Obama's Press Conference: "This plan cannot be a welfare program for Wall St. executives"
Unlike John McCain, who hasn't held a press conference in 41 days, Barack Obama faced the press today to respond to Paulson and Bernanke's testimony on the proposed $700 billion Wall St. bailout. The Democratic candidate laid out clearly his short-term and long-term goals, and even took questions from the press afterwards. That's what we call real leadership, McCain.
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"This plan cannot be a welfare program for Wall St. executives. The power to spend $700 billion dollars of taxpayer money cannot be left to the discretion of one man no matter who he is or what party he is from. I have great respect for Secretary Paulson, but he cannot act alone."
Full transcript below the fold:
Yesterday, the President said that Congress should pass his proposal to ease the crisis on Wall Street without significant changes or improvements.
Now, there are many to blame for causing the current crisis, starting with the speculators who gamed the system and the regulators who looked the other way. But all of us now have a stake in solving it and saving our financial institutions from collapse. Because if we don't, the jobs and life savings of millions will be put at risk.
Given that fact, the President's stubborn inflexibility is both unacceptable and disturbingly familiar. This is not the time for my-way-or-the-highway intransigence from anyone involved. It's not the time for fear or panic. It's the time for resolve, responsibility, and reasonableness.
And it is wholly unreasonable to expect that American taxpayers would or should hand this Administration or any Administration a $700 billion blank check with absolutely no oversight or conditions when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess.
Now that the American people are being called upon to finance this solution, the American people have the right to certain protections and assurances from Washington.
First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives.
Second, the power to spend $700 billion of taxpayer money cannot be left to the discretion of one man, no matter who he is or which party he is from. I have great respect for Secretary Paulson, but he cannot act alone. We should set up an independent board that includes some of the most respected figures in our country, chosen by Democrats and Republicans, to provide oversight and accountability at every step of the way. I am heartened that Secretary Paulson appeared to be softening on this position in his testimony this morning.
Third, if taxpayers are being asked to underwrite hundreds of billions of dollars to solve this crisis, they must be treated like investors. The American people should share in the upside as Wall Street recovers. There are different ways to accomplish this, including putting equity into these firms instead of buying their troubled assets.
But regardless of how we structure the plan, if the government makes any kind of profit on this deal, we must give every penny back to the taxpayers who put up the money in the first place. And after the economy recovers, we should institute a Financial Stability Fee on the entire financial services industry to repay any losses to the American people and make sure we are never asked to foot the bill for Wall Street's mistakes again. We can ask taxpayers to make an investment in the stability of our economy, but we cannot ask them to hand their money over to Wall Street without some expectation of return.
Fourth, the final plan must provide help to families who are struggling to stay in their homes. We cannot simply bailout Wall Street without helping the millions of innocent homeowners who are facing foreclosure.
There are a number of ways we can accomplish this. For example, we should consider giving the government the authority to purchase mortgages directly instead of simply mortgage-backed securities. In the past, such an approach has allowed taxpayers to profit as the housing market recovered. This is not simply a question of looking after homeowners, it's doubtful that the economy as a whole can recover without the restoration of our housing sector, including a rebound in the home values that have suffered dramatically in recent months.
Finally, the American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do about the emergency on Wall Street. I have repeatedly called on President Bush and Senator McCain to join me in supporting an economic stimulus plan for working families - a plan that would help folks cope with rising food and gas prices, save one million jobs by rebuilding our schools and roads, help states and cities avoid painful budget cuts and tax increases, and help homeowners stay in their homes.
Let me be clear - we shouldn't include this stimulus package into this particular legislation, but as we solve the immediate crisis on Wall Street, we should move with the same sense of urgency to help Main Street.
It is absolutely wrong to suggest that we cannot protect American taxpayers while still stabilizing our market and saving our financial system from collapse. We can and must do both.
In summary, there is no doubt negotiations over the next few days will be difficult. I will continue to keep in close touch with Secretary Paulson, Chairman Bernanke, and the leaders of Congress to ensure that we can work in a bipartisan manner to get this done as quickly as possible. Our country is being tested by a very serious crisis. We are all in this together, and we must come together as Democrats and Republicans, on Wall Street and on Main Street to solve it. And with the proper spirit of cooperation, I know we can.
Biden needs to hold a few press conferences, too, just to highlight the fact that BOTH Republican candidates (and Palin in particular) are hiding from the press.
Pericles @ 1:
By all means. Put the gaffe master to work.
Here's what will happen if we go along with this rip off. Many Repugs are screaming socialism so they are on record to be against this mess. Then Harry Reid and Pelosi will ok this deal with Bush and we will get blamed for it and lose at the polls come November. Rove must be as happy as a pig in shit with this!
cuff these bastards around, Barack!!
Enough of this GOP bullshit.
Like Clinton said yesterday, stop picking on Palin. LOL
But it IS a welfare program for the capitalists and, in time, we'll all be royally screwed by it. Please read Naomi Klein's The Shock Doctrine for more details.
How can you say you have "great respect" for a man who says, "Give me the money, the power and don't ask any questions"?
Isn't it nice to hear a PRESIDENT speak.
What a freakin' breath of fresh air.
Where's fuckin' Father Time...do they have to wake him up to give his speech.
