Earlier this week, I suggested that, if he really is in possession of superior knowledge and a foolproof plan to pull America's financial system out of its current deepening hole, Barack Obama should put his money where his mouth is, show up in the U.S. Senate (where he's currently being paid to be), and propose that plan in the form of legislation.
Unsurprisingly, he didn't do that.
In fact, Obama didn't even keep his promise to lay out specifics of his financial plan at a Friday campaign stop, instead saying that this was "not the time to present specific details for how to fix the immediate problem" [Ed.- Excuse me? If this isn't "time to present specific details" then when exactly will it be?]
Obama's refusal to even address the issue with any amount of specificity caused the freshman Senator to be the butt of late night talk show jokes, according to the LA Times:
Obama's inaction prompted Jay Leno in his opening monologue tonight on "The Tonight Show" to point out an essential presidential campaign unfairness, that Obama has criticized McCain's economic plan but the Republican can't respond because "nobody knows" what Obama's is yet.
Not content to simply not allow the public to hear the "specifics" of his own "plan," Obama is also refusing to weigh in on the proposal made by Treasury to the Congress this weekend that would allow the government to use $700 billion to purchase bad accounts, instead choosing to, as the LA Times put it, "vote 'present' on [the] new economic rescue plan for now."
The Times' comment is, of course, a reference to Obama's habit of voting "present" (rather than "yes" or "no") on every difficult or controversial bill that came up during his 7-year tenure in the Illinois State Senate. (Well, all except one - the Born Alive Infant Protection Act, which Obama voted against and about which he was the only state Senator to take to the floor and speak negatively.)
Interestingly enough, John McCain, the Republican presidential nominee, was able to present his own plan for reforming the system to avoid a repeat of our current mortgage and credit crisis.
Further, McCain was willing to weigh in on the Treasury bailout proposal, saying in a Saturday afternoon release:
This financial crisis requires leadership and action in order to restore a sound foundation to financial markets, get our economy on its feet and eliminate this burden on hardworking middle-class Americans.I've spoken with Secretary Paulson and look forward to reviewing the full administration proposal, as well as any modifications that might emerge in congressional negotiations. As part of that process, I encourage all parties to consider both the principles and the proposals that I laid out on Friday in my Mortgage and Financial Institutions (MFI) trust plan — an approach that would proactively resolve troubled financial institutions, enforce discipline on management and shareholders, and minimize the burden on the taxpayer.
McCain's reaction to the bailout legislation could be right, or it could be wrong. The same goes for his own proposal for dealing with the mortgage crisis.
At least he had the cojones to take that chance, though, and actually stake out a position on the issue -- something a freshman Senator whose minor league preparation for the Big Job he's currently fighting for involved voting "present" or attempting to change his vote ex post facto, clearly wouldn't know anything about.
Christopher Cox did an outstanding job of representing Orange County, CA for 17 years in Congress and was part of the Republican leadership in the House of Representatives. He was unanimously confirmed by the U.S. Senate as Chairman of the Securities and Exchange Commission and was sworn in on August 3, 2005/
During his tenure at the SEC, Chairman Cox made vigorous enforcement of the securities laws the agency's top priority, bringing ground breaking cases against a variety of market abuses including hedge fund insider trading, stock options backdating, fraud aimed at senior citizens, municipal securities fraud, and securities scams on the Internet. He has assumed leadership of the international effort to more closely integrate U.S. and overseas regulation in an era of global capital markets and international securities exchanges. He has also championed transforming the SEC's system of mandated disclosure from a static, form-based approach to one that taps the power of interactive data to give investors qualitatively better information about companies, mutual funds, and investments of all kinds. In addition, as part of an overall focus on the needs of individual investors, Chairman Cox reinvigorated the agency's initiative to provide important investor information in plain English.
To blame Christopher Cox for the stock market adjustments and the problems with the U.S. economy is harsh and unrealistic. To say that he should be fired from his position as Chairman and attempt to make him a scapegoat is unjustified.
There are economic problems that must be addressed by the U.S. Congress and President. It would be better to try to fix the problem and not to try to fix the blame.
Of course he should be fired! He's a Republican! Don't ya know? McCain can't say anything negative about Carter or Clinton or Johnson or Baines. They are Democrats! So he goes out and finds the only Republican anywhere near this crisis and without explaining what said Republican actually did wrong, blames him.
