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Obama pitches plan to amend bailout bill
The Hill ^ | 9/30/08 | Klaus Marre

Posted on 09/30/2008 7:37:11 AM PDT by jessduntno

Obama pitches plan to amend bailout bill By Klaus Marre Posted: 09/30/08 10:26 AM [ET] Democratic presidential nominee Sen. Barack Obama (Ill.) on Tuesday proposed to increase the bank deposit insurance limit, hoping that the move could help get a Wall Street bailout passed.

“Continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families,” Obama stated, urging continued bipartisanship to get the measure passed.

The Illinois senator said the bailout measure rejected in the House on Monday was a “marked improvement” over Treasury Secretary Henry Paulson’s original proposal.

“Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement,” Obama said. “But in order to pass this plan, we must do more.”

He proposed to expand the federal deposit insurance as a way to help small businesses, saying that the current limit of $100,000 is “insufficient” for many of them.

Obama believes the limit should be raised to $250,000, saying this would be “a step that would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."

“I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan,” Obama stated.


TOPICS: Politics/Elections
KEYWORDS: 2takecapitalismaway; 4thecommongood; morepork; porkporkand
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Sounds familiar....
1 posted on 09/30/2008 7:37:12 AM PDT by jessduntno
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To: jessduntno

More crack for the junkie.


2 posted on 09/30/2008 7:38:56 AM PDT by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: jessduntno

I guess he’s been watching the financial shows this week. His plan...... LOL


3 posted on 09/30/2008 7:38:57 AM PDT by jersey117
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To: jersey117

No worries, the MSM will spin it his way.


4 posted on 09/30/2008 7:39:34 AM PDT by anniegetyourgun
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To: jessduntno

Did he “call in” this plan?


5 posted on 09/30/2008 7:40:38 AM PDT by 1Old Pro
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To: jersey117

Well, if McCain’s too stupid to get out in front of this, why shouldn’t Obama?


6 posted on 09/30/2008 7:41:08 AM PDT by perfect_rovian_storm (Palin 2008 (oh yeah, and McCain too))
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To: jessduntno

It appears Obama and McCain have exactly the same bailout position. What a missed opportunity for McCain ... you don’t get many gamechanger opportunities in an uphill campaign like this. If McCain had come out in favor of taxpayers Obama probably wouldn’t be leading in the polls at all right now.


7 posted on 09/30/2008 7:41:40 AM PDT by MittFan08
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To: jessduntno

Obama the MONDAY MORNING QUARTERBACK....

sits back watches and reads all financial advisors....

THEN CALLS IT HIS PLAN....

i just need to puke after this....i cant take anymore Obama


8 posted on 09/30/2008 7:42:14 AM PDT by Texas4ever (SIT DOWN JUNIOR :))
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To: jessduntno

Forget it Barry, your cronies started this mess.


9 posted on 09/30/2008 7:42:22 AM PDT by madison10
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To: jessduntno
"Mortgages & Credit Cards for Everyone - The Fair Thing To Do!"

* No Job, No Problem
* No Credit, No Problem
* No Downpayments, It's only fair
* Ajustable Rate Mortgages, starting at 0.0 APR
* Interest Only Mortgages for your deam-home in Los Angeles
* Can't pay? No Problem
* Bankrupt, No Problem - Keep you home.

* It's Only Fair!

10 posted on 09/30/2008 7:42:54 AM PDT by TexasCajun
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To: jessduntno
“I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan bailout,

There, fixed it.

DONT FALL FOR THE REPHRASING OF THE DEBATE - IT IS A BAILOUT!

11 posted on 09/30/2008 7:42:57 AM PDT by frogjerk (MSM: We will not question Obama bin Biden...)
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To: jessduntno

Wow.

What a bold plan.

This falls into the “Me too!” and “so what” category.

More empty words from a vacuous, empty suit.


12 posted on 09/30/2008 7:43:44 AM PDT by roaddog727 (BS does not get bridges built - the funk you see is the funk you do)
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To: jessduntno
"proposed to increase the bank deposit insurance limit"

LARRY KUDLOW'S PLAN

13 posted on 09/30/2008 7:43:52 AM PDT by jersey117
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To: jessduntno
To now, Republicans have made light of Obama's experience as a "community organizer," instead of exposing the seriousness of that experience, as related to ACORN et al, to the current financial crisis.

Why is the McCain campaign not laying it out in clear terms, with web addresses where people can read the history of this debacle, and make the link for themselves?

14 posted on 09/30/2008 7:44:37 AM PDT by loveliberty2
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To: jessduntno
He proposed to expand the federal deposit insurance as a way to help small businesses, saying that the current limit of $100,000 is “insufficient” for many of them.

Obama believes the limit should be raised to $250,000, saying this would be “a step that would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."

Uhhh...this is not original. I heard this two days ago and I wish I had paid more attention to who said it, but I DO know it was not anyone from the Obama camp.

