Obama Holds Back on His Economic Crisis Plan

Discussion in 'Politics' started by Trinity, Sep 19, 2008.

  1. Trinity

    Trinity New Member

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    Obama holds back specifics of crisis plan

    The Chicago Tribune - The Swamp

    Posted September 19, 2008

    By John McCormick

    CORAL GABLES, Fla. - Sen. Barack Obama today called for a bipartisan effort to deal with the financial crisis wreaking havoc on Wall Street, but stopped short of presenting his own detailed proposal for how to resolve the situation.

    After meeting with his top economic advisers, the Democratic presidential candidate said this was not the time to present specific details for how to fix the immediate problem, a reversal from what he had said a day earlier.

    "Given the gravity of this situation, based on conversations I've had with both Secretary Paulson and Chairman Bernanke, I will refrain from presenting a more detailed blueprint about how an immediate plan might be structured until I can fully review details of the plan proposed by the Treasury and Federal Reserve," Obama said. "I think it's critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling."

    The Illinois senator said the crisis has "not just threatened trading floors and high rises on Wall Street, but the stability and security of our entire global economy."

    Obama said the Treasury and Federal Reserve need "as broad authority as is necessary" to stabilize markets and to maintain credit.
    "I fully support the efforts of Secretary Paulson and Federal Reserve Chairman Bernanke to work in a bipartisan spirit with Congress to find a solution," he said.

    As he prepared to appear at a rally here, Obama called on his Republican rival to join him in trying to find solutions now.
    "I urge Sen. McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families," he said. "John McCain and I can continue to argue about our differing economic agendas for next year, but we should come together now to work on what this country urgently needs this year."
    Obama also stood by his proposal for tax cuts, despite the slumping economy.

    "Now more than ever, we've got to have the kind of broad based, middle class tax cut that I've talked about," he said. "I think it is very important that even as we stabilize the financial system that we understand that people have been hurting long before Wall Street was hurting."
    Obama met briefly with reporters after spending part of the morning meeting with his top economic advisers in person and via telephone.

    Attending the meeting were former Treasury secretaries Robert Rubin and Lawrence Summers; former Bill Clinton economic advisers Gene Sperling and Laura Tyson-Haas and former Federal Reserve Chairman Paul Volcker.
    Joining Obama by phone were billionaire investor Warren Buffett, former commerce secretary Bill Daley, former Treasury Secretary Paul O'Neill, and Joseph Stiglitz, a Columbia University professor.
     
  2. midlifebear

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    And the above article is damaging . . . how? Sounds like he's intelligent enough to seek the advice of others before insisting the president of the SEC be fired in the next 2 minutes. Dear Jeebus-da Lord-and the Holy Spook, you're game is slipping.
     
  3. Trinity

    Trinity New Member

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    No. The only game slipping is Obama's. Obama needs another pillow. Or maybe he wants to vote present on this one. :rolleyes:

    Some are arguing that Obama waiting to say any specifics is an astute move. Of course waiting to see what the Bush Administration does works is a wise thing to do. But a President can't do that.

    How is this any different from him presenting his economic blueprint? Obama claimed that the Economy was broken from the beginning. Obama claimed that Bush policy was wrong from the beginning. Yet he still had a blueprint to supposedly turn the economy around. Now that banks are failing he won't put a plan out there. He won't put his crisis plan on the line.

    Of course the Next President's plan will have to be adjusted to the situation that the economy is in after the election. That goes without saying. But the American people have the right to know how the candidates will handle these types of issues head to head with the current President and the other candidate in real time. Not after they review what others have done.

    Obama is running for President...this is the 3 am phone call. And Obama is saying leave a message, I'll get back to you when I look at someone else's answers.:rolleyes:
     
  4. dreamer20

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    You've gotten ahead of yourself there. Neither Obama nor McCain is President and the Economic Crisis is not being handled by the President. All of the key decisons are being made by Treasury Secretary Henry M. Paulson Jr., Federal Reserve Chairman Ben S. Bernanke and Timothy F. Geithner , the president of the Federal Reserve Bank of New York . The President and Congress have asked for partisan politics to be put aside and all to cooperate during this crisis.

    Three forge economic crisis response - Washington Post - MSNBC.com
     
  5. b.c.

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    Good for Obama.

    Why reveal an economic plan only to have your opponent (as he so typically does) steal credit for and bandwagon the better parts of it while at the same time making political fodder out of that which he disagrees?
     
