Senator Clinton Explains The Dangers In The Bailout; Obama Blames President Clinton For The Mess
Here's what she says about the Economic Crash/ Housing Bubble bursting/Wall ST-Gone-Wild bailout:
“When the American people, facing a foreclosure crisis and struggling economy, turned to this administration for help, the answer was no. Now, the administration is turning to the American people for help, to rescue the credit markets and take on hundreds of billions in debt and financial obligations as a consequence of that same foreclosure crisis. The truth is, Main Street came to Washington and got little. Now Washington is coming to Main Street and asking for a lot. The American people deserve to know that this isn’t a blank check. While the need to address the current crisis is clear, I will only support steps that will prevent a widening crisis, tackle the worst kinds of abuse tolerated for too long by the Bush Administration, and address the root problems at work.
The proposed intervention outlined today by Treasury Secretary Henry Paulson would be a watershed moment for our economy. I believe that such an intervention demands that we fundamentally alter the priorities and policies of our nation under the Bush Administration that allowed this crisis to take place and escalate. Corporations that will benefit must be held accountable not only to large shareholders but also to the American people. And American taxpayers deserve to know that their money will not allow for a continuation of the status quo: short term profit at the expense of long term viability; obscene bonuses and golden parachutes regardless of performance; reckless risk taking that have placed the markets in so much jeopardy; rewards for those who foreclose on middle class families and sell mortgages designed to fail to turn a profit; and outsourcing of good jobs to serve short term stock prices instead of America’s long term economic health. The prevailing dynamic of corporate America, where the sole priority was the dividend, the inflated bonus and the quarterly earnings report, must give way to a new respect for the long term prosperity of the American worker and the well being of the middle class.
After eight years of failed policies – and two years of an absentee administration – our only option left may be an unprecedented government intervention into the private markets. The markets must be stabilized to stave off wider turmoil. Nevertheless, the urgency of this crisis does not mean that we should offer a blank check to financial institutions or the privileged few. Nor can we simply allow the administration to use the taxpayers like a ‘reset button.’ We cannot allow Wall Street to act without oversight by a vigilant SEC and administration – and without regard for the American people, who will now have paid twice: in falling prey to a widening credit crisis, and in paying the bill to hopefully bring it to an end.
I will be examining the administration’s proposal very closely to ensure that we do not approve a policy that may stabilize the markets in the short term without addressing the root problems facing middle class families or the kinds of reckless gambling that was permitted for far too long by the administration. The Bush Administration may have changed its tune once the crisis facing Main Street hit Wall Street. But we need to be sure that the American taxpayers – asked to shoulder yet more risk and responsibility – have a voice.”
And here's what Senator Obama said:
“Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity and sound business practices,” Mr. Obama said. “The result has been a distorted market that creates bubbles instead of steady sustainable growth, a market that favors Wall Street over Main Street but ends up hurting both.”
Truly heavy sigh.
Number of days since Donna Brazile promised to leave the party if superdelegates decided the Dem nominee:
Donna has known for a long time now that superdelegates would be necessary for any Dem candidate to win the nomination this year. Ask Donna when she intends to keep her promise.
Don't hold your breath awaiting a reply.
Here's Donna now...
"For the great majority of mankind are satisfied with appearances, as though they were realities, and are often more influenced by the things that seem than by those that are."
-Niccolo Machiavelli (1469-1527)
Best bar bet in the world: Delilah didn't do it.
Judges 16:19-- And she made him (Samson) sleep upon her knees; and she called for a man, and she caused him to shave off the seven locks of his head.