"This morning we woke up to some very serious and troubling news from Wall Street.
"The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.
"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.
"I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.
"Well now, instead of prosperity trickling down, the pain has trickled up - from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.
"This country can't afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market - rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President," said Senator Barack Obama.
September 15, 2008
Obama on the Situation in Financial Markets
A statement from Senator Barack Obama on the Situation in Financial Markets:
and he's right.
ReplyDeleteJohn K: As opposed to a Hussein Obama financial philosophy that says tax them till they screem. After all, who knows better how to handle my money than Sherry. If Hussein Obama understood anything about markets then this post would have some credibility. Instead it is the usual acorn rant. Lehman's is an investment bank. Do you left wing kooks even know what that means? No one bought the bank because they could not determine the debt from mortgages. Start listening to WMNY (formely liberal WPTT). And the mortgage debt occurred because of policies of Hussein Obama and Chucky Schumer who supported and helped put them into place. Refer to Jerry Bowyer. Geeeeze do I have to explain everything?
ReplyDeleteJohn K: Besides, Sherry, its not like you lost a cent. You had no money in this bank. Its an investment bank. You just want to whine because you are a liberal. lMAO
ReplyDeletebut... trickle down works!!! just give it more time!
ReplyDeletethe richies will start to share... soon.
we promise.
-gop faithful
Well, I got yelled (sort of) at on the Burgh Report, where a commenter pointed out that a relevant part of the Glass Steagall act was repealed under Clintion (it allowed commercial and investment banks to “consolidate”). Still, we could see problems coming, and still Republicans kept blocking votes and holding legislation in the Senate, and still the current occupant of the White House did nothing.
ReplyDeleteMeanwhile, Obama is (probably) correct about Senator McCain's economic philosophy. Until recently, one of his economic advisors was Phil Gramm, who in fact was the lead Senator (it seems) in repealing the part of the Glass Steagall act that covered this regulation. Gramm has been a big advocate of deregulation, but today we can see some of the consequences of deregulation.
If you know so much about the economics of finance, John K, then you know what we are losing. But then you are more interested in insulting people than in considering solutions.
John K: Ask you left wingers a question. When ENRON failed we knew the names of every executive. So why don't we know the names of the Fannie and Freddie people? Perhaps because like Franklin Raines, they are Democrat government people. And in the case of Lehman Brothers, we have overseerers, who made the problem worse, can we say Community Reinvestment Act. Lehman is going under because of bad mortgage debt. Mortgage debt they took because they did not want Schumer and Obama looking over their shoulder to make sure they are not redlining. Lehman is an investment bank. Geeeze I have to do what the liberal public school system failed to do.
ReplyDeleteJohn K: If Cathcatz does not believe trickle down works perhaps the next time she needs a job or a loan she should ask the guy living under the bridge collecting cans. He has lots of money to invest. LMAO LMAO LOL LOL
ReplyDeletedo you all use the same line???? ask the guy under the bridge??
ReplyDeletehell, if the economy is so great, and trickle down worked so well, why the hell do we HAVE GUYS UNDER BRIDGES????????
i have a job because i preform a service that this industry needs in order to survive. i don't have a job because some rich guy decided to pay me for no good reason.
John K: Why do we have people living under bridges? That is easy. Gives liberals like you something to do and to whine about. But if you do not think trickle down works, ask that guy for money the next time you need some. LMAO LMAO If you really think that about your job Cathcatz, then do it for free. Volunteer. Be a community organizer like Jesus. LMAO
ReplyDeleteWhy would anyone think Lehman Brothers is redlining? They are an investment bank, not a commercial bank. They did not issue mortgages, they bundled them and presented them as investments.
ReplyDeleteIt is the Republican's who have replaced the CEO's of Fannie Mae and Freddie Mac, and gave them substantial golden parachutes. Why did you guys do that?
john, you make no fucking sense whatsoever!
ReplyDeleteFirst, stop lying about Obama's tax plan, John.
ReplyDeleteObama's plan covers the 101 million American families that McCain's ignores and the vast majority of his tax cuts don't kick in until +$600,000 income bracket. And the average tax cut under Obama is 3x as large as McCain's.
Here's a question - why shouldn't I support the guy who wants to give me a tax cut DIRECTLY instead of the guy who wants to give someone else a tax cut and then, maybe, if they feel like it, they'll let it "trickle down" to the rest of us?
How much longer do you expect to fool people with that kind of "hocus pocus" economics, John?
And the financial crisis is largely do to deregulation that occurred under Clinton(some) and Bush(most). In fact, much of this is largely the fault of economic geniuses like Phil Gramm, who pushed through and sponsored most of the deregulation that has led to this mess.
The funny thing is that now John McCain is PRO regulation, whereas just a few months ago his answer was less regulation and more tax cuts.
I'm sure hearing a winger talk about more financial regulations warms your heart, eh Johnny?
And John K. talks about economics like it occurs in a vacuum.
ReplyDeleteJesus Christ...no wonder Republicans think the economy is great. That whole party is out of touch with reality.
And I talked to that guy under the bridge, John.
ReplyDeleteTurns out he's a veteran and what's to know why Republicans keep cutting Veterans' benefits. He wants to know why, after putting his life on the line for his country, Republicans won't help him cope with the trauma, the injuries and the psychological hardship he's now dealing with.
