Obama Offers Plan for Economic Woes

[Omaha Steve]

Source: Associated Press

By DEVLIN BARRETT

NEW YORK (AP) - Democrat Barack Obama proposes relief for homeowners and an additional $30 billion stimulus package to address the nation's economic woes.

The presidential candidate spoke not far from Wall Street, hard hit by the mortgage meltdown and credit problems. New York Mayor Michael Bloomberg, the almost candidate, introduced Obama but stopped short of an endorsement.

Bemoaning the nation's economic woes, Obama dismisses Republican rival John McCain's approach. Obama says McCain's plan "amounts to little more than watching this crisis happen."


Democratic presidential hopeful Sen. Barack Obama, D-Ill., speaks in the Great Hall of New York's Cooper Union, Thursday, March 27, 2008. (AP Photo/Richard Drew)


The political debate comes as a new government report shows the economy nearly sputtered out at the end of the year and is probably faring even worse amid continuing housing, credit and financial crises.



Read more: http://apnews.excite.com/article/20080327/D8VLQKBO0.html

[midnight]

1. It sounds like a plan to bail out the corporations.

"If we can extend a hand to banks on Wall Street, we can extend a hand to Americans who are struggling," he said.

[aquart]

4. That's already failed.

Banks are hoarding the money, refusing to pass it down and grant mortgages.

Thanks for your input, Barry.

[Trillo]

6. Where does the article say that?

I see four paragraphs at the OPs link, and can't seem to find your alleged quote.

[TrogL]

2. If the stimulus is to spend money locally on infrastructure, I'm all for it

We need a proper Keynesian in charge.

[Deny and Shred]

3. This sounds like an actual policy initiative, with numbers and everything.

I guess he's not ALL fluffy feel-good oratory as many might argue.
Midnight, I think he meant SINCE, not if, we've engaged in corporate welfare already (JPM takeover of BSC with $30 billion in FED taxpayer money) we should also think of the homeowners as well. Homeowners have been an afterthought to the credit derivative iliquidity.
I gues if $30 billion can go to JPM, $30 billion ought to go to homeowners too. Funny how the amounts are the same.

[DainBramaged]

5. A better plan than Booshe or Hillary have offered

[bemildred]

7. Some details:

---

Among other proposals in the speech, Obama called for:

• Giving the Federal Reserve system more oversight authority over institutions to which it provides credit as a "lender of last resort." Although Obama did not outline specifics, saying those would depend on the level of the Fed's assistance, "but at the very least, these new regulations should include liquidity and capital requirements."

• Strengthening capital, liquidity and financial disclosure regulations for financial institutions. "Transparency requirements must demand fulldisclosure by financial institutions to shareholders and counterparties," Obama said.

• Creating a financial oversight panel that could monitor and report to the president about such rapid financial developments as the growth of bond-backed subprime mortgages.

• Providing an additional $30 billion in economic stimulus spending, including $10 billion in a foreclosure prevention fund for homeowners. Obama said the fund was designed to help homeowners "sell a home that is beyond their means, or modify their loan to avoid foreclosure or bankruptcy." He also called for overhauling bankruptcy laws, "so families aren't forced to stick to the terms of a home loan that was predatory or unfair."

• Strengthening investigations into trading activity that appears to involve market manipulation. "Reports have circulated in recent days that some traders may have intentionally spread rumors that (investment banker) Bear Stearns was in financial distress while making market bets against the company. The SEC should investigate and punish this kind of market manipulation and report its conclusions to Congress," Obama said.

• Creating a 10% mortgage interest tax credit for homeowners who do not itemize their taxes, cutting income taxes by up to $1,000 a year for "working families" and eliminating income taxes for retirees making less than $50,000 per year.

http://www.usatoday.com/news/politics/election2008/2008-03-27-economy-speech_N.htm

[athy]

8. Obama & the Subprime Loan Company Contributions

This is absolutely unbelievable…how did we miss this???

Penny Pritzker-Obama’s finance chair & her STRONG
connection to the subprime loan scandal.
“Need proof that the press is soft on Barack Obama? Then why
didn’t mainstream journalists pick up on the connection
between Obama’s finance chair to the sub-prime mess? 

http://amok.asianweek.com/2008/02/28/obamas-campaign-finance-chair-has-links-to-subprime-debacle/

http://en.wikipedia.org/wiki/Penny_Pritzker

http://query.nytimes.com/gst/fullpage.html?res=9C05E4D71E3CF934A3575BC0A9679C8B63

“Partnership Frays After An S.& L. Fails; In Laying Blame,
Trying to Sort Out One Deal Maker's Complicated Legacy” by
DAVID BARBOZA, NYT, 8/7/01

Now…all his votes in Congress on subprime mortgage issue are
beginning to make more sense…
http://www.thenation.com/doc/20080211/fraser

The Nation, “Subprime Obama” by Max Fraser   1/24/08 Post    
2/11/08  issue
“Obama's disappointing foreclosure plan stems ... 

http://www.beyondchron.org/articles/The_Obama_Craze_Count_Me_Out_5413.html
Beyondchron.org, The Obama Craze: Count Me out “  by Matt
Gonzalez  2/27/08
Excellent analysis of some legislation  Obama was involved
with in Congress. 

http://www.motherjones.com/commentary/columns/2008/03/i-am-barack-obama.html
Mother Jones, “ I am Barack Obama”   by Mark Winston Griffith 
  3/17/08
As he has done on domestic issues like healthcare, job
creation and energy policy, Obama is staking out a position to
the right of not only populist Edwards but Clinton as
well"

Also, check out this following 
?   The more I learn about this man, the more certain I am
that he should not lead our country. All material on this
website is backed up with links to sources of the information.
Please pass this link on to others.
http://noquarterusa.net/blog/2008/03/24/barack-i-didnt-know-obama/#more-1919

 Read the well-documented scathing expose: GUARANTEED TO SHAKE
UP OBAMA SUPPORTERS. 
Barack-I-Didn't-Know-Obama- By MBolack. Also read the
“information source documentation” (links)  and comments
provided by bloggers (inc. myself) to the site listed above.
All information presented is well-supported by FACTS…