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Bailout not enough, Obama and McCain say

Posted by Foon Rhee, deputy national political editor October 6, 2008 04:55 PM

Both major-party presidential candidates declared today that the global stock sell-off -- that pushed the Dow Jones industrial average below 10,000 for the first time in four years -- shows that the $700 billion bailout passed last week isn't enough to rescue the economy.

Democrat Barack Obama said another stimulus package is needed, along with more unemployment benefits.

"Not only are we seeing the stock market go down but there is still great danger of the credit markets not responding and the contagion is spreading to all parts of the globe. Europe is having some of the same problems," he told reporters in Asheville, N.C.

"It is a reminder that the rescue package that was passed last week is not the end of our efforts to deal with the economy, it’s just the beginning. I think it is very important for Secretary Paulson and Federal Reserve Chairman Bernanke to move swiftly and try to restore confidence as quickly as possible, and effectuate the plans based on the authority that has been given to them by Congress. I think it is still critical for us to move forward on an economic stimulus package that can provide people with some relief from high gas prices, food prices, help state and local governments maintain their payrolls. I think we have to extend unemployment insurance after the statistics showing that 159,000 additional jobs were lost just last month. We’re going to have to then, move on an aggressive plan to deal with some of the underlying structural problems in the economy including the housing market."

Republican John McCain said sweeping reform in the way Washington works is needed.

"The action Congress took last week to address our financial crisis was a tourniquet, but not a permanent solution," he told voters in Albuquerque, N.M. "Today we are seeing the stock market fall, and the credit crisis spread to other parts of the world. Our economy is still hurting -- working families are worried about the price of groceries, the price of gas, keeping their jobs and paying their mortgage -- further action is needed. We need to restore confidence in our economy and in our government."

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No Sh*%. Tell us something we dont know....out of all the poeple in the United States we have to relect one of these fools....

Posted by pacman October 6, 08 05:14 PM
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Better these fools than the ones we elected into office. Do you think we'd even need a stimulus package if it wasn't for the eight years that Bush was in office?

Posted by Jon October 6, 08 05:48 PM
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My question to both would be "Mind telling why you voted for it then?"

Posted by Hoax October 6, 08 05:49 PM
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And they're going to want more money....American's are being taken on a preverbial ride...It's B.S. we are doomed in a fascist state thanks to our elected politician's... Traitors the house needs to be cleaned out. Jefferson said it right when said the people should rise every 20yrs. Our complacency has caused when are we going to say enough is enough....REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION REVOLUTION

Posted by Chez Bazaldo October 6, 08 05:50 PM
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Yesterday McCain wants to turn the page on the economy and not today he says the economy is hurting, sound familliar like 2 weeeks ago saying the economy is sound running back to Washington, talk about being erratic, he is completely out of touch with this entire economy issue. Please Americans your vote for Obama's plans is the right vote for our Country.

Posted by Joanne, Kenosha WI October 6, 08 05:53 PM
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"Relect," pacman? If "re-elect" what you intended, who, exactly, do you think is running for re-election? Gimme more!

Posted by Matt October 6, 08 05:55 PM
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What makes any silly fool believe that the same ones who pushed us in are now going to pull us out? This is going to be one of the biggest thefts in American History. There ain't no free lunch.

Posted by thomas fullman October 6, 08 06:10 PM
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You want to restore people's faith in this country? Take all these executives at these financial firms who have stolen from the nation, seize all their assets, and lock them up. Show people that the government is mad as hell and not going to take it anymore. If theses guys get to keep those millions, it's just business as usual, and we get nothing for our $700 billion except more debt.

Posted by alan October 6, 08 06:15 PM
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the bill started out only a couple of pages very vague but to the point what, and where the money was going... the second bill was over 400 pages and was full of pork including bailout of union pensions and foreign companies and many more...read the fine print

Posted by doug October 6, 08 06:21 PM
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Does anyone think a stimulus packages is a fix? Just another bandaide! We have not seen a growing economy in more than 8 years. Does anyone think this is a long term affect of sending our manufacturing and agriculture jobs overseas? We need to make "Made In America" mean something other than expensive. I don't hear either candidate addressing this issue - just quick fixes that are popular and will generate votes.