  6. texas41-38

    texas41-38 Member

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    McCain's plan would be just to marry another adulteress pill-head heiress and ride her money to a "Stay Out of Prison Card" for the Keating Five. And keep Barry Goldwater's chair warm for a couple of decades. Marrying well is a talent in and of itself. Even if it takes a few tries.
     
  7. SpeedoGuy

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    Yup. McShame has proven opportunisitic at exactly that kind of theft.
     
  8. lucky8

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    And what does the McCain camp want to do? Fire someone and create a committee?....riiiiiiight
     
  9. Trinity

    Trinity New Member

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    The President is over all of the people you listed there. If the U.S. Economy fails on the President's watch, it is his responsibility.

    The reason you see the President giving White House Press Conferences daily, the White House Spokesperson speaking to what the Bush Administration is doing is because this is managed by the President. Of course advisors and the top officials in each area of the financial industry will design the plan however the President is the CEO of it all.

    It isn't partisan to expect both candidates to answer how they will address this matter if they were elected President. This is a crisis. It is crucial to know how they will answer.

    As I stated, Obama appears to want to vote "present."

    Sometimes the situation does not look favorable to your performance even though it is unclear who could have done better. The person at the top is still responsible.

    US SEC expands probes of market manipulation - expanding probes and the markets are on meltdown.

    But the following probably means that the entire blame doesn't rest on his shoulders.

    SEC Chairman Urges Congress to Enhance Regulation of Municipal Securities Issuers

    The new Agency proposed by McCain would oversee the banking Industry so that this never happens to the American People again. More effective regulation and proper oversight with a dedicated force protecting our financial systems and our economy.
     
  10. lucky8

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    Bullshit. How many "Agencies" have been created that in the end stop doing their job (or never even start, for that matter)? You should google that question too
     
  11. Skull Mason

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    Barack Apollo needs to take a stand. Grab his fucking nuts and stick by them. But he never does. He sits around and lets other people figure out the plan. Looks to me like a puppet. Does anyone else get that feeling?
     
  12. lucky8

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    They both seem like pawns of their parties
     
  13. B_New End

    B_New End New Member

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    The president has not given a press conference in months. Perhaps you missed my thread, http://www.lpsg.org/103249-where-is-george-w-bush.html
     
  14. Industrialsize

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    the title of this thread is wrong, Senator Obama did offer some thoughts on what an Obama administration would fous on to help the eceonomy. Unfortunately Senator McCain only offered attacks on his rival:
    On Economy, Obama Offers Ideas, McCain Blames Rival


    washingtonpost.com
    Obama:
    With talks moving at a rapid pace in Washington, Obama met in Coral Gables, Fla., with his economic advisers and then strongly endorsed the work of Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben Bernanke. Obama said he supported giving the Treasury Department and the Federal Reserve the broad authority they need to shore up the system.


    But he also renewed his call for Congress to enact a second stimulus package, saying that the current focus on Wall Street should not obscure the pain that working Americans have been feeling all year. Obama said that an injection of money into the economy should be part of immediate steps by the Bush administration and Congress.
    "In the same bipartisan spirit that is being shown with regard to the crisis on Wall Street, I ask Senator McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families," he said after meeting with his economic advisers.



    McCain
    But while he, too, said both parties must work together to solve the crisis, he mostly spent the day going after Obama in highly personal terms, saying the senator from Illinois had been "gaming" the system rather than trying to reform it.
     
  15. curious n str8

    curious n str8 New Member

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    Actually what good is a stimulus plan when when we Americans produce very little what I mean is we buy foreign oil, goods made in China or some other third world country. As for either candidates crisis plan how do you make plans when when things are changing almost daily.
     
  16. B_New End

    B_New End New Member

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    the wisdom of H. Ross Rerot.
     
  17. Rikter8

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    Building their getaway mansions out of the country...that's where.

    Theyve been buying up foreign property hand over fist privately.
    Why should they care? They've stolen Millions of dollars, and all they have to do when it all comes crashing down, is get on a plane and dissapear.

    Both parties flip flop. Both are crooked to the core.
    The only thing I see happening, is more corruption.

    If Obama gets in... we at least have a chance at getting a decent Vice president or President if the JFK situation happens again.
     
  18. Trinity

    Trinity New Member

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    President Bush has given short press releases/speeches on the White House Lawn on the Financial Crisis over the last few days. He took no questions.
     
  19. Industrialsize

    Staff Member Moderator Gold Member

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    Is the former Hillocrat now standing up for GWB???!!!!
     
  20. Trinity

    Trinity New Member

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    How do you get I'm standing up for George Bush? First Dreamer said:

    Then I said:

    Then New End Said:

    Then I replied:

     
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