Oh...that's right...he's boycotting the press!! LOL! There's an experienced move.
this is why obama didn't have pre-mature ejaculation
like mccain did.....he's smart. there's NO reason to have
a knee jerk reaction like mccain. this gut thinking sounds
great to some to me it's nothing less than idiotic when
it involves these type of issues.
this 'fire' the SEC chairman reaction is nonsense. mccain
has suppoted deregulation over the years...NOW he
realizes there is a price to be paid. all of a sudden he
is a populace concerned politician.....bullshxt.
Seems logical enough... watch the fat cats cry like welfare queens.
McCain and the platform
Not that anyone pays attention to party platforms, least of all McCain, but a reader spots this rather unambiguous section of the platform just passed by the GOP:
More compelling for the campaigns, perhaps, a new Washington Post poll picks up an evenly divided public on the bailout plan, and more intensely negative sentiment. McCain has to be tempted to come out hard against it, a populist stance that could both energize the base and be broadly popular, though its real-world consequences are hard to predict. (It would also horrify the elites, but that may not be a bad thing, politically.)
Sounds pretty damned Presidential to me!
You Yanks are being swindled right in front of your own noses. The big trick this time is in the terms of the bail-out. Paulson wants to buy back the toxic paper at the maturity rate not its actual paper value, which very obviously is lower. Therefore the banks will actually PROFIT from the taxpayer. ONLY IN AMERICA. Plus I almost PMSL when I heard that Merrill Lynch had bid to expedite the bailout because it could earn them over 1bn dollars in commission.
Carol @ 4:
he did? do you have a link.....i'd like to read that. thanks
What did i just hear? I think it was the first time ive heard an American President speak in 8 years....
Yeah, looks like corporate executives and stockholders are gettin welfare. (fascism in our face) but,
What about the value of our oil based dollar?
when you print a few trillion in fiat (from nothing) currency.
you lower the value of all the rest of it!
Its kinda like he is only looking at half the problem.
Obama should not be willing to pass this bill even if congress gets oversight provisions!
Obama is the MAN.
Wow! A man with courage and intelligence. Someone who can lead!
He sounds Presidential. God, I hope he gets elected.
Why did the Democratically controlled Congress ignore McCain's warnings about Fannie and Freddie.
How did Obama get to be #2 on Fannie and Freddie's campaign donations in only 2+ years?
Ah, just a coincidence.
Rowdy! @ 12:
And the right wingers will be faulting Obama for it for the rest of the week.
I'd give this a standing ovation...if I weren't in a class...so I'm forced to do a sitting ovation w/ golf clap.
At least the taxpayers are going to Receive Free Toasters
bateman @ 17:
actually, kucinich is the man but obama will do. for now.
I can't believe how cowardly Bush was all last week. He made one speech and it lasted about 3 minutes. If you sneezed, you would've missed it. Instead, he throws out minions to explain. Bush is an utter failure.
This is what a leader should sound like in a time of crisis. He's ready. Totally.
Dare McCain or his minions to issue a statement accusing Obama of acting like he's president...
i don't think people understand and/or realize the importance of 'checks and balances' of the constitution
and members of government. all of executive,legislative
and judicial branches must be involved. obama understands the constitution and the importance of the
people(legislative branch).
constituent @ 14:
NOTHING.........thought so.
P.D. @ 24:
You have to be more specific? An utter failure as President? Oil executive? Baseball team owner? Husband? Diplomat? Strategic Thinker? Airman?
So many failed duties...so little time.
bb @ 25:
Of course he is.
Grandpa is ready for retirement.
I think this is the second press conference Obama has done this week. I believe he did one yesterday. I swear I cannot understand why any American would even consider voting for McCain.
Last I heard of McCain he was ranting on about wanting Obama to present his plan regarding this bailout. Um, what is McCain's plan? Is he still going to fire Cox?
While McCain and Palin pout because the media won't kiss their asses, Obama is out there talking about what counts in a calm, educated, intelligent way. Can we just skip the elections and give Obama the ship's wheel right now?
Liberal AND Proud @ 30:
Totally!
c. atrox @ 5:
GREAT BOOK
Scarrry though!
Smart tactic (again!). He should have a press conference every day. He looks presidential, and draws attention to his campaign. McCain will be forced to do the same, which is not his strong suit.
McCain's response:
"Uuuuuhhhhhhhh..."
constituent @ 28:
Here's the link. I saw the headline yesterday but never read it. I'm over everything about Palin positive or negative.
http://forum.prisonplanet.com/index.php?topic=60195.0
Mr. Obama: Well done!
I would only ask for one additional condition: That citizens who are randomly chosen from a pool of those who are facing the loss of their home, or who have already lost their home, be given seats on any oversight panels...enough so that all political persuasions are represented. They will sit as equal members of the panels, alongside the respected authorities, and have equal votes and say over what the Treasury department is allowed to do with OUR money. As representatives of the Main Street public, they would bring the perspective of vital stakeholders to the table.
Wow. Solid, sensible proposals normal people can actually understand, in simple, direct language. Now that's a refreshing change.
