Obama Hits Back Hard Against McCain on the Economy
"I don't know what yardstick Senator McCain uses, but where I come from, there is nothing more 'fundamental' than a job. The fundamentals of our economy are not strong and it's time we had a President who understands that."
Download | play 
Download | play (h/t Heather)
Obama also explains his vote in favor of the "rescue plan" last night, and calls this crisis the "final verdict" on trickle-down economics and deregulation.
Transcript of the entire speech (available here) below the fold
The events of the last few weeks have shown us that the stakes in this election could not be higher.
We are in a financial crisis as serious as any we've faced since the Great Depression. In recent weeks, we've seen our financial landscape shift before our eyes. We've seen a growing credit crunch put new pressures on banks, businesses, and families. And on Monday, we saw the single largest decline of the stock market in two decades - a decline that threatens not just the wealth of Wall Street executives, but the life savings, jobs, and economic security of millions of ordinary Americans.
Everywhere you look, the economic news is troubling. But for so many of you here in Michigan, it isn't really news at all.
600,000 jobs have been lost since the year began, including about 30,000 in Michigan. The unemployment rate here in Grand Rapids and other parts of this state is nearly double what it is across this country. And a new jobs report is coming out tomorrow that experts predict will show our ninth straight month of job loss.
Nine straight months of job loss! Yet, just the other week, John McCain said the "fundamentals of the economy are strong." Well, I don't know what yardstick Senator McCain uses, but where I come from, there's nothing more fundamental than a job. And when we're losing jobs month after month after month, when good, hard-working Americans who've done everything right watch their dreams slip away, the fundamentals of our economy are not strong, and it's time we had a President who understands that.
But it's not just jobs. Home values are falling. Wages are flat-lining. And the cost of everything from gas to groceries is going up and up. These are the quiet storms that our families have been facing for months if not years, and these are the storms that will only grow worse if we do not act - and act now - to pass the rescue plan that's before Congress. Democrats and Republicans in the House need to do what the Senate did last night and do what's right for this country.
If the financial markets collapse, and loans are not available, businesses, large and small, will follow. It's your jobs, your savings, your ability to pursue your dreams for your children that are at risk. That's why we have to act. That's why we have to set aside the politics of the moment and exercise something we haven't seen in Washington lately - responsibility.
Now, let me be perfectly clear. The fact that we are in this mess is an outrage. It's an outrage because we did not get here by accident. This was not a normal part of the business cycle. This did not happen because of a few bad apples.
This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years. It's the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government. It's the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary. Well, this crisis is nothing less than a final verdict on this failed philosophy - and it's a philosophy I'm running for President to end.
That's what this election is all about.
Because despite my opponent's best efforts to make you think otherwise, this is the philosophy he's embraced during his twenty-six years in Washington. Over the past few days, he's talked a lot about getting tough on Wall Street, but over the past few decades, he's fought against the very rules of the road that could've stopped this mess. He says he'll take on corporate lobbyists now, but he put seven of the biggest lobbyists in Washington in charge of his campaign. And if you think those lobbyists are working day and night to elect him just to put themselves out of business, well I've got a bridge to sell you up in Alaska.
The truth is, my opponent's philosophy isn't just wrong-headed, it reveals how out of touch he really is. How else could he offer $200 billion in tax cuts for big corporations at a time like this? How else could he propose giving the average Fortune 500 CEO a $700,000 tax cut at a time when millions of Americans are struggling to pay their bills? How else could he come up with an economic plan that leaves out more than 100 million middle class families at the very moment they need help most?
Senator McCain just doesn't get it. Well, Michigan, you and I do get it. That's why we're here today. We know the next four years don't have to look like the last eight. We know we can steer ourselves out of this crisis. Because that's who we are. Because this is America. We're a nation that's faced down war and depression; great challenges and great threats. And at each and every moment, we've risen to meet these challenges because we've never forgotten that fundamental truth - that here, in this country, our destiny is not written for us; it's written by us.
