Obama Still Doesn’t Get It – The Financial Crisis Is Causing The Economic Slump – Bailout Negotiations

Obama Still Doesn’t Get It – The Financial Crisis Is Causing The Economic Slump.   

His refusal to accept this fact is very similiar to his refusal to admit he was wrong on the Troop Surge.

Obama stated tonight that, “In four months one of us is going to inherit this mess ….. it is important to debate that issue”.

McCain believes it is more important to work to resolve this issue for the American People than to have two Senators talk about it.

You decide – is work or talk more important?

Obama claims that “Presidential Politics” came into play to derail the Plan – this is simply false – take a glance at the Videos Posted in this site – there must be at least half a dozen videos where various Republicans explained their opposition to the Plan. Republicans have said for a week that there was no agreement in sight.

Obama has not expanded on his inadequate 4 point plan. One major sticking point that killed negotiations today involved the addition of “help for home owners”. Maxine Waters, a leading House Democrat stated that “all homeowners” would have their mortgages rewritten as part of the plan. (FOX News Interview). Neil Cavuto asked the Congresswoman – do you mean all “homeowners” – She replied yes. Cavuto than asked – “Even homeowners who are not in trouble”. Response “of course” When Cavuto asked her “how much would that cost” – she responded “I have no idea”. She ignored his question , “who will pay for it”.  When FOX posts the video – it will be added to this site.           

Surprisingly, Obama has no clue as to the costs either. When asked to define the “terms” used in his four point plan, he declined. He hasn’t supplied any financial cost projections either. A Harvard Lawyer who won’t define the terms he is using nor can he estimate costs. Must be a Chicago thing. (My apology to the residents of Chicago).

Lastly, the major hurdle to any plan approval – THE DEMOCRATS REFUSE TO ELIMINATE THE NINJA AND LIAR LOANS – TO REPLACE THE MORTGAGE UNDERWRITING GUIDELINES IN THE BOSTON FEDERAL RESERVE MANUAL.     Video: http://www.foxnews.com/video-search/m/20997113/blame_game.htm?q=blame+game  

Writing these dangerous, worthless loans, has become a part of their Party Platform. The rest of the problems being discussed  – picking up the bad debt from financial institutions – regulating those institutions and capping pay – ARE MEANINGLESS IF WE DO NOT STOP HANDING OUT BAD LOANS. The proposed “fixes” address the symptoms but not the disease. The suggested “fixes” might make the patient look better – but the disease will kill the patient if it is left unchecked. 

The final “straw that broke the camels back” this afternoon was Senate Democrat Harry Reids premature announcement of a “stimulas package” to be passed along side the “bailout” – the “stimulus package” not previously delivered to House Republicans – was a typical Democratic “Christmas Tree” of spending goodies. Hardly a bipartisan move at this critical time.

NEW VIDEO: Pres. Bill Clinton On Crisis – Who is to blame – What he thinks of McCain

NEW VIDEO: Pres. Bill Clinton On Crisis – Takes McCain At His Word On Debate- Notes Democrats Blocked His Administration’s Reform Of Fannie

President Clinton appeared on Good Morning America:

Clinton noted that there is blame on both sides of the isle, however, Clinton says Congressional Democrats had responsibility for preventing new regulation, or that they prevented reform that may have impacted the crisis, even reforms suggested by Clinton during his Administration 

Clinton also stated that he would take McCain at his word – not question McCain’s motive, or parse his reasons for suspending his campaign. Clinton noted that McCain had been asking for more debates for quite sometime – Clinton doubted McCain was trying to delay a debate.

Democratic Congressman Slurs Palin – Warns Jews, Blacks to Beware of Palin

Florida Rep. Alcee Hastings on Wednesday warned two minority groups to beware of Sarah Palin because “anybody toting guns and stripping moose don’t care too much about what they do with Jews and Blacks.”

Hastings, who is black and a Democrat, made the comment in Florida at a panel discussion hosted by the National Jewish Democratic Council. The group recently criticized Palin’s invitation to an anti-Iran rally held during Iranian President Mahmoud Ahmedinajad’s visit to New York to speak before the U.N. General Assembly.

Hastings was explaining what he intended to tell his Jewish constituents about the presidential race.

“If Sarah Palin isn’t enough of a reason for you to get over whatever your problem is with Barack Obama, then you damn well had better pay attention,” Hastings told the audience, which burst into laughter and applause, according to individuals present.