Would have liked to have heard the question and answers, though, to see how he responds off the cuff, without a text. Not that I doubt he could handle it, just would like to have seen it.
pissed off patricia @ 31:
many of the mccain supporters are just culture voters.
they can't vote against their 'culture club' there into
who they relate to. these people are determined to show it's NOT important to be an intellect to be president. instead you can be a sociopath/liar and be accepted. it empowers people that routinely live their lives like that....SELF deception. there is a hate for
liberals amongst certain republicans....that's based on
being different NO more. they assume we have a
heiarchy...we think we are better than them...actually
i believe they are told to believe that or it's their own
insecurity. much of this is HATE....not logical but bs.
Liberal@29, You're right. I wonder what the holidays will be like at the Bush Homestead? I'm sure Daddy isn't thrilled about Georgie Boy's performance as President. But then again, ultra-wealthy people rarely care about the un-washed masses.
CafeenMan @ 36:
im sick of bill
he was on letterman and did his best never to mention obama
bill needs to go on a long sex vacation in thailand
Some questions maybe the (chuckle) media could ask Hank Paulson..aka the Hammer. How much fun did you have playing fast and loose with derivatives and when did it become clear that this kind of gambling was on the wrong track and short selling was the true capitalist strategy needed? And what makes you qualified to repair the very things you and your associates created?..we want to know!
Perhaps Congress has learned the danger of writing blank-checks to the executive after the debacle in Iraq, but I wouldn't bet on it. Whatever plan Congress settles on, they should not fund it in one lump sum, but rather disburse the needed funding in stages based on demonstrated progress and need.
I'm still shocked that the polls are as close as they are. On one side you have a knee-jerk reactionary fighter pilot wearing a jockstrap headband who throws out a half dozen lame brained ideas every day hoping that one of them will garner him favorable coverage, and the other takes the time to understand the issues, thinks it over and then puts out, what appears to be, a rather comprehensive strategy to tackle the crisis at hand.
If this is what a lack of experience sounds like...praise n00bs. We need more of them.
Grandpa is supposed to be speaking at 4PM EST. Did it happen?
If not, is there any way we can pipe in the sound of running water, or toilets flushing, or raindrops.
C'mon...there's got to be a way!! This must be our mission!
Liberal AND Proud @ 7:
Contrast this with Bush last week, who was annoyed that he was forced to cancel his travel plans, spoke for less than 2 minutes and walked away without taking any questions.
Presidential. Impressive.
I agree, Biden should be out there, too, at some point, to highlight that Palin is hiding.
As long as trickle down economics didn't work.... let's try trickle down communism.
1. The plan is inadequate.
2. If this is a solvency issue which it most likely is then this plan will only bail out the bankers.
3. If this is a liquidity issue, which is most likely isn't because the previous actions by the Fed and Treasury would have worked and the bail out will fail.
This plan will only bail out the bankers and not the banks.
Uncle Joe Mccarthy @ 41:
I make it a point not to listen to politicians. In fact, I don't watch tv or listen to the radio. The internet has every story faster and from multiple sources so I can do my own research quickly without having my intelligence insulted.
Uncle Joe Mccarthy @ 41:
Here's another one: Mr. Lukewarm
http://politicalticker.blogs.cnn.com/2008/09/23/bill-clinton-says-dems-s...
By Friday night, all the pressure of this week should just about have McCain wound as tight as he can be. Nothing has gone his way in some time, Palin is playing out to be just what we thought she would be, and Obama is out there talking coherently to the press as needed. McCain's campaign has had a piss fight with CNN recently and even more recently with the NY Times. Plus this snubbing of the media by Palin today can't help the campaign much either.
Stock up on popcorn and beverages for Friday night. It could be deliciously good.
pissed off patricia @ 31:
McSame wants Obama to present his plan so he can copy it and claim that it's his idea.
"YES HE CAN!"
What would Zeus do? @ 43:
They should give him a handful of five dollar bills and say, "Let's see how well you can perform with this. If you succeed we'll give you more."
Liberal AND Proud @ 8:
McCain's news conference:
http://www.alternet.org/blogs/video/99988/press_frustration_with_mccain_...
McCain offered a smirk at the line but kept on walking. "Ok, pool, back to the vans!" said an aide. "That was fun."
President Obama.
Has a nice ring to it.
President McSame? President McGramps? President McPow? President McMooseBush?
Not so much.
C'mon...where's Grandpa? Someone wheel him up in front of the camera!!
I need to know if the economy is still sound!!!
Uncle Joe Mccarthy @ 41:
Yes Bill is particularly annoying when he's right. If Hillary was on the ticket it is extremely unlikely McCain would have wasted his political capital on Palin and the polls wouldn't be this close.
McCain is making a speech now and actually taking questions.
constituent @ 27:
Obama voted for the patriot act, homegrown terror act, FISA immunity, ...and therefore don't know shit about the constitution.
how about them apples!
Pericles @ 1:
Ding, ding, ding... exactly!
As far as I can see, Obama cannot fail with this stance. In fact, there have to be a few Republicans who can think for themselves who must be thinking, " you know what, this guy's right."
nonny mouse @ 38:
Nonnie, I saw the whole thing on tv and he handled the questions just as well as he handled the speech. He answered each reporters question thoughtfully and if the reporter tried to interrupt his answer, Obama would say wait, I'm answering your question. It was excellent!
Bruce H. @ 2:
I don't agree. If we get what Obama et al are talking about, this will not be the bailout Paulson asked for, and also the voters are smart enough to know that Repubs in congress are repubs as is Bush.
