Obama jabs McCain over economy in Nevada speech

Discussion: 20 comments so far…

1. By neiman1

   9/17/08 at 1:28 p.m.

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   I am sure the Obama plan of raising taxes will help the economy. His plan of fairness of sending refunds to people that don't pay taxes is suppose to be called welfare, not refunds. He sits in Hollywood getting economic advice from Barbara Steisand and Nancy Pelosi and has to nerve to attack McCain for saying the basics of American are still strong. We have the ability, just getting our own energy to work would put half a million people to work in good paying jobs and reduce our import costs by 700 Billion a year. The 700 Billion a year we spend for foreign oil is 6 times the cost of the Iraq War that Obama blames for all the economic cost. Vote for a man, not a campaign slogan. Hope wont fix this.

2. By Gordon

   9/17/08 at 2:28 p.m.

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   Neiman I guess you bought McCain's back-pedalling today on his statement Monday that "the fundamentals of our ECONOMY are strong".

   Your own statement "the basics of American are still strong" doesn't come close to McCain's actual statement.

   Clinton's tax and economic policy resulted in one of the most successful economies in history. I'm confident Obama's tax and economic policies will have the same positive effect.

   I'm also sure that continuing Bush's policies, McCains plan, will bankrupt our nation.

3. By jfnance32

   9/17/08 at 2:31 p.m.

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   Republicans rule the Senate and the House during much of Clinton's years. They desire credit for the boom years, too.

   Also, Clinton and the Republicans lowered capital gains taxes during that time.

   The last time we have a Democratic President with a Democratic House with a filibustered proof Democratic Senate was during the Carter years.

   Obama will be another Jimmy Carter.

4. By thebs

   9/17/08 at 2:44 p.m.

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   "Hope wont fix this."

   Right, McCain's commission will fix this.

   What's John McCain's plan to fix the economy, again? Continue the Bush tax cuts, continue the Bush economic policies, continue the Bush policies on trade.

   And he wants to put the architect for the current mortgage meltdown, his BFF Phil Gramm, in charge of the Federal Reserve?

   That's not an economic plan.

   That's a death wish.

5. By Gordon

   9/17/08 at 2:57 p.m.

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   Yeah Nance, Clinton had to shut down government, with his veto power, until Republicans produced acceptable legislation. Republicans tried and tried to blame the shutdown on Clinton, but the American people saw who was really at fault.

   Bush has the same power over the democrat majority in congress today.

   Absolute power absolutely corrupts, and I do somewhat fear lady liberties scales being tipped the other way, instead of balanced, as they should be.

   But since the Neocons swarmed in on Reagan's second term (saw a weak man with Alzheimers, I proudly voted for Reagan (he's no neocon) and his first term was a great success, but the second term, not so much). The republican party now controlled by neocons can not be trusted.

6. By Future2012

   9/17/08 at 3:03 p.m.

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   In 1999, under Clinton/Gore/Rubin; Gramm/Leach/Bliley, the 1993 Glass-Steagall Act was repealed with a Senate vote of 90-8.

   Harry Reid voted for it.

   "He said he's going to fight the good old boys network," Obama said. "The old boys network?

   But, But, But Backed by
   -Fannie Mae CEO Jim Johnson, and subsequent
   -Fannie Mae CEO Franklin Raines,
   -Robert Rubin, Citigroup's director and executive committee chair, and
   -Robert Reich, a former labor secretary during President Bill Clinton's,
   -Jim Leach, token Republican spokeman at DNC Convention,
   and now Barak Obama has determined that the wall street is broken, and it is only the fault of Republicans.

   But what does Obama want to do?

   Should we continue to nationalize the financial institutions, as we have with Fannie and Freddie, AIG, or institute price control.

   Should we raise taxes.

   I have yet to hear a concrete proposal from Obama that would increase the liquidity in the market, increase margin reserve to reduce risk in the market, or increase transparency to eliminate "dark' and "naked" transactions.

7. By Future2012

   9/17/08 at 3:08 p.m.

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   While McCain wants a bipartisan commission,

   Nancy Pelosi and Obama have called for Democratic only hearings to investigate

8. By jfnance32

   9/17/08 at 3:23 p.m.

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   Obama is showing a lot of leadership.

   Asked about what we should do about AIG, his response was "No comment".

9. By neiman1

   9/17/08 at 3:42 p.m.

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   When Obama and Reid complain about the bill Sen. Graham authored to deregulate the banks, did he forget HE voted FOR it, and President Bill Clinton signed it. Did Harry Reid forget he voted for the "community reinvestment act". The bill that required banks to loan in low income areas without regard to ability to pay. Does Harry really think he can hide from pushing all the problems into law that took down these banks. Look at the campaign donations from Fannie Mae. Sen. Dodd and his VIP loan got the most and Obama was third on the list.

10. By JustTheFactsJack

    9/17/08 at 3:46 p.m.

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    Future2012 said "But what does Obama want to do?"

    BarackObama.com/plan

11. By Jgeremia

    9/17/08 at 3:51 p.m.