It's time to take our destiny into our own hands and reclaim our economic future. Part of what that means is passing the rescue plan that's before Congress. I know many people were outraged when this administration initially asked the American people to sign a blank check to solve this crisis. I was outraged too. That's why I fought to make sure the rescue plan protects taxpayers, provides oversight and accountability, helps struggling homeowners stay in their homes, and doesn't reward the Wall Street executives whose greed and irresponsibility led us to this perilous moment.
While these taxpayer protections are now part of the rescue plan, this plan still isn't perfect. But it's what we must do to prevent a crisis from turning into a catastrophe. But understand, even with this plan, we may face a long and difficult road to recovery. That is why, if I'm President, passing this rescue plan won't be the end of what we do to strengthen our economy, it'll be the beginning. It'll be the beginning of a long-term rescue plan for our middle class - a plan that will create millions of new jobs; help families keep up with rising costs; relieve the burden of crushing health care costs; and educate the next generation of Americans with the skills and knowledge to compete with any workers, anywhere in the world.
Now, people have asked whether the size of the plan that Congress is voting on, together with the weakening economy, means that the next President will have to scale back his agenda and some of his proposals. And there's no doubt that some programs or policies that I've proposed on the campaign trail may require more time to achieve. But I reject the idea that you can't build a strong middle class at a time when our economy is weak. I believe that building a strong middle class is the key to making our economy strong.
And that's what we'll do when I'm President of the United States.
To create new jobs, we'll not only invest in rebuilding our crumbling roads and bridges, and our outdated electricity grid - we'll strengthen the auto industry that built the middle class in this country. A number of auto companies are showing real leadership in building fuel-efficient cars, and I applaud them for it. But I refuse to accept that Washington has to stand idly by while foreign automakers outpace us. I'm running for President to make sure the cars of the future are made in the same place they've always been made - right here in Michigan. I'll be a President who finally keeps the promise that's made year after year by providing the funding our automakers need to retool their factories and make fuel-efficient and alternative fuel cars and trucks.
And as we fight to reverse the decline in manufacturing over the last eight years, we'll also bring manufacturing into the 21st century by building an American green energy sector. We'll invest $150 billion over the next decade in affordable, renewable sources of energy - wind power and solar power and the next generation of biofuels; an investment that will lead to new industries and five million new jobs that pay well and can't ever be outsourced. Because the fight for American manufacturing is the fight for America's future - and I believe that's a fight this country will win.
I will also reform our tax code so that it doesn't reward the lobbyists who wrote it, but the American workers and small businesses who deserve it. I will eliminate capital gains taxes for small businesses and start-ups, so that we can grow our economy and create the high-wage, high-tech jobs of tomorrow.
I will cut taxes - cut taxes - for 95% of all working families. My opponent doesn't want you to know this, but under my plan, tax rates will actually be less than they were under Ronald Reagan. If you make less than $250,000 a year, you will not see your taxes increase one single dime. In fact, I offer three times the tax relief for middle-class families as Senator McCain does - because in an economy like this, the last thing we should do is raise taxes on the middle-class.
I will reform our health care system so we can relieve families, businesses, and our economy from the crushing cost of health care by investing in new technology and preventative care. If you have health care, my plan will lower your premiums. If you don't, you'll be able to get the same kind of coverage that members of Congress give themselves. And we'll reduce costs for business and their workers by picking up the tab for some of the most expensive illnesses and conditions - because that's how we'll make our companies more competitive in the 21st century.
And if I am President, I will meet our moral obligation to provide every child a world-class education, because it will take nothing less to compete in the global economy. I'll invest in early childhood education. I'll recruit an army of new teachers, and pay them higher salaries and give them more support. But in exchange, I will ask for higher standards and more accountability. And we will keep our promise to every young American - if you commit to serving your community or your country, we will make sure you can afford a college education.
Finally, I will modernize our outdated financial regulations and put in place the common-sense rules of the road I've been calling for since March - rules that will keep our market free, fair, and honest; rules that will restore accountability and responsibility in the boardroom, and make sure Wall Street can never get away with the stunts that caused this crisis again.
