Obama Targets Wall Street, Those Who Block Health Care Reform
From Sunlen Miller:
In the first of two fundraisers this evening, President Obama appeared at a $34,000-per-couple fundraiser at Mandarin Oriental in New York City for the Democratic National Committee.
The president had a tough message for Wall Street tonight on the administration’s financial reform effort.
“We should never again have to face potential calamity because of the reckless speculation and deceptive practices and short-sightedness and self-interestedness from a few,” the president said. "So if there are members of the financial industry in the audience today, I will ask that you join with us in passing what are necessary reforms — don’t fight them, join us on it.“
The president said in the long run the administration’s financial reform will help the financial industry because it will create a level playing field in which everybody knows that the rules will be enforced — and that competition will be spurred not from how best to avoid rules but from the best innovative products.
"When I hear some folks who have just been taking taxpayer bailout money suddenly say 'what, what, what do you want from me?' When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being backed very properly, that tells me that people aren't thinking about their obligations, our mutual obligations to each other and the fact that we're in this together."
The president, in front of a room of about 160 Democrats, also had some tough love for his party on health care — amid some intra-party fighting over the way forward with reform.
“I want all the Democrats who are in the house to understand what a profound potential achievement this is and stay focused on the goal line. Now sometimes we like to have our little intramural battles that’s fine, the American people desperately need this. “
And the president had a message as well to all other “non Democrats” as well.
“I want all non-Democrats who may be here or may be watching to know that I believe in a strong and loyal opposition. I believe in a two-party system where ideas are tested and assumptions are challenged. That’s how we strengthen our proposal. That’s how a democracy works but what I reject — what I don’t have a lot of sympathy for is folks who are just sitting on the sidelines and rooting for failure.”
Noting the support of some Republicans who are currently out of government positions, the president said other Republicans should follow their lead.
“You’ve got a whole bunch of Republicans who are saying ‘yeah, we should do this,’ except those are all retired Republicans — Bob Dole and Bill Frist — and last time I checked they are not socialist. And they think it’s important to get this done. That’s a model for what everyone needs to be thinking.”
The president said that there are still details and disagreements to get ironed out on Capitol Hill — but noted that the merging progress has begun between the five bills.
“They are now starting to be narrowed, there are negotiations taking place. We’ve got people who are engaging even if they don’t want to engage because they realize it’s not a matter of what, it’s a matter of when. All the bills passed that have been passed, despite the various differences, all of them would provide help to millions of people who don’t have coverage.”
The president noted that many in the room had helped him during the campaign — but now is different — when the work is far from over, as the country faces enormous challenges in every facet.
“Lately there has been some discussion, ‘you know, whats taking him so long, you know, it’s been nine months, he haven’t solved word hunger yet,’ and I try to explain to people, you know, part of what was remarkable about the campaign that we ran was it wasn’t easy. That’s how we knew it was worth it. “
The president said the hard work started when he won office.
“I now you guys didn’t sign up for this election because it was a sure thing and you didn’t sign up because you thought that somehow all the fun stuff in the election would just keep on continuing into governing. You know the poster was nice. You know we had the ‘yes we can,’ nice slogans. But that’s not why you did this. You did this because you understood we were at a crossroads in our history.”
As the president started his remarks, he joked that he got more requests for pictures with his daughters than for him among audience members.
“You can’t afford a fundraiser involving Malia and Sasha. I just want you to know. I’m cheap. You guys can afford me.”
The DNC expects to raise $3 million tonight in a pair of duel fundraisers the president will attend.
– Sunlen Miller
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Dole and Frist have already asked that they quit “running the ad” because the administration was stretching the truth. These guys just don’t take no for an answer. Obama said one thing that is true tonight. He said, “I am cheap.” I would have chosen sleazy or slimy, but cheap will do I guess.
Posted by: wheresmymoney | October 20, 2009, 10:03 pm 10:03 pm
Obama is showing his true colors, no pun intended. Obama is nothing more than a Chicago style thug politician. Just hope the news media gets over their “shiver up their leg” feeling for Obama and start telling the truth about Obama and his thug like tactics which need to be exposed.
Posted by: james | October 20, 2009, 10:17 pm 10:17 pm
Dole may not have liked ‘the ad’ (and the Democrat were decent enough to pull the ad), but he is still supporting health insurance reform.
“It’s a different time,” Dole said, “and the whole issue has become much more important. It’s going to be drag on the economy if we don’t figure out some long term way to fix it.”
So the President’s comments are accurate, not sleazy.
“You’ve got a whole bunch of Republicans who are saying ‘yeah, we should do this,’ except those are all retired Republicans — Bob Dole and Bill Frist — and last time I checked they are not socialist. And they think it’s important to get this done. That’s a model for what everyone needs to be thinking.”
It would actually be your interpretation that is ‘sleazy’.