The real question is what is the appropriate action? Who holds the credit defaults Paulson is clearly spooked about and is this the only way to safely puncture the bubble or is he hoping to just protect his buddies as the bubble goes pop?
CMINCA @ 54:
Looks like his well known temper is getting tougher to keep under wraps.
Gosh...think about it! He has a memory loss and flubs a question, he loses his temper, and THEN he loses bladder control! MAN! Like hitting the trifecta!!!
bobsf @ 34:
I think Obama just stole Palin's thunder; he holds a press conference in a time of dire crisis and she has staged tea party interviews with world leaders.
Carol @ 4:
I'm just waiting for Clinton to make one of those youtube videos crying: "Leave Palin alone..." Then he'll pause for a few seconds as if he's in deep thought and come back and say: "I'll tap that in a heartbeat."
The one thing I was hoping I would hear from Obama is that the Glass Steagall Act or something like it must be reinstated and that the Gramm Leach Bliley Bill must be abolished. If a bank or any other financial entity is "too big to fail" it is too big! Period.
Peter G @ 57:
maybe i'm missing something. to me it's personal attacks
we should avoid.......not policy/credentials...etc.
you guys can say what you want. she is NOT ready to
step in as president. somebody saying 'don't pick on
palin' isn't going to change my mind. poor little palin bs.
listen to that answer regarding energy....she is a' leading
energy expert'. when are people going to realize having
a beer concept with the candidate is nothing less than marketing..bs. people trying to see themselves within somebody else because of their foolishness...fxxk.
milquetoast @ 61:
your right! you know more about it than he does. ron paul is out
of the race.....
So....Obama ADMITS that this is all his fault, the fault of a Dem controlled Congress (2 whole years!!!), and that he IS indeed a flag-hating muslim? Well, then! At least we finally get to the truth.
I mean, that's what I heard. Vote McPalin!
-Joe Republican
p.s. Clinton's penis. That's it; no modifier. Just thought I'd bring it up.
How sad!! The radical liberals are spoonfeeding you sheeple Barak and you don't even take the time to know what's truly going on. Obama didn't even WRITE this speech... he simply spoke it and spoke it pretty well...he's just another politician American Idol style. Fools!
Good thoughts Barak, but LOOK AT THE CAMERA when you are talking, people tend to tune out.
No giveaway.
No purchase of any asset for even 1 cent more than it's provable fair market value.
A simple plan that treats everyone fairly and reasonably.
For the love of god, how can anybody think McCain is anywhere close to being a better choice than this man?
Batocchio @ 49:
Batocchio @ 49:
Biden is out there, but no one is covering him.
trez @ 72:
i agree, but i will take obama's speech style over mccain looking
down on speech notecards 60-70% actually speaking time. watch
him even on the easiest lines/words/sentences.
It's time to give the CEO's, and I'm including Hank Paulson and Allan Greenspan in this bunch, the option to give back their ill gotten loot now in exchange for immunity or subject themselves to possible criminal prosecution. I think the fellows from Enron are looking for cell mates.
CafeenMan @ 55:
Schumer suggested something akin to that. He wanted to give out the money in increments and Paulson was flat out that he wouldn't accept that way of doing it.
CafeenMan @ 38:
ouch
calscientist @ 64:
I think Obama has been significantly briefed and understands the whole picture. If the market continues on the downward spiral, there won't be any 401k's or pensions left. Even the safe money market funds, that are supposed to be almost zero risk, essentially savings accounts, are failing or frozen. Seniors cannot access their monies. States, counties and municipalities with defined benefit pension plans are in dire straits, and regular Americans with 401k's are losing their life savings. This is not about the housing market. That the straw that broke the camel's back, of course. It is about the result of that collapse to everyday Americans and how far reaching and everlasting that result may be.
constituent @ 69:
I don't think anybody but a Republican with a face full of Botox and the fingers of both hands crossed behind their back could seriously advance the proposition that Palin is qualified for the job of VP never mind president. You'll have to ask Kerry about his thoughts on not answering the opposition's attacks. I don't think it works very well myself.
nonny mouse @ 40:
he didn't answer questions????????????? I thought thats what a press conference is?? ahm why is everyone saying he has done something mccain hasn't???
ThunderMonkey @ 67:
"I come from Arkansas, I get why she's hot out there," Clinton told reporters in New York, according to the Associated Press. "Why she's doing well."
http://politicalticker.blogs.cnn.com/2008/09/23/bill-clinton-says-dems-s...
He was also on the view with the same kind of support for John McCain.
I agree with Senator Bunning on this socialism.
Just vote no.
pissed off patricia @ 53:
Yes, it will be. But, I want to truly see whether the love affair with McCain and Palin has been quashed.
Knowing my skepticism, the MSM always knows which side its bread is buttered on. But I hope that some folks in the media are gaining a conscience and an astute sense that if McPOW is chosen to lead we're done for as a country.
VietVet8666 @ 73:
when the
"A simple plan that treats everyone fairly and reasonably." is impossible with the FEDERAL RESERVE BANKS being involved...
Spickle @ 12:
Problem for McCain is, last I heard, his war chest is about half of Obama's (can't remember the source, so don't quote me). If that is the case, he's in a corner--he can't afford to piss off too many plutocrats. (Although he's stupid enough to piss off his sugarmommy wife. So, on second hand, who knows what he thinks he can afford?)
