Posted on 09/30/2008 7:37:11 AM PDT by jessduntno
Obama pitches plan to amend bailout bill By Klaus Marre Posted: 09/30/08 10:26 AM [ET] Democratic presidential nominee Sen. Barack Obama (Ill.) on Tuesday proposed to increase the bank deposit insurance limit, hoping that the move could help get a Wall Street bailout passed.
Continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families, Obama stated, urging continued bipartisanship to get the measure passed.
The Illinois senator said the bailout measure rejected in the House on Monday was a marked improvement over Treasury Secretary Henry Paulsons original proposal.
Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement, Obama said. But in order to pass this plan, we must do more.
He proposed to expand the federal deposit insurance as a way to help small businesses, saying that the current limit of $100,000 is insufficient for many of them.
Obama believes the limit should be raised to $250,000, saying this would be a step that would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."
I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan, Obama stated.
Note To Sen.McCain.....
WHY are you letting opportunity after opportunity just glide right by you?
WHO’S MINDING THE STORE?
PLEASE get on top of things ASAP or go down in flames and you will take THE REST OF THE COUNTRY WITH YOU!!!
For GOD’S SAKE,ENOUGH ALREADY!!!!!!!!!
Friday, McCain told Obama, right to his face, that he doesn’t know the difference between a tactic and a strategy.
Obama is about to pay the price of his ignorance.
Raise the insurance level? Gee, big help. ‘Whoopie’.
Backdrop: the great Chicago fire. There’s Obama, seeing people without homes, faces covered with soot. He tries to sell them insurance.
We all know what a Marxist fraud he is and how he through ACORN advanced this disaster way back in the ‘90s, and we know his suggest is no more than lipstick on a, well, you know.
But, we also wish our candidate had gone out there proactively countersuggesting the best of the House Pubbie, Newt and Steve Forbes reforms instead. And he hasn’t.
McCain can outsmart him with a vastly superior suggestion, I’m sure. Here’s a chance to improve the bill more. I don’t expect McCain to send a death blow — like the Raines Connection or ACORN. But he can trump this vapid, pathetic suggestion.
I know.. As if he alone thought of it! MSM will make it seem that way.
ACORN will be back in ... and ‘Rats will push it through.
And Team McCain has the race is within the margin of error!
So, exactly what “opportunities” have they botched?
you deserve a standing ovation for this post as it is as close to the absoluite truth as anything in this thread...
McCain has spent decades in the Senate developing relationships “for such a time as this”.
They need to rage against ACORN and remind people that Obama was Slush Fund Manager for corrupt organizations. The campaign has no people with fire in their belly, they are acting like Bush......(”how to grin while your head is kicked in in 3 easy lessons”)
....but I will STILL go and make phone calls tomorrow.
Be not afraid. We can win this. Our leader is not the strongest on economics. He defers to beltway experts when matters are complex. Rather than changing McCain, we can each tap into our own resources — some have wit, some have specialized knowledge, some have humor or talent, and so forth. God help us to know the difference between what we can do and what is beyond our power.
He proposed to expand the federal deposit insurance as a way to help small businesses, saying that the current limit of $100,000 is "insufficient" for many of them.Obama believes the limit should be raised to $250,000, saying this would be "a step that would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."
If the problem is that people need CREDIT to do their daily stuff (buy cars, pay for college tuition, make the payroll) then WTF good is it to have insurance on savings deposits? If the people who need credit had 100 or 250 thousand in the bank, why wouldn't they use that (savings) to pay cash for the car, refrigerator, or tuition?
It's the lenders who are hoarding cash, not the spenders.
I go for Newts ideas:
Gingrichs four-point plan includes:
(1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average;
(2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as an enormous drag on small business;
(3) setting the capital gains tax rate at zero matching the Chinese and Singapore (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and
(4) passing an extraordinarily powerful energy bill (to return $500 billion a year to the American economy that are currently going overseas).
http://www.npr.org/templates/story/story.php?storyId=94900671
Bingo. I’m not the brightest with banking lingo, but I maanged to figure that out too. Let’s check the air in our tires. It would do more good for this bailout than BO’s vacant, clueless suggestion. Perhaps Obama could sharpen pencils for the big boys while he’s at it.
Newt’s ideas — party line votes. DOA.
I think Obama would be honored to be in charge of regulating cauldron bottom thicknesses.
I’m talking about the openings that NObama has given McCain to refute him-things that he’s been wrong on,that McCain should have called him on,every single time.McCain’s up against someone who is power-hungry,has the media in bed with him (and believe me,it’s a pretty crowded bed!!) and will stop at nothing to get his hands on our great country. We can do all we can to hammer this creep and his socialist ideas,but it’s up to McCain to call him on it,lay bare his intentions and get the voters on his side.That’s all i’m saying.
it is OWELLIAN
RETIREMENT ACCOUNTS AT BANKS ARE ALREADY PROTECTED AT 250,000
OBAMA PROMISED NOTHING!
ZIP!
NADA!
He just sold the sheep the wool on their own backs.
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