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.
More crack for the junkie.
I guess he’s been watching the financial shows this week. His plan...... LOL
No worries, the MSM will spin it his way.
Did he “call in” this plan?
Well, if McCain’s too stupid to get out in front of this, why shouldn’t Obama?
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.
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
Forget it Barry, your cronies started this mess.
* 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!
There, fixed it.
DONT FALL FOR THE REPHRASING OF THE DEBATE - IT IS A BAILOUT!
Wow.
What a bold plan.
This falls into the “Me too!” and “so what” category.
More empty words from a vacuous, empty suit.
LARRY KUDLOW'S PLAN
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?
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.
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.
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.
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.
As bad as it is, this is something McCain should have done already. Get his name on a good alternative.
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