Obama, McCain react cautiously to financial rescue plan

Saturday 20th September, 06:46 AM JST

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Badsey at 02:40 AM JST - 21st September

When what used to cost billions is now costing trillions you know that you are in trouble. I don't like the way the Gov is throwing around the word "trillion" either.

The way they are going they better start printing Million dollar bills.
buddha4brains at 04:04 AM JST - 21st September

Disgusting. I hope this is the last of the Bush Administration's screw ups. The moral hazard he and his bone headed crew have created because of poor oversight and a willingness to look the other way will be a legacy that will feed the far left for decades.

There are some ideas from the right that I agree with but I do not see Bush following them. I do not see him doing anything but destroying confidence in not only government, but also business.

What good is America if it cannot lead?

Disgusting!
goodDonkey at 08:17 AM JST - 21st September

The way they are going they better start printing Million dollar bills.

I do not want to see Reagan's mug on my million dollar bill. I'm thinking Harry Truman or Roosevelt.
Alphaape at 08:41 PM JST - 21st September

Also that year, he opposed creation of a federal Martin Luther King, Jr. Day, but admitted in 2008: "I was wrong and eventually realized that, in time to give full support [in 1990] for a state holiday in Arizona." McCain's politics at this point were mainly in line with President Ronald Reagan

McCain at least did admit the error of his ways. My home state, Arkansas did not exactly jump on ratification of the King Holiday also. It was still under the leadership of Gov. Bill Clinton. He got it through but with a compromise. The state employees can take the holiday off if they want, or they can take the following Monday off. That day is Gen. Robert E. Lee's birthday (they still do that to this day in Arkansas). So much for Bill Clinton and his Democratic machine saying that they are for minorities. They will do only as much as they can get away with. To be fair and balanced, Gov. Mike Huckabee had a chance to change this, and he didn't either.
Nessie at 09:03 PM JST - 21st September

I still think even raising the tax burden on me even by 5 percent is still more like punishment for my decision to invest in mutual funds in hopes of getting better growth for my meager savings than having it stuck in the local stodgy Savings and Loan.

Only if you're in the 2% who are making more than 250,000 dollars a year. In which case it's more like punishment for hiding your assets in overseas shell companies. (Strike up the thumb-and-forefinger violin.) But I know how you feel. I don't make much money, but I scrimp and save, and I invest what money I DO save. Capital gains affects me more than wealth-poor people who earn more but fritter it all away.

Good thing we're both under the threshold and won't have to pay any extra taxes when Obama wins, assuming he keeps his promises (?). The soup offer still stands, though, since you seem like a decent guy.
sailwind at 09:53 PM JST - 21st September

Ness

The soup offer still stands, though, since you seem like a decent guy.

Thanks, I just hope that with the way things are going with my investments recently and I take it with yours, that we can have that bowl of soup in a decent restaurant with cute Japanese waitresses and not have it dished out to both of us in a soup line instead.
zurcronium at 10:21 PM JST - 22nd September

The bottom line is that we must change the economic policies that led us down this dangerous path in the first place. For the last eight years, we’ve had an “on your own-anything goes” philosophy in Washington and on Wall Street that lavished tax cuts on the wealthy and big corporations; that viewed even common-sense regulation and oversight as unwise and unnecessary; and that shredded consumer protections and loosened the rules of the road. Ordinary Americans are now paying the price. The events of this week have rendered a final verdict on that failed philosophy, and it is a philosophy I will end as President of the United States,” said Senator Barack Obama.
Alinsky4prez at 10:25 PM JST - 22nd September

Ordinary Americans are now paying the price. The events of this week have rendered a final verdict on that failed philosophy, and it is a philosophy I will end as President of the United States,” said Senator Barack Obama.

We can only hope he means capitalism, eh friend.
vukodlok at 11:13 AM JST - 23rd September

It is worse than you all think. Follow the link below, Comrade Paulson wants unlimited authority, he does not even want his decisions reviewed by a court! Completely unconstitutional. While Comrade Bush merely looks on in approval. Look at Section 8, it in effect suspends the U.S. Constittution!

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=business
taniwha at 06:03 PM JST - 23rd September

McCain will be president.

Even though the polls may well favour Obama, the polls simply don't count in recent elections. No reason at all to think this one will be any different.

Barack Obama represents nothing so much as a deflection for public discontent, a safety valve to ensure the fraud of a democracy becomes overtly transparent - and really the financial crises and plan to 'solve' should have made the fraud transparent enough to everyone.

The Democrats, beyond kicking up a fuss, will not even put up a real fight. As I’ve already noted many times on JT the Dems don't have a good record in representing their supporters’ vote. The Democratic party have a dismal record of representing the interests of their support base which has time and again expressed outrage at the undemocratic domestic economic and social policies, and the war (in Iraq at least).

During the entire two terms of the Bush Administration the Democrats did all but nothing when they could have done a lot. The made noises about impeaching the president when they certainly had legitimate reasons to call for impeachment, yet they did nothing - just as I so often posted on JT would be the case.

The reality is the next president will be Republican because that faction of the Plutocracy ruling the US is the one in control. They will not let a moderate into power in what is for them, and actually for all of us, the critical moment.
taniwha at 06:11 PM JST - 23rd September

Barack Obama a moderate, hmm, perhaps I should retract that label.

Given the content and direction of Obama's recent round of speeches, squarely aimed at reassuring his corporate and reactionary overlords as they have been, he has in fact morphed from being an anti-war moderate as he initially posed, into something altogether quite different.
Alinsky4prez at 07:29 PM JST - 23rd September

The reality is the next president will be Republican because that faction of the Plutocracy ruling the US is the one in control.

You are an enemy of hope, change, and unicorns.
taniwha at 07:41 PM JST - 23rd September

You are an enemy of hope, change, and unicorns.

I remain ever optimistic. To change from Capitalism would definitely be a very good thing, so long as it was embraced internationally.

Unicorns? Perhaps you watched the movie Blade Runner? Phillip K Dick the author of the book that movie lived in a state of paranoia and wrote about it a lot. You might want to move yourself back into the real world for a while.
WilliB at 11:09 AM JST - 24th September

zucronium:

" The bottom line is that we must change the economic policies that led us down this dangerous path in the first place. "

I think you should indeed. A good first step would be to stop the political meddling that is at the root cause of the mortgage debacle in the US. Remember that all these junk mortgages that are now falling apart are a result of social engineering gone bad, namely pressure from the Clinton administration, Janet Reno etc etc on financial institutions to stop "redlining" and give loans to people who cant afford it.

Now, this rot is distributed throughout the financial market, and the proverbial chickens are coming home to roost.

Alas, the solution of the political parties is to make the innocent taxpayers pay for it, and in the case of the Democrats, even repeat this disaster on a bigger scale.
SezWho2 at 12:26 PM JST - 25th September

Janet Reno is responsible for the financial crisis?