Posted on 09/15/2008 5:31:42 AM PDT by KStorm
CHICAGO (AP) - Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.
"This country can't afford another four years of this failed philosophy," Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.
Obama's statement, issued as he prepared to fly to Colorado to begin a swing through contested Western states, was intended to serve two purposes: to link McCain with the unpopular presidency of George W. Bush and to express sympathy with the anxiety of most Americans who say the economy is issue No. 1 in the election.
"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," Obama said in a statement. "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 Sen. McCain for these problems," Obama said, "but I do fault the economic philosophy he subscribes to."
(Excerpt) Read more at breitbart.com ...
Good! Let him try and make that case and then let’s take a long, deep look at Fannie Mae and Freddie Mac and who basically controlled it and who most benefited from it! Bring it!
Oh my, let’s hope Mssrs. Raines and Johnson, who have gone from their Democrat-board granted bonuses and ruin of the mortgage markets to being ‘senior economic advisors’ to Obamba, are brought up fast and furious.
He best be looking a lot closer to home. He can ask Schumer and company about what happened to the money. His only excuse was that he hasn’t been in the senate long enough to get his share of the pad these guys were running out of Freddie and Fannie
What a “presidential” response
“What a “presidential” response”
Obama: Republicans caused the credit crisis.
Any thinking American: How so, exactly?
Obama: Um...uh...they just did.
OH PUH-LEASE!!!!! This is ridiculous! Plus, McCain & Palin are committed to fighting corruption and I even heard McCain say that they wouldn’t let the CEOs of Fannie Mae & Freddie Mac walk away with $20 million each, while their companies were taken over.
Obama and his party have been in control of Congress for the last two years, what have they done exactly?
Obama is seeing the world through the same tired eyes of failed socialist doctrine, the same weak philosophy that has ruined so many countries, decade after decade. Despite the good intentions of the misled people, socialism has led to collapse, failure, and an infrastructure incapable of competing in the modern world.
Fannie Mae and Freddie Mac are pretty much Dem operations... If McCain fails to explain this then he deserves to lose...
Well he needs to be saying it louder and more often!
My son works for the small chain of banks here in Michigan and they don't have a single default because they are very careful who they loan money to and they work with anyone who is in a financial bind due to losing a job etc.
What party threatened lenders with regulation if they didn’t start loaning money to people that could not qualify for loans?
We welcome this debate.
“Fannie Mae and Freddie Mac are pretty much Dem operations... If McCain fails to explain this then he deserves to lose...”
Not only will he fail tpo explain it, he’ll make time to praise these organization and explicitly name the Democrats that have done such a great job with it. McCain NEVER misses an opportunity to heap praise on a Democrat.
Good point. I do hope McCain is preparing for any economics/domestic policy debate.
“What party threatened lenders with regulation “
Party? I can boil that down to two people, Henry Cisneros and Bill Clinton.
Good! Let him try and make that case and then let’s take a long, deep look at Fannie Mae and Freddie Mac and who basically controlled it and who most benefited from it! Bring it!”
IIRC, President Clinton- Nobama’s new best friend- is the one who wanted the vanks to loosen their lending practices and restrictions so that the “Poor People” could own their own homes.
A turtle owns his own home. The rest of us are just one form or another of a debtor in possion of our homes.
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