US News
Obama: Help for US finance crisis needed from abroad
Sep 20, 2008, 12:56 GMT
Washington - Barack Obama, the Democratic presidential nominee, Friday called for the involvement of industrialized and emerging economies around the world in helping to resolve the US finance crisis that threatens economic collapse at home and abroad.
Any plan the US government puts forward 'should be part of a globally coordinated effort with our partners in the G-20,' Obama told reporters in Coral Gables, Florida.
'This is a worldwide issue, and while the United States can and will lead in stabilizing the credit markets, we should ask other nations, who share in this crisis, to be part of the solution as well,' he said.
The G-20 is an informal grouping that includes the world's most industrialized economies as well as key emerging market countries such as Brazil, China, Argentina, Australia, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey.
Obama declared his support for the massive US government intervention being prepared in Washington to prevent the US economy from total collapse amidst millions of mortgage defaults and foreclosures.
The financial crisis, the country's worst at least since the Great Depression of 1929, comes amidst one of the most hotly contested presidential campaigns in decades. Senator Obama, 44, faces Republican Senator John McCain, 72, on November 4.
Both Wall Street and Main Street face financial ruin without intervention, US President George W Bush said Friday.
But Obama also demanded that any plan help not only Wall Street but also the country's middle class, which is the pillar of the tax structure and economy.
His comments appeared to reflect growing calls among congressional majority Democrats for such relief in exchange for supporting the White House's proposal to buy up billions of dollars of devalued mortgage assets to unblock the credit freeze among the country's banks.
'For too long, this administration has been willing to hit the fast-forward button in helping distressed Wall Street firms while pressing pause when it comes to saving jobs or keeping people in their homes,' he said.
This week alone, the US Federal Reserve has floated an 85-billion- dollar bail-out of the insurance giant American International Group Inc and made hundreds of billions of dollars available as loans to banks. On Monday, the venerable Lehman Brothers Inc declared a 600- billion-dollar bankruptcy.
'Now that American taxpayers are being called on to share in this new burden, we must take equally swift and serious action to help lift the burdens they face every day,' Obama said.
Obama condemned the 'recklessness' of Wall Street executives who 'helped cause this mess, even as they walk away with multimillion- dollar golden parachutes while taxpayers are left holding the bag.'
Obama also called for 'tough new oversight and regulations' of the country's financial institutions.
He urged people to stay calm, however.
'This isn't a time for fear or panic,' he said. 'I know we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans.'
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Older Talkback
page: 1
... where the Fannie and Freddie money that McCain got came from.
SP4, your efforts to portray only Obama as getting contributions from Fannie and Freddie is predictably bias.
Oh yes, you do love your bias SP4.
The fact is over 350 congressmen OF BOTH PARTIES got money from them. ... Yes, even McCain.
Why don't you ask the architect of the deregulation that paved the way for this mess (McCain economic advisor Phil Gramm) ???
(I expect you to take your usual approach ... And reply with something that in essence says 'the guy who got less bad money is somehow less wrong than the guy who got more bad money' When the truth is, they BOTH got bad money. ... now that's not biased.)
With McCain having 19 lobbyists on his campaign staff ... he's hardly 'clean' of influence, as you would like to have people believe.
Barack Obama and Chris Dodd got hundreds of thousands of dollars to turn their backs on this mess while it was in the making, THEY presided over this mess in the senate and Barny Frank presided over it in the house of representatives.
BARACK OBAMA GOT MORE MONEY FROM FANNIE AND FREDDIE IN A SHORTER PERIOD OF TIME THEN ANYONE ELSE. Chris dodd got more in total but he has been in the senate for 10 years:
Recipients of Fannie Mae and Freddie Mac Campaign Contributions, 1989-2008
Name Office State Party Grand Total Total from
PACs Total from
Individuals
Dodd, Christopher J S CT D $165,400 $48,500 $116,900
Obama, Barack S IL D $126,349 $6,000 $120,349
www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html
Then, Obama went out and HIRED Fannie Mae and Freddie Mac advisers to give him advice on economics.
