Statement of Senator Obama on Financial Plan Breakhrough
September 28, 2008
After Congressional negotiators reached a tentative deal on the White House’s proposed $700 billion bailout of the financial system, Senator Obama released the following statement:
The breakthrough between Congress and the Administration is the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets. But regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security.
To understand how this tentative deal was reached, it’s important to remember how this all began. The Bush Administration initially asked for a blank check to respond to this problem, which I strongly opposed. It would have been unconscionable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, their tax dollars must be protected.
That is why over the past ten days, in conversations with the President, Secretary of Treasury and leaders of Congress, I laid out the four core principles I believed had to guide any solution: oversight by an independent board; protections for taxpayers to ensure that they are treated like investors and that they receive any profits - and recoup any losses - from this plan; measures to help homeowners stay in their homes; and rules to make sure CEOs are not being rewarded at taxpayers’ expense. While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles.
When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary. Now Washington has to show the same sense of urgency in dealing with the crisis facing Main Street and the middle class by passing an emergency economic stimulus plan that would create jobs by rebuilding our crumbing roads; shore up flagging state budgets to prevent drastic cuts in education and health care; and extend expiring unemployment insurance benefits for those who’ve lost their jobs in this downturn and cannot find new ones.
One final point. If elected President, I will order a thorough review of this plan to make sure that it fully lives up to the principles I’ve laid out. And I will also move quickly to upgrade our financial regulations for the 21st century, establishing new rules of the road and tougher oversight to ensure that the American taxpayers are never again forced to put their money and their futures at risk because of bad decisions in Washington and on Wall Street.
Statement of Senator Obama on Financial Plan Breakhrough
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Obama is turning out to be The Big Let-Down of ’08.
Obama kept insinuating that He is The Second Coming but every time we’ve held our breaths waiting for him to change water into wine, we’ve been disappointed. Obama kept telling us to ‘tune in next week!’ and he never delivers, the miracle never comes. There is nothing there.
Obama’s has a problem with clarity. I have systematically studied both his autobiographies and I still don’t know what kind of man I’m dealing with. When he was first showcased on TV, my interest was aroused. I used to find Obama enigmatic, but now he just comes off as vacuous, empty.
Obama’s two books address the questions of “Journey of Discovery to Where?” and “Who Am I?” We can all relate to such pondering. But Obama does not give us an answer. If he has found the answer since publishing those two books two years ago then he hasn’t told us yet.
McCain has been on a longer and harder personal journey. There can be nothing more extreme than surviving daily torture for five years. Can you imagine that? To be beaten day-in and day-out, starved, your hands and legs bound by chains? McCain already knows what he can take, and humbly knows where he breaks. Every man and woman has a breaking point. It is very human. McCain already knows his, even though he held out as long as he could.
What trials or stories of human devastation has Obama endured? I can’t imagine being Black in America is an easy thing. But Obama was raised in Polynesia by white grandparents and then went on to Harvard, community service, the Senate, and now the presidency. Obama’s journey seems to have been very easy. His skin color opened all the right doors for him instead of slamming them shut. Obama didn’t march against segregation. Obama didn’t fight for affirmative action. He planted no tree. He carried no water for that tree. Obama has just come along and picked the fruits. That is easy street. This is not a great American story. This is not a triumph of will over adversity. This is a story of baby-boomer entitlement. This is the story of the yuppy next door. These stories are a dime a dozen on aisle 3 at Whole Foods.
You may agree or disagree with McCain but at least you know where he stands. He has a long track record to judge him by. McCain has a long list of hits and misses. He has made mistakes (like us all) but that is because he had been trying to do things and change things all his life. Obama markets himself as the candidate with an unblemished record, but that is only because he doesn’t have a record. We have nothing to judge Obama by. All he gives us is his word and we are supposed to put all our trust in his future promises. But these promises keep changing: Obama has produced two contradictory promises on Iraq, two contradictory promises on NAFTA, and two contradictory promises on taxes. Are we supposed to judge him by the original promise he made, or by his most recent one? The candidate who flows with the changing winds of polls is the lightweight. That much we know.
I feel very embarrassed for buying into the Obama phenomena. Maybe now that the weather is changing I see things in a new light. I feel sheepish for falling for the marketing pitch. Where do I go to get a refund?
I think that many voters like me are looking for clarity in our next president. I feel I know what kind of man McCain is, and that I can trust him. McCain gets my vote.