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    Google 'John McCain anger'. If this guy gets in I'm building a bomb shelter.

12. By thebs

    9/17/08 at 4:07 p.m.

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    And as true as can be:

    What does John McCain want to do?

    http://www.johnmccain.com/plan

    Oh, yeah, "Page not found"

    A meta reference to fact.

13. By jfnance32

    9/17/08 at 4:22 p.m.

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    Here is McCain webpage that is like Obama's webpage.

    http://www.johnmccain.com/Issues/jobsfor...

    On Obama site, it is funny. It says it wants to undo the Biden Bankruptcy laws. Biden son made over half of a million of dollars in lobbying fees to get that bill passed.

    Lol......good God!!!!

14. By Gordon

    9/17/08 at 4:22 p.m.

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    The Gramm-Leach-Bliley Act of 1999 repealed the The Glass-Steagall Act of 1933. This allowed a bank holding company to own other financial companies. This was done to bring America inline with the rest of the industrialized nations policies. With the advent of electronic trading and market transparency this was a wise move. The banks were still regulated and oversight did not change.

    The current problem IS deregulation and lack of oversight. The deregulation allowed predatory loans to be made. Loans that did not exist prior to Bush. These 'gimmick' loans rapidly increase the interest rate and are not tied to the Prime rate.

    Also, subprime loans used to be packaged as such and identified with the proper risk in the market. Bush policies allowed these subprime loans to be packaged with AAA loans and hide the risk from investors. When these predatory loans started kicking up the interest rates to 15% and above, homeowners could no longer afford the payments. Then forclosures started making these AAA investments toxic.

    Now what investors thought were safe investments are finding out they have large subprime exposure and forcing them to dump all mortgage backed securities, because they just don't know what they contain (no transparency because of Bush policies).

    This has caused the credit markets to freeze, meaning that even people and corporations with EXCELLENT credit are unable to get new loans of any type. Because the banks simply don't have the captial to cover new loans. Plus there are no investors willing to buy the toxic loans already on their books, that are losing value daily.

    This all occurred because of deregulation of banking by the Bush administration and republican controlled congress from 2001-2006.

15. By Future2012

    9/17/08 at 5:14 p.m.

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    Gordon knows that

    In 1999, under Clinton/Gore/Rubin; Gramm/Leach/Bliley, the 1933 Glass-Steagall Act was repealed with a Senate vote of 90-8. This included Harry Reid voting for repeal.

    Then Gordon Said

    "This all occurred because of deregulation of banking by the Bush administration and republican controlled congress from 2001-2006."

    Must something about the Calender that Gordon does not understand.

16. By Gordon

    9/17/08 at 5:57 p.m.

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    Future2012: You missed the point, and maybe I didn't make it clear. The Gramm-Leach-Bliley Act of 1999 did not deregulate banking procedures in the sense of consumer protection and transparency. The repeal simply allowed a bank holding company to own other financial companies, which INCREASED transparency.

    You are trying to marry the Gramm-Leach-Bliley Act of 1999 with today's financial crisis, which it has nothing to do with. The act did not permit banks to engage in predatory lending, marketing of securities as AAA when they were not, trading deregulation and on and on. Bush policies were responsible for these examples. Consumer protection in banking was deregulated through executive orders changing banking rules , legislation, and underfunding oversight agencies during Bush's administration from 2001-2006.

17. By jfnance32

    9/17/08 at 6:10 p.m.

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    "Bush policies were responsible for these examples. Consumer protection in banking was deregulated through executive orders changing banking rules , legislation, and underfunding oversight agencies during Bush's administration from 2001-2006."

    All this is pure BS......you can not name one of these of bogus executive orders....

    The relaxation of sub-prime market regulations started in Bill Clinton administration in his attempt to get more minorities in houses.

18. By Future2012

    9/17/08 at 8:30 p.m.

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    In 1999, under Clinton/Gore/Rubin; Gramm/Leach/Bliley, the 1993 Glass-Steagall Act was repealed with a Senate vote of 90-8.

    Reid voted to repeal the firewalls between commercial & investment banks, and insurance operations.

    This is the single most important financial Act in the last 30 years, which set up the cascading failures. Reid knew it and called it out over the last several days.

    Fannie Mae CEO Jim Johnson, and subsequent Fannie Mae CEO Franklin Raines, drove the effort to buy the bad mortgages from Countrywide and others which set the tipping point for the economic housing crash.

19. By vote4thefuture

    9/19/08 at 12:16 a.m.

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    with McCain announcing again that the economy is strong, it appears that he and Bush are still living in the same reality vacuum:
    http://www.youtube.com/watch?v=wJThPjvsc...

20. By michael_z

    9/19/08 at 8:53 a.m.

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    Obama's socialist tax plan would have very negative effects on our economy. It would discourage hard work and creativity from our scientist and engineers since the more successful they become the more extreme taxes they will have to pay. We need these folks to work harder, not less, for our nation to become more completive in this global economy.

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