But just as we demand accountability on Wall Street, we must also demand it in Washington. Because we cannot afford another four years of the kind of deficits we've seen during the past eight. We cannot afford to mortgage our children's future on another mountain of debt. That's why I'm not going to stand here and simply tell you what I'm going to spend, I'm going to tell you how we're going to save when I am President.
I will go through the entire federal budget, page by page, line by line, and eliminate programs that don't work and aren't needed. We'll start by ending a war in Iraq that's costing $10 billion a month while the Iraqi government sits on a $79 billion surplus. And we'll save billions of dollars by shutting the overseas tax havens that let companies avoid paying taxes here in America.
And as for those programs we do need, I'll make them work better and cost less. We'll save billions by cutting waste, improving management, and strengthening oversight. And I will finally end the abuse of no-bid contracts once and for all - the days of sweetheart deals for Halliburton will be over when I'm in the White House.
These are the changes and reforms that we need. A new era of responsibility and accountability on Wall Street and in Washington. Common-sense regulations to prevent a crisis like this from ever happening again. Investments in the technology and innovation that will restore prosperity and lead to new jobs and a new economy for the 21st century. Bottom-up growth that will create opportunity for every American.
I won't pretend this will be easy or come without cost. We will all need to sacrifice and we will all need to pull our weight because now more than ever, we are all in this together. What this crisis has taught us is that at the end of the day, there is no real separation between Main Street and Wall Street. There is only the road we're traveling on as Americans - and we will rise or fall on that journey as one nation; as one people.
This country and the dream it represents are being tested in a way that we haven't seen in nearly a century. And future generations will judge ours by how we respond to this test. Will they say that this was a time when America lost its way and its purpose? When we allowed our own petty differences and broken politics to plunge this country into a dark and painful recession?
Or will they say that this was another one of those moments when America overcame? When we battled back from adversity by recognizing that common stake that we have in each other's success?
This is one of those moments. I realize you're cynical and fed up with politics. I understand that you're disappointed and even angry with your leaders. You have every right to be. But despite all of this, I ask of you what's been asked of the American people in times of trial and turmoil throughout our history. I ask you to believe - to believe in yourselves, in each other, and in the future we can build together.
Because together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes. Not when there are families who can't afford to see a doctor, or send their child to college, or pay their bills at the end of the month. Not when there is a generation that is counting on us to give them the same opportunities and the same chances that we had for ourselves.
We can do this. Americans have done this before. Some of us had grandparents or parents who said maybe I can't go to college but my child can; maybe I can't have my own business but my child can. I may have to rent, but maybe my children will have a home they can call their own. I may not have a lot of money but maybe my child will run for Senate. I might live in a small village but maybe someday my son can be president of the United States of America.
Now it falls to us. Together, we cannot fail. And I need you to make it happen. If you want the next four years looking just like the last eight, then I am not your candidate. But if you want real change - if you want an economy that rewards work, and that works for Main Street and Wall Street; if you want tax relief for the middle class and millions of new jobs; if you want health care you can afford and education that helps your kids compete; then I ask you to knock on some doors, make some calls, talk to your neighbors, and give me your vote on November 4th. And if you do, I promise you - we will win Michigan, we will win this election, and then you and I - together - will change this country and change this world. Thank you, God bless you, and may God bless America.
Obama also explains his vote in favor of the “rescue plan” last night, and calls this crisis the “final verdict” on trickle-down economics and deregulation.
What trickeled down to the citizens was the debt part.
Thank you, Mr. President!!!!
Please, someone, explain to me how he is going to ensure that this is the final verdict. He hasn't released a single statement how the trickle down effect will be replaced and how he is going to, shall I say convict, the current policy. Where is the current policy going to be imprisoned, and what is the release date.
On Scarborough this morning they were talking about people in small towns still buying big screen tvs etc. What they don't seem to understand is that small town America has already hit bottom. Homes have already been lost along with jobs and businesses. The people who lost those things are gone from the local economy. They went down the drain some time back. The only ones left are those who are in good enough financial shape to continue to be consumers. It's not like the economic failure hasn't hit the small towns yet, it's that it already did and no one in DC cared or noticed.
As pissed off as I am at him for his bailout support, this is the best speech I have heard from him.
