Posted on 09/17/2007 8:19:28 AM PDT by presidio9
Democratic presidential hopeful Barack Obama Monday warned of an erosion in business ethics, which he said offended US morals and endangered the might of US financial markets.
In a major speech on economic policy, the Illinois Senator condemned the Bush administration's "massive tax cuts" and called for more transparency in the housing market, following the subprime mortgage crisis.
"In recent years, we have seen a dangerous erosion of the rules and principles that have allowed our market to work and our economy to thrive," Obama said in a speech at the NASDAQ market site.
"Instead of thinking about what's good for America or what's good for business, a mentality has crept into certain corners of Washington and the business world that says, 'what's good for me is good enough.'" Obama said.
He hit out at the no-holds-barred business mentality of cutting corners for a "quick kill" which he said ignored long-term consequences for the financial system and the economy.
"While this may benefit the few who push the envelope as far as it will go, it doesn't benefit America and it doesn't benefit the market," said Obama, who trails Democratic pace-setter Hillary Clinton in national polls.
"Just because it makes money doesn't mean it's good for business," he said hitting out at huge severance packages awarded to top business executives after "letting down shareholders, firing workers and dumping their pensions."
Obama said he would this week lay out a three-point economic plan, to simplify the US tax code, sharpen the US competitive edge through education reforms, and modernize the safety net for working Americans.
ROTFLMAO!
“condemned the Bush administration’s “massive tax cuts”” So he is for “massive” tax increases? Amazing how they continue to want to take the power away from the people.
Wordsmith Obama tries to close the word gap with Hillary!08, no doubt aware that Hillary!08 used the transparency word several years ago.
Every time Obama opens his mouth his words reveal him to nothing more than a typical tax-and-waste liberal who has no clue as to how the American economy (or anything else about America) works. It’s as if he thinks it’s still the Great Depression and we need a new FDR to introduce more socialism for the beleaguered masses. He really doesn’t appear to understand anything...neither about defense nor economics.
Good thing for Obama that his empty suit isn’t transparent...or he’d be entirely invisible.
snicker...good one!
“Barak Obama has the mind of a child.” - Johnny Rotten on FOX News Red Eye.
Now that’s saying something.
Yes, we sure have had disastrous markets during the Bush administration.
Next he’ll be suggesting we put fewer chocolate chips in the cookie mix formula.
Capitalist economy
Profit is good
How about transparency on why the Burglar got away with destroying National Security documents?
What, you did'nt see this classic piece of DonkSpeak in the article?
To the socialists, "simplifying the tax code" means giving you fewer write-offs and the goobermint more of your money.
Orwell would be proud.
This would be funny, if it weren’t from a mamber of congress!
Does Obama have ANY formal education or study in the financial markets outside of constitutional law study regarding the relationship between the Fed Reserve and US Federal government?
I believe the obvious answer is No.
So, who are his economic and finance industry campaign advisers?
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