Obama to Meet with Economic Team

Obama has no idea what to do. He always wants others to answer first. he wanted HIllary to answer first then say he agrees. Obama is total phony.
Barack Obama simply does not understand American capitalism. John McCain does. Barack Obama has spent his entire adult life marinating himself in economic defeatism and elitism. John McCain has made decisions; Barack Obama has avoided deciding.
McCain understands the power of American capitalism. Obama disdains it.
For Obama to say we face the worst economy since 1929 is despicable and ridiculous. Only his mainstream media chorale would echo such self-defeatism. In 1932 there was 25% unemployment. Today unemployment is 6%. In 1929, stockbrokers were selling apples on the street. Today immigrants run fruit stands on the street. Year-round. Then, people jumped out of windows. Has anyone jumped out of a window in the last week?
Obama accuses McCain of being stupid on the economy because McCain once made a stupid offhanded remark and said he didn’t understand the economy very well.
Here are the facts:
America’s economy is owned by the American people. (A tip of the hat to Ross Perot for his “ownership” mantra). We worked for it, we built it and we own it. We welcome foreign investors, and indeed they are good for us. But, ultimately, our economy is ours.
Second, as both Obama and McCain recognize, we face challenging times. “The City” in London is a strong challenger for Wall Street’s primacy in financial matters. Foreign manufacturers have come to the United States and produced better products at lower costs. China, India and the Middle East are accumulating wealth and want heightened respect commensurate with the growing strength of their economies. They are a challenge.
And both Democrats and Republicans-the mandarin class that despises John McCain and that he in turn disdains–have done nothing to create energy independence through a massive “Manhattan Project”-style national effort. A primitive economy created the atom bomb in three years (1942-45). In over thirty years (1973-2008) we have been unable to solve our detrimental dependence on imported oil. Who votes for these losers? A show of hands, please.
The solutions to all of our challenges today require two essential components: a leader who will make decisions, and a leadership team that is not afraid to take decisive, not to say brutal, action. The power of American capitalism that makes us the wealthiest nation in history is our willingness to bring the malefactors of great wealth into the abattoir, and dismember them. Yes, there is blood on the floor. But at the end of the day the blood will be washed away and tomorrow morning America will reopen for business with a clean balance sheet. The bad assets will have been “marked to market” and sent away to the rendering plant.
Twenty years ago Japan faced a property bubble not unlike our current problems. Simultaneously we faced a 1980’s savings and loan crisis brought on by bad lending practices and corruption. The American people authorized their government to chop away at the bad assets. In a few years the Resolution Trust Company (”RTC”) was out of business, the bad assets having been recovered and restored. Property values began to rise again and we launched on a new boom. In Japan, by comparison, economic leaders were afraid to take decisive action and the lingering effects of the bust went on for over a decade.
Today, the world economy faces similar challenges. The property bubble does not exist only in Florida and Nevada; there are similar booms and bubbles across the globe, from China to Europe and in between. The world economy is slowing, partly because of financial excesses and partly because of an unexpected oil price spike. But many foreign leaders and foreign economic managers will be reluctant to take immediate, decisive, brutal action. Welcome to Wall Street.
I have been critical of the way the so-called “sub-prime” mortgage situation was handled beginning last year and, frankly, I believe that government made a tolerable situation intolerably worse. We are still paying the price for the poor forward thinking that triggered a “crisis” out of the sub-prime “challenge.”
But when people blunder on Wall Street, the American people’s “terrible swift sword,” Samurai-style, falls on them. Lehman Brothers? The firm now belongs to history. In weeks the bankruptcy lawyers will be tearing apart the few remaining bones. A judge will supervise the dismemberment. It will be a quick slice and dice operation. Lehman will not linger. The firm will have been cut up and devoured by the survivors. No taxpayer dollars involved.
Merrill Lynch. I feel the sale to Bank of America is a bad one. But I am not confident of being able to stop the acquisition, although I will try. Merrill Lynch was mismanaged. Someone new will get a chance to make mistakes. No taxpayer dollars involved.
American International Group (AIG)? This firm was indeed “too large to fail,” and so it was taken over by the government. Uh, that means us. But we took 80% of the company’s stock in return. That’s no incentive for a business to ask for a government bail-out.
Fannie Mae and Freddie Mac? Fannie/Freddie’s greedy managers and influence peddlers? Toast. Mortgage lending? The market will return after the bad assets are “marked to market.” Distressed assets provide a lucrative opportunity today for patient investors willing to risk their capital. That’s the American way. Mark to market, and move on.
Now please don’t get me wrong. I do not encourage or endorse weekend deal making as the preferred approach to running the economy. But I do wholeheartedly support decision-making.
And I do not support selling short the American people or their collective economic wealth which we call “the economy.” When Obama says we are in a mess, he only reflects his own confusion and impotence, not our own. Tomorrow morning, most of us will get up and go to work, 94% of us. Lehman, Merrill, AIG? Done and gone. It’s sad, and I’m sorry, but they took risks, and they paid for their errors and excesses. The abattoir works. The floors will be clean in the morning.
I do not minimize the challenges of unemployment or economic risks. If you are without a job, the unemployment rate is not 6%, it is 100%. But our economy is absorbing workers even as Wall Street deal minders are seeking new horizons.
Obama? Frankly, I don’t think he likes us very much, even though he would very much like to rule us.
McCain? He is one of us. When decisions have to be made, he will make them. But he will do with a consistent attitude: confidence in the American people and faith in their productivity and industry.
Is our economy fundamentally sound as John McCain suggests? Well, let me answer a question with a question: are the American people fundamentally sound?
Do you want to invest in a man who believes in the fundamental soundness of the American people, or invest in a man who has spent his life depreciating America and all we stand for? This time, it’s not “You the judge.” It’s, “You be the investor.”
Whom do you trust with your money? McCain or Obama?
Invest wisely. It’s your economy. A nd your future.
Now decide.
For me it is Mccain/Palin and a no vote just helps Obama