He is showing the balls he should have shown months ago.
He is Presidential.
Ford down 35%
Toyota down 32%
McCain down 3% in Missouri!!!! Missouri!!! Redneck hell is turning Blue!!!
I think strangulation turns people blue!!!
pissed@4, Your right. Since when do people like Joe and Pat Bucanhan care about minions like us? These people have no sense of what it is like to be middle class. Oh sure, they claim they care. But the truth is they have been sipping the Kool-Aid for a long time.
not so fast here, obamas going to force thoes corporations from sending our jobs to china and india , how you ask? well hes going to give tax breaks to the companys who stay here, well now you ask me hows this going to be a big incentive for them to keep thier jobs here? well then i says well not really ! when you figure if they ship thoes jobs to countrys with slave labor like china and dont have to worry about paying social security and heath care or any benifits at all its hardly worth staying for a few crumbs like tax incentives , well since you put it like that tyree what would you do ? well i says id tell any company thinking about moveing to china and id tell the ones who allready did, you who left america allready have a year to move your jobs back to america or you wont be allowed to sell your products in america, say tyree your harshing my mellow, thanx for listening ,
Obama claims that he will "reform our health care system..." What he conveniently omits is that he is keeping the insurance companies in the equation at the expense of a single payer health care plan thus placing profit over the needs of the people. The agent of change appears to be more like an agent of the status quo.
With all the tech advancements over he last 200 years how come we have to work more?
Vince @ 9:
Because through that same technology the good jobs are now able to be done by people in foreign lands.
The only hope we have of jobs in America is if the next administration sets up something like The Works Progress Administration (renamed in 1939 the Work Projects Administration; WPA) was the largest New Deal agency, employing millions of people and affecting most every locality in the United States, especially rural and western mountain populations. It was created in April 1935 by Franklin Delano Roosevelt's presidential order, and activated with congressional funding in July of that year (the U.S. Congress funded it annually but did not set it up).
It continued and extended relief programs similar to the Reconstruction Finance Corporation (RFC) started by Herbert Hoover and the U.S. Congress in 1932. Headed by Harry L. Hopkins, the WPA provided jobs and income to the unemployed during the Great Depression in the United States. The program built many public buildings, projects and roads and operated large arts, drama, media and literacy projects. It fed children and redistributed food, clothing and housing.
Yes, it IS the final verdict on trickle down economics and deregulation. If wallstreet drumbles, it will trickle down. Trying to regulate the housing market and give everyone a home (even credit unworthy individuals) is how we ended up in this mess.
What a load of crap. Please shut the F up Obama, I'll vote for you because I do not have a choice.
He is really getting nuaseous. Fuckin theocratic preacher talk - Fuck that shit, fuck religion, fuck truthiness, fuck the empty phrases looking for a "amen brother".
He was hand-picked by the media 4 years ago (at least?). What I am voting for is what he was then, not what he says he is now. Hand-picked by corporate America.
get this over so he can be prez and shut up the campaign crap.
Nick @ 11:
Nail on the head .... but bottom line reason .... GREED
OK, Barack, but ya' gotta do it with some ZINGERS at the next debate -- here are some suggestions:
tyree @ 7:
I want to take your comment a step further Tyree. I've stated this in several posts that for America to truly be a beacon of human rights, we must stop doing business with countries that advocate lesser values in their labor and human rights laws. We don't need them. China may need to be paid back, but at least we would stop the hemorraging of cash that we send to corps that put children to work for 16 hour days.
I like the sound of that.
Get Your America's Barack Stickers and T-Shirts today.
McCain = Collapse
Employer better do their part. Rather than laying off employees, they should reduce their hours and reduce executive pay to help participate in correcting the market and will further mitigate the crisis in the economy.
LAYING OFF Employees completely will definitely strain the ECONOMY and accelerate the spiral decline of a crashing economy rather than mitigate slowly land to a safer manageable landing. The Executive must learn to navigate. When you save the people, we can rebuild our economy. Time is what we need to fix this problem.
