Barack Obama Blames Republican Economic Philosophy for Financial Crisis

By: Lowell
Published On: 9/15/2008 11:33:43 AM

This is a strong statement by Barack Obama, and I'm very happy to see it. In general, the Obama campaign really seems to be firing on all cylinders again, after a few days of being a little "on its heels" after the surprise Palin pick. Thank goodness.

This morning we woke up to some very serious and troubling news from Wall Street.

The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.

The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.


I certainly don't fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It's a philosophy we've had for the last eight years - one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.

Well now, instead of prosperity trickling down, the pain has trickled up - from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.

This country can't afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market - rules that would protect American investors and consumers. And I've called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.

So, tell all your friends, coworkers, and family today: John McCain means more of the same disastrous economic (and foreign) policies, while Barack Obama offers us hope for change that can make a real, positive difference for our country and in our lives. Yes, it's actually that simple.  GoBama! :)

Comments



On a related note, this is awesome! (Lowell - 9/15/2008 11:40:29 AM)


I Disagree (Kinda) with Lowell (Mule - 9/15/2008 12:03:16 PM)
Lowell like so many would like to see the campaign debate revolve mainly around policy issues--hence, his pleasure at seeing Obama make good points on that front. I sympathize with that view but think that the Dems should give equal emphasis (or even stronger emphasis in the short run) to attacking the characters of McCain and Palin for their lies and distortions.  Only by doing this will the Dems neutralize the Republicans in the arena of "identity" politics, thereby allowing people to turn to the policy issues.  Dems should not be afraid of being nasty when the circumstances warrant it--and this is the case today.  


Well, I don't agree with this (Lowell - 9/15/2008 12:12:42 PM)
"I certainly don't fault Senator McCain for these problems"

Why not? I mean, John McCain wasn't the president (thank god) the past 8 years, but he embraced Bush both figuratively and literally, voted with him 90% of the time, etc.  Why NOT "fault Senator McCain for these problems," at least in part? I don't understand why there's any reason not to be totally blunt on this point.  I also don't understand why there is ANY reason to give McCain the benefit of the doubt at this point, particularly after he picked a right-wing extremist as his running mate.  Case closed.



Did Lowell Misunderstand My Point? (Mule - 9/15/2008 7:58:15 PM)
I agree that McCain needs to be faulted for supporting Bush 90% of the time, thereby being responsible in part for the economic mess that the country is in.  My point was that the Dems should not simply focus on the grand policy issues of the day, such as the economic mess, but rather should give equal (or greater in the short run) emphasis to attacking the characters of McCain and Palin for their lies and distortions.  I'm afraid that too many Dems, perhaps Lowell included, are reluctant to get down and dirty with the Republicans on character issues.  That was my point.


I think we're miscommunicating here. (Lowell - 9/15/2008 8:05:48 PM)
I'm very willing to get down and dirty with Republicans on character issues, when appropriate. That was pretty much the entire point of what I wrote, which is that I DO fault John McCain for our economic problems (and many other things).  Also, just to be clear, I strongly believe that John McCain - whatever his past virtues might be - no longer demonstrates the character or integrity to be president of the United States.  His campaign has been a disgrace, putting his own political career before his country, and a sign that the guy has either completely "lost it" or never had it in the first place.  


Here, here! (Mule - 9/15/2008 10:14:00 PM)
We're in agreement.    


Joe Biden just said this (Lowell - 9/15/2008 12:15:21 PM)
John McCain recently said: "the issue of economics is not something I've understood as well as I should." Then he proved it by the advisors he chose to surround him - advisors who have further cocooned him from the reality facing the rest of us. People like Phil Gramm. The man who wrote John McCain's economic plan actually said, repeatedly, that we're not going through an economic recession. Phil Gramm says it's just a mental recession. That we're a nation of whiners.

Tell that to my friend who flew jets for the Navy and then went to work for a commercial airline for over 20 years - only to see his pension wiped out while his CEO got a golden parachute. Don't tell me that he is a whiner.

Don't tell me that the woman I met in Missouri who worked for the Chrysler plant for 13 years making minivans and lost her job when production moved to Canada is a whiner.

Don't tell me that an engineer who sees his job go overseas because his company has been given a tax break to leave instead of one to stay is a whiner.

Don't tell me that these people, people who are our nation's heart and soul - deserve to be treated as economic scapegoats.

These people worked hard, they did everything right, and they're willing to work hard again. But instead of their government supporting them, their government walked away from them. Nobody stood up for them.  Barack and I will.

What is John's response to the state of the economy? Let me quote him:

"A lot of this is psychological." Let me tell you something: Losing your job is more than a state of mind.

It means staring at the ceiling at night thinking that you may lose your house because you can't get next month's mortgage payment. It means looking at your pregnant wife and not knowing how you're going to come up with the money to pay for the delivery of your child, since you don't have health care anymore. It means looking at your child when they come home from college at Christmas and saying "Honey, I'm sorry, we're not going to be able to send you back next semester." It's not a state of mind. It's a loss of dignity.

When you and your economic advisors are so out of touch, it's no surprise that your economic policies ignore the challenges that normal families face.

Let me just give you one more example. In the midst of this housing crisis, John McCain said, "I will fight for those that lost their... real estate investments." He went on to say, "It's not the role of government to bail out big banks or small borrowers." What about small borrowers? What about homeowners? What about the people who don't invest in homes, but live in them? There's an important distinction between the predators and the preyed upon.

I heard that a Republican County Chairman right here in Michigan said that they're keeping a list of foreclosed homes, suggesting that if you've lost your home, you should also lose your vote. I have a different idea. I think that if you're worried about losing your home, you should vote for the guys who are going to help you keep it!



Here's Biden (Lowell - 9/15/2008 12:26:15 PM)


Meanwhile, nobody's listening to John McCain (Lowell - 9/15/2008 12:32:34 PM)

Per Huffington Post, McCain "addressed a crowd of roughly 3,000 people in a stadium that seats 16,000."  A picture speaks a thousand words...or 3,000 in this case, I guess. :)



How Do You Spell Phil Graham? John McCain, More Of The Same (norman swingvoter - 9/15/2008 3:23:56 PM)
Many say that Phil Graham contributed to the financial crisis through his obsession with deregulation.  Isn't he, wasn't he one of the buddies of mccain.

John McCain - More Of The Same

http://losangeles.injuryboard....



Is there evidence that Obama has called for modernization for years? (anitab - 9/15/2008 3:41:59 PM)
This is a strong statement (and about time).  It would help if the campaign (or someone else) could provide specifics about where and when Obama raised these issues before the crisis.  Did he call for improved regulation?  What did he say about subprime mortgages, Fannie Mae and Freddie Mac, CEO salaries?  I would love to get some more specifics to respond to people who question whether Obama really has been saying this "for years."