McCain still thinks that “the fundamentals of the economy are strong” so I doubt he will have any new proposals except for restating Bush proposals which got us into this problem in the FIRST PLACE.

The Palin bubble has BUST.
Now it’s all about the economy.

Yes, it is all about the economy.
That’s why McCain is already out there speaking on his plans for reform, and Obama is barely calling a “Special Meeting.”
McCain is a leader, Obama a follower.
That’s all Obama would do as President, play follow the Leader, when he is the one supposed to be leading………

Hmmmm. Someone who actually is willing to exercise patience and use logic to take all factors into consideration before jumping in to get their message out first? Sounds like a smart guy who I’ll be voting for president to me!
Obama/Biden ’08

No. The Obama camp is not ran by lobbyist b/c if it were the Republicans would say so everytime the Obama camp made the charge.
The Republicans are now second guessing the Palin choice. It looked great for the past 2 weeks by definitely not this one.

Thank you Democrat No More. Sadly, many people won’t be able to take their blinders off long enough to read what you wrote, but I agree with you and applaud the time you took to write that. I’ve never gotten a feeling Obama believes in me or my fellow Americans, but I’ve always known McCain does. And to the person who spoke of Palin’s bubble bursting: you just can’t stop talking about her can you?

It’s a time of upheaval and a time of fear for voters. They are more comfortable with Obama on the economy but will gladly switch to McCain if he puts together a comprehensive economic safety plan and quits making verbal blunders. Obama does not have this in the bag…
http://www.political-buzz.com/

McBush has just tanked! tra lah! Still wants to form a committee. Looks old tired and more confused than usual!

Can we vote out the incumbents NOW, or do you call this progress? It’s your vote, USE it!