Loonie @ 74:
fools that are afraid to stray away from their 'culture club'...it's
NOT issues like rick davis (mccain's campaign manager said).
it's that your either with us or against us for some dempgraphics.
they will overlook policies that will better their economical demographic for foolish perceived culture/social issues that get
changed anyways. don't hate me because i don't live the life you
do.....that's freedom.
Liberal AND Proud @ 8:
Amen, brother! Amen!
constituent @ 76:
It was a press conference not a state of the union address.
Jeff @ 82:
Yes, he took questions from reporters after he finished the speech. The whole thing was on tv. I saw it.
Here at C&L the video only covered the speech, there was more.
Holy crap! I'd forgotten what it was like to hear someone who sounded like an actual leader! (Eight years of the national disgrace that is George W. Bush will do that to a man.)
Jeff @ 79:
i disagree this is NOT specific....it refers to personal attacks and it could be politics. he doesn't offer any substance about palin he just
stays clear after his history of being beat up over his PERSONAL
life more than his issues/policies. i need to read the transcript.
[Deleted. You're still TobyWanKinobi to us, dude-Sitemonitor]
i read elsewhere that the bush administration, in pushing paulson's plan, argues that congress doesn't need to study the plan because they have already spent months working on it.
personally i think it gives the bush administration maybe too much credit for thinking ahead to suggest that they saw the market and bank failures happening before january 2009 but let's take them at their word.
rather than take steps to protect the taxpayer, the bush administration has spent the past couple of months to hand over $700 billion to their incompetent friends.
as a going away present? as a reminder that they remember who their friends are? as a not-so-subtle fuck you to the taxpayer who polls bush at 76% disapproval?
Henry Paulson. Just give him 700 Billion dollars and trust him.
I agree just say NO.
Bonkers @ 71:
interesting how some people show up at odd times.. they must also think its important and would want to know what we are thinking.
pissed off patricia @ 78:
Well, then that indeed sounds like the correct way to do it!
CMINCA @ 83:
That's why I wonder what that meeting in Harlem with Obama was actually about.
But I believe that Bill Clinton's stance on both shows was particularly two-faced. Clinton's banking on Obama to lose so that Hillary can run in 2012. You can even see it when he's being interviewed. That's why there is such a luke-warm response from both of them in trying to fight for Obama this election cycle.
Tex @ 94:
But I can't get anyone to flame me as TobyWan. It's no fun just reading the BS.
“This plan cannot be a welfare program for Wall St. executives”
I agree with President Obama.
fastfeat @ 98:
Yep. And if Paulson doesn't like it he can suck it. Congress, not the executive branch, controls the purse strings.
Jeff @ 97:
That presidential speech of Obama's must have scared the "bejesus" out of them.
if paulson is wrong and/or wall street become opportunistic...
the republicans will blame it on the congress.
Rep. Joe Barton (R)..just because GOD created the earth in seven
days doesn't mean we have to fix/ figure out this financial crisis
in two days
The Very Bitter Ceci Hussein @ 99:
This is the plan - it was reported on Democracy Now! around the time of the DNC. Hillary will run on the "I told you so" ticket, they reported.
The Very Bitter Ceci Hussein @ 99:
Unfortunately, I think that the days of hoping for enthusiastic support from the Clintons are passed. With all the current crises we've got, I'd almost forgotten about them anyway.
Correction for #99: By both shows, I meant the former President's appearances on The View and the David Letterman Show.
That's exactly what it is, Senator. Regardless of what the cap on compensation is...it's a golden parachute for every one of them.
Duh.
CMINCA: As much as I try to stay open minded about such things, there is a lot of evidence to support this plan. It comes out slowly and surely, but it conveys enough to cause a person to think deeply about the motives of both Clintons.
fastfeat: In the past, the Clintons were defendable--especially in the wake of the Lewinsky scandal. But after their ugliness against Obama in the primaries, their ability to chagrin simple loyalty and their intentional grab (and manipulation) of power shows them to be who they really are.
It is quite a shame, but I believe that adds to the waning support of both Clinton and his wife.
It is not about the nature of forgetting. It is about both of their reputations when it has to do with class and grace. They have neither.
fastfeat, I'm sorry to leave you unbolded. I'm just a little too fast on clicking the submit comment button. :(
CMINCA @ 105:
http://www.democracynow.org/2008/8/25/rick_macarthur_you_cant_be_president
AMY GOODMAN: So why is Barack Obama giving so much play to the Clintons? I mean, Hillary Clinton will be speaking on Tuesday. President Clinton will be speaking on Wednesday. Her name will be entered. There will be the vote. It’s as if it’s a Clinton convention.