Posted by: julieterra | October 20, 2009, 10:21 pm 10:21 pm
The reason Obama needs to use Chicago style tactics to get his Health Care Reform Bill passed is because it is a nothing more than a crooked Ponzi scheme. Medicare is going bankrupt, Medicaid is bankrupting the States and the US has a 1.8 trillion dollar deficit. Bottom, line there is no money in the pot to pay for anything much less a large new entitlement program.
President Obama and the Dems in Congress need to start taking care of first things first which is paying down the deficit and making Medicare and Medicaid whole. Not to mention, the war in Afghanistan which Obama said was a must win war until his holy grail of Health Care Reform made him blind to what is really important to the financial and physical security of the Nation.
Posted by: Gary | October 20, 2009, 10:22 pm 10:22 pm
“Not to mention, the war in Afghanistan which Obama said was a must win war until his holy grail of Health Care Reform made him blind to what is really important to the financial and physical security of the Nation.”
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Nonsense, now the insurance companies are trying to use the war in Afghanistan as an argument against health insurance reform – talk about sleazy.
Posted by: julieterra | October 20, 2009, 10:26 pm 10:26 pm
“We are planning more ways to create potential calamity because of the reckless speculation and deceptive practices and short-sightedness and self-interestedness from a few,” the president said. “So if there are members of the Senate like Chris Dodd and House like Barney Frank that helped me and one of my best polictical contributors Frank Raines of Fannie Mae steal money from tax payers and banks and successfully ran our economy into the ground in 2008, I will ask that you join with us in passing what are necessary reforms — don’t fight them, join us on it.“
“Don’t pay attention to those people who point out that our current health care is providing better quality care to the largest portion of citizens and non-citizens alike compared to any other nation in the history of the world. That does not matter. We are idealists and we believe that even though it is not broke that bad we must still try to fix it.” After Obama’s comments, three girls fainted in joy over seeing Mr. Obama personally speak.
Posted by: johng7 | October 20, 2009, 10:31 pm 10:31 pm
julieterra, Nonsense, Under the leadership of President Obama and the Democrats the deficit has increased to a whopping 9 TRILLION DOLLARS. In contrast, the private insurance companies are operating at a profit, albeit only a scant 3.7%. So who do you think has the better track record when administering health care? Answer: Not government that is for sure.
The truth is, government is inefficient, full of fraud and waste and never never keeps any of their promises. For example, the proposals on the table for Health Care Reform will cut MEDICARE BY 500 BILLION DOLLARS. No wonder there is a lot of talk about “Death Panels”. Health Care Reform should not be paid for at the expense of Seniors who need health care the most.
In addition, promises made to the Native Americans by treaty are also being broken by the government. JUST LOOK AT WHAT IS HAPPENING WITH GOVERNMENT RUN SINGLE PAYER HEALTH CARE ON THE INDIAN RESERVATIONS WHICH IS A FAILURE. Go to two articles in the Huffington Post by Tim Giago: (1) Indian Health Care: A National Tragedy and (2) How will Universal Health Care Affect Native Americans. The articles show in very human terms how Government run health care on the Indian Reservations is an absolute failure. To quote from the above article. “If you think the government can solve all of our problems just ask an Indian”.
Posted by: Mary | October 20, 2009, 10:45 pm 10:45 pm
15 October 2002
“President Bush says his plan to help more Hispanic and African-Americans own their own homes will also help the U.S. economy.
“The president wants Congress to put $200 million into what he calls the “American Dream Downpayment Fund” to help 40,000 qualifying families a year make a down payment or pay closing costs.
“President Bush says he wants to close that gap with a package of financial incentives to increase the number of minority homeowners by at least 5.5 million families by the end of the decade.”
Some truth behind the origins of the housing market crash.
Posted by: julieterra | October 20, 2009, 10:52 pm 10:52 pm
In order to pay for Health Care Reform, the Medicare budget will be cut by billions of dollars which will result in drastic cuts to health care for Seniors. Given that model, you can count on the same thing happening to government run health care as costs go up, which they will. That translates into rationing of health care with some government bureaucrat deciding who will get what health care if any based on their political “worth” to the elite in Washington DC.
Moreover, do the Democrats have a death wish for the economy? The deficit is already sky high, unemployment is at near 10% and rising thus the higher taxes proposed in all the bills will tank the economy even more. And for what? So 80% of the people who like their private insurance will ultimately lose their plans as the much more inefficient and corrupt government takes over health care?
Than everyone may be “covered” but when the time comes to get the care they need they will be be cut off from getting any care as government bureaucrats will be calling the shots on who gets what health care if any based on one’s political “worth” to the power elite in DC.
