Obama Backs Bailout, Urges Accountability

Democrat Plans To Support Revised Bill But Assails "Greed And Irresponsibility Of Wall Street"

(AP)  Democrat Barack Obama promised Wednesday that if he is elected president "American taxpayers will never again have to put their money on the line to pay for the greed and irresponsibility of Wall Street."

The Illinois senator said increased accountability for Wall Street and Washington must go along with the proposed $700 billion financial industry bailout bill he plans to support on Capitol Hill Wednesday.

"When I am president, financial institutions will do their part and pay their share, and American taxpayers will never again have to put their money on the line to pay for the greed and irresponsibility of Wall Street," Obama told 15,000 supporters gathered in downtown La Crosse. "That's a pledge that I'll make to you today, and it's one that I'll keep as president of the United States."

Campaigning in a key swing state that Democrat John Kerry won by only 11,000 votes in 2004, Obama also criticized Washington lobbyists.

The days of "sweetheart deals for Halliburton" and "an era in Washington where accountability has been absent, oversight has been overlooked, and your tax dollars have been turned over to wealthy CEOs" will end, Obama said, without explicitly mentioning that Halliburton was run by Dick Cheney before he became vice president.

"You need leadership that you can trust to work for you not for the special interests who have had their thumb on the scale," Obama said. "And together, we will tell the Washington lobbyists that their days of setting the agenda are over. They have not funded my campaign, you have. They will not run my White House, you'll help me run my White House. They won't drown out the voices of the American people when I'm president."

Asserting that the pending rescue bill is not a cure-all, Obama said he's proposed a "financial stability fee" on the financial services industry "so Wall Street foots the bill not the American taxpayer" in case of losses. He also vowed his administration would "create new rules of the road to prevent another crisis."

Obama, his running mate, Sen. Joseph Biden, and GOP presidential candidate John McCain headed off the campaign trail Wednesday afternoon to return to the Senate to vote on the financial rescue legislation.

The House rejected the Wall Street bailout plan on Monday, but the Senate added a number of sweeteners designed to please recalcitrant lawmakers, including an increase in Federal Deposit Insurance Corp. protection for bank accounts from $100,000 to $250,000.

The hike in deposit insurance was endorsed by both Obama and McCain on Tuesday.

Obama, who spent the last day calling rank-and-file Democrats rallying support for the legislation, publicly called for Congress to quickly pass the legislation "to prevent a crisis from turning into a catastrophe."

"That's why I've been reaching out to leaders in both parties to do whatever I can to help pass this plan," Obama said. "That's why I'll be flying back to Washington today to cast my vote to safeguard the American economy. And to the Democrats and Republicans who have opposed this plan, I say step up to the plate and do what's right for the country, even if it's not popular, because the time to act is now."

Obama also stepped up his criticisms of Republicans, one day after not mentioning McCain at all in a Nevada campaign. Obama noted that Democrat Bill Clinton left a surplus for President Bush which will not exist for the next president.

And his campaign released a new 30-second TV ad, called "Spending Spree," to air in key states, that said McCain's overall tax plan, his proposal to privatize Social Security and to give tax credits to insurance companies would add more than $5 trillion to the debt. "Can we afford John McCain?" the ad asks.

McCain spokesman Tucker Bounds criticized Obama for engaging in partisan attacks "as Americans teeter on the edge of an economic crisis."

[wevehadenuf]

I disagree. Obama is either wrong on this or just doesn''t have the guts to say NO. But he will still make a better President than McDufus

[hjedtyj]

Bush/Cheney called 800 Battalions to harass Remaining House Members to Vote for Bailout Tomorrow!!

Just heard this - hot off the press at 9:30pm, Thursday night!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Will Bush/Cheney start WW III over this? We know they have been itching to start a war to counter/cancel November''s elections so they can stay in power for the past year. Is this it?

The House members whom voted against are those who represent poor and low income areas throughout the country and areas that do not benefit from bailout. They are enough in numbers to make a difference in Monday''s voting. Let''s keep supporting them!!!

