McCain, Obama call for more oversight of bailout
Both major presidential candidates are talking again today about the Wall Street crisis, putting out their own proposals and calling for more oversight of the $700 billion bailout plan.
Republican John McCain told voters in Scranton, Pa., that the priorities for any rescue plan should be "keeping people in their homes" and "safeguarding life savings" of Americans.
McCain also called for more oversight of the proposed bailout, which the Bush administration says would cost $700 billion, but which outside analysts say could cost $1 trillion.
The Arizona senator said he talked over the weekend to Treasury Secretary Henry Paulson and respects him, but does not want to give Paulson so much power.
"This arrangement makes me deeply uncomfortable," McCain said. "When we're talking about $1 billion in taxpayers money, trust me isn't good enough."
He called for a bipartisan oversight board and suggested that former Massachusetts Governor Mitt Romney, investor Warren Buffet, and New York mayor Michael Bloomberg would be good candidates.
UPDATE: Romney said it was "speculative" to say whether he would serve on a board that hasn't been created yet.
"It's an honor to be mentioned," he said on CNN this afternoon, but the idea is more important.
But Barack Obama's economic adviser, Austan Goolsbee, said Romney was a non-starter for such an oversight board. "His record of job growth... was not super-stellar," Goolsbee said on CNN.
McCain criticized Obama for declining so far to put forth a plan of his own. "We don't have time to wait for Senator Obama's input to act," McCain said.
He didn't have to wait long.
In Green Bay, Wisc., this afternoon Obama delivered a "major policy address to lay out his plan to reform the greed and excesses of Washington so that we never face an economic crisis like this again," his campaign said.
"He'll reform our politics by taking power away from the lobbyists who kill good ideas and good plans with secret meetings and campaign checks. He'll reform our government by taking on the spending habits of both parties and going after the tax havens and loopholes that big corporations use to avoid paying their fare share while you pay more. And he will reform our out-dated, unfair regulatory system that favors Wall Street over Main Street but has ended up hurting both."
Obama has also called for more oversight to make sure taxpayers are protected, and has also called for more help for struggling homeowners.
Obama, in his speech in Green Bay, sought to wrap himself in the legacy of famous Wisconsin progressive "Fighting Bob" La Follette.
"If we want a government that puts the needs of middle-class families before the whims of lobbyists and politicians, if we want to grow this economy and prevent a crisis like this from ever happening again, then the ways of Washington must change," Obama said, according to prepared remarks. "We must reform our lobbyist-driven politics. We must reform the waste and abuse in our government. We must reform the rules of the road that let Wall Street run wild and stuck Main Street with the bill. We must change Washington now."
He also kept up his offensive against McCain over McCain's support for deregulation. "Even knowing what we know now, Senator McCain said in an interview just last night that de-regulation actually helped grow our economy. Well that might be true for the profits of a few CEOs, but it’s certainly not true for America’s prosperity," Obama said.
Why do we always have to wade through something McCain says or does before we read about Obama's views or actions on the same subject? It appears as if McCain sets the tone and Obama reacts. Why not try it the other way around?
ANOTHER BANKING BAILOUT!!!
Remember Keating 5?
How much is John McCain going to cost us in tax dollars?
The U.S. Savings and Loan crisis of the 1980s and 1990s was the failure of 747 savings and loan associations (S&Ls) in the United States.
The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. taxpayer.
What have conservatives conserved? Taxes for our children for decades to come?
Conservatively helped 4100 Americans die in a 2 trillion dollar war in a land that had nothing to do with who killed 3000 Americans on US soil?
Republicans like to Privatize Wealth and Socialize Debt.
The buck doesn’t stop anywhere with Republicans cause they like to just print some more bucks. Republicans are conservative with only three things: Intelligence, thoughtfulness and accountability.
On Nov. 4th, McCain/Palin, "Thanks, But No Thanks". The Democrats get my vote, I decided this years ago.
"Why do we always have to wade through something McCain says or does before we read about Obama's views or actions on the same subject?"
Let's see, it's because McCain has a habit of acting first and thinking afterward -- not a trait we should want in a President. This is why he spent last week saying something new and different every day, starting with "the fundamentals are sound" to wanting to fire the head of the SEC, etc. Meanwhile, Obama recognizes that in a crisis wildly flailing around like McCain has been doing is not going to reassure the markets -- acting calmly after giving the subject some thought is.
