US Features
McCain looks to upstage Obama on financial crisis
By Mike McCarthy Sep 25, 2008, 0:28 GMT
Republican presidential nominee John McCain speaks to supporters at a rally in Blaine, Minnesota, USA, 19 September 2008. An estimated 10,000 supporters showed up for the rally at an airplane hangar at the Anoka-Blaine airport. EPA/CRAIG LASSIG
Washington - Republican candidate John McCain upstaged Democratic opponent Barack Obama by suspending his campaign to deal with the nation's financial crisis, an attempt to overcome the Arizona senator's perceived disadvantage on economic issues.
In taking the extraordinary step away from the campaign trail and heading to Washington, McCain hopes to show that he can set aside politics for the good of he country. He called on Obama to agree to a delay of the first presidential debate scheduled for Friday, so the two candidates can return to the US Senate.
'Now is our chance to come together to prove that Washington is once again capable of leading this country,' McCain said.
While the tactic might help him in the polls, it could risk accusations of politicizing the financial crisis and even arouse suspicions that McCain is avoiding a debate with the younger Obama about the economy.
A Washington Post-ABC News national poll released Wednesday gave Obama a widening lead of 52 per cent to 43 per cent over McCain, with voters expressing more trust in Obama on the economy. The dire financial situation in the United States has become the top issue as the November 4 presidential elections nears.
Obama, 47, appeared hours after McCain's announcement to take credit for reaching out to the 72-year-old senator and proposed their campaigns issue a joint statement to pressure the White House and Congress to come to terms on President George W Bush's 700-billion- dollar proposal to rescue Wall Street.
But Obama said he had no intention of suspending his campaign or withdrawing from the debate, set to take place Friday evening at the University of Mississippi.
'It's my belief that this is exactly the time when the American people need to hear from the person who in approximately 40 days will be responsible for dealing with this mess,' Obama said.
Obama said that the two campaigns were working on a statement and seemed surprised that McCain proceeded with his announcement shortly after the two men hung up the telephone.
Obama said he's in constant communication with congressional leaders and Bush administration officials about the negotiations on emergency legislation to buy up risky mortgages held by financial firms, as the crisis paralyses credit markets.
Obama said he is ready to be in Washington as soon as needed to help in the negotiations with the White House and congressional Republicans. He noted that he and McCain have planes that could quickly get them to the debate in Oxford, Mississippi.
'It is going to be part of the president's job to deal with more than one thing at once,' Obama said.
McCain said after discussions with the White House and congressional leaders that he did not believe Bush's bailout will gain congressional approval as proposed, and called on both parties to work closely to reach a deal.
'It has become clear that no consensus has developed to support the administration's proposal,' McCain said in brief remarks to reporters.
Bush administration officials have been in discussions with Congress about the emergency proposal since last week, but face growing criticism from conservative Republicans who believe the proposal violates free-market principles. Majority Democrats argue it lacks adequate protections for taxpayers footing the bailout cost and homeowners with failing mortgages.
Obama backs the Democratic view in Congress, while McCain and Obama both want salary limitations on the executives running the firms accepting the administration's buyout package.
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Rezko due back in court today to face mortgage fraud charges
September 23, 2008 (Abridged)
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In a brief item, ABC News 7 Chicago reports that convicted political fixer, Antoin “Tony” Rezko is due back in court today, September 23, 2008, “to face charges of mortgage fraud.”
Rezko, along with two other men, are accused of rigging the price of pizza franchises to fraudulently obtain more than $10 million in loans.
The indictment for this case “alleges that Rezko fraudulently obtained more than $10 million in loans for a pizza restaurant business from General Electric Capital Corp. (GECC) and also defrauded investors in that business.”
Rezko is accused of defrauding General Electric Capital Corporation in connection with a $4.5 million loan he obtained from that lender supposedly to buy a chain of Papa John’s pizza franchises in Milwaukee with a straw buyer and inflated prices, misrepresenting his role in the transaction and then defaulting on the loan.Source
Rezko was convicted in April 2008, on 16 charges of “fraud, bribery and money laundering in a political corruption case. His sentencing for that conviction is scheduled for next month,” ABC News reported.
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8 things you need to know about Obama and Rezko
(Abridged)
Rezko already was a big story in Chicago, accused of influence-peddling in the Blagojevich administration and set to face trial Feb. 25. But Monday, he became national news -- and an issue in the presidential race. That's when Hillary Clinton blasted Obama for having represented 'your contributor, Rezko, in his slum landlord business in inner-city Chicago.'
4. In 1995, Obama began campaigning for a seat in the Illinois Senate. Among his earliest supporters: Rezko. Two Rezko companies donated a total of $2,000. Obama was elected in 1996 -- representing a district that included 11 of Rezko's 30 low-income housing projects.
5. Rezko's low-income housing empire began crumbling in 2001, when his company stopped making mortgage payments on the old nursing home that had been converted into apartments. The state foreclosed on the building -- which was in Obama's Illinois Senate district.
6. In 2003, Obama announced he was running for the U.S. Senate, and Rezko -- a member of his campaign finance committee -- held a lavish fund-raiser June 27, 2003, at his Wilmette mansion.
7. A few months after Obama became a U.S. senator, he and Rezko's wife, Rita, bought adjacent pieces of property from a doctor in Chicago's Kenwood neighborhood -- a deal that has dogged Obama the last two years. The doctor sold the mansion to Obama for $1.65 million -- $300,000 below the asking price. Rezko's wife paid full price -- $625,000 -- for the adjacent vacant lot. The deals closed in June 2005. Six months later, Obama paid Rezko's wife $104,500 for a strip of her land, so he could have a bigger yard. At the time, it had been widely reported that Tony Rezko was under federal investigation. Questioned later about the timing of the Rezko deal, Obama called it 'boneheaded' because people might think the Rezkos had done him a favor.