Franklin Raines, an Obama advisor resigned in disgrace, James Johnson and Jamie Gorelick all worked for fannie and freddie and are all advising this incompetent child on economics. Johnson earned $21 million in just his last year serving as Fannie Mae CEO from 1991 to 1998; Raines earned $90 million in his five years as Fannie Mae CEO, from 1999 to 2004; and Gorelick earned an estimated $26 million serving as vice chair of Fannie Mae from 1998 to 2003.
Now this fool, this incompetent maniac who helped block reform is going wants foreign investment to fix it. At this point we don't have a choice but to ask for foreign investment which means that we are trusting other governments which might have a different agenda then ours. Thanks Obama.
McCain warned of the coming mortgage crisis as he pressed in 2005 for regulatory reform of Fannie Mae and Freddie Mac. 'For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac – known as government-sponsored entities or GSEs – and the sheer magnitude of these companies and the role they play in the housing market,' McCain said on the floor of the Senate in 2005, speaking in favor of the Federal Housing Enterprise Regulatory Reform Act of 2005.
McCain pointed out Fannie Mae's regulator had stated the company's quarterly reports of profit growth over the past few years were 'illusions deliberately and systematically created' by the company's senior management, which resulted in a $10.6 billion accounting scandal.
The bill passed the House but was never brought up for a vote in the Senate, largely because of Democratic opposition to change in the Fannie Mae and Freddie Mac regulatory structure that remained in place until the Treasury takeover.
AGAIN, Obama got more money from Freddie and Fannie in a shorter period of time then anyone else. And people wonder why there hasn't been reform.
pSep 20th, 2008 - 18:42:11
The American Republic returns on September 11, 2008'
LOOK AT THE DATE YOU ASSHOLE. It is 20 September. Where is your 'American Republic' that now is going to represent us?
Here too the republican internet task force is at work with the usual slander and smear.Especially the dunce SP4 who proudly declared only one month ago that the US economy was going through the roof feels compelled to ventilate his already famous ignorance of simple facts again.Never a word from these gentleman about the causes of this crisis.And of course not a single word on the origin of this crisis from Bush either.So here goes:
The current crisis is the predicted consequence of unregulated investment banks buying and selling debts from the mortgage institutions .As long as the real estate market flourishes,no problem.Once that collapses,or simply stagnates all bets are off,the whole fragile contraption collapses .For decades the banks have dictated their wishes to the White House .It started with Reagan and his reaganomics and ended with Bush .All feeble attempts of introducing rules into this mess have successfully been countered by the successful lobbyists from those banks .Some of the profits they made trickled down to their croneys,no doubt .and so now you are left with a heavy burden.
But no panic:the bill could easily be paid for by those that profited both from the war and the crisis.Time for these gentleman to demonstrate what patriotism should stand for.Unless it is just an empty word used to rally the most gullible and simple folks when the White house is yet to start a war on instigation of the neocons.Let the tycoons show their patriotism for a change.They have been on the receiving end for very long now,they cn afford to pay a bit in exchange
What a load of shit ! Very true, but never-the-less shit, these overseas scavengers like vultures only TAKE, they don`t GIVE.
The US gives an astonishing and economically stupid sum of hundreds of billions of dollars in foreign aid to ungrateful parasitic countries overseas each year - $30 billion by the Government and many more billions by generous American charities.
All this at a self-sacrifice of accumulating a $10 trillion national deficit. We get nothing back, except abuse, death to our people and damage to our property.
At the same time we have every natural disaster possible in our country, which extends from the sub-tropics to the arctic.
Our people suffer death and property loss on an immense scale. The Government are restrictive, slow and mean in compensating poor Americans affected by these natural catastrophes, but are very quick to give countless billions of dollars to overseas countries.
NOBODY out there gives a shit about our tragedies. What on earth should we give a shit about there`s ?
Where are the generous donations from rich countries like China, Japan and prosperous European countries for OUR Hurricanes, Earthquakes, Tornadoes, Tidal Waves, enormous fires etc. etc. ?
You`ve guessed it - BLOODY WELL NON-EXISTENT !