Pass this around to others so they know they have and are supported by the public!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[vaughnbauer]

Obama is truly an idiot.
Everyone like capitalism when it''s profitable. The flip side is, when a company is mismanaged and run poorly, it will fail. Let. The. Company. Fail. THATS capitalism. If you haven''t the stones to make things work, roll over and die so that someone else can come behind you and do what you couldn''t. The fed bailout is an alien effect on the cyclic nature of the market. It goes up, that makes people do certain things, then it goes down, makes people do other things, then it goes up... then goes down, then the feds throw burning money into the mix and everything crashes. Albeit, it''s way over simplified, but maybe Obama might read this and it will make sense for him. Just leave it alone. It''s arrogant to think that meddling with the situation will fix it. Any fool can pay 60 bucks and take an economics class at the community college to learn the truth of that last sentence. Laissez faire. Learn from the past Obama, and sit down and shut up. The only thing worse than an idiot is an idiot who has a loud voice. ::rolls eyes::

[homespunlady]

Just an aside I''m trying to figure out.
When the House turned down the Bail out -the next day the Dollar STRENGTHENED (was worth more) and the price of a barrel of oil DROPPED by over $10.

For ME that''s great - but I haven''t been playing the stock casino for a while. Without the bailout my SAVINGS would BUY MORE and the COST of things like gasoline would follow oil and be CHEAPER.

On the other hand with the Senate vote OIL IS UP and the dollar seems to go DOWN - leaving my SAVINGS WORTH LESS and trending to WORTHLESS.

Seems to me the More CONSERVATIVE investors would be BETTER off if that bail out didn''t happen and the PONZI BELIEVERS would only be BUYING TIME and making matters worse if it does.

Of course if you''re REALLY INTO mortgaging our KIDS and GRANDKIDS FUTURE on BETS on a GRAND ROULETTE WHEEL...

[wevehadenuf]

This is not a partisan matter. This affects everyone. I am against this bill! Apparently there isn''t much Obama can do at this point but its disappointing. As it happens I will probably still vote for him. After all I can''t have a woman reading every newspaper and constantly citing supreme court cases in the white house!

[doonsrule1]

Dems and repubs lie after lie after lie.Watch Nancy Pelosi you and your goon squad lie thru your teeth.Fellow Americans watch the video on youtube of the change party of liars.Yeah Freddie and Fannie are fine.2004 congressional hearing http://www.youtube.com/watch?v=_MGT_cSi7Rs.All of you did notttttttttttttttttttting.Mccain,Obama who cares we are all screwed either way.Later comrades.

[kansas1946]

"When I am president, financial institutions will do their part and pay their share, and American taxpayers will never again have to put their money on the line to pay for the greed and irresponsibility of Wall Street," Obama told 15,000 supporters gathered in downtown La Crosse. "That''s a pledge that I''ll make to you today, and it''s one that I''ll keep as president of the United States."
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Thank you Mr. President. We will hold you to it.

[kansas1946]

Thank you for your kind attention.

Very Truly Yours,

Very Concerned Democrat


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Posted by brownpride46

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I am respectfully LMAO. No offense intended.

[brownpride46]

I used to be a zealot for Obama. Until I GOOGLED for myself.

We the People said NO BAIL OUT! Let it be written Let it be done.

I AM PRO-CHOICE BUT ADAMANTLY OPPOSED TO LATE TERM ABORTIONS THAT OBAMA ADVOCATES! Palin cannot overturn Roe vs Wade. She knows her beliefs are NOT POLICY.

By the way, "The Boss" Springsteen sings at Obama-aide: "Were you BORN IN THE USA? need yer ''''riginal birth certificate to be President. Were you BORN IN THE USA?"

GOOGLE: OBAMA CRIMES (A DEMOCRAT WEBSITE!)

