Obama is holding off on releasing HIS plan for the economy

[ProfJohn]

Maybe that should be the new anti-Obama campaign slogan.

"Leadership we can't see"

We have Obama refusing to take a stance on when life begins at Saddleback.
Then we have him being all over the map on the Russia-Georgia thing.
And now we have this:
" I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

In other words I'll just wait around and see what everyone else wants to do first.

Some leadership.

I believe McCain was out there a day or two ago calling for something like the RTC and Obama's response was to say it was to early for such talk???

Has Obama ever got out in front of ANY issue?
link

Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan.

"The events of the last few days have made it clear that we must take further bold and decisive action to shore up confidence in our financial markets and avoid a deepening economic crisis that could jeopardize the life savings and well-being of millions of Americans," Obama said in a statement.

Obama said he supported efforts by Treasury Secretary Henry Paulson and federal Reserve Chairman Ben Bernanke to work with the Congressional leadership to find a solution to the deepening crisis.

As Wall Street grapples with the worst crisis since the Great Depression, the financial turmoil has become the top theme on the campaign trail where Obama is locked in a tight race with his Republican rival John McCain.

The Illinois senator said he would be discussing the Fed-Treasury proposal with his top economic advisers on Friday morning. Among those who have been advising Obama on his response to the financial crisis are former Federal Reserve Chairman Paul Volcker and former U.S. Treasury secretaries Lawrence Summers and Robert Rubin.

"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

Obama said it was critical that the markets and public have confidence in the Fed and Treasury's efforts and that their work be "unimpeded by partisan wrangling."

On Thursday Obama urged the Federal Reserve and the Treasury to take emergency steps to keep credit flowing to the troubled housing market, saying it would help stem the crisis sweeping financial markets.

In his statement on Friday, Obama said the government needed to also take action to create jobs and help support distressed homeowners and communities.

He also said any taxpayer-funded support plan by the U.S. government needed to have a long-term goal of creating a stable financial market and a growing economy.

"This plan must be temporary and coupled with tough new oversight and regulations of our financial institutions," he said. "There must be a clear process to wind down this plan and restore private sector assets into private sector hands after restoring stability to the system."

Obama also urged that the plan be part of a globally coordinated effort.

 

[FuzzyBee]

Originally posted by: ProfJohn


I believe McCain was out there a day or two ago calling for something like the RTC and Obama's response was to say it was to early for such talk???

Has Obama ever got out in front of ANY issue?

I believe his fluffers would call that "being pragmatic".

 

[Dari]

With names like that on his economic, I would take his proposals very seriously because Rubin's actions during the Clinton years were superb and Volcker was the guy that gave us the needed medicine in the early 1980s. I'm not sure what they're planning but I have a feeling it'll be something big, like a press conference on the economy or something.

Has Obama ever got out in front of ANY issue?

Yes. He talked about this very crisis in March of 2007.

 

[Stoneburner]

You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.

 

[Thump553]

Nice mischaracterization, PJ. Obama has been addressing the issues of the financial crisis for many months now, as opposed to McCain, who has changed his totally vague stance almost hourly (from "I don't know much about economics, I have to study it more" to meaningless railing against CEO pay and some unspecificied (and unholy to the GOP) plan to restrict CEO pay) to being against AIG rescue Monday morning to supporting it after the fact to "our economic fundamentals are sound" to the classic Washingtonian trick of covering your gaffe by totally redefining common words, ie fundamentals means American workers-and nobody better say anything bad about the American workers/voters by God, etc.).

What Obama needs to study and formulate a response to-as we all must-is the as yet totally unspecified RTC type bailout. Given that the discussions are still ongoing on this, and the proponent (Treasury Secretary Paulson) won't do more than float trial balloons until sometime this weekend, I think Obama's response is more than reasonable, don't you?

Of course, PJ, you are much more comfortable with the kind of President you have ardently supported in the past-one given to snap judgments based on partial facts, at best. We don't need another Bush/McCain clown in the White House, we need and deserve to have some reasoned judgment for a change.

 

[heyheybooboo]

LOL

McLame's Plan is to fire SEC Chairman Cox and form a 'blue-ribbon committee'. President Bu-Hoo's Plan is to socialize $500 Billion in losses because Europe, China and Japan will no longer take our public and private paper.

I got an idea. Don't do anything. Let the markets set their own rates instead of an artificially low Fed Discount Rate of 2%

 

[winnar111]

McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

Mr. President, this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

 

[sandorski]

Palin would just steal the ideas, then when called on it, you'd be posting 11kajillion threads on how Sexism is rampant.