RICK MACARTHUR [Publisher and president of Harper’s magazine.]: Well, now we’re getting into tactics. We’re getting away from some of the other things I’m talking about. And tactically, I think this is very stupid on the part of Obama. And I seem to be the only person besides Dick Morris, Bill Clinton’s former adviser, who’s saying this. The idea—in fact, Dick Morris wrote a very funny piece the other day, saying—on his blog, saying that if Clinton—excuse me, if Obama can’t stand up to the Clintons, how can he stand up to President Putin of Russia? I would say that that’s exactly right, that he has given way too much air time to the Clintons and that Hillary Clinton has not conceded. This is another central part of the thesis of my book, which is that this is a factional fight within the Democratic Party. It’s not an ideological fight, it’s a fight over power. There is very little difference between Obama and Clinton on the big issues of the day. And the Clintons are still running. Hillary Clinton is hoping very much that Obama will lose and that she can present herself in 2012 on the “I told you so” ticket. Now, you can make—you could say that—
AMY GOODMAN: Do you think they’re going to directly work with John McCain on this?
RICK MacARTHUR: Well, you’re looking—I mean, already there have been meetings. There was a meeting up in Westchester just a month ago between Clinton fundraisers and Carly Fiorina, the former Hewlett-Packard chairman who’s working, I think—I don’t know if she’s finance chairman, but she’s very involved in raising money for McCain. Lynn Forester De Rothschild, she’s been quoted in the papers saying that she’s not happy with the Obama fundraising apparatus. It’s like two corporations trying to merge, and one of the corporations doesn’t really want to be taken over. The Clinton corporation is hoping, really, that the Obama corporation will bankrupt itself and fall apart and that they can resume their drive for power in four years. And again, I—
The Very Bitter Ceci Hussein @ 109:
John McCain is scheduled to be the keynote speaker at Bill's charitable organization/foundation, not Obama. Obama will speak for a few moments via satellite. Very telling.
I believe this "problem" on Wall Street, which Mr. Bernacke (Fed
Chairman) and Mr. Paulson (Treasury) and Mr. Cox (SEC Chairman)
refuse to describe "at it's root"; is a PLANNED event.
I think this is a rouse to break the bank so that when the next
administration takes over the government that our nation would be so
broke we will never have nationalized medical care or nationalized
college or a works program of any sort to rebuild our infrastructure.
Nearly two-thirds of Americans (63%) favor a government guarantee of
universal health insurance, even if it means raising taxes;
They want to destroy our nation and overrun us with their PRIVATE
PIRACY PROGRAMS that have proven since history began to enslave
the people of a state.
We have a nation and want to keep it. By the PEOPLE and for the
PEOPLE.
And therefore if there is any financial problem on Wall Street, it is
UNINSURED and that fact has always been understood.
Any stimulus needed should be from the ground up, as in debt
forgiveness for our credit cards and for our home loans. Anyone with a
home loan over 7 years should get 100% forgiveness. Anyone with a
loan under 7 years should get 50% forgiveness.
No more variable rate loans on homes OR credit cards. Credit cards
are equally as insidious as home loans, and they will BE BACK for the
next debacle they have up their sleeve: Credit Cards will all slide to
30% and break everyone.
It's their next plan.
This problem is a RUSE and we should not fall for it. NO to the stimulus
for the thieves that put us here.
On Journal today:
Stephen Verdier of the Independent Community Bankers of America was
on Journal saying how unfair this bailout is for them. He said:
Our meagar savings are kept at a small town independent bank that
does not deal in stock.
112 Yellowbird - even small banks deal in overnight lending and these funds have become locked or at risk. There is no longer a safe haven.
See the rest of it here:
http://www.youtube.com/watch?v=Au4ZdKOkhsg
He handles all the questions like a PRO!
they will face the press.....EXPECT SEVERAL NO-QUESTION OR POSED-QUESTION "PUBLIC BRIEFINGS" IN A TIME SPAN WHICH WILL NOT ALLOW QUESTIONS BEFORE THE ELECTION.... much like throwing PALIN in at the last moment--- it is all a hope that speed will overrun sense
Yohance @ 114:
Thanks for the link.
but does he feel this in his heart? let us pray.
Paulson is a former CEO of Goldman Sachs and reportedly owns 523.5 million dollars in that company's stock!
Whatever you think of Obama, McCain simply could not have done that.
He couldn't speak convincingly, with authority on this issue, and he couldn't have answered questions.
If America doesn't see this, we don't deserve Obama. He's not a damn Messiah, but he's gifted. If bigots don't see he's trying to keep their asses afloat, they deserve what they get.
CMINCA @ 111:
Well, we all heard it in both the Clintons' speeches during the Democratic Convention. John McCain is their friend. They stated it as such. They aren't unapologetic about it.
Which says quite a lot about how they think about the future of this country.
Yes, indeed, it is quite telling. Power corrupts.
Seems to me, President Obama has a good idea of what needs to be done.
Liberal AND Proud @ 9:
This is why George Will said in his column this morning that only one candidate is behaving like a rookie right now--and it ain't Obama.
George effing Will.
RobertD @ 119:
Thank you for saying this. I'm tired of people calling him a Messiah because it is derogatory and it belittles Mr. Obama's talents as a statesman and a gifted speaker.
I honestly think that when people use that sort of name calling it means that they are jealous of the man because his gifts highlight their inabilities.
Obama's lack of knowledge about Financial Markets scares me. He blames speculators and regulators for this mess, but no mention of Fractional Reserve Banking, the Federal Reserve, or the very real Busts that follow every Artificial Boom.... And Joe Six Pack buys it up, because hell, Obama 'sounds' good. Besides, as pointed out on LRC, 'oversight' also means 'to look past'.. So i guess we will be getting even more 'oversight' from team McBama...