For you activists, spam your Senators & Reps like this:

Dear Honorable Anna Eshoo,

We voted for you and will continue to support you. Please vote NO on the bail out.

Also, even if Berg vs Obama 08cv4083 is dismissed, we kindly request that you urge Senator Obama to release his ''''''''''''''''original'''''''''''''''' birth certificate.

Thanks to GOOGLE and the information age, a logarithmically
growing constituency demands irrefutable proof that Senator Obama is indeed eligible for the Presidency. This is a sine qua non for our continued support.

No candidate for any office should ever consider him/herself above the Constitution.

Thank you for your kind attention.

Very Truly Yours,

Very Concerned Democrat

[demwatcher]

Obama backs the bailout - even though he has not the education to understand the intricate financial workings of the plan.

He calls for accountability - Duh, that''s a no-brainer.

Obama - laugh a minute.

[munichtexan]

It is apparent that neither candidate for President represent "We the people" if they insist on voting for the Financial Rape bill. Seems like someone asking me to bend over so they can shove it up my ***. After tonight I will know who not to vote for - any senator who votes yes.

[specialty8]

Lets face it they just laugh at us. I was at a divorce case a few years ago and the lawyers were fighting it out. That same night at dinner they are buddy buddy having a good time and trying to figure out how to make more money out of this at this couples expense. Made me to sick to eat.Same thing happens in congress everyday.You see them on TV fighting and the next minute "Where are we going to eat"

[lochlan-2009]

Sounds to me like Obamas ears are closed to the 90% of Americans saying NO!!! And I''ll never vote for a republican again after these last eight years. It looks like both sides are going to f@#k Americans real good.

Revolution.

[specialty8]

The keating 5 was made up with 1 republican from what I understand,McCain. Who were the other four Dems involved? Lets let the media attack dogs go after Barrack Hussien Obama like they have Palin. We could probley find out what color drawers she was wearing today and if they matched or not. Let Them get into some of the shady ones Obama has been tied to and see what you think of the choosen one then. I do not have to mention these guys names, you heard what his rev.Wright said about the USA.

[pmaldona]

%u201CThe top capital-gains rate for families making more than $250,000 would return to 20% -- the lowest rate that existed in the 1990s and the rate President Bush proposed in his 2001 tax cut. A 20% rate is almost a third lower than the rate President Reagan set in 1986,%u201D wrote Obama advisors Jason Furman and Austan Goolsbee in Thursday%u2019s Wall Street Journal."

Do some research!!!! Also, I don''t know how anyone has the audacity to try and trash Obama yet puts up with the JOKE that is Mccain/Palin. You people are funny and I can''t wait til Obama mops the floor with ol'' crusty and that right wing nut....Let''s see what you repubs have to see after Palin takes a dump on your chances at the VP debate tomorrow LOL....THANK YOU FOR COMING AND GOOOOOOOOOD NIGHT!

[jonesforch]

Breaking news... House Speaker Pelosi Used Political Donations to Pay Husband''s Firm

[standlee5]

Media anchors like Gwen Ifill and Campbell Brown should step aside due to bias. They are not credible to work in election coverage.

[standlee5]

The media''s treatment of Barack Obama versus Sarah Palin is nauseating. This is a man with big giant gaping holes in his resume. He took how much time to write two books about himself paid time off by the publishing company. How is THAT experience? The whole media is nauseating. CNN is laregley responsible for this man getting to where he is and potentially winning the presidency. We let CNN decide our president. That''s just great.

[interobserv]

made the mistake of reading the bailout plan...

Pathetic partisan politic nonsense. Why can''''t the Democrats forego their own greed just this once?

Posted by Hwy71So at 02:49 PM : Oct 01, 2008


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I''ve read it as well. I saw no evidence of Democratic "greed" anywhere in the 450+ pages of text.

Either whole sections of the pdf document didn''t translate properly on my computer, or you are a diehard republican who is having a difficult time dealing with the high probability of an Obama presidency and a near filibuster proof senate/congress next term.