First of all I see the media has no intention of letting up on its stupid biased ‘reporting’ of whatever can keep Obama lookin good.
Second of all , the replies are simply carved out of replies to fit the candidate you want to win.
Like a great gang of sociopaths who think their narcissistic egocentric view of the world does anyone any good.

Shooting from the hip is not how one solves a crisis of this magnitude. Obama has the intelligence and discipline to discuss this with advisers to develop a plan. McCain shoots from the hip and thinks later, which is why yesterday he said he would fire the SEC chair (something the President cannot do).
Even the WSJ editorial board is slamming McCain.
“In a crisis, voters want steady, calm leadership, not easy, misleading answers that will do nothing to help. Mr. McCain is sounding like a candidate searching for a political foil rather than a genuine solution. He’ll never beat Mr. Obama by running as an angry populist like Al Gore, circa 2000.”
http://online.wsj.com/article/SB122178318884054675.html

Democrat no more, i say GOOD RIDDANCE. Take your bottle with you.

“Once again, it takes DAYS for Obama to make a decision. DAYS!”
As opposed to making a rash decision without thinking it through? That’s been one of the problems with the current administration. Obama wants all the facts first, and he does not want to undermine efforts to resolve the crisis by those currently in office. When he is president he will make decisions much quicker when needed, but also take the time to think things through and hear all points of view before making a decision, which I think is an important leadership quality.

Hey laura by the time he makes a decision the ship has sunk

reddog0216, Managing money is NOT MCCAIN’s strong suit.. LOOK AT HIS campaign—early primary campaign —- the one where he said he was going to take matching federal funds— then borrowed money against those loans then restarted his financially bankrupt campaign????? See the picture??? No will as I said I know of a BRIDGE TO NOWHERE TO SELL YA”

Would you trust Obama to make a lif-or-death decision? The guy must sample all 33 flavors before deciding on which ice cream to pick. He finally chooses what the person before him orders.

This is scary.
Obama has no idea what to do!
He is clueless!
He’s waiting for his advisors to come up with something.
On the other hand, McCain has already come up with a solution and presented it to the American people. Quick thinking by McCain.
Obama is a speaker, not a thinker.

Obama has no platitudes for the current crisis so he has nothing to say. I bet his gang of theives and thugs are working frantically on some meaningless empty statements for his teleprompter. Obama is less than an empty suit – an empty suit has a coat hanger in it.

Mark: “On the other hand, McCain has already come up with a solution and presented it to the American people. Quick thinking by McCain.”
McCain comes up with ideas quickly, but they’re mostly just emotional, kneejerk ideas that are based on false assumptions, like his authority to fire an independent watchdog commissioner.
I’ll take Obama’s measured and reasoned approach. That’s the temperment I prefer in a president.

Joe Biden loses Barack Obama the Catholic vote
Read all about it!
http://blogs.telegraph.co.uk/gerald_warner/blog/2008/09/19/joe_biden_loses_barack_obama_th

Why bother with a meeting?
Obama will probably vote “present” when all is said and done, anyway…

Why is John McCain so mad….this is getting old…..Is he frustrated??? John McCain knows some of the reasons the economy is going bad…He does not have to look far to find the blame. THATS RIGHT HE NEEDS TO LOOK AT. PHIL GRAHM OF TEXAS.
JOHN MCCAIN DOES NOT HAVE THE TEMPERMENT TO BE THE PRESIDENT…
WE WILL BE AT WAR WITH EVERYONE IF HE IS
John McCain, this is a message to you, we all remember the KEATING 5!!!!!

to timmaaa7:
Obama answered questions at his news conference regarding the economy.I don’t think he had a teleprompter. Also, the only thing that John McCain did was attack Obama. We don’t need to hear that at a news conference regarding one of the biggest financial disaters, he could have done that at one of Sarah Palin’s pep rallys.
GO OBAMA 08