 

[Xavier434]

Has McCain even released his entire economic plan? I know that he has been withholding other things such as his team of Science Advisors which baffles me. Regardless, Obama has revealed enough about his feelings on economics to make me confident.

 

[fskimospy]

Yeah, what kind of crazy person doesn't present a plan until he knows the environment the plan will have to work in? Are you retarded?

 

[dphantom]

Originally posted by: Stoneburner
You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.

Sounds more like Harry Reid wringing his hands the other day not knowing what to do. Typical dem, avoid responsibility but blame anyone else when things go bad. That's leadership I can do without.

 

[lupi]

Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

Mr. President, this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.

 

[sonambulo]

You've got to be fucking kidding me.

The Fed and the Treasury are in the background working on a plan and a solution to solve the immediate crisis. Only a supreme jackass would run in and try to force an additional solution on top of one that's already in motion.

 

[sandorski]

Originally posted by: lupi

Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

Mr. President, this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.

2 years ago. McCain can flipflop in 2 hours.

 

[heyheybooboo]

Originally posted by: lupi

Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

Mr. President, this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.

LOL - You guys Fail

The roots of this crisis are the Gramm-Leach-Bliley Act.

John McCain voted in favor of GLBA.
Joe Biden voted against GLBA.

Yeah. and the 'Gramm' in GLBA is McLame's former Economic Advisor. You remember? The guy who said we are in a 'mental recession' and need to stop whining.

Keep drinking that McLame KoolAid, boys ...

 

[BeauJangles]

Originally posted by: heyheybooboo
LOL

McLame's Plan is to fire SEC Chairman Cox and form a 'blue-ribbon committee'. President Bu-Hoo's Plan is to socialize $500 Billion in losses because Europe, China and Japan will no longer take our public and private paper.

I got an idea. Don't do anything. Let the markets set their own rates instead of an artificially low Fed Discount Rate of 2%

Actually, they're buying the assets in hopes that by directly acting on the assets, the interest rates will fall which will allow money to flow through the economy. Cutting the interest rates back to 2% had no effect on mortgages, etc.

 

[Moonbeam]

Originally posted by: dphantom

Originally posted by: Stoneburner
You mistake his wish for avoiding problems by being long sighted for not being a leader?


Your post count has dropped recently but this was a poor effort child.

Sounds more like Harry Reid wringing his hands the other day not knowing what to do. Typical dem, avoid responsibility but blame anyone else when things go bad. That's leadership I can do without.

You lying fraud. Your joke was fully refuted in the Reid thread and here you're back with the same disproved lie.

 

[miketheidiot]

Originally posted by: ProfJohn
Maybe that should be the new anti-Obama campaign slogan.

"Leadership we can't see"

We have Obama refusing to take a stance on when life begins at Saddleback.
Then we have him being all over the map on the Russia-Georgia thing.
And now we have this:
" I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

In other words I'll just wait around and see what everyone else wants to do first.

Some leadership.

I believe McCain was out there a day or two ago calling for something like the RTC and Obama's response was to say it was to early for such talk???

Has Obama ever got out in front of ANY issue?
link

Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan.

"The events of the last few days have made it clear that we must take further bold and decisive action to shore up confidence in our financial markets and avoid a deepening economic crisis that could jeopardize the life savings and well-being of millions of Americans," Obama said in a statement.

Obama said he supported efforts by Treasury Secretary Henry Paulson and federal Reserve Chairman Ben Bernanke to work with the Congressional leadership to find a solution to the deepening crisis.

As Wall Street grapples with the worst crisis since the Great Depression, the financial turmoil has become the top theme on the campaign trail where Obama is locked in a tight race with his Republican rival John McCain.

The Illinois senator said he would be discussing the Fed-Treasury proposal with his top economic advisers on Friday morning. Among those who have been advising Obama on his response to the financial crisis are former Federal Reserve Chairman Paul Volcker and former U.S. Treasury secretaries Lawrence Summers and Robert Rubin.

"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

Obama said it was critical that the markets and public have confidence in the Fed and Treasury's efforts and that their work be "unimpeded by partisan wrangling."

On Thursday Obama urged the Federal Reserve and the Treasury to take emergency steps to keep credit flowing to the troubled housing market, saying it would help stem the crisis sweeping financial markets.

In his statement on Friday, Obama said the government needed to also take action to create jobs and help support distressed homeowners and communities.