..I've made that argument about senate money before i.e. both candidates getting funds from Enron, or Halliburton and the standard dem Libnazi response was always 'Bush got more!' and we were, I guess, supposed to work some kind of formula which, when we tallied the answer, would guide us to the inevtiable conclusion that Bush was, somehow, tainted more.
So tell me Proessor, how much Fannie Mae blood money did McCain and Obama get? Get back to us on that, would you.
Tonny, Obama took more money from Countrywide to stop regulation then any other senator. The CEO's there wound up on his campaign staff. Obama took more from freddy and fanny in a shorter amount of time then any other senator. The CEO's there wound up on his campaign staff.
All of these failed and CAUSED the crisis.. See a pattern?
..but a lowly senator from Arizona, in 2005, tried to reign in some of this mess, bringing accountability into the process and the democratic party made sure the bill died. One might call this man a reformer, or even a Maverick, in doing this, when, at 69 years old, he could resign to the comfort of one of his four homes and a $100 million fortune of his wife, after a lifetime of correctly serving this nation and the state of Arizona. Instead, he gets on the horse every day and continues to do so.
You know, this guy should be...president!
One only has to ask where the Messiah, the boy-king from Illinois was back then, busy getting favors from Tony 'the knife' Rezko, or packing funds away from the Fannie Mae Di Medici's, to feed his ascension to power. I would agree that this is 'community Organizing' I'd just have to ask which community he serves....the banking community perhaps?
Now, the dems are exposed as having taken millions in campaign funds from the likes of Fannie Mae and Freddie Mac potentates, millions more in personal loans to guys like Rep. Barny Frank (D) and Barak Obama (D) and others too. The dems forced banks to make low interest loans to folks who could not pay them back, exactly the reason for this mess. It was libnazi socialism, complete with the graft and corruption that goes hand in hand with it all. Who has to fix their mess?
Why GW Bush, of course!
The perfect man for the job, making America take it's medicine and then they can, once again pillory him for it, like they did in Iraq, Afghanistan, N. Korea, Libya, etc. Bush, what a godsend for Congress!
Besides, Tonny, Europe has the same mess going, as we speak and I'm almost sure the neocons don't run Europe. Britain just finished nationalizing some lending institutions and more are expected, so run off and see how they're dealing with it. Be sure to get back to us.
Well ESS PEE, another of your very logical, topical and extremely relevant comments. You never fail to impress me with your infinite knowledge and wisdom of current affairs. NO, ESS PEE I`m not taking the piss, I really mean it.
You are one of the best opponents it is possible to have in a current affairs debate. These people who crudely insult your material and you personally are just the rabble of society who do not have the intelligence to assimilate complex situations or to converse with people of your calibre.
In my solemn little ditty, I am only concerned with the gross financial and social incompetence of giving away £100`s billions of dollars to scumbag 500 years backward countries and incurring an astronomic debt to do it, whilst our own people, resources and services badly need the cash.
Especially in times of natural catastrophe or evil human activity like 9/11 and other atrocities carried out by Satan`s legion of Koran insulting Muslims who are a disgrace to their own Prophet.
I am not interested in the corrupt and inhuman activities of vile scum in high places. America has been plagued with these vermin ever since the first settlers hit the beach from Europe and it has been perfected into an art from up to the present day.
Who know`s ? You can probably get a Masters degree for it at the Cosa Nostra University of Crime and then proceed into politics and with luck and colossal bribes even the Presidency.
You only have to look at the past few Presidents and their entourage of criminally corrupt followers to get an idea.
`Ere ESS PEE ! Be a good boy, you don`t want me to set LANCE on you do you ?
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.
Class Dismissed - SP4
Thank you teacher Mr.ESS PEE Sir, I HAVE been listening to your golden words of irrefutable wisdom as always - promise.
I was`nt diddling myself under the desk, just farting, but PLEASE Sir can I be excused for a minute - I WANT A PISS.
PS ESS PEE ;-
Bet we could talk all night over a few beers.
You show me your war wounds and I`ll show you mine.
