View Single Post
Old 15-09-08, 10:06 AM   #2
Šiego
Alpha Stoner
 
Šiego's Avatar
 
Join Date: Apr 2001
Location: www.naphoria.com
Posts: 5,121
Default

Obama's full statement. Highlight mine.


Quote:
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.
Obama gets it.

Here's McCain's statement:

Quote:
The crisis in our financial markets has taken an enormous toll on our economy and the American people -- first the decline of our housing markets followed by the collapse of Bear Stearns, Fannie Mae, Freddie Mac and now Lehman Brothers. I am glad to see that the Federal Reserve and the Treasury Department have said no to using taxpayer money to bailout Lehman Brothers, a position I have spoken about throughout this campaign. We are carefully monitoring the financial markets, including the duress at Lehman Brothers that is the latest reminder of ineffective regulation and management. Efforts must also be focused on ensuring that the deposits of hardworking Americans are protected.

It is essential for us to make sure that the U.S. remains the pre-eminent financial market of the world. This will be a highest priority of my Administration. In order to do this, major reform must be made in Washington and on Wall Street. We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors. The McCain-Palin Administration will replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world.
Clueless liar. He's the cause, not the cure. Ask him what roll his financial adviser, Phil Gramm, had in deregulating the markets. Go on, ask him.

Biden nailed it in one:

Quote:
"John McCain stands with George Bush firmly in the corner of the wealthy and well-connected. He stands with the oil company CEOs who swore to me, under penalty of perjury, that they didn’t need tax breaks to explore for oil…."
While Hockey Mom spouts the 'We'll change it from INSIDE' crap:

Quote:
"Our regulatory system is outdated and it needs a complete overhaul…. So John McCain and I, we’re going to put an end to the mismanagement and abuses on Washington and Wall Street that have resulted in this financial crisis."

Š
__________________

   There's only one way off so you might as well enjoy the ride..
________________________________________________________

Naphoria - P2P Portal www.naphoria.com/chat

Napsterites mIRC v2 | Napsterites Chat

Last edited by Šiego : 15-09-08 at 11:06 AM.
Šiego is offline   Reply With Quote