Palin spokeswoman Maria Comella declined to comment.

The Republican Jewish Coalition strongly condemned Hastings’ statements.

“Rep. Hastings stooped to the worst kind of divisive politics yesterday,” RJC Executive Director Matt Brooks said in a written statement. “Hastings’ unconscionable remarks do nothing but sow seeds of fear and divide people. There should be no place in our country for this sort of political discourse. We can constructively disagree on the issues without denigrating others.”

Other members of the panel were Tennessee Rep. Steve Cohen, who is Jewish and represents a mostly black district; Alabama congressman Arthur Davis, who is black; and Peter Edelman, a law professor at Georgetown University who was a legislative assistant to Robert Kennedy.

Davis denounced Hastings’ comments.

“Alcee Hastings is a friend and I know Alcee well enough to know that he uses provocative humor to make a point. In this instance, however, I didn’t like his comments when I heard them and they don’t sound any better reading them in print,” he said in a written statement sent to FOXNews.com.

“I have repeatedly said that …… it is a great mistake for Democrats to ridicule her cultural roots,” Davis added. “I don’t know how many Americans strip moose, but a lot of the ones I know tote guns and the Democratic Party had better win enough of those gun toters if we are to be successful.”

Hastings, a former federal judge, was impeached and removed from the bench in 1989 for perjury and corruption. Elected to Congress in 1992, he supported Hillary Clinton during the primaries until she conceded the race.

Obama also came under fire in April for describing small-town Americans during a closed San Francisco fundraiser as people who are “bitter” over job losses and who “cling to their guns and religion.”

Hastings’ office and the Obama campaign did not immediately respond for this story.


Video: Media Research Center Critizes Major Networks For Failing To Report On Fannie & Freddie Before Crisis

Criticism Of Major Networks Coverage Of Fannie & Freddie Crisis: http://www.foxnews.com/video-search/m/21011722/fair_and_balanced.htm?q=Video+Barney+Frank+On+Fannie+Mae 

MSNBC Response To Bias In Election Coverage:

Obama Renews Pledge – $50 Billion To Foreign Poverty – During Address To Clinton Group In NY

Speaking to the Clinton Global Initiative, Obama renewed his pledge below.

Obama Pledges $50 Billion to “International Poverty” – Why Not America First

By Bill Sammon

Barack Obama, who lamented Friday that “we have not managed our federal budget with any kind of discipline,” is nonetheless promising to spend $50 billion on a United Nations anti-poverty program that critics say will drive up American debt.

“The short-term weakness in the capital market is a reflection of long-term problems that we have in our economy,” Obama told reporters in Florida. “We have been loading up enormous amounts of debt.”

Yet Obama and his running mate, Joe Biden, have pledged tens of billions in new spending on a U.N. program that promises cash to poor countries. The program is one of eight sweeping “Millennium Development Goals” the U.N. adopted in 2000.

“Obama and Biden will embrace the Millennium Development Goal of cutting extreme poverty around the world in half by 2015, and they will double our foreign assistance to $50 billion to achieve that goal,” the candidates vow in their campaign platform.

Johns Hopkins professor Steve Hanke said such spending would merely drive up American debt, while doing almost nothing for the world’s poor.

“It goes down a bureaucratic rat-hole, lining the pockets of people who are connected to the power structure,” said Hanke, a senior fellow at the Cato Institute. “It’s basically a system to redistribute income from middle class people in the United States to rich people in poor countries. It never reaches those people who are living on a dollar a day.”

Hanke said such expenditures are especially unwise in the wake of significant expansions of government and spending during President Bush’s tenure.

“We’ve been spending like drunken sailors and making obligations into the future like drunken sailors,” he said. “We’re on an unsustainable path in terms of the fiscal situation in the United States because of massive spending growth and commitments.”

Obama said he wants to curtain at least one of those costly commitments.

“We have spent well over half a trillion dollars — soon to be a trillion dollars — on a war in Iraq, despite the fact that Iraqis are now running surpluses,” the Illinois senator said Friday. “We’re still spending $10 billion a month there.”

But in December, Obama also sponsored the Global Poverty Act which, if passed, would require the president to commit to cutting global poverty in half by 2015. Critics say that would cost American taxpayers $845 billion.

Susan Rice, one of Obama’s top foreign policy advisers, says the U.S. should give 0.7 percent of its Gross Domestic Product to developing nations.

Bill Sammon is Washington deputy managing editor for FOX News Channel.

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