Posted by chuckh824 October 6, 08 06:22 PM
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The gutless Senate passed a No CEO Left Behind bailout and then congratulated itself and got out of town, with almost a million new folks running out of unemployment and no jobs to be had. I hope the voters remember weasels like McConnell of Kentucky killing the stimulus bill. He could soon be unemployed.

Posted by John DelCroix October 7, 08 08:49 AM
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First we spend $850 billion we don't have, then Obama wants to spend even MORE money we don't have. How is this guy getting votes? This is all a problem started back in 1993 thanks to Clinton and his buddies, including Obama's financial advisor Franklin Raines, and current Senators Chris Dodd and Barney Frank. We are all being held hostage by liberal legislation and agenda. Might as well spend your last few bucks on lube to make it easier when this bailout fails.

Posted by James Litvak October 7, 08 10:03 AM
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Why doesn't someone propose something like the economic plan on the site below? We need to do more than waste money on bailouts that don’t work and attempts at a quick fix.

www.feedingwealth.com/Home/Default.aspx?tabid=72&forumid=5&postid=10&scope=posts

Posted by Ludwig October 8, 08 02:00 AM
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THE SHARE THE WEALTH MENTALITY SAYS TO TAX THE CORPS. AND THEN BAIL THEM OUT WHEN THE ECONOMY TURNS SOUTH. MAKE ANY SENSE? WHEN ALL THE DUST SETTLES FROM THIS BAILOUT THERE WILL ONLY BE TWO CLASSES, THEM (GOV'T.) AND US (THE SHEEP). THE LONGER THE FEDS TELL "THE PEOPLE TO EAT CAKE". THE PEOPLES ANSWERE MAY COME QUICKER THEN CAN BE DEALT WITH. THE PEOPLE MAY ANSWERE THE SAME WAY, AS DID THE PEOPLE OF THE FRENCH REVOLUTION WITH "OFF WITH THEIR HEADS". FIRST OUR SAVINGS THEN OUR FREEDOM.

Posted by TIM WOODRING October 16, 08 12:46 AM
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I'd like to talk about "drill baby drill", a slogan of the McCain Campaign.
I work for the power industry and have recently helped to expand the Meeker Substation in northwestern Colorado to provide power to electric heaters so that oil companies there can remove the oil from the shale with new technology. Oil Shale Exploration Corp. said they are already producing 4,000 barrels a day from the experimental plots lease to them by the government. And with the current price of oil this is most certainly... worth the effort.

It is reported that there is more oil in the Colorado-Utah-Wyoming area alone, then all of Saudi-Arabia. So that 3% tid bit from Obama at the debate was absolute malarkey.

There is also oil off the coast of Virginia, off the coast of Florida, in Alaska, and an estimated 10.3 billion barrels of oil off the coast of California, which is hurting badly for revenue at the moment.
So what is "drill baby drill" going to do for the American people?

*REMOVE US FROM OUR DEPENDANCE IN THE MIDDLE EAST* Is there a better benefit then this?

*CREATE MILLIONS OF JOBS* literally... millions. We will need people to provide power to the rigs, drill,transport the oil and people to refine the oil; literally millions of jobs.

*CREATE THOUSANDS OF NEW TAX PAYERS WHO ARE AT THE MOMENT DRAWING UNEMPLOYMENT*

*PAY OFF MILLIONS OF HOME LOANS* this is soooo important, I'm going to say it one more time. *PAY OFF MILLIONS OF HOME LOANS*
and
*LOWER THE PRICE OF FUEL*

If you think this is a bad idea then vote for Obama, he has repeatedly voted against off shore drilling.

People… please… adjusting taxes will not fix our economy, but instead, raising taxes on those that provide jobs is only going to make matters worse for us. We need jobs right now. We need John McCain.

Posted by jason.herod October 17, 08 02:35 PM
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