George Bush is the current president, and the proposed bail-out is under his watch.
I am astonished that the U.S. Taxpayers are asked to give a $700 Billion welfare program to rich and greedy corporations while homeowners are being kicked out of their houses. The proposed bail-out costs almost $2,500 for every person in America. There are no gurantees that the plan will work. If the wayward corporations don't change their patterns of behavior nothing will change and we will see this problem again. Robert Lewis
You actually TRUST Obama with any type of oversight? He's buddies with those who pillaged Fannie Mae (e.g. Franklin Raines, Jim Johnson) and Barney Frank is the one who shot down EVERY SINGLE attempt at reform during 2005.
Franklin Raines raked in millions in bonuses while overstating Fannie Mae's EPS by BILLIONS of dollars. He was sued by the SEC and had to resign, pay a fine and give up his retirement stock options. He's now advising Obama on housing policy.
Jim Johnson got sweetheart loans from Countrywide Financial while he was Fannie's CEO. Jim Johnson had to step down as Obama's VP selection head. He still advised Obama on economic policy.
More like the foxes watching the chicken coop with this set of crooks.
I think that anybody that is trying to blame this on Obama or McCain is an idiot and does not appreciate the depth of this screw up. To me this is a breakdown of the entire governments ability to act responsibly. The government is too big and has too many incompetent entrenched politicians and beuracrats. I see no end to this madness, but certainly giving the government a blank check to fix it can not be right. Let these banks fail, let peoples investments take a hit, and maybe finally people will start voting these bums out. The american people have survived worse and I am completely against giving the goverment more money or power than they already have.
Yet again McCain waits to see what Obama is doing and then he tries to say the same thing. McCain has nothing new to offer - it is either more Bush policy or a paraphrase of Obama's policy. He is bankrupt of original ideas. And as for Palin, she is only allowed scripted speech. Since she takes her orders directly from God, she doesn't need to think.
John McCain co-sponsored a bill in 1996- which targeted the shananigans that were going on at Freddie-Mac and Fannie Mae.
It was killed by the Democrats- Chis Dodd and Barney Frank- because FM/FM were PAYING OFF the Democrats -
Biggest recipients? Chris Dodd, Barry Barack Obama, John Kerry.
Surprise, surprise.
McCain's idea about having a bi-partisan group overseeing the bailout is typical of his record for "reaching across the aisle," - as Warren Buffet is backing Obama (but knows finance), New York's Mayor Michael Bloomberg, Mitt Romney - also financial wizards.
Makes more sense than giving Poulson all the marbles.
And makes LOTS more sense than -as Obama the Socialist noted- letting Obama's foxes watching the chicken coop.
Obama is in bed with this crisis. Obama is an epic failure and a puppet of the far left. Do not trust your country to this crook.
McCain is a lier and a cheat, he got away with the Keating 5! His track record of deregulations is disgusting! He & his republican thieves are the direct cause of all the financial trouble this country faces. Fannie and Freddie may have fallen, but with out the McCain deregulations of the financial markets it would not have spread to EVERY business in the WORLD! If the financial safe guards were in place when Clinton and later Bush with the Ownership Society (yea, yall forgot Bush mandated that Fannie and Freddie had to take on more loans by BUSH), if those safe guards were in place we would have had no subprime loans, the financial markets would not have bought bonds full of bad loans and the insurance companies would not have insured those losses!
John "The fundementals of our Economy are strong, oh wait I mean the people who work are strong, no I mean the productivity, no wait I mean this now, flippidy floppidy, flip flop" McCain, Saint Sarah "I supported Alaskan Independence, yes I did see the Utube Video" Palin, Phil "The American people are whiners" Grahm will wreck even more economic chaos on this country if elected. Don't be a fool and think for a change!
No how, No way, No McCain
So he suggests Buffet or Romney. Sounds good Buffet anyway.
I doubt WB would want to do it because this is a very deep hole:
Maybe McCain should ask Sarah Palin if it goes all the way to hell.
I know she is an expert on those kind of things- Religious myths from ancient, books or she could go, ask her pastor, no doubt a Solomon of the tundra.
Importunely my friends, McCain is not a very bright fellow- look at his academic record for instance. I really doubt he has the kind of mind that would permit him to
Delve into what is in essence a very arcane (but certainly no McCain, who is a bit inane) mathematical realm. iel
I guess he’s good at bravery though so, perhaps, he might help out there; this country is going to need a lot of courage to deal with this wilderness the republicans and their thoughtless polices have tossed us into.
