I Called The White House ...
In the wake of the House's failure yesterday to pass the $700B bailout bill, both presidential candidates reached out to President Bush this morning to discuss next steps.
From Barack Obama spokesman Robert Gibbs, per NBC/NJ's Athena Jones:
"Senator Obama called President Bush this morning. They spoke about the need to push for a package that Congress can agree on. Senator Obama specifically brought up his proposal to increase the amount of money that is federally insured in order to more fully protect small businesses and families concerned about their savings, believing that such a proposal can broaden the coalition supporting the package."
And, per NBC/NJ's Adam Aigner-Treworgy, John McCain read this statement a few moments ago in Des Moines:
"In light of the House’s failure to act, this morning, I spoke to the President about two things that the administration has not done, but should do following the inaction of Congress: First, the Treasury has already used its Exchange Stabilization Fund to back money market accounts. I encourage it to use it this fund as creatively as possible to provide backstop for accounts across our financial system to maintain confidence on the part of savers and investors. And second, the recent housing bill gave the government nearly $1 trillion in authority to purchase mortgages. Housing and mortgages are at the root of this crisis. I encourage Treasury to take action to shore up mortgage values. The Administration can take these actions with the stroke of the pen to help alleviate the crisis gripping our economy. I urge them to do so. Also, the FDIC should quickly be granted the authority to increase the deposit insurance cap from $100,000 to $250,000 so that families do not have to worry about their money. We cannot allow a crisis in our financial system to become a crisis in confidence."
Real leadership from Obama.
Where's McCain today? Last I heard he was comparing Palin to Bill Clinton and Ronald Reagan.
I never imagined John McCain being such a joke. It's sad, really.
"the administration has not done, but should do, following the inaction of Congress.... the recent housing bill gave the government nearly $1 trillion in authority to purchase mortgages... I encourage Treasury to take action to shore up mortgage values."
Is this different from the $700 billion "resuce plan" that will buy up troubled assets (includes actual mortgages?) ? Or is it just a way of railroading the same action through without congress/american people ? I guess if someone is in or about to be foreclosed then if gov't buys the mortgage then gov't will prevent foreclosure and give relief to homeowners and banks ??
Todays sermon: Follow the Obamasiah to salvation.
The Reverend Ethan presiding
(Liberal Baptisms to be performed at a later date)
take a look at all the earmarks posted on this bill. of course "the one" wants it to be passed. that's real leadership right into socialism. compare obamas plans with those on the socialist party's website. i wish obama would get elected so i can start blaming everything bad that happens on him. kinda like liberal loons do with bush disregarding that the democrat run congress has the lowest approval raiting in history. the further the government moves away from the constitution the worse it will get. i'm thankful for the few conservitaves left, like Ron Paul.