It took more than a century to build our economy and it only took 2 decades to crash it. And the last 8 years of administration incompetency made the crisis quicker and dangerous. The rescue should come at the bottom. The cushion must be at the ground not in the cloud. DOES THIS MAKE SENSE?
Help the people at the ground first. Wall Street Ex-cess have already their golden parachute and have more than enough.
BUSH/CHENEY regime and most of the members House of CONGRESS (DNC & RNC).........has no more credibility and trust left; therefore NO Confidence. Those that supported them are part of the problems and the rest of the people are having to sacrifice their collective cushions (tax $) to rescue the irresponsible wall streets gamblers.
When all has settled; it will be clear who is at fault. Those that are hanging on to their Golden Parachute.
Time to bitchslap the old corpse.
As Sen. McConeofSilence has said...this is a tough business.
Oh welll.
Gregg @ 12:
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McCain must really be bad if a foul mouth person like you votes for Obama.
Obama Hits Back Hard Against McCain on the Economy
I woulda gone for the family jewels first.
If the thousands of people in Ohio, Michigan and Pennsylvania, after years of falling employment, loss of pensions, jobs and income continue to vote against their own interests, they deserve the pain they will feel.
4 pissed off patricia Says: What they don’t seem to understand is that small town America has already hit bottom.
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Oooh...I like the way you think.
"Vince Says: With all the tech advancements over he last 200 years how come we have to work more?"
Well..ya see...it works like this. Business buys new technology, gets a tax break for it, then limits your wage increases in order to pay for the new technology. Then they make you work more hours, with the new machinery...and with allll that extra money you get from working overtime (which is taxed at a higher rate) then you can go out and SPEND...and this grows the economy...and that prosperity trickles down on you.
Clear now?
P.D. @ 6:
Guzzilng!
I have a BIG Favor to ask of the people of Ohio ...
Lease Get Rid of John Boehner! If we have to listen to his almost sobbing voice again complaining about the "Liberal Media" is always against the GOP I'll go crazier than I already am. The media seems "Liberal" to them because they are so far Right that ANY truth that leaks out about them or their doings is Liberal. It's called truth, get used to it.
His best speech ever. Succinct and on target.
Liberal AND Proud @ 24:
Yup.
I said it yesterday and many times before that. Trickle UP is want will make this country work again. When the average Joe or Betty has money they will spend it. If the average Mortimer has done his job running his company or business he will reap a huge income because average Joe/Betty will be giving him their business. If we depend on trickle down we depend on Mort to give the average Joe/Betty what he wants when he wants to. Fuck Mort. Let him wait and make him do a good job for his fortune instead of handing him the cash to disperse as he sees fit.
Gregg @ 12:
Yes it has certainly been obvious that the MSM and corporate America have totally been in the tank for Obama. Whatever you're self medicating with I'll pass on it.
pissed off patricia @ 4:
I thought it was our patriotic duty to keep buying stuff? esp. since all TVs are going digital and there's no more analog. I'll bet there are a ton of analog TVs in small town america. We hung on to ours until the bitter end. It was over twenty years old, so I guess I'm not very patriotic.
Yes, POP. the pain has only now suddenly trickled UP to the Fat Cats. That's what they are panicking about. The rest of us, not so much.
Hey kids! Let's play "Slap the Grampy"!...or is it "Slap the Grumpy"?..."Slap the Grampy Grumpy"?...or "Grumpy Grampy"??
He should run for president in Kenya... considering the mess the US seems to be in, his life would be much easier the next 4 years.
I am terribly disappointed to see Obama signing off on this trillion-dollar heist of the US Treasury. These crooked CEO's should be prosecuted for fraud and sent to prison, not rewarded with a tax-payer bailout. Where is the bailout for the people they preyed upon with their easy-credit ripoff loans?
Ain't we lucky we got 'em...Good Times.
Danish DR2 television just made an interesting remark - The ones who are about to win big on the financial crisis are......
The Saudis.
Appr. 10% of the profit made on selling oil are going to anonymous investment funds. Watch as the US market followed by the Asian and European markets collaps, the Saudis along with the Chinese are about to take over the Western markets.
