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Thread: Barack Obama addresses 'major threat' to economy

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    Elite Member kingcap72's Avatar
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    Default Barack Obama addresses 'major threat' to economy

    Obama: News 'major threat' to economy
    POLITICO
    Sen. Barack Obama (D-Ill.) was the first of the presidential nominees to issue a statement on the weekend's banking meltdown, declaring Monday morning that the turmoil "is a major threat to our economy and its ability to create good-paying jobs."

    "I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to," Obama said. "It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises."
    The statement includes a line you can expect to hear from him on the stump: “Instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street."
    Obama aides say he will hammer the message that the market upheaval shows that the country can’t afford four more years of policies aligned with those of the current administration.
    Aides to Sen. John McCain (R-Ariz.) say he plans to use the news to underscore the reform message that he began hammering at the Republican National Convention.
    “This is bad news for the country and yet another sign that we need to reform Wall Street,” a senior McCain official said. “The only way we can do that is by reforming Washington first. We will show McCain and Palin as the ticket who will take action on the economy and make sure the taxpayers aren't stuck with the bill.”
    Here is Obama's statement "on the Situation in Financial Markets":
    “This morning we woke up to some very serious and troubling news from Wall Street. The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.
    “The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.
    “I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.
    “Well now, instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street. This country can’t afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as president,” said Senator Barack Obama.
    Obama: News 'major threat' to economy

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    Elite Member louiswinthorpe111's Avatar
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    This is what Obama needs to focus on, and hard. Keep hammering on how McCain's policies will propel us into a Depression.

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    For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as president,” said Senator Barack Obama.


    Just once, I wish he'd give specifics instead of pointing fingers. Can anyone tell me WHAT he's going to do and HOW he's going to change things?
    According to my day planner, I don't give a f^ck.

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    Elite Member sluce's Avatar
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    Part of it is his proposed tax structure. If you look it up you will find the specifics on that.

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    Elite Member lurkur's Avatar
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    Deregulation and lack of corporate oversight is going to leave us fucked, just like it did after the corrupt and greedy 20s. If people were educated properly, they would understand that instead of knee-jerking to "smaller government - get off our backs!!" jingoisms.

    Whenever you hear a talking point about reducing government, it has nothing to do with the average, usually struggling citizen, it is about letting corporations go unchecked so they can get larger and richer.

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    Gold Member ymeman's Avatar
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    Quote Originally Posted by Feebes View Post
    For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as president,” said Senator Barack Obama.


    Just once, I wish he'd give specifics instead of pointing fingers. Can anyone tell me WHAT he's going to do and HOW he's going to change things?

    at this point he could get up there and just say his plan is to "not f*ck things up" and it would be an earth-shattering improvement over the last eight years.

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    Elite Member Quazar's Avatar
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    Quote Originally Posted by ymeman View Post
    at this point he could get up there and just say his plan is to "not f*ck things up" and it would be an earth-shattering improvement over the last eight years.
    LOL but so true. This is how pathetic things have become.

    Obama has to keep hitting home about the economy - how screwed up it's been with the current administration and specfic ways he proposes to fix it. He can't get mired down in "The Real World, Alaska" or other such distractions.

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    Elite Member witchcurlgirl's Avatar
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    WHY THE PRESIDENT CAN'T FIX THE ECONOMY

    As the presidential campaign kicks into gear, housing, energy and rising unemployment have thrust the economy front and center. Whether they are talking about the need to drill off the coast of South Beach (John McCain), or the necessity of confiscating the profits of ExxonMobil (Barack Obama), each candidate is unequivocally promising voters that come Jan. 20, 2009, should he have the high privilege of succeeding George W. Bush, he will instantly reverse the decline of housing prices, bring gasoline prices crashing back to earth and generally kick the economy back into gear.

    If you believe that, I've got some subprime mortgages I'd like to sell you.

    Does the president really have any effect on the short-term direction and performance of the economy? The answer is no, but with two important "buts."

    Over the past 219 years, the U.S. economy has expanded under all types of presidents, Democrat and Republican, activist and somnolent. But there have certainly been some notable policies that inflicted short-term damage, such as Thomas Jefferson's ill-conceived embargo on trade with Britain in 1808 and Ulysses S. Grant's decision to place the United States back on the gold standard, which contributed to a banking panic that in turn led to a recession that lasted for nearly all of Grant's second term. Between 1929 and 1933, as a stock-market crash and credit crunch metastasized into a Depression, Herbert Hoover adopted a hands-off approach that exiled his party from the White House for a generation.

    But today, while the president of the United States may be the most powerful person in the world, "his influence on the short-term macro economy is generally overestimated by voters," says Thomas E. Mann, senior fellow at the Brookings Institution. Partisans might think the economy got off the mat the minute Ronald Reagan was inaugurated in 1981, or when Bill Clinton took the oath in January 1993. But the factors that influence the business cycle are so myriad, powerful and unpredictable that not even an executive as muscular as California Gov. Arnold Schwarzenegger could bend them to his will. The megatrends that made the 1990s a long summer of economic love—the end of the cold war, the deflationary influence of an emerging China, the Internet—would have happened with or without Rubinomics. And most of the factors now making life miserable—commodity inflation, a housing bubble and a weak dollar engineered by the Federal Reserve's promiscuous policies, the demand-driven surge in oil—would likely have materialized had John Kerry won in 2004 (sorry, MoveOn.org).

