they give you a whole manual full of that stuff? BTW, t appears it is just you and i here, so i will just leave and you ca keep posting inane party lines to no one.
McCain suspends his campaign, asks americans to support the bail out and you people are right there rooting for him saying he is putting Country First.
Now Obama goes on asking for the exact same thing and you say this man is rooting for Wall Street?
Somebody please explain the difference
Dear Senator Obama,
Throughout your campaign, you have argued for a change in America and fiscal responsibility. Most Americans have been feeling a pain for a long time.
A financial bail out will not improve the recession we have been in all year nor will it improve the fact that the average real income has been decreasing for years. Instead of trying to resurrect your Trojan horse for major financial institution buddies - H.R. 3997, the Emergency Economic Stabilization Act of 2008 - why don''t you listen to your own campaign promises and the American people?
Americans need real help with transportation, food and energy costs. Do not believe us to be so dumb that we do not understand that supporting bills like HR 6899 which addresses how to reduce our dependency on Foreign Oil will reduce our costs at home and provide real jobs that are difficult to outsource whereas supporting a bailout of Wall street translates into more debt and no benefit to the average American.
You want to avert a financial crisis - forget bailing out Wall street maggots who have been stealing people blind and address promoting Real Public Transportation, and real support for alternatives to Foreign oil. Have we so easily forgotten that Osama bin Laden is Saudi Arabian and bought his popularity with the Taliban using his family''s oil money?
Why should I or any other taxpayer in America... survival of the fittest.
Fat cats live in huge homes, have huge boats, vacation homes, pretentious ego''s and look down their noses at anyone who doesn''t go to swanky places of esteem. I say screw them, I can eat peanut butter and jelly, can they?
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September 30, 2008 (LPAC)-- All Congressmen whose personal investments would be affected by the bailout bill should recuse themselves from voting on the plan, in order to avoid a conflict of interest. That alone should be enough to kill the plan.
High gas prices was the catalyst to this mess. Buy food, put gas in the car, pay interest only mortgage.
We can blame the politicians all we want... the moronic I want it now generation brought this arse beating on themselves. Maybe they should of listened more closely to their grandparents "How I survived the great depression" stories more closely and quit trying to keep up with the Jonsies.
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September 26, 2008 (LPAC)--The New York City Central Labor Council organized an emergency protest Thursday on Wall Street. Hundreds of construction workers, auto workers, transit workers, machinists, teachers and government workers rallied against the Bush bailout plan. Their signs called for jail, rather than payments, for the financier swindlers. AFL-CIO president John Sweeney said, "The Bush administration wants us to pay the freight for a Wall Street bailout that does not even begin to address the roots of our crisis.... We must put working families first in line." Sweeney called for consequences for "the perpetrators of this disaster."
Jesse Jackson told the rally, "This is a Roosevelt moment. It''s time for reconstruction of manufacturing law, trade law and banking transparency."
Excellent post and right to the point.
Posted by john43218 at 09:28 PM : Sep 30, 2008
This country has had enough right wing bigotism to last for the next 100 years.
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