Peter G @ 32:
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I heard this it the talking points issued by FOX and Friends to their faithful. Blame the liberal media. Now the say Gwen Ifil is going to be unfair in the Palin/Biden debate tonight. What a bunch of cry babies. Sean Hannity and Bill OReilly are really pissed off on their shows lately now that McBush is losing. Still bringing out character assassinations.
jimbo92107 @ 36:
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True. But how long will it take to get the folks in jail and when in jail, will you be better off. Look, they got over not lets stop the bleeding and try to correct the problem. Do govern by you emotions, you will lose.
Superficial alert! Wow what a hottie!
Good politician, but can he govern?
Continued from @37:
Could be on the verge of a new world order, where the Middle East, China and India are to be the new economic leaders - thus the US could be forced to sell things to the Chinese, they've so far have refused - military technology.
Greg. @ 39:
King of Kings @ 38:
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Better yet, can McBush and Palin? Imagine Palin in charge. Oh my.
King of Kings @ 38:
Who, boosh?
Here's your throne:
http://www.treehugger.com/toilet-llqq-001.jpg
Gregg @ 12:
Absolutely true. Fraud. Corporate whore. Sell out.
Gregg @ 12:
Who is making you listen to Obama, asshole? What a fucking waste of time you are. Next time just turn BACK to rassling so you can spare us your "nauseating" (see, I spelled it right) bullshit(with a nice touch of bigotry) complaining.
Lars @ 35:
Sounds conspiratorial but it's pretty much common sense. They're raking in the cash due to high oil prices, and with the US economy collapsing, it's a buyer's market.
That said, both the Saudis and Chinese have a lot of money invested in the US already, since it's their main export market and they have plenty of dollars. I'm thinking that this crisis is probably making them question the wisdom of investing so heavily in the US. I'm thinking they're probably going to diversify more. (actually the Arabs have already started - Dubai, anyone? - It's probably more an issue for the Chinese)
Lars @ 40:
A new world order, probably. But I don't think it'll be in the sense of the US and Europe being replaced by the Middle East, China and India. Rather, I suspect it'll just mean the former will lose relative importance compared to the latter. A multipolar world economy rather than a mono- or dipolar one. The world economy couldn't go on being beholden to the USA forever, after all.
grampy mcshitstaininsane is fudging his adult diapers right now. and yea the bailout bills sucks a fat one but if they actually enforce its provisions its better than nothing
Gregg @ 12:
i recommend you visit your primary care physician and throw out that
Palin US magazine
Alexdem @ 47:
Thus we are on the verge on something very new indeed.
Since World War II, the world has been dipolar in every aspect - politics, military and economics. What we could see is the collaps of capitalism ensued by strong, economic governments based on very un-democratic principles, especially Saudi Arabia (family owned and run) and China (mao-esqe version of communism). Capitalism has brought on the movement of jobs to low-cost countries, but as a result these countries have grown stronger - in the shadows so to speak.
If the current strong markets collapse, these countries could, along with the larger corporations, set the tone for these new markets - supercapitalism so to speak.
Farmer Brown got a little pinched waiting for his harvest so he went to the town bank to ask for a loan.
The loan officer asks, "Do you have any, collateral?"
"Collateral?" replies Farmer Brown.
"Yeah, you know somethin' that's worth some money"
Farmer Brown thinks a minute and says "Well, I have some cows."
"Great," says the banker, "bring me your cows and I'll keep them 'til you pay back your loan."
"Ok" says Farmer Brown and off he goes, gets his cows and takes his loan.
Well it turns out Farmer Brown has an excellent harvest, sells his crops and comes in to town with a wad of cash to pay off his loan and retrieve his cows.
The banker's eyes lit up at Farmer Browns wad of cash as he peeled off a few bills to pay his loan.
As Farmer Brown collected his cows and headed out of town the banker became agitated. He followed Farmer Brown down the road.
"Farmer Brown, Farmer Brown"
"What is it?"
"Aren't you going to put your money in the bank?"
"Well, no."
"Why not?. I can give you 2 percent interest."
"Yeah, but everybody knows you ain't got no cows."