15 posted on 09/30/2008 7:44:58 AM PDT by truthluva ("Character is doing the right thing even when no one is looking" - JC Watts)
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To: jessduntno

Why doesn’t McCain seize the free market option? Wouldn’t the public go for that? Give Newt a call, put pride aside, make the deal.


16 posted on 09/30/2008 7:44:59 AM PDT by Tarpon (Barrack Obama will ban all the guns he has the votes for ...)
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To: MittFan08

Friday, the WH meeting blew-up because McCain said, “The House Republicans are right on this issue”, leading to a screaming hissy fit by Obama.

McCain will seize this issue.


17 posted on 09/30/2008 7:45:07 AM PDT by Cedric
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To: jessduntno
Who says we even need a bailout bill?
18 posted on 09/30/2008 7:45:46 AM PDT by Allegra ( Freedom won!)
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To: jessduntno

Bogus and useless. FDIC ONLY covers cash deposits and currently covers any individual account up to 100k, joint accounts up to 100k (for each name on account, trust accounts also for 100k and so forth. A married can have t her accounts covered individually and jointly for up to $400,000. If they have children and want to set up trust accounts, fbo etc then the sky is almost the limit. This suggestion by Obama benefits who? How many people in this country have $100,000 in cash laying around in the bank. My guess is about 2%. Keep in mind securities are NOT covered.

I have not even mentioned that an individual can go to as many banks as they want to open MORE accounts, all of which will be covered by the current FDIC as long as they are 100k or less (200k joint).

Since banks pay the premiums for the FDIC Ins it will simply cost them money which will then be recouped by the banks from the customers in the form of the banks paying less interest on thei8r deposits or charging more interest on their loans.


19 posted on 09/30/2008 7:46:22 AM PDT by 101voodoo
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To: jessduntno

As bad as it is, this is something McCain should have done already. Get his name on a good alternative.


20 posted on 09/30/2008 7:46:30 AM PDT by paul544 (3D-Joy OH Boy!!!)
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To: jessduntno

This punk, this empty suit, continues to cast the impression he’s alrady President.

It’s wearing thin.


21 posted on 09/30/2008 7:46:58 AM PDT by Cedric
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To: jessduntno

Oh brother...this guy fainally strolls in stating the obvious. A little bluster and an inflection just right but it’s still the obvious.
And he benefits this nightmare???

Why are people so stupid. Why? Why? Why??


22 posted on 09/30/2008 7:47:42 AM PDT by jackv (Just shakin' my head...)
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To: jersey117

Here comes another PORK WAGON,watch the Demos jump on.


23 posted on 09/30/2008 7:47:42 AM PDT by jocko12
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To: paul544

Be patient.


24 posted on 09/30/2008 7:47:59 AM PDT by Cedric
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To: jessduntno

McCain also should get on top of Gingrich’s proposal about the mark to market accounting change which would bring in billions immediately. This would relate directly to his debate comment about “if you don’t care who gets credit.”


25 posted on 09/30/2008 7:48:13 AM PDT by loveliberty2
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To: jessduntno

Oh brother...this guy finally strolls in stating the obvious. A little bluster here and there, an inflection just right,... but it’s still the obvious.
And he benefits ???

Why are people so stupid. Why? Why? Why??


26 posted on 09/30/2008 7:48:24 AM PDT by jackv (Just shakin' my head...)
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To: loveliberty2; Tarpon

Newt should just SHUT UP!

{Fat chance!!}


27 posted on 09/30/2008 7:51:08 AM PDT by Cedric
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To: loveliberty2
Agreed. The truth about Acorn is starting to get out. I've heard stories about their voter fraud on the radio, and a little about their intimidation of the bank officers to give rotten loans. But I'm afraid it will be too little and too late. I think ACORN is McCain best hope right now..he need to come out hard on this right now. (and then follow up with Wright, Ayers et al.)
28 posted on 09/30/2008 7:51:39 AM PDT by Lets Be Frank
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To: Cedric
This punk, this empty suit, continues to cast the impression he’s alrady President.

Hard to believe there are millions of Americans in states like Virgina and Ohio willing to vote for this guy. He'll never be my president. If he gets elected, I may go live in P.R. for 4 years until his one term blows over.

29 posted on 09/30/2008 7:52:36 AM PDT by jersey117
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To: Cedric

“McCain will seize this issue.”

Did you watch the morning shows? McCain openly embraced the bailout that House Republicans rejected. If that’s what you mean by “seizing” the issue, he seized it all right.


30 posted on 09/30/2008 7:53:32 AM PDT by MittFan08
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To: jessduntno; TigersEye; MeekOneGOP; floriduh voter; rodguy911
This is just like checking the air pressure of your tires. Raising the insurance level? I don't know much about banking, but darn! Even I see how wimpy and sophomoric this suggestion is.
31 posted on 09/30/2008 7:54:09 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: jessduntno
Gerald Ford had "WIN" buttons to encourage people to Whip Inflation Now.

In similar fashion, I suggest that Obama print up millions of bracelets in support of his current effort -- that way, his supporters can all say "I have a bracelet, too!"

