The Note: Economic Woes Provide Obama Opportunity

John McCain, who would not sell his soul to win his party’s nomination, is ready to sell every piece of his soul to win the presidency.

Economic woes are a result of Republicans policies for the last 8 years. And McCain doesn’t offer any difference between his policies from President Bush.
I don’t want four more years of the same. Obama needs to hit with the American people with this message over and over again until Election Day and he will win.
But Obama also need to start coming up with some solutions to fix these economic mess that President Bush created. Congress is to be blamed as well.
OBAMA/BIDEN ’08

WOW!!!! -500
WAKE UP AMERICA…THE REPUBLINCANS MUST GO………I AM A REPUBLICAN AND ILL BE DAMM IF I SUPPORT MCCAIN/PALIN TICKET……THE HAVE BECOME THE LAUGH DUR TO THE DIS HONESTY OF MRS…PALIN

Last 2 years the DNC (do nothing congress) has been in charge.
And the economy can be that bad for Obama’s “friends”.
They are willing to pay $28,500 a plate for a fund raising dinner hosted by “Babs”.
How about using some of that money to help the Hurricain victims?
And how about Obama’s running mate — generous Joe. He donated less that .1% of his salary to charity.

same team
same tactics
same outcome
throw the bums out
how’d the last 8 work for ya?
ask McCain who Phil Gramm really is…about what he wrote when writing McCain’s economic platform
and how that differs from all the years he has spent taking money as the Number one lobbyist for deregulatio in the banking and mortgage industries…
Mccain is “changing” our regulation by hiring the guy who pushed for the deregulation in the first place…
(Gramm received 750k just last year alone in lobbyist money to do so)
same team
same tactics
same outcome
9th year
throw the bums out.

susie
there is one big blame for this mess
deregulation
the overwhelming captain of deregulation?
the guy who wrote Mccain’s economic platform.
the same guy who received 750k last year alone to fight for deregulation in the banking sector.
Phil Gramm
Same team
same tactics
same outcome
9th year/
throw these bums out.

Reminder to Obama: Bush wanted to tighten oversight with a new regulatory board for Fannie Mae, Freddie Mac, and other government recipients for the express purpose of addressing bad loan practices — and Democrats blocked it.
The New York Times reported on this 5 years ago:
“The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.”
This should have been a no-brainer, right? With hindsight, we can see that the Bush administration had accurately diagnosed the problem in the lending market and had a plan to address it. Fannie Mae and Freddie Mac reluctantly supported the plan. However, Democrats objected:
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are NOT FACING any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

It would be amazing if Obama had anything intelligent to say about the economy. All he does is wave his arms and engage in personal attacks. Today, he came out with a commercial that attacks a single sentence of a McCain speech and never once mentioned a single syllable about what he’d do with the economy. Not a single syllable!
Obama: Negative and shallow!

erin
We do know that millions of Obama’s donations went to an expensive European trip, multiple rock bands, a football stadium, president seal and other wasteful purposes. When one donates to Obama, expect squander!

This just further illustrates how far out of touch McCain truly is. Republican Herbert Hoover said the economy was fundamentally strong just before the market crash of 1929, followed by the Great Depression. McCain just doesn’t get it.

Obama could have caused a complete panic and run on the banks yesterday with his speech. Doom Gloom Failure The Great Depression
Do we want this rookie as President – I don’t think so. He wasn’t aware of his actions – he was just excited about a gotcha of McCain. (Turns out Bush tried to put regulations and the Democratic congress vetoed it – might have little something to do with all of the money they all have taken from banking and mortgage groups.)
http://www.strata-sphere.com has an excellent article.
Obama’s Doom and Gloom Fiasco is Borderline Treason.

dl (fake one) Obama is still the number one choice of thinking people.

disgusted, please leave my state and move to someplace more to your liking. Maybe Mississippi.

McCain – good for the country.
Obama – good for nothing.