"it's the fundaments of the economies is completely backasswards, stupid"
This hit me email yesterday, thought I'd share and generate a discussion:
~~~~~~~~~~~
What a good idea.
Here's a new twist on our financial crisis..
I'm against the $85,000,000,000 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in
a ''We Deserve It Dividend''.
To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.
Our population is about 301,000,000 ± counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billon that equals $425,000.
My plan is to give $425,000 to every person 18+ as a
'We Deserve It Dividend'.
Of course, it would NOT be tax free.
So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500 in their pocket.
A husband and wife has $595,000.
What would you do with $297,500 to $595,000 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ('vote buy') economic incentive that is
being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult
U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can 'never work.'
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
'We Deserve It Dividend' more than I do the geniuses at AIG or in
Washington DC.
And remember, The Family plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
A Creative Guy & Citizen of the Republic.
Chad M. Boardrow
Logistics Specialist
~~~~~~~~~
Bear in mind this was written about the $85 billion dollar AIG deal - Imagine the possibilities with $800+ Billion available for such an approach!
NADER ´08
Things may be a lot worse than the government is telling us. The next two paragraphs appear at a highly reputable financial web site www.financialsense.com. The article is by Jim Willie and you can read the entire article there. These two paragraphs really stand out.
This from a friend in Seattle: “I was talking to my neighbor last night. He is in finance in the county government, King County (Seattle). He said there are some very secretive budget talks being held, very hush, hush. Apparently, the county has lost around $200 million of taxpayer money in toxic paper investments, with huge implications on the budget. He says he is not privy to the details, but he is taking a 10-day vacation starting today, because he has nothing to do since everything is in flux.”
This from a friend in Atlanta with strong banking connections: “Reliable word that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one-week universal shut-down of the banking system, including access to checking accounts, savings accounts and credit cards. Reliable word has it that BofA bank branches received a shipment of signs last week, reading “WE'RE SORRY, BUT DUE TO CIRCUMSTANCES BEYOND OUR CONTROL, WE CANNOT BE OPEN AT THIS TIME.”
Michael @ 52:
Michael, are you for real and are you just sending this along to show how stupid the right wingers are or did you flunk 1+1=2 ?
Obama missed his chance to say that Mc24houses wants to give tax breaks to people making $5,000,000,000 (Million) a year. He missed his chance to say that McHealthcare wants to tax worker's health benefits. If a worker makes $40,000 and has to pay income tax on the health insurance the employer pays that worker will have to pay taxes on $52,000 a year. If the worker's wife works and she gets health insurance and their incomes together are $60,000 that husband and wife will be taxes on $84,000!!! Get on the ball Obama. Tell this to middle America when you have the chance.
I am willing to sacrifice and do with less - that is how I have lived my life. But I am not willing to sacrifice and do with less so the fat cats get more and more. When the entire NATION decides to sacrifice so all can share in the prosperity, then that is the American dream. Being greedy and getting all you can on the backs of other peoples' hard work, even though you may have worked hard at your greed, is not the American dream I am familiar with. But we have not had a president int he last 8 years that had the moral backbone, make-up or fortitude to get ALL Americans to see the value of sacrifice so all can share in the prosperity and abundance we have and therefore make all of America great.
Great clip os McLyingAssedRepug
captured purfectly on morning joe.
McCain = Collapse
barkin @ 53:
Bravo. Open up the debates so that those candidates who are not either a Democrat or a Republican can be heard in a country that calls itself the best democracy in the world. Or can it be that those who control the debates, and have been formerly connected to the Democratic and Republican parties, have no desire to allow Americans to see and hear from a candidate such as Nader who is not in bed with the corporate, military, industrial complex?
click through these maps and see writ large a major reason why we need obama and not mccain.
http://www.worldmapper.org/textindex/text_manufacturers.html
McCain has conceded Michigan!
http://politicalticker.blogs.cnn.com/
" IN DEBT WE TRUST ",
http:www.chrismartenson.com/debt
" Trouble in Banktopia ",
http://www.informationclearinghouse.info/article20883.htm
" The Great Scam ",
http://lumpentimes.blogspot.com/2008/09/kucinick-on-protecting-public-in...