The Very Bitter Ceci Hussein @ 120:
I was truly hoping they could do what is best for the party, for the country, but alas. Hillary is campaigning, which to me is a difficult job even if you're doing it for yourself, so I give her a lot of credit. Bill is justing lounging in the limelight and trying to sound diplomatic. He's a disgrace.
jasonking @ 14:
THIS.
Schumer asked the right questions today, Why do you need it all in one huge sum?
there were many other significant questions and Dodd and Frank both were getting sweet talked but it all fell apart today. Dodd noted that he not only fears for the economy, but the constitution!
We need to contact those committee members now!
Below are the links to contact forms and a sample letter that you can customize as you wish, but speak up now!
Schumer is Right... Contact these Committee members and tell them NO DEAL NOW!
Senate Banking Committee Contact Form:
http://banking.senate.gov/public/index.cfm?FuseAction=Contact.Form
House Committee on Financial Services Contact Form:
http://financialservices.house.gov/contact.html
Sample Letter Below:
-----------------------------------------------------------------------------
Regarding the proposed Bail out plan...
Committee Members,
I agree that we have to do something but this Secretary Paulson's plan is not it!
I read the provisions of Section 8 under this plan and it is appropriately located there because you'd have to be crazy to agree to give this administration a blank check while granting them no review by the congress, the courts, and placing them above the laws of the land.
That is insanity! NO! NO! NO! To grant them this would be the unforgivable sin!
Lack of oversight and deregulation is what caused this mess and I want full oversight and accountability for any such bail out deal!
Secondly, there is no guarantee that this will work and I want it to be split into smaller tranches that allow for quarterly review to see if it is working before committing to astronomical sums in a carte blanch form like what Secretary Paulson is proposing.
Thirdly, by committing the country to this huge bail out it would limit the next President’s ability to handle any other crisis. It is imperative that either it be split into quarterly segments with full review, or the Congress must come up with its own counter plan immediately.
This can not be allowed to be treated as a financial “Reichstag Fire.”
1. I want an independent group to be formed to do this much like FDR did with the RTC. I like Warren Buffet's Suggestion of Bloomberg for head of this agency.
2. I want taxpayers to receive the title of ownership to the companies that we bail out and guarantees that the tax payers will receive the benefits of later sale of these properties.
3. Assets purchased by this group should not be inflated beyond their market value. Companies should not be rewarded for bad decision making...
4. Not one penny of our tax dollars should go to the CEO and upper level staff for "golden parachute" exit packages.
5. Liquidity to the banks should be supplied by Federal Loans, not by purchasing assets at vastly inflated prices.
6. As a condition for any bail out or loans, the Glass-Steagall Act of 1933 should be reinstated.
7. Mortgage holders should be induced to renegotiate terms to keep single home owners in their homes.
8. A special loan facility should be created specifically targeted at small business owners to provide them with operating lines of credit.
This last point is vital. I know many CEO’s of small companies who have hundreds of thousands of dollars of orders but they can’t fill them because they can’t get credit lines to purchase the parts. Small business owners provide over 65% of the jobs in this country and need to be given priority over the financial institutions.
TobyWanKinobi @ 21:
Lies.
Where the hell was McCain when deregulation was passed, allowing this debacle to occur. Oh yeah, that's right, he was in Congress--voting to approve it.
How much money did Freddie Mac pay Rick Davis, McCain's campaign manager, for access to McCain in the hope that he'd be elected president? Only $35,000 a month. Chump change. How many of these "golden parachuted" CEOs does McCain have on his top advisory staff? Several.
Just a coincidence? No. You can try to spin this any way you desire, but the fact is that only one candidate allowed this problem to get off the ground--the one who was caught in the net of the last major financial bailout--Mr. Keating 5 himself.
How *does* John McCain exercise such prudent judgment? He's like a moth drawn to a flame--a multi-billion-dollar-bailout flame.
c. atrox @ 6:
Naomi Klein is Canadian! I only read books by great Americans like Sean Hannity. Everything is great. Honestly, why do you hate America so much?
RobertD @ 122:
Here's the link: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/22/AR200809...
What is equally amusing is that the introductory quote is from Alice in Wonderland.
Obummer @ 25:
alrighty
In closing his Speech, Obama states that he "will keep in close touch with Secretary Paulson..." This statement may end up being quite prescient since Obama gave an interview with the N.Y. Times last Saturday in which he said that he "does not rule out retaining Mr. Paulson, a Republican. The two have spoken almost daily since Treasury put the mortgage giants Fannie Mae and Freddie Mac into government conservatorships two weeks ago, and Mr. Obama speaks highly of Mr. Paulson." As well as Obama should, seeing that Henry Paulson was the former CEO of Goldman Sachs and that Goldman Sachs was the number-one donor to Obama's campaign. The claim that Obama is the agent of change is looking more like the agent of the status quo.
Erroll @ 133:
Obama said he would consider retaining Paulson during the transition period.
CMINCA @ 103:
Haha! Hey, you two DO know of course that I was spoofing? If you didn't, I don't hold it against you. The possibility that you thought I really was a troll who believed that drivel is actually a better effect than I had intended. Republicans really boggle me.