I am asking everyone to email a note to Senator Boxer who is the head of the Senate Ethics Committee to ask him to investigate Sen Obama breaking the Logan Act in his attempt to get Iraq to not withdrawl troops until he took office. This is a well known story with Iraqi saying he requested it. Here is the note I sent. you can put your name in place of mine at the bottom. Please make sure you include your name and state and county at the bottom. You can exclude pumapac if you desire. Please do a bcc or blind copy if you can to prowl@pumapac.org
The more people who do this the better chance we have of getting some action on this terrible act of treason and selfishness allowing people to maybe die in a war so he could be elected. Everyone is invited to come to blog.pumapac.org a place where the common person is trying to have his voice hear. A super friendly place. please pass this around to other blog sites that might attract people to join in this effort.
Senator@boxer.senate.gov
SUBJECT: Obama in violation of Logan Act!
9/19/08
PumaPac.org
Contact: Murphy@pumapac.org
Dear Member of the Senate Ethics Committee,
I am writing to request that you open an investigation into the actions of Senator Barack Obama with regard to his July visit to Iraq. News reports, as well as the statements from Senator Obama’s own campaign, confirm that Senator Obama attempted to negotiate a plan for troop withdrawals and a framework for the American presence in Iraq in such a way as to benefit him politically. This is clearly an unethical way for a member of the United States Senate to act, using his status and leverage as a Senator and prominent candidate to undermine the Administration and to benefit his own political career. It also appears to be a direct violation of the Logan Act.
From the Logan Act:
“Any citizen of the United States, wherever he may be, who, without authority of the United States, directly or indirectly commences or carries on any correspondence or intercourse with any foreign government or any officer or agent thereof, with intent to influence the measures or conduct of any foreign government or of any officer or agent thereof, in relation to any disputes or controversies with the United States, or to defeat the measures of the United States, shall be fined under this title or imprisoned not more than three years, or both.”
I am a member of Puma PAC, People United Means Action (http://pumapac.org). We are the Voice of the Voters in the Democratic Party and we strongly oppose Senator Obama’s selection as our Party’s nominee. We believe he is an unethical politician, disloyal to the fundamental values of our democracy.
Thank you for your consideration and time.
Sincerely,
first initial and last name and county state
Puma PAC Democrat

Hi,
I wanted to draw your attention to this important petition that I recently signed:
“Impeach Senator Barack Obama”
http://www.ipetitions.com/petition/obamaimpeachment?e …
I really think this is an important cause, and I’d like to encourage you to add your signature, too. It’s free and takes less than a minute of your time.
Thanks!…………
http://www.ipetitions.com/petition/obamaimpeachment?e

Obama meets with his 300 advisers??, LOL

Wait, what?
McCain said the other day he wanted to form a commission, Obama called that a staff meeting. Obama said a President has to lead.
Isn’t what Obama’s doing a staff meeting? Is this leadership?
And I thought he HAD detailed plans about what to do? Haven’t he and his advisers run hypothetical scenarios? I thought he had a good handle on the economy.
Yes, this is a serious issue. What happens WHEN (not if WHEN) the US faces an imminent national security threat. Will Obama go have a meeting? How long will it take him to act? Does he have any clue what he’s doing?
Both these candidates are starting to scare me.

“They are more comfortable with Obama on the economy”
Who is they? lobbyists?
Posted by: geevill | Sep 19, 2008 9:57:52 AM
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Yeah. And all the celebs, like Babs, who paid 28 big ones to have dinner with the Anointed One earlier this week.
Meanwhile in Galveston……

timmaaa7:
Really and truly igorance needs no reply: But if you want to start with liars– you can look at your own party. You know that George Bush lied to the American people—democrats and republicans about the Iraq war. You should be outraged that his lies, have caused over 15,000 men and women to come home injured and over 4,000 men and women are dead because of lie.. Timaa7 …get your head out of the sky and look at the real issue…and quit calling people morons and idiots…You have the temperment of McCain…..I’m worried.