He acually even accused this administration of doing nothing. I guess he forgot that in 2003 Bush sent a law to congress to try to oversee and rein in Fannie Mae. The Dems, of course, shot it down...too much burden on the poor to actually be able to afford a mortgage before they get one.
Obviously it comes as no surprise that Obama has not proposed any type of plan to deal with current financial issues. His whole campaign has been built around "Change" but he has never specified the nature of that change.
Similarly, in stark contrast to McCain, who responded with a concrete plan of action, Obama simply didn't respond, undoubtedly because he has no plan. While McCain is obviously concerned with solving real problems, Obama is simply worried about saying anything that could potentially cost him a few votes.
ObamA, if elected president, plans to surround himself with "the smartest people he can find" to help him come up with plans and then make decisions. He has already said this and his running mate Joe Biden (30 years experience) said that Obama wasn't ready durning the presidential debates. But we aren't voting for these unknown people--whoever they might be. Obama learned his political principles in the Illinois state Senate--vote present, don't commit, don't represent. His success is based on these principles-- I heard a lady commentator on Larry King (9/19) make a comment that this was standard way of doing things in the Illinois state sentate. Well, I think Abe Lincoln missed out on those principles. I think Abe Lincoln greatness was based on character and I see that same character in John McCain.
I put John McCain on the same level as Abe Lincoln and think he will be one of our greatest president just like good old Abe. Obama speaks with his brain, even the people who support him think he is so smart. But he really isn't, they are fooled by him and they just want someone with rock star status. John McCain has character and speaks from the heart. I take a person who speaks from the heart before I take one that speaks from his brain, because I don't think he can be trusted. I think this rock star status has gone to Obama's head and he believe it himself--time for a wakeup call.
No matter how Congress ultimately deals with the current fiscal crisis, it's going to be extremely expensive. According to an article appearing on AP the budget deficit is expected to balloon to 482Billion next year:
http://news.yahoo.com/s/ap/budget_deficit
By my math that means that the short-fall is worth approx. 3.5% of GDP (not government revenues but the entire economy,) which was estimated at 13.8trillion:
http://en.wikipedia.org/wiki/Economy_of_the_United_States
The next president whom ever he is, must bring fiscal responsibility to Washington. That means no big government programs, and very limited or no tax cuts:
http://en.wikipedia.org/wiki/U.S._budget_deficit
Tax cuts will be a complete disaster as they will not only add to the national debt burden but increase inflation:
http://en.wikipedia.org/wiki/Tax_cuts
I do not trust my future to unqualified people, so I’m not partial towards the body of either political party. “Especially Obama!!!” Not taking away from his eloquence of speech, when has he in his short and rapidly advanced career ever made a definitive decision? Politicians tell the American public what they want people to believe, not what is morally right and good for the people they were elected to represent. In my honest opinion, they have become corrupted and are deceiving the masses because of their greed for money, influence and self-indulgence. But in the unsure times that we are living in, I would rather vote into office someone who does have the experience to lead a nation, that person being John McCain.
These people must be held accountable by the people for what has been done that shaped how the American culture now lives, and being either politically or culturally correct is just not in me! Neither governing party wants to do what is necessary to correct what has undeniably shaped the culture we have now become! So they just create and endorse more policies that do nothing but encourage behavior that produces more of the same evils. And what have these public servants done to try and cover up the idiocy of their agenda? They have deceived generations with a deliberate education of liberal secularism being hammered into the minds of people. All you have to do is be observant and you will see the evidence! People in the day and time we live have no concept of who they really are and the result of this secularist world-view in political leaders and the parents who have become their, “Prodigy” is a youth that has no self-respect or moral consideration of another person.
Our elected government’s relentless attempt to remove all consciousness of God from the public sector is why the majority of people now exist at a standard of living that has become what is thought to be normal. This is why children today grow up to be just like their parents; "Dazed and Confused!" And now that these young people have been trained up and recruited to embrace a secularist world-view and the special interest agendas that have been designed to stupefy, the American people are living a lifestyle that is not God’s will.