Anyway, I have sent the link to this post around to friends and co-workers in an effort to show them what leadership and poise looks like, in case they had forgotten after an 8 year assault on our expectations of what a president sounds like.
mjULTRA @ 124:
I've got news for you, mj. Joe "Six-Pack" isn't listening to a damn bit of this debate on either side. He's already made up his mind that he's voting for McCain because "he ain't the black guy," if--IF--he bothers to vote at all. Hell, there might be a good football game on instead.
Obama isn't an economist (sort of like McCain isn't a real airplane pilot). He's taking his cue from advisers--just as McCain is--only Obama's team is bipartisan and has enough experience and influence to know the topic. Will that resolve this mess? Hard to say. It hasn't even come close to hitting bottom yet. I haven't heard word damn one from McCain about this other than to say, "Throw 'em in jail," and "Fire Christopher Cox" (who can't be fired, so it was a feeble point). While both of those sentiments have great visceral appeal, they aren't going to help anyone who can't pay his or her mortgage, and they aren't going to keep your local bank branch doors open. (And by the way, there are innocent employees sweating it out in your local bank, too. My teller was in tears when I went in to move my account this week.)
One last thing, since you clearly know more about economics than I do, right? I mean, it sounds like it. What was this presser designed to do, huh? My guess: show that Obama was at least up on what was going on, involved, and conversant in the terminology. Can you imagine the hew and cry from the press (not to mention the dittoheads) if Obama had come out and talked over everyone's heads using the terms you did in this post? They'd all be screaming, "Oh, right, it's Adlai Stevenson again," and writing off the effort. It's a shame when people aren't educated; it's even worse when they write off someone who's trying to make a difference for them simply because he's smart, but those are the times we live in. It worked for bush.
Do I think this presser is going to save my neighbor's house? Maybe not. But I think an Obama Administration will come a hell of a lot closer to doing that than a Palin-McCain Administration would, seeing as how she apparently can't talk intelligently about any topic unless the microphones are turned off--AND NEITHER CAN HE, since he hasn't so far.
Rasputin @ 128:
CMINCA @ 134:
And Paulsen has already declined.
trez @ 72:
Not for a press conference. His audience is the press. He's not addressing the viewer at home...
$.02
The Very Bitter Ceci Hussein @ 124:
Right! It marginalizes his talents by saying they are something merely inherent in him or something we "delusional" not-conservatives have erroneously ascribed to him rather than giving the man credit for having learned, earned, and put into practice his knowledge and skills. That takes work and personal fortitude, something they don't like to think about as they are so sorely lacking in those qualities. And what kind of people like to pigeonhole and dismiss people who otherwise win soundly in head-to-head debate? I think we can all fill in lots of blanks for that question.
TobyWanKinobi @ 21:
Because the employees (95% of Contributions related to Fannie/Freddie are from employees) ... realized in the last 6-12 months that Republicans are greedy motherf - who's only mision is to rape American workers!
So... they are giving to Obama's campaign. As are employees of GM, employees of your school district, employees from the US Postal Service, employees from the local pool installation company, the janitor at Citbank's headquarters .... etc.. etc...
Give it up, the Republican blogs have been disingenuous (and as always - skanky!) ... The truth is that board members of Fannie/Freddie have given more to McCain then ALL of the employees of the two companies! Be careful of your talking points!
The Republicans took a stat ($ --> Obama), twisted it, mis-represented it, cherry-picked it...and then... ... *surprise* LIED to you!! Don't fall for their lies!!
Peter G @ 59:
That is exactly WHY Obama made the right decision, as he has over and over on countless issues. Who needs Bill and his backbiting selfishness anywhere near the White House right now? Bill's attitude alone DQ's his wife from contention, the nation needs LEADERSHIP right now, not grinding axes and sniping.
Jeff @ 82:
?????????????????????????????????????????????????????????????????
(Couldn't male sense of your post.. thought maybe it was in code... )
Uhh.. he did answer questions - C&L only posted the comments. McCain cannot handle pressers ... never has and never will.
mjULTRA @ 125:
Obama has the most (by far) contributions from Wall Street.
All you Democrats here need to remember this.
mjULTRA @ 125:
What are you talking about? Yours is only a theory: Whether the Fed is or is NOT the problem, whether dropping off gold is the reason... etc. But, clearly, Wall Street was insured against moral hazard... etc.
Reasoned analysis of financial and economic theory suggested this dillemma - why was the Govt sleeping? Because they are corporatists!
maybe i'm easily confused i thought john mccainIII said the
'economy is fundamentally strong'....now they're trying to
sell us bad assets.
Do you know how angry America is about this Senator? Are you listening? We've been raped and now they want us to pay for the rape kits.
As mentioned on a separate thread here, instead of giving it to the banks, set aside the $700 billion for the soup lines and homeless shelters.
*
Obama supports the presidents policy on this matter. He has already said he supports the bail-out. He is not qualified to run the country anymore than McProlapsedprostate is...
I should NOT have to give one cent of my money to the banks in this country. If we end up in a depression tough shit, bring it on. Everyone that has lost their job in the last 10 or 20 years is already IN a depression. Now some poor little rich prick on wall street has the balls to cry. Good, I hope it causes such severe depression they all commit suicide....
RobertD @ 138:
This is supposed to somehow obviate the fact the the [alleged] agent of change expressed a desire to keep Paulson on his team? I think not.
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