    The maturation of the Federal Reserve into a powerful, independent agency has further stolen the thunder from the presidency in short-term economic affairs. By cutting interest rates and offering banks access to liquidity, Federal Reserve chairman Benjamin Bernanke has done more to stimulate the economy in the past year than President Bush or Congress.

    There's a third reason the identity of the next president won't matter all that much to the economy in 2009. The past 16 years of experience—not to mention this year's campaign platforms—prove that Democrats and Republicans diverge sharply on fiscal and economic policy. But on some of the big-picture items that matter most to short-term performance, a consensus has emerged over the years. Modern Republicans have learned their lesson from Herbert Hoover and have embraced the necessity for short-term fiscal stimulus when the economy slows. "We're all Keynesians now," as Richard Nixon said. Modern Democrats have also learned their lesson from Hoover, who signed the disastrous Smoot-Hawley Tariff into effect in 1930. Twenty-first-century Democrats generally embrace the utility of free trade, even during economic downturns.

    This isn't to say that the identity of the president in 2009 won't matter. Presidents tend to have the most success enacting new policies in the first year in office (the tax cuts of Reagan and Bush II, the budget and NAFTA for Clinton). And Tom Gallagher, head of policy research at ISI Group, notes that the next president will appoint a Federal Reserve chairman early in his term. But—and this is the first but—the macroeconomic impacts of early-term policies are often evident only after several years. Harvard economist Benjamin Friedman notes that Nixon's imposition of wage and price controls in August 1971 helped smooth his re-election in 1972. "But these controls became a substitute for serious anti-inflationary policy, and were the beginning of a set of policies that led to really severe inflation."

    So here's some straight talk about change we can believe in. Most of the promises that Obama and McCain are making about the economy will founder on the shoals of a Congress unwilling to be a rubber stamp, organized industry opposition, unanticipated events, budget realities and changes in the macroeconomic climate.

    We shouldn't discount entirely the next president's powers. The most troublesome economic data points aren't necessarily the rising unemployment rate and plunging home prices. Rather, they're the miserable consumer-confidence numbers, which have hit a 16-year-low, and the high percentage of Americans who believe the nation is on the wrong track. When consumers, whose collective actions constitute more than two thirds of U.S. economic activity, are in the dumps, they're less likely to spend, to invest and to take risks.

    But—and this is the second but—history has shown that presidents do have the ability to affect the short-term national mood about the economy. Think about the juxtaposition of Hoover's cool response and Franklin Delano Roosevelt's exhortations to fear nothing but fear itself. George H.W. Bush's "Message: I care" didn't have a prayer in connecting with the anxieties of middle-class Americans when confronted with a sweet-talking Arkansas governor who oozed empathy.

    Presidents can function as mood enhancers only when the rhetoric is backed by action. "Whatever beneficial effects FDR or Reagan had on the economy had more to do with their policies than with their pleasant demeanors," says Richard Scylla, a historian at New York University. FDR's inspiring speeches and fireside chats in 1933 were accompanied by a profusion of policy experiments, many of which worked. And without the stimulus provided by the Reagan tax cuts, the "Morning in America" theme of the Gipper's 1984 re-election campaign would have fallen as flat as Gerald Ford's 1974 exhortations to "Whip Inflation Now."

    Why the President Can't Fix the Economy | Newsweek Global Literacy | Newsweek.com
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    Gold Member ymeman's Avatar
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    I think that 250 million a month we are spending in Iraq because President Bush lied us into this war would definitely help in some way if we kept it in the U.S.

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    at this point he could get up there and just say his plan is to "not f*ck things up" and it would be an earth-shattering improvement over the last eight years.


    That would be funny if it wasn't EXACTLY what he's doing. He's smooth I'll give him that, quite the talker. But there's no substance to his words. Do you honestly believe has enough experience to run the country? He relies on "policy reform", "change", blah blah blah. I'm afraid we're going to need the details BEFORE he gets in there. Just sayin.
    According to my day planner, I don't give a f^ck.

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    Elite Member sluce's Avatar
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    Sadly the same can be said for McCain who has said himself thathe really doesn't know much about the economy.

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    Elite Member Sweetie's Avatar
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    Don't worry guys, Obama will be in soon and it will all be hunky-dorey.

    Confetti will stream from the skies every morning, just because he's in office.

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    Elite Member Quazar's Avatar
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    I think the psycholgical aspect of having someone new and different in the White House will stimulate the economy. People will start to feel optimistic again and they'll go out and start spending money. Business is like that - it's very emotional.

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    Silver Member sparklehead's Avatar
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    Quote Originally Posted by witchcurlgirl View Post
    If you believe that, I've got some subprime mortgages I'd like to sell you.

    (sorry, MoveOn.org).

    So here's some straight talk about change we can believe in.
    Those three made me laugh.

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    Elite Member NicoleWasHere's Avatar
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    WHY THE PRESIDENT CAN'T FIX THE ECONOMY

    Because he's retarded?


    ...

    Seriously, guys. Even with Obama in office, I don't expect our problems to be solved, overnight. I wouldn't expect that with any president. But we can choose: Vote Obama, and we're more likely to go in the right direction. Vote McCain, and the country will go straight to hell quicker.

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