" The Century of the Self ",
http://www.informationclearinghouse.info/article12698.htm
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Barack Obama may be the very best of the two presidential candidates, but he aint the saviour of the financial and economical mess the U.S. is in right now. Next to his vote in favor for warrant-less wire-tapping with retro-active immunity for the Corporations wich committed crimes, he now made his second realy big mistake with voting in favor for the BAIL-OUT of the Wall-Street Scum and the CORRUPT BANKERS who stole the middle class blind!
Obama talked a good line, then voted against the Constitution with his FISA vote. He's talking a good line on the trouble we're in with the economy, but he voted for the bailout on this largely engineered "Crisis". Both votes sold Americans down the river. I'm seeing a pattern I don't like.
Talk is cheap. Words don't amount to deeds, and I'm not seeing the congruence that I need to see.
“I don’t know what yardstick Senator McCain uses, but where I come from, there is nothing more ‘fundamental’ than a job. The fundamentals of our economy are not strong and it’s time we had a President who understands that.”
"I believe in free trade". -Obama
What kind of double-talk is that?
The usual Obama kind.
Left&Left @ 45:
Another lame, cowardly, profanity laced flame throwing invective from a one trick pony.
The bailout is the paragon of trickle down economics and Obama enthusiastically voted for it. WTF?
I apologize to the C&L commenters for the F'n rude comment,
I like Obama, I like who he is deep down and that is what I am hoping for when he wins. I do not like what he is saying and that he probably has to say it because the idiot votes he needs to win have to be convinced and inspired from romantic truthiness and have to be played against the rebug's lies and simplicities.
Though it is a means to an end, I do not think it is productive to have a national dialog that sells one overly simplistic and outdated view for another, for the sake of change.
Leadership @ 5:
Redneck hell?
Have you been there? Missouri, like many states, is represented by all elements of society. Presently or in the past, it has been a border state and before a state with as much blue as red history. St Louis is an old city, settled in the late 1700's which is predominately union and democrat voting. KC the other large city is much of the same.
They have a dem us senator in Mccaskill with recent governors that were dem as well. Its almost like you can draw lines running north and south over each eastern and western border and call it blue, with the remaining 2/3 of the interior red. Now if McSame was down 3% in Georgia, Alabama, Texas, Tennessee, Kentucky, Mississippi, the Carolinas or even INDIANA then your use of the numerous !!!!!!!!'s would be in order.
1873 not 1929 !!!
Obama is just as owned by Wall Street as McCain is, but Obama is just better at obscuring it from Joe and Jane Sixpack.. Now, does that make him any better? I've grown quite accustomed to having Presidents be horrible liars, and i'm not sure if i can stomach another one with a silver tongue.
Gregg @ 68:
I was talkin bout Left&Left. Yours wasn't much better but at least it was aimed at a politician. Fair game.
Merlyn @ 2:
Thank Congress and the House of Representatives too. They just stood by, hands in pockets. Now they are reaching in to our pockets. Simple theft.
I was in Grand Rapids when he made his speech. It was a good speech!
It appears to me that passing the bill in the House is a gamble. Not passing the House is a bigger consequence to that gamble. Depression in this country could easily spell anarchy. I say this because I believe we are a nation of addicts. We want more, and seem addicted to more. We need to be recovering addicts.
The bailout can be looked at as enabling. The nation doesn't need bail out or rescuing. It needs rehab. Our goal needs to pursue being recovering addicts -- Sadder but wiser.
The bail out could be intervention if it is a good bill. I suggest the House pass the bill without the Senate sweeteners, only keeping and adding real economic common sense to the bill.
Stop the B.S. and get real Congress. If we do not stand for something we will fall for anything. The first words of the Constitution start, "We the People."
If depression hits, The sheep will wake up and they will not happy with the pigs. Enough sheep can hurt pigs, it just is not the norm.
If stability occurs, we will save the farm. This House vote is gambling anyway you look at it. Today, we will know if addiction or recovery is winning.
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