Bush has been president for 8 years now......along with his neocon friends they have been ruling the country,ASPIRING TO EVEN RULE THE WORLD! and managed to start 2 wars BASED ON LIES,that have no end and no meaning....destroy the economy......take away the basic freedom rights of the people.......and make the USA hated across the globe.....while other countries are advancing more in technology and commerce and economy and science, who started from behind, and copied the USA
AND GET THIS...........ITS ALL OBAMA'S FAULT!
IT IS!, HE TOOK MONEY, HE LIED, HE IS A TERRORIST, HE IS THE ANTICHRIST HE...........GIVE US A BRAKE YOU AGENTS OF THE NEOCONS!!!!!!!!!!!
...I'm afraid the world is far more complicated than that.
Let's face it, the government could have paid for all those peoples' homes and everything would have tasted like apple pie. No, what is happening is the government is now having to spend millions of billions of dollars helping out every other failing business entity that did not really have the American peoples' interest at heart.
...and I do not care to drink to that.
Quote:The CEO's there wound up on his campaign staff. Obama took more from freddy and fanny in a shorter amount of time then any other senator. The CEO's there wound up on his campaign staff.
All of these failed and CAUSED the crisis.. See a pattern?
answer:euhhh,could you clarify this for us.There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you ?I'm very interested in how exactly a few lobbyists in a campaign can cause a crisis of which you also claim it was predicted by McCain years ago (he must have read the newspapers ) .Did McCain knew all these years ago that Obama was to become a presidential candidate and would build this fantastic campaign team which you claim is responsible for the crisis ?What kind of logic is that .Mind boggling ignorance of both reality and even logics .
'There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you'
Obama took kickbacks in Chicago from tony rezko and wrote letters for him helping him to steal millions of dollars from the taxpayers.
Obama took money from countrywide and was positioning himself to stop regulation of the mortgage industry.
Obanma took money from freddie and fannie and was helping to kill attempts to reform them in committee.
Obama filled his campaign with staffers, advisor's and cronies from Freddie, fannie and countrywide...
See a pattern yet?
'There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you'
You would not know 'logic' or a 'pattern' if it ran over you.
'Obama took kickbacks in Chicago from tony rezko and wrote letters for him helping him to steal millions of dollars from the taxpayers.'
Liar on both counts.
'Obama took money from countrywide and was positioning himself to stop regulation of the mortgage industry.'
Liar!
'Obanma took money from freddie and fannie and was helping to kill attempts to reform them in committee.'
Liar!
'Obama filled his campaign with staffers, advisor's and cronies from Freddie, fannie and countrywide...'
As did Noah McSame and all politicians.
See a pattern yet?
Like I said abouv you would not know a pattern if it ran over you, but I do see a pattern in your spam, 'lets lie and then lie again and then we can lie about the lies. You are a complete and total idiot. Thanks,
@ why do I bother
'There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you'
You would not know 'logic' or a 'pattern' if it ran over you.
***Thats because you dont use logic
'Obama took kickbacks in Chicago from tony rezko and wrote letters for him helping him to steal millions of dollars from the taxpayers.'
Liar on both counts.
***Agreed you are a liar on both counts Obama took MANY kickbacks
'Obama took money from countrywide and was positioning himself to stop regulation of the mortgage industry.'
Liar!
***Agreed again you are a liar
'Obanma took money from freddie and fannie and was helping to kill attempts to reform them in committee.'
Liar!
***Agreed again you are a liar check the facts
'Obama filled his campaign with staffers, advisor's and cronies from Freddie, fannie and countrywide...'
As did Noah McSame and all politicians.e facts
***Agreed again you are a liar just trust the facts and it proves you a liar
See a pattern yet?
***Yes, both you and Obama are liars
'You would not know 'logic' or a 'pattern' if it ran over you.'
'Liar on both counts.'
'Liar! '
'Liar! '
'lets lie and then lie again and then we can lie about the lies'
LOL... Not really a rebuttal...
'***Yes, both you and Obama are liars'
!!!!!
page: 1
SP4: Tell us BarakSep 20th, 2008 - 17:05:14
...which nation, exactly, did the money the Fannie Mae and Freddie Mac Di Medici's gave you, come from? Get back to us on that one, would you?
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