Ask yourself: “Why does this accepted behavior permeate our societies today?” I can tell you from my own personal experience that once you’ve made the decision to take your head out of the sand and look around, the answers are right in front of your face! Our government’s tactics to divide its people has led to a nation that is no longer unified and it seems as though everyone has forgotten about what it means to be free. Everything you hold dear is being taken from you with each new policy and law that is passed and we are not far away from the slaughter of the “American Dream.” The deliberate and manipulative influence of liberal secularism that has been taught in schools and Universities has robbed people of their destinies. Children who grow up having no consciousness of God have no guideline for morality and these are the people who are now leading our nation! And in the day and time that we live, this must change! Any person who is not willing to submit their lifestyle to the moral guideline of the Ten Commandments that are written in the Bible should never be allowed to hold public office or make decisions that would influence the education of a child. You do not have the qualifications to even think that you can lead another person and especially a nation, if you won’t even allow yourself to be led!
From the book titled: "Living in the Hope of My Imagination"
William Simpson
Question? When was the last time Barack Hussein Obama was even in the Senate? I guess he can't even vote present right now. I realize Senator McCain hasn't been their either, but the difference is Senator McCain has a record, and what does Obama have besides Chicago Gangster Politics. I am so tired of Obama's BS. I am a Army Military/Veteran who is fed up with Obama and his "CHANGE" POLITICS. Obama is a disgrace. I heard Friday he has already pledged Billions of dollars to a UN program for needy people in other countries. I think we need to focus on the United States of America before we pledge anything to any other country, that is just stupid logic, but leave it to Obama. I wish I could remember exactly what came over the news (Fox). I am a disabled Veteran and I can't even get my Military Benefits, because my Medical records are lost. I am also a single mother, who lost my job because of my disability, and then lost my house. I am just so fed up with Obama and the way he disrespects the Military/Veterans and that includes John McCain. I get Obama doesn't have a clue about the Military, he doesn't even know the difference between a Battalion and a Brigade. The American people also need to be scared. I realize we are dealing with financial issues right now, but the terrorism is real, if Obama gets elected he has already said he will do the same thing to the Military that Clinton did, I know because it effected me. Obama will deactivate Units and Installations and cut the budget to nothing, and then blame the Republicans. We wouldn't be short troops if it wasn't for Clinton. Obama needs to grow up. I may not have any money, but I am more Patriotic then Obama will ever be. I am an AMERICAN ARMY SERGEANT. Do not tell me the only way to be patriotic is to pay more taxes. Quit stealing money from the American people. I would and have almost died for this country and would do it today if asked to go back to the war zone. Do not disrespect myself and my comrades including Military/Veteran Senator John McCain. How Dare You, and quit acting like your better then the American People. I'm sorry you call us Ordinary, I am not Ordinary. Get Over Yourself Barack Hussein Obama!
Obama is blaming for banking/financial collpase on Bush MaCain, but going through todays's Washington Post it is claer that the root cause of the problem is due to banking law changed in 1999 under the Clinton's Obama is blaming for banking/financial collapse on Bush McCain, but going through todays's Washington Post it is clear that the root cause of the problem is due to banking law changed in 1999 under the Clinton's presidency.....according to post "Investment and commercial banking was separated by law in 1933, when congress passed the Glass-steagall act in response to banking crises that ushered in the great depression." further
according to post "In recent decades US banks facing the competition from foreign counterparts that has no restriction from owning brokerages found loopholes in the law to open or acquire new business. In 1999 congress conceded to new reality, repealing the 1933 law" Need to tell everyone including Mr. Obama to go through the facts and then say anything. I do not understand why McCain team is not asking Democrats to tell us which law is changed during Bush Administration which causes the crises. I do not know why GOP is avoiding to hit back.
You are right to point out the fact that Clinton Administration bears some of the responsibility for the current financial crisis. Frequent readers might recall my posting from Fri, 09/19/2008 - 1:27am. in which you could have read about the "Gramm-Leach-Bliley Financial Services Modernization Act." (FSMA) of 1999, prior to today's Washington Post article:
http://www.jeffemanuel.net/wall-street-rumors-stanley-wachovia-goldman-c...
Why "the GOP is avoiding to hit back?" Well, it probably has something to do with the fact that FSMA was passed along party lines with most Republicans voting in the affirmative, and most Democrats in opposition. Or it may have something to do with the fact that the architect of Senator McCain's economic plan, Phil Gramm, was also the architect of FSMA. Or it might be because Senator McCain was among those who voted for FSMA, making him equally culpable for it's outcome.
http://banking.senate.gov/conf/ (additional historical comments)
http://banking.senate.gov/docs/reports/s900sum.htm (summary of bill)
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act (encyclopedia article)
http://banking.senate.gov/prel99/1104grm.htm
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