He wants to know why you support cutting taxes for the wealthiest Americans and then pay for it by cutting valuable programs that are intended to help people like him.
I've talked to the guy under the bridge. It seems maybe you should spend some time getting to know him too.
John K: Well heck Jaywillie, then why didn't you ask the guy for financial advice? Why not ask him for a loan? Or a job? Heck if trickle down doesn't work then this guy must have all the money eh? LOL LOL LOL
ReplyDeleteJohn K: And Jaywillie, stop disparaging the reputation of veterans. That was just shameful but so liberal of you and how you think of veterans. Disgusting.
ReplyDeleteJohn K: Hussein Obama reneged on his promise to tax the wealthy. He said it can wait. LOL LOL LMAO Even Hussein Obama is not as dumb as Jaywillie. LOL
ReplyDeletejohn k. you should kiss the ass of that vet under the bridge, but then again , your a far right lunatic republican and only say guys like you support our vets.
ReplyDeleteyou also know "jack shit" when it comes to ecomomics.
learn to use, "the google" like georgie has, maybe he can show mccain how to, at least do THAT on a computer while he's showing you.
FOOL!
everything in finance has a ripple effect.
i should feel a bit sorry for you but nope, can't do it. you bring your ignorance and the derision you deserve on yourself.
Trying to stay on track, how could Lehman Brothers, an investment bank, redline?
ReplyDeletejaywillie...
ReplyDeleteYou say "..the vast majority of his tax cuts don't kick in until +$600,000 income bracket."
How convenient you ignore the parts of Obama's Plan that,
a. Increases SS tax at $250,000 (thereby confirming the fact that SS is a social redistribution plan NOT a retirement supplement, especially since most of us high-income earners will never see any good return, if any at all);
b. Utilizes even more tax "credits" to those who don't even PAY taxes (now approaching 50% of all taxpayers) -- When is that a tax "cut"? You have to be kidding me.
Go ahead, raise taxes on upper middle-income earners such as me or upper-income earners such as my business partner and see what happens. Tax policy does NOT operate in a vacuum.
Yes, btw, I DID doenload and print Obama's Plan. Astounding as to it's naivete and restributionist approach - "fair"? Hell, life isn't fair. Some of went waaaaay beyond HS, earned professional certifications (e.g., CPA), started and funded businesses, hired employees, work essentially 24/7 (ever been a business owner?). Unfortunately, many want to live off the government's teat. "Waaaaah, woe is me. Where is mine?" And that group, the Democrat "victim" group, is growing. Without "victims", there is no "power".
John K: Now who asked "how could Lehman Brothers redline." You really asked that. Geeze here we go again. Lehman bought up all the mortgages and turned the paper into securities. Banks redlined and Lehman bought up the paper. With the purpose of keeping Schumer and Frank off their back. If the left had not insisted on the Community Reinvestment Act, supported by Chicago based Obama, this whole mortgage mess would not be happening. Now what bothers me is not one Democrat stepped forward and said oops. The left insisted that banks give mortgages to people unable to handle the debt and bam it hit Lehman Brothers right in the nose. So where is Obama and Schumer, blaming everyone else. LMAO LMAO LMAO But we have gotten the truth out there. LOL
ReplyDeleteJohn K: By the way Cathcatz, trickle down does not mean looking in the gutter for nickels and dimes that may have fallen out of someone's pocket. LMAO LMAO LOL LOL
ReplyDeleteJohn K., it is absolutely silly to say the left is insisting on anything right now.
ReplyDeleteBut that is what you do, spin fantasies.
Right, KGC - the perpetual upper-income whiner.
ReplyDeleteJesus Christ...you have the nerve to attack people for feeding off the government trough when corporate welfare outpaces public welfare by a good margin, the Fed has bailed AIG, Fannie and Freddie...
Puh-lease. Apparently, socialism is all fine and well when the financial sector needs help. When the financial sector is in trouble, they can't yell loud enough for the government to come bail them out.
And unfortunately for you, KGC, we have 30 some years of conservative fiscal policy that has resulted in lower paying jobs, devaluation of the dolloar and fewer and fewer good paying jobs being paid every year. Economic disparity is at its highest level since the Great Depression.
Apparently, it's all well and good for you to redistribute the vast amount of wealth that the country produces into smaller and smaller segments of the population. Income redistribution and class warfare is all well and good so long as it comes from upper middle income owners.
It's fantastic that you're a business owner, but guess what? Doesn't take a genius to have a business, doesn't make a good person and it certainly doesn't make you better than anyone else. But good for you, none the less.
Just listen to yourself, KGC - to ACTUALLY cut takes for middle income earners is naive. But you expect people to believe that if we give upper income earners a tax cut that's some how a tax cut for the rest of us because it will trickle down - and yet it never does.
Everything you cite as what Obama's tax plan would lead to is what we already have now after years of conservative tax policy.
But you're right - life isn't fair. So, I guess you better suck it up and say goodbye to those Bush tax cuts that no doubt helped you but haven't done anything for the economy in the long term.
It sucks that you'll have to pay higher taxes, KGC. But I suppose the millions of middle class families that need a tax break just need it more than you.
KGC -
ReplyDeleteWhat you also make very clear KGC is that conservatives don't actually support policies that have the middle class' interest in mind.