I was pointed to a speech given by Barack Obama in Charlotte, NC on Sep 21. Looking at it, it seems Obama gives a pretty good case for why McCain should be president.
Obama says the priorities for recovery are:
- First, there must be no blank check when American taxpayers are on the hook for this much money.
- Second, taxpayers shouldn’t be spending a dime to reward CEOs on Wall Street.
- Third, taxpayers should be protected and should be able to recoup this investment.
- Fourth, this plan has to help homeowners stay in their homes.
- Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.
- Sixth, we need to start putting in place the rules of the road I’ve been calling for for years to prevent this from ever happening again.
- And finally, this plan can’t just be a plan for Wall Street, it has to be a plan for Main Street. We have to come together, as Democrats and Republicans, to pass a stimulus plan that will put money in the pockets of working families, save jobs, and prevent painful budget cuts and tax hikes in our states.
As Obama lays out McCain’s plan to recover from the Clinton Mortgage Mess, look especially at points 1 and 2. McCain told the Clinton forum (right before he went to DC to work on the fix) that the CEOs who made this mess shouldn’t be rewarded. (“First, there must be greater accountability included in the bill. … That money cannot simply go into a black hole of bad debt with no means of recovering any of the funds.”)
Then look at point 4. McCain is the only candidate with a plan to help homeowners stay in their homes. Nothing from community organizer Obama yet. Note again the speech at the Clinton forum: “(We should not) take money from teachers and farmers and small business owners to line the pockets of the Wall Street crowd that got us here in the first place.”
Point 6 really got to me. I haven’t found where Obama spoke out against the mortgage mess before the campaign began. By contrast, McCain voted in 1999 for S900 to “put in place the rules to prevent this from ever happening.” Again in 2006 he tried to energize the Senate to take action to fix the looming mortgage crisis. Both times, Biden opposed these actions. Obama didn’t start addressing the issue until it melted down.
Then Obama actually blasts politicians like Biden with “Change means a tax code that doesn’t reward the lobbyists who wrote it.” You know Biden fought to push poor people out of their houses with the changes to the Bankruptcy law.
- Used to be when credit card companies pushed interest rates to 30%, consumers could keep their houses with Chapter 11.
- But $400k from the Card Companies help Beau Biden convince dad the ability to pay card fees is more important than having an address to receive the bill.
Then Obama finishes his speech by joining McCain in saying “the fundamentals of our economy – the world’s greatest wealth generator” – are strong. That even after the crisis became known!
(You have to wonder if Obama is truely in touch with reality.)