He also said any taxpayer-funded support plan by the U.S. government needed to have a long-term goal of creating a stable financial market and a growing economy.

"This plan must be temporary and coupled with tough new oversight and regulations of our financial institutions," he said. "There must be a clear process to wind down this plan and restore private sector assets into private sector hands after restoring stability to the system."

Obama also urged that the plan be part of a globally coordinated effort.

whats the point in even trying, when everything is going to change in the next 3 months anyways?

 

[winnar111]

Originally posted by: heyheybooboo
LOL - You guys Fail

The roots of this crisis are the Gramm-Leach-Bliley Act.

John McCain voted in favor of GLBA.
Joe Biden voted against GLBA.

Yeah. and the 'Gramm' in GLBA is McLame's former Economic Advisor. You remember? The guy who said we are in a 'mental recession' and need to stop whining.

Keep drinking that McLame KoolAid, boys ...

Tell that to the Bill Clinton apologists!

 

[miketheidiot]

Originally posted by: lupi

Originally posted by: winnar111
McCain 2 years ago:

http://www.govtrack.us/congres...5-16.xmlElementm0m0m0m

Mr. President, this week Fannie Mae's regulator reported that 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 Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

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. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Damn you and your facts that are in direct opposition to what the bandwagon koolaid drinkers are already trying to say in this very thread since they can't discuss the issue as their messiah has yet to put his out.

hasn't it been common knowledge that regulators have been fucking up for a while? Whats your point?

 

[heyheybooboo]

Originally posted by: BeauJangles

Originally posted by: heyheybooboo
LOL

McLame's Plan is to fire SEC Chairman Cox and form a 'blue-ribbon committee'. President Bu-Hoo's Plan is to socialize $500 Billion in losses because Europe, China and Japan will no longer take our public and private paper.

I got an idea. Don't do anything. Let the markets set their own rates instead of an artificially low Fed Discount Rate of 2%

Actually, they're buying the assets in hopes that by directly acting on the assets, the interest rates will fall which will allow money to flow through the economy. Cutting the interest rates back to 2% had no effect on mortgages, etc.

My limited understanding of the 'lock-up':

Each night financial institutions around the world settle their 'intra-institution' accounts. For over a year now the bundled securities traded between institutions to settle accounts have been 'toxic'.

As Central Banks around the world attempt to set rates, these 'bundles' are not moving - hence the reason the Central Banks are injecting capital in an attempt to meet their 'targeted' rates.

The 'toxic bundled securities' will move - just not at targeted rates.

The world economy needs to take their medicine. Interest rates in the 'free market' may well jump 40-50% overnight and long-term, who knows?

 

[NeoV]

lets see...we have Lupi in the thread - check - we have a 'messiah' reference - check
we have prof J with his 11,000 lame attempt at smearing the opposition - check
link article, make snide, inaccurate remark - check

I'm pretty sure that McCain has said - more than once - that the foundations of our economy are strong - in the past 2 months before this latest round of crashes/buyouts.

Off the top of my head, I'd say Obama was out in front on opposing the war in Iraq - is that a big enough issue for you?

I'm pretty sure that Obama was 'out in front' of McCain/GOP talking heads in saying that the economy was in deep trouble - a statement only agreed with by McCain/GOP talking heads in the past week or so.

Shall I continue?

 

[yllus]

"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

Political expediency aside, isn't this the wisest course of action? Let the people who know the industry figure out policy.

 

[miketheidiot]

Originally posted by: BeauJangles

Originally posted by: heyheybooboo
LOL

McLame's Plan is to fire SEC Chairman Cox and form a 'blue-ribbon committee'. President Bu-Hoo's Plan is to socialize $500 Billion in losses because Europe, China and Japan will no longer take our public and private paper.

I got an idea. Don't do anything. Let the markets set their own rates instead of an artificially low Fed Discount Rate of 2%

Actually, they're buying the assets in hopes that by directly acting on the assets, the interest rates will fall which will allow money to flow through the economy. Cutting the interest rates back to 2% had no effect on mortgages, etc.

i think it has more to do with providing liquidity than lower interest rates, interest rates are already negative in real terms iirc.

 

[miketheidiot]

Originally posted by: yllus

"Given the gravity of this situation, and based on conversations I have had with both Secretary Paulson and Chairman Bernanke, I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal."

Political expediency aside, isn't this the wisest course of action? Let the people who know the industry figure out policy.

in a word, yes.