8. Eight months later -- in October 2006 -- Rezko was indicted on charges he solicited kickbacks from companies seeking state pension business under his friend Gov. Blagojevich. Federal prosecutors maintain that $10,000 from the alleged kickback scheme was donated to Obama's run for the U.S. Senate....
www.suntimes.com/news/watchdogs/757340,CST-NWS-watchdog24.article
The first debate is on Foreign Policy, NOT the economy.
It wasn't McCain who turned down the opportunity to do 10 TownHall debates this past summer ... !
Yes ... Presidents usually have more than one thing on their plates. Good Presidents know how to prioritize though ... !
This haphazard response from Obama (call me if you need me) will be his Katrina moment.
Former Fannie Mae Chairman Jim Johnson, who received approximately $21 million in bonuses and who headed Obamas VP search (That found hairplugs Biden) IS STILL Working For Obama's Campaign. Obama IS STILL WORKING FOR/WITH ONE OF THE MAIN FIGURES THAT CAUSED THE CREDIT MELTDOWN! Despite his ties to the Frannie/Freddie he's still coordinating with Tom Daschle to pimp Obama to reluctant Clinton team members:
Former Senator Tom Daschle, a top Obama backer, emailed a select list this afternoon that he and Johnson would be leading a pitch to sell Obama to Clinton staffers and doners.
'Jim Johnson and I have scheduled another informal breakfast discussion and update on the campaign early next month,' he wrote to a list including Senator John Kerry, James Carville, and Richard Holbrooke, as well as Clinton's former top campaign aides, including Howard Wolfson, Geoff Garin, and Harold Ickes...
The October third breakfast is also a mark of the continuing effort to bring the ex-Clintonites into the Obama fold.
www.politico.com/blogs/bensmith/0908/Johnson_to_lead_Obama_briefing.htm l
Let me get this straight:
Republicans are still being blamed for the mortgage meltdown? More than Democrats? This is simply the most astounding failure to communicate.
Johnson (a thief) simply has a whole lot of money and therefore influence over Obama (A puppet)...
Look at McCain's campaign manager - squeaky clean.......hmmmm!
... for the last three years:
This was preventable.Sep 21st, 2008 - 01:59:13
John McCain predicted Fannie Mae and Freddie Mac crises, pushed 2005 legislation to prevent trouble:
The 'FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005' would have headed this off but it was killed in the Committee on Banking, Housing, and Urban Affairs by Chris Dodd who recieved the most money from Fannie Mae and Freddie Mac.
President Bush sought to rein in Fannie and Freddie in 2003.
The Democratic response to Bush in 2003:
“These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
“I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
Barack Obama and Congressional Democrats have made Iraq a key wedge issue to help bolster Democrats' prospects in November. As the level of violence has plummeted in the wake of the surge that both Barack Obama and Joe Biden opposed (and John McCain backed very early despite opposition from many in his own party), Democrats have fastened on a variety of other metrics to portray Iraq as a failure.
One of these measures was the inability of Iraqi politicians to pass an election law-a key step in its progress towards becoming a more fully democratic nation. Yesterday, Iraq's Parliament did pass a crucial election law....
Iraqi parliament approves provincial elections law
By ASSOCIATED PRESS
Under intense US pressure, Iraq's parliament has approved a law paving the way for the first provincial elections in four years, following months of deadlock that American commanders warned could jeopardize security gains.
Look at Obama's advisor:
WORKS for Fannie Mae....Hmmmm.
Sounds like McCain thought he would ride into Washington on a white horse and solve everything, but didn't do anything worthwhile and maybe caused more problems while Palin is out making a royal fool of herself. Looks like they were right to keep her away from interviews. That bimbo will have no staying power.
'Sounds like McCain thought he would ride into Washington on a white horse and solve everything, but didn't do anything worthwhile'
Sounds like Obama didn't even bother...
'while Palin is out making a royal fool of herself.'
You make her sound like Einstein.
'Looks like they were right to keep her away from interviews.'
She HAS been doing interviews... Obama hasn't been doing interviews, the teleprompter is too big to haul around..
'hat bimbo will have no staying power.'
I love it when leftists call a strong, accomplished woman a 'bimbo'. She has more experience and wields more power then Obama and has done it with an 85-90% approval rating, but who is calling him a 'bimbo'? Maybe people should start.
just listen to her answers in the interviews she's had - good lord, what a mix of senseless words, just like her 'bridge' that go no where!!!
..was brought in to secure the right for McCain, not spar with the left, and that, my firend has worked spectacularly. She's taking it in the chest for Johnny and it is also working spectacularly.
Now, McCain is out wooing the independents and the polls show him favored 2 to 1.
You, like Obama, thought McCain was just a weak old man. He has taken some real risks, and made some daring moves. Will he win...?...I doubt it but it's going to be a great campaign for the republicans.
Obam has been sh-tting his pants the whole time. Here he is, the Golden Child - God, and this...senior citizen...is just making him crap his pants.
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Obama cost us billions.Sep 25th, 2008 - 02:02:02
It wouldn't be too hard to upstage Obama on this;
Obama took more money from countrywide then any other senator.
Obama took more money in a shorter amount of time than any other senator. (Chris Dodd was the only one to take more in total and he did it over 10 years... Obama has only been in the senate a short time.)
Obama and his party blocked reforms of freddie and fanny that would have ensured that this never happened.
Barack Obama is doing in Washington what he did in Chicago: Helping his cronies steal money from the taxpayers.
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