Another 20+ year Republican here (and hell I was even recruited to be a McCain delegate in 2000 after giving money to the man’s campaign). But I also WILL NOT BE VOTING McCAIN/PALIN in 2008!
John McCain has clearly lost his game. He’s gone back and forth so many times I’m dizzy. Six months ago I could have supported him, but everything in his campaign just screams out that a McCain presidency is a disaster waiting to happen.
His team can’t manage to run a decent campaign for more than a couple of weeks at a time. His choice of Palin was completely irresponsible and so blatantly political and cynical.
With all the economic problems this country faces, with two wars ongoing, with CHINA and INDIA on the rise as economic/employment competitors WE CAN NOT AFFORD ANOTHER PERSON OF AVERAGE INTELLECT as President or Vice President.
We also can not afford another avoid the facts and ‘go with my gut’ clueless George Bush clone!
GET THIS THROUGH YOUR HEAD PEOPLE. ALL THE OF OUR ECONOMIC FUNDAMENTALS SUCK!!!!
And McCain obviously has no clue what to do. He obviously has never heard of Credit Default Swaps that brought down Lehman and threaten AIG. McCain’s economic advisor Phil Gramm helped write the bill that deregulated the financial industry and turned Credit Default Swaps into what Warren Buffet has called “financial weapons of mass destruction”. These swaps grew from $900 billion in 2001 to what now is a $50 trillion shadow waiting to collapse on the global financial world. For you numbers people, $50 trillion is 2 times the value of all the listed companies on the stock market. Hence this is not a small problem, and something a hockey mom is not likely to be familiar with.
So what is McCain’s big idea for us to do? He calls for the Washington DC stock answer “LETS FORM A COMMISSION” – talk about naive!
Thanks, but no thanks John McCain!

Rep’s ideology on economics doesn’t work. It didn’t work under Reagan (does any one remember Black Monday) and now it doesn’t work under Bush. Vote every Rep out of office. No over sight and look what we have gotten. Poison in our Food, water and toys. Now the big mess world wide on our economy. Why do you think Reagan had to close down Wall Street in 1987. Because Wall Street with out over sight did the same thing they did this time. But this time it is a global economy that the Rep ideology has cause the break down.
Good going Rep’s. Hope all the peeople that voted you in becomes homeless. Then the homeless can blame the Dems.
Rep’s need to take accountable for this and real fast.

Democrats and Lobbyists: The True Root Causes of Today’s Economic Woes
“On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Some economists have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.
The repeal enabled commercial lenders such as Citigroup, the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. Citigroup played a major part in the repeal. Then called Citicorp, the company merged with Travelers Insurance company the year before using loopholes in Glass-Steagall that allowed for temporary exemptions. With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.”
http://en.wikipedia.org/wiki/Glass-Steagall_Act

Obama=change, good economy, good health care
Mccain=samething, poor economy, worse health care, wars all over, plannet over wamming,

we can’t go wrong with prayer ~
but we do also need to VOTE
for the truth- don’t fall for the lies you are ‘hearing’ GO TO THE TRUE SOURCE
like transcripts of the Congressional Record!
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Section 16
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator
reported that the company’s quarterly reports of profit growth over the past few
years were “illusions deliberately and systematically created” by the company’s
senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that
Fannie Mae employees deliberately and intentionally manipulated financial
reports to hit earnings targets in order to trigger bonuses for senior
executives. In the case of Franklin Raines, Fannie Mae’s former chief executive
officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the
6 years through 2003 was directly tied to meeting earnings targets. The report
of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion
profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby
Congress in an effort to interfere with the regulator’s examination of the
company’s accounting problems. This report comes some weeks after Freddie Mac
paid a record $3.8 million fine in a settlement with the Federal Election
Commission and restated lobbying disclosure reports from 2004 to 2005. These are
entities that have demonstrated over and over again that they are deeply in need
of reform.
For years I have been concerned about the regulatory structure that governs
Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and
the sheer magnitude of these companies and the role they play in the housing
market. OFHEO’s report this week does nothing to ease these concerns. In fact,
the report does quite the contrary. OFHEO’s report solidifies my view that the
GSEs need to be reformed without delay.
Quick Info
S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005
Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be
reported with an amendment in the nature of a substitute favorably.
Status: Dead
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of
2005, S. 190, to underscore my support for quick passage of GSE regulatory
reform legislation. If Congress does not act, American taxpayers will continue
to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the
housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.