Posted by: Henry | October 20, 2009, 11:00 pm 11:00 pm
I think the best thing Obama could do in the markets now is to vigorously enforce anti-trust laws and insure that no firm or business in America is ever so big that it can’t fail. He should do this and lay a line down in the sand that there will never again be a bail out of any failed business in America. If you succeed you succeed, but if you fail you fail. If you’re so big that you can blackmail taxpayers then you’re too big.
I don’t understand why the bailout money was passed out before the government made these reforms and guaranteed that lending would be stepped up. When the greedheads needed our money Obama had the opportunity to make the playing field more fair and just. He may have already lost that opportunity. They’ve already gone back to business as usual.
Posted by: hopesprings52 | October 20, 2009, 11:35 pm 11:35 pm
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You gotta love the utter hypocrisy of Obama. He goes to Wall Street to criticize the bonuses they pay their executives, but he does it at a DNC fundraiser where it cost $34,000 per seat and most of the seats were purchased by Wall Street executives.
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Socialism is deciding what to do with other people’s money but being unaccountable for yours.
Posted by: N Waff | October 20, 2009, 11:52 pm 11:52 pm
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Where do I sign-up for the IMPEACH OBAMA campaign
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Posted by: N Waff | October 20, 2009, 11:52 pm 11:52 pm
I think you mean dual fundraisers. I would definitely attend a “duel” fundraiser for $34K.
Posted by: jgunzz | October 20, 2009, 11:56 pm 11:56 pm
“Socialism is deciding what to do with other people’s money but being unaccountable for yours.”
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Sounds exactly like what happened under Bush and the Republicans.
Posted by: julieterra | October 21, 2009, 12:12 am 12:12 am
Obama needs some help.
But he really needs somebody to watch his back, the worst place he can look is right over his shoulders, as in people of his own administration, a continuation of bush policys..remember this one?
http://rawstory.com/news/2008/Bush_Administration_created_executive_pay_loophole_1215.html
yes, those huge bonuses, perks, and wall street golden parachutes, bush administration created executive pay loophole..
Posted by: followthemoney | October 21, 2009, 12:35 am 12:35 am
socilaism?
not exactly..but dont forget this one,
on healthcare from the wonk room/think progress.
“Flashback:Republicans Opposed Medicare in 1960s By Warning of Rationing, ‘Socialized Medicine’..
an president reagan’s picture right up in this article too.
Posted by: follow the money | October 21, 2009, 1:07 am 1:07 am
n addition, promises made to the Native Americans by treaty are also being broken by the government. JUST LOOK AT WHAT IS HAPPENING WITH GOVERNMENT RUN SINGLE PAYER HEALTH CARE ON THE INDIAN RESERVATIONS WHICH IS A FAILURE. Go to two articles in the Huffington Post by Tim Giago: (1) Indian Health Care: A National Tragedy and (2) How will Universal Health Care Affect Native Americans…
Posted by: Mary | Oct 20, 2009 10:45:38 PM
***
Mary, I just read the very same thing in a post by james on another thread. Interesting. Borrowing from the same talking point email? In any event, I’ll briefly say the same thing I said to him so others won’t be misled. The way you lead into this it sounds like you’re trying to insinuate that all of a sudden promises are being broken when in fact HHS Secretary Kathleen Sebelius has said “she will launch a new multiyear effort to improve health care for American Indians, which she calls a ‘historic failure.’” In addition, since writing the blogs you mention, Tom Giago has also written one called “health care through the eyes of an independent”. Google that one, and note that he says the Indian Health Service and the single-payer systems of England and Canada may have some problems, but for the most part, they are working– and that he thinks health care reform is needed in a dire way.
Posted by: Alyson | October 21, 2009, 1:24 am 1:24 am
I don’t see it here but bravo for your questions to Gibbs about the whitehouse attack on Fox. Keep opening your eyes it does not stop there and it will affect us all! I am neither a Republican not a Democrat though if I had to choose a side I would have to go with Republican but guess what I don’t, you know why because I am an American!
Posted by: Diana | October 21, 2009, 2:36 am 2:36 am
Considering Obama’s Acorn, Barney Frank, Chris Dodd & the rest of the crooks (hi Rangel) caused the financial mess to begin with in the banks, he is telling another whopper.
34,000 for dinner with this guy?
If they manage to jam socialized medicine down the nations throat, maybe the attendees should have thier heads examined for free.
Enough of this preening rooster and his lies already.
Posted by: A. Lincoln | October 21, 2009, 5:33 am 5:33 am
Translation: I can’t stand you but I’ll take your money.
Posted by: Elle | October 21, 2009, 7:19 am 7:19 am
Go to Georges bottom line and read the blog Wyden v. reid on public option and health care choice 90% of people will not be able to change their insurance they will have to keep what they have so what will this so called reform do? And how can it cost trillians of dollars if it doesnt do anything?
Posted by: earl | October 21, 2009, 7:36 am 7:36 am
Dole has been retained as a consultant to help push Obamacare. He is working for the same firm running the propaganda campaign.