32 posted on 09/30/2008 7:54:33 AM PDT by ClearCase_guy (Michelle, spare me your phony outrage, you know as well as I do that dress makes your butt look big)
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To: jackv

Right. I think BO jumped the shark with this worthless suggestion. Check the air pressure in your tires. Raise the insured level.


33 posted on 09/30/2008 7:55:48 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: jessduntno

34 posted on 09/30/2008 7:56:55 AM PDT by Red Badger (I'm gonna use "Sarah!" from NOW ON since Hillary uses "Hillary!"......)
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To: MittFan08

The bill defeated yesterday was MUCH better that the POS McCain singlehandedly stopped Thursday.

This issue must still be resolved.

And McCain will do so.


35 posted on 09/30/2008 7:57:29 AM PDT by Cedric
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To: Allegra

EXACTLY!!!!!!!!!................I been saying this but, who the heck listens to me?............


36 posted on 09/30/2008 7:58:40 AM PDT by Red Badger (I'm gonna use "Sarah!" from NOW ON since Hillary uses "Hillary!"......)
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To: Cedric

BO is vulnerable with this vacant suggestion. I could see an ad with a sinking ship, and Obama offering insurance forms to everyone as they rush to their life boats.


37 posted on 09/30/2008 8:00:38 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: jessduntno
The Empty Suit Man Child will toss out some “safe” measures that he knows everyone recommends and then claim to be the Saviour! What a little, worm puke.
38 posted on 09/30/2008 8:01:02 AM PDT by AmericaUnited
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To: jessduntno

Day late and a Trillion dollars short there Obi one!!!

quit with the MOnday Morning Quarterbacking!!!


39 posted on 09/30/2008 8:01:50 AM PDT by Texas4ever (SIT DOWN JUNIOR :))
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To: jessduntno

Day late and a Trillion dollars short there Obi one!!!

quit with the MOnday Morning Quarterbacking!!!


40 posted on 09/30/2008 8:01:50 AM PDT by Texas4ever (SIT DOWN JUNIOR :))
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To: jessduntno

Note To Sen.McCain.....
WHY are you letting opportunity after opportunity just glide right by you?
WHO’S MINDING THE STORE?
PLEASE get on top of things ASAP or go down in flames and you will take THE REST OF THE COUNTRY WITH YOU!!!
For GOD’S SAKE,ENOUGH ALREADY!!!!!!!!!


41 posted on 09/30/2008 8:03:22 AM PDT by gimme1ibertee (Sarah...it's all up to you,girlfriend!)
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To: Arthur Wildfire! March

Friday, McCain told Obama, right to his face, that he doesn’t know the difference between a tactic and a strategy.

Obama is about to pay the price of his ignorance.


42 posted on 09/30/2008 8:03:56 AM PDT by Cedric
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To: ClearCase_guy; null and void

Raise the insurance level? Gee, big help. ‘Whoopie’.

Backdrop: the great Chicago fire. There’s Obama, seeing people without homes, faces covered with soot. He tries to sell them insurance.


43 posted on 09/30/2008 8:04:07 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: AmericaUnited

We all know what a Marxist fraud he is and how he through ACORN advanced this disaster way back in the ‘90s, and we know his suggest is no more than lipstick on a, well, you know.

But, we also wish our candidate had gone out there proactively countersuggesting the best of the House Pubbie, Newt and Steve Forbes reforms instead. And he hasn’t.


44 posted on 09/30/2008 8:04:40 AM PDT by 9YearLurker
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To: Cedric

McCain can outsmart him with a vastly superior suggestion, I’m sure. Here’s a chance to improve the bill more. I don’t expect McCain to send a death blow — like the Raines Connection or ACORN. But he can trump this vapid, pathetic suggestion.


45 posted on 09/30/2008 8:07:25 AM PDT by Arthur Wildfire! March (Fannie + Freddie = Democrat Cronies [Dodd and Obama -- the LegisLOOTers])
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To: jersey117

I know.. As if he alone thought of it! MSM will make it seem that way.


46 posted on 09/30/2008 8:08:04 AM PDT by divine_moment_of_facts ( "The carnage of the free love generation has come home to roost.")
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To: jessduntno

ACORN will be back in ... and ‘Rats will push it through.


47 posted on 09/30/2008 8:09:28 AM PDT by maggief
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To: gimme1ibertee
A war weary public, a President from his own party with a 30% approval rating, 80% “wrong track” numbers, alleged financial crisis:

And Team McCain has the race is within the margin of error!

So, exactly what “opportunities” have they botched?

48 posted on 09/30/2008 8:09:43 AM PDT by Cedric
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To: perfect_rovian_storm

you deserve a standing ovation for this post as it is as close to the absoluite truth as anything in this thread...


49 posted on 09/30/2008 8:12:35 AM PDT by God luvs America (When the silent majority speaks the earth trembles!)
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To: Arthur Wildfire! March

McCain has spent decades in the Senate developing relationships “for such a time as this”.


50 posted on 09/30/2008 8:12:56 AM PDT by Cedric
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