Democrats Spar Over Economic Solutions
MONACA, Pa. — Democratic Sen. Barack Obama said Monday the economy is in distress while rival Sen. Hillary Rodham Clinton criticized President Bush for failing to exercise leadership to address the nation’s economic problems.
“Our economy is in a shambles,” Obama said at a town hall meeting at a community college near Pittsburgh. “This economy is contracting, it is heading toward recession. We probably already are in one.”
Clinton told reporters in Washington: “At these times of stress and uncertainty we need to be vigilant to do everything in our power to maintain confidence in our financial system. I feel very strongly that we’ve got to have more urgency to continue the action that was started yesterday.”
The comments from the presidential candidates came after the Federal Reserve approved a $30 billion loan for a $2-a-share takeover by JPMorgan Chase & Co. of Bear Stearns & Co. to help keep the stricken investment bank — one of the nation’s largest — from collapse. The Fed also lowered the rates it charges to loan directly to banks by a quarter-point, following moves last week to lend $100 billion in cash to banks and $200 billion in government bonds to cash-strapped Wall Street investment banks.
“I’m not going to second guess the Fed,” Clinton said, either on its steps to consummate the sale of Bear Stearns, on its decision to assume the risk of some of mortgage loans now assumed by JP Morgan Chase or on a decision to cut a key interest rate.
She complained about President Bush’s handling of the problems.
“Now we are in the soup and we better get ourselves out of it before the consequences get drastic,” she told reporters in Washington.
“Things weren’t that great before we tipped into recession,” Obama said.
Contending that the current policy was inadequate, Obama reiterated earlier calls to offer tax breaks to companies that “invest right here in Pennsylvania and all across America” and to roll back tax cuts pushed through Congress by President Bush “and give those tax breaks to ordinary Americans who deserve them right now.”
As senator from New York, Clinton has received the most money from employees of large Wall Street firms. Bear Stearns employees contributed the most to Clinton with total donations of $152,000. Likely Republican nominee John McCain received $47,000 from Bear Stearns employees and Obama got $36,000.
Obama is the biggest recipient of donations from JPMorgan employees — Obama received $270,000, Clinton’s contributions were nearly $200,000 and McCain’s were more than $60,000. According to McCain’s latest personal financial disclosure report, his wife and dependent children had between $3 million and $7 million invested in JPMorgan financial instruments.
Clinton said she was “following the developments in our markets closely” after speaking Monday morning with Treasury Secretary Henry Paulson and New York Federal Reserve President Tim Geithner.
“They both outlined the actions that were taken yesterday to insure liquidity and restore confidence in the market. I relayed to them my thoughts and concerns,” she said.
Clinton, meanwhile told reporters the Fed decision was an effort to head off “a chain reaction that would have quickly required much more significant resources. …There is no doubt in my mind that we have to have a sense of collaboration and urgency about what we must do going forward, because this is not over.”
Obama, in a separate written statement, said: “The news coming from Wall Street today has confirmed our fears that the financial fallout from the mortgage crisis would spill over into the wider economy.”
“Now, as the Federal Reserve does its best to bring stability to the market, we must focus on what we can do to restore the public’s confidence in the market and help the millions of Americans who are worried about their jobs, their homes, and their financial future,” he said.
Dear Senator Clinton
You were so Proud to be with Him in Texas. You said, you know, I am so Proud, does not matter who becomes the Nominee, I just want you to know, you know, I am so Proud to be sitting here with you tonight, you know.
Are you still proud of Him? If so, or for that matter, you know, if you have changed your mind since Texas, you know, tell the Nation over the air and put your very best smile on, you know. The Right Wrong Jeremiah would like to see that smile too. I even bet, he will be Proud of You too.
Senator Clinton Please: We are not stupid: You are a fraud; and a fake!
In the beginning you obviously thought you could string young Obama along and ride on his back as well; it never occurred to you that he might actually be serious.
Poor you, now you must court the Latine/Irish/who else vote. Go home Sweetie, go learn bake some cookies. When you master that, learn to keep your mouth shut too. Good honest decent American people will find their own way to cope. THEY DON’T NEED YOU! You won’t even get to DAY ONE, and what a good thing for you because if you do get there the whole nation will know you have fluff in the head. Go before you finally make a complete ass of yourself
They will also cope with young Obama [what a loving twosome you make?] and will send him packing as well. Meantime, just go. To quote the young pup [got to acknowledge he delivers a good speech – he should join Toastmasters] well, to quote him: “Your time has come …. Your time has come …. Just GO.”
What a nut we have running for the Presidency, blasting his big mouth off every time on anything? Now he’s stirring in voters’ fears about Iraq, with gasoline prices …. tell them when he gets in they will pay dollar a day for gasoline?
Senator Obama, have you ever heard of OPEC? Seems to me you have not; I hear you shouting your big mouth off about the gasoline price.
Well son, lem’me tell you then. Them is kind of a Union, unnerstand? Big Fellows got together long before the War, very long ago, way back before you were born, and formed this Union of Oil Producing Export Countries, called OPEC. Them fellows determine the oil price, and they try their utter best to determine supply as well.
Son, if you want to pick that 3 am phone up and call them, you can check it out, see. And I suggest you ask them about the Iraq War at the same time. You may find out a whole darn lot of them want America to stay in there permanently to help them against Iraq, you see they don’t always get along with each other …. old Saddam was not on good terms with all of them, kind of not everyone’s friendly neighbor, see.
Then son, when you have done that tell us how you suggest we end this war. Way I heard you said all our soldiers gotta be back here by end March next year. Are you gonna pick up the 3 am phone to call General Petraeus and say: “Lookie here General, this Waw is ovuh, heah, get them soldiers home on the double, heah, THIS IS AN ORDER GENERAL?”
I could tell you a lot more about oil prices and supply/demand and oil profits/export earnings, all kind of things, but we leave that for another day. You need the time to prepare another stupid speech.
You are really, double really, nuts/wacky/big mouth/empty shell. My oh my, iffin you by chance get this nomination, them Reps and American Business will chew you up, son, and spit out the hollow bones.
Maybe I should close with a little more advice: them Voters you think are all sheep and you think them sheep will follow you blind. They won’t do that no longer, Son, soon’s they realize what a Liar you are, they will get rid of you. Poor Baby? Duh!