Get informed. It’s about some moldy oldies come out to get some govt. cheese. Dole is a dem anyway.
Follow the money. Pols get rich & the democrats cement the one party marriage to the government.
Posted by: A. Lincoln | October 21, 2009, 7:43 am 7:43 am
Get ready for more of this from the Obama brigades:
“We prefer to use the power of persuasion, but if that doesn’t work we use the persuasion of power.”
Andy Stern, President SEIU
Posted by: The Chicago Way | October 21, 2009, 8:56 am 8:56 am
The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 27% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -13.
Posted by: Fascist Hyena | October 21, 2009, 9:58 am 9:58 am
if this idiot actually understood the problem or how the markets actually work he would shut up.
Posted by: Robert NYC | October 21, 2009, 10:30 am 10:30 am
20% of americans will admit to being republican
as the republicans continue to alienate, hispanic, black and now, with recent comments, jewish voters….one wonders who the republican scapegoat will be when they run out of ethnic groups to blame.
Posted by: Oh Yeah | October 21, 2009, 12:49 pm 12:49 pm
15 October 2002
“President Bush says his plan to help more Hispanic and African-Americans own their own homes will also help the U.S. economy.
“The president wants Congress to put $200 million into what he calls the “American Dream Downpayment Fund” to help 40,000 qualifying families a year make a down payment or pay closing costs.
“President Bush says he wants to close that gap with a package of financial incentives to increase the number of minority homeowners by at least 5.5 million families by the end of the decade.”
Some truth behind the origins of the housing market crash.
Posted by: julieterra
Hey Julie….
The Operative Word in the is QUALIFYING…NOT Giving to the UNQUALIFIED as Bumbling Barney Frank and fraud Chris Dodd did !!!
Posted by: Mike_C | October 21, 2009, 4:24 pm 4:24 pm
Since you imply you do understand financial markets, Robert NYC | Oct 21, 2009 10:30:56 AM, I need your help in understanding the cost benefit equation to the national economy of an industry which incentivizes its many managers and key employees to the tune of $ 140 billion (counting the top 23 companies) this year, which will be an absolute record – this with unemployment at around 10%. And which is spending mightily to counter the Obama administration and to buy off any politician who might vote for saner regulation of the financial sector. Also what’s your view of OTC exotic derivatives and securitizations not backed by clearinghouse margin deposits or another form of enforced capital ‘haircut’. My view is these should simply be disallowed.
Posted by: Robin | October 21, 2009, 4:35 pm 4:35 pm
“I think the best thing Obama could do in the markets now is to vigorously enforce anti-trust laws and insure that no firm or business in America is ever so big that it can’t fail.” – Yes hopesprings.
Posted by: Robin | October 21, 2009, 4:37 pm 4:37 pm
The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 27% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as President. Forty percent (40%) Strongly Disapprove giving Obama a Presidential Approval Index rating of -13.
Today, October 21, 2009, 7 hours ago | Fascist Hyena
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The Rasmussen Poll has 4 answers as follows; 1) Strongly Approve, 2) Somewhat Approve, 3) Somewhat Disapprove, 4) Strongly Disapprove. ‘Total Approve’ and Total Disapprove’ are calculated from these. The Index = Approve-Disapprove.
‘Total’ was emphasized back then for Bush, whereas ‘Strongly’ appears to be used exclusively for Barack now.
The following, figures for Bush from May 2008 and the most recent Rasmussen data, illustrates the ‘Rasmussen GOP Bias’ then and now using the 4 answers.
Bush
View / Somewhat / Strongly / Total
Approve / 19% / 13% / 32%
Disapprove / 18% / 47% / 65%
Index / 1% / -34% / -33%
Obama
View / Somewhat / Strongly / Total
Approve / 20% / 27% / 47%
Disapprove / 13% / 40% / 53%
Index / 7% / -13% / -6%
As you can see Bush’s Index was ‘better’ (even though still very bad) by emphasizing ‘Total’.
And, Barack’s Index is ‘significantly worse’ by using ‘Strongly’.
But the most interesting thing is what ‘Somewhat’ says because that is where the ‘swing vote’ is!
Also notice that ‘Somewhat’ is diametrically opposed to the ‘Strongly’.
So, why do you continue to use the ‘Rasmussen GOP-biased Polls’?
Posted by: ErnestNM | October 21, 2009, 4:48 pm 4:48 pm
“The Operative Word in the is QUALIFYING…”
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Nonsense, his program included paying the down payment for people, or exempting from having to have the money required for a down payment. You call that ‘qualified’?
Posted by: julieterra | October 21, 2009, 4:56 pm 4:56 pm
If Wallstreet businesses weren’t so unethical and greedy, we wouldn’t be having All these problems, now would we?
Posted by: myopinion | October 22, 2009, 9:15 pm 9:15 pm