It reminds me of the firs line of Dante’s Inferno:"nella de media de vita, vengo una sylva oscurro” bad Italian spelling on my part, ominously it means that "in the middle of life I came upon a dark forest." As I am afraid we have as a nation.
Sirota
Why would America REWARD complete Republican failure ?
We wont.
I agree with Donald Trump: an Obama Presidency will through us into a second Great Depression.
Also, google Obama and ACORN for a preview of the election results.
Hey #5 "Obama the Socialist":
Q: What do you call it when a government (US) nationalizes the world's largest insurance company (AIG)?
A: It ain't free market capitalism.....
Obama has to wait until the Bush administration acts...so he can position himself to be against it...after all...his attacks is all he has.
Here's a question... with the way democrats demand an investigation for this and that...so as to try and make the republicans look bad...notice they are not asking for an investigation into the wall street melt down? That speaks volumes... about who is really at fault. They know if there was a bipartisan report like that which resulted from the 9/11 commision...it wouldn't speak to favorably of the democrats.
LET'S HAVE SOME STRAIGHT TALK. THIS WHOLE PROBLEM STARTED WHEN THE GOVERNMENT MADE (FORCED) THE BANKS TO LOAN MONEY TO PEOPLE , EVEN THOUGH THEY COULDN'T AFFORD TO OWN A HOME. THERE IS NO SHAME IN RENTING. I'VE RENTED FOR 40 YEARS. IT'S JUST BIG LIBERAL GOV TELLING YOU WHAT YOU SHOULD OR SHOULDN'T FEEL.
AND YEAH, I USE ONLY CAPS, AND YEAH I'M VOTING FOR MCCAIN.
Fooled me once ,Shame on you
Fooled me twice ,Shame on me
2008 WHAT will it Be?
first we kill for pioil profits fro the few
now specualtors who bankrputed us further get welfare bailout
while many disableld and retuning vets are still left in the road.
find a shelter in deep gop THE OC THAT TAKES IN DISABLED
FIND A CHURCH THAT HELPS PAY 1.5 MNTHS RENT MOVE IN COSTS AND MORE FOR PHYICALLY DISABELD .
SOMEONES GONNA GET RICHER and the weak GOTTA DIE
THE FAR RIGHT WANTS THE WHOLE PIE.
the kill off adults not eggs
is kind of scrambled .
they are preaching this is the clear road to the end in those funda churches and we MUST follow.
FRIGHTENING!
Obama talked about the need for oversight yesterday in Charlotte. Where was the press?
Hey, anyone read the scandal in NY Times today? MCCAIN'S CAMPAIGN MANAGER EARNED $2,000,000 FROM FANNIE MAE & FREDDIE MAC AS A LOBBYIST, HIRED TO HELP THEM BEAT BACK ANY REGULATION OR OVERSIGHT, AND TO COZY UP WITH JOHN MCAIN, YEP, JOHN MCCAIN, THE "BIG DEREGULATOR" ! !
Apparently, former execs of Fannie & Freddie, incensed by McCain’s false attack ad re Obama’s association with Franklin Raines, came forward to reveal that Rick Davis, McCain’s campaign manager, earned $2,000,000 as their lobbyist “to defend them against stricter regulations” and because of “his closeness to John McCain and because McCain would be running for the presidency."
All this time that smiling McCain , the constantly lying hypocrit, has been calling out Obama for being in bed with Fannie & Freddie, it's really the McCain camp that was!! Forget Obama's measly campaign contribution from F&F, McCain's campaign manager-lobbyist collected a cool $2,000,000 for putting American voters and the economy at risk - - and McCain both approved what he was doing and showed up like a good boy. The Times has a grinning photo of McCain from 2004, standing beside the F&F lobbyists.
All this hypocritical political posturing from McCain about "oversight" and "regulation" needed and Wall Street greed - - HE ENABLED IT, and is now distancing himself from his prior policies just to get elected.
McCain cannot be trusted and a dishonest man should not become the leader of the USA - the country cannot survive another 4 years of ego-based Republican rule.
My wife and I we were tempted with the idea of buying a house too but luckily I got a job with a real estate agent where I quickly learned there's something not right with the real estate market.the prizes are skyrocketed to the sky while incomes stay the same.
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