Obama blames 'ethic of greed' for economy »
Posted By not2needy 1 year, 7 months ago in Business & FinanceBarack Obama went to New York Thursday and blamed lobbyists, greedy businessmen and complacent Washington politicians for creating "an ethic of greed" that led to today's foreclosure crisis.
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not2needy1 year, 7 months ago
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FTA:
Hillary Rodham Clinton's campaign pounced on the mixed images evoked by Obama's New York schedule.
"According to the standard set by the Obama campaign, it looks like Sen. Obama will have a hard time cracking down on the practices that caused the credit and housing crises," said Phil Singer, the Clinton campaign spokesman.
But Bill Burton, an Obama spokesman, fired right back.
"Today's event was a general fundraiser in a room paid for by our campaign and attended by people from varied backgrounds who are committed to changing the tone of our politics â;; and rejecting the kind of tactics that the Clinton campaign is now embracing. Any suggestion that this was a fundraiser hosted by the mortgage industry is laughable," he said.
Good for Bill Burton! You Go BB!
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mesodude1 year, 7 months ago
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The better question is, how much longer will ignorant conjobs continue to bitch and cry about poor people (while bending over enthusiastically for Big Oil) before they realize no one really gives a CRAP what they think is "socialism"? That, is the more meaningful question, I think. ;-P
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djn3nunez31 year, 7 months ago
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"are you going to take the word of a socialist..." (as if we don't live in a hybrid Capitalist/Socialist society)
Much better than to continue with the Crony capitalism and War for Profit of the Republi-Cons. That's what we'll get if McBush gets elected. Opps, did I say McBush, I meant McCain.
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MRCOFFEECAKE1 year, 7 months ago
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Lack of capitalism?
Enron, Adelphia, MCI, Bear Stearns, Countrywide and numerous
other of your pals who you support blindly can shove their any your version of capitalism up you ass!
You are a fool..hence the negative votes.
You add no suggestion, you just continue to be their apologist and you have no clue..
Come back when you have something to add.
(which means you shouldn't come back)..
(while we're stuck with you we can tell you how stupid you sound)
You are amongst the very few apologists left and there are no more feeble excuses. You're the bad guys! Hope you enjoyed the raping and pillaging of our economy!
Let them eat cake!! Right?
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BravoSierra1 year, 7 months ago
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Lassez faire capitalism as Bush envisioned it has been tried 3 - 4 times in the past in national and world economies. It has been disastrous each time. Please go study your history of economic theory and policy. You are simply too uneducated it seems to know better.
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walden31 year, 7 months ago
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MajJohn1 year, 7 months ago
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Uh, meanwhile, back to the housing crisis. Greed, that's correct, the banks fueled the public greed and the idea that we'd all get rich quick if we bought a house and wait for it to become overpriced. The bubble needs to burst in order for the inflated prices to come down to a level to where the average guy can afford to buy a house. Meanwhile, all this name calling about the Dumbocrats and Repuglicans is so much meaningless posturing to see who can be the most obnoxious without getting thrown off of Netscape
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not2needy1 year, 7 months ago
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Also FTA:
McCain brought those political shots on himself. His advisers Thursday were struggling to undo the impression left after an economic speech earlier this week that as president he would do little to intervene and manage the current crisis.
There you go folks, McCain intends to do nothing about the economic crisis the USA is in. All he intends to do is follow in Bushies footsteps, and pocket a lot of money! Isn't that what he said, he would follow Bushies lead?
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ETproductions1 year, 7 months ago
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Humm. Let's see. Who is the last Republican that, when faced with such enormous economic problems, thought the best remedy was for government to do nothing. Oh yes... That would be Herbert Hoover. He presided over the beginning of the Great Depression of 1929.
RepugniCons today are constantly tell us that government is incapable of doing anything right. Lo and behold, when government gets into their hands, this becomes a self fulfilling prophecy.
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Beau78901 year, 7 months ago
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Charlson1 year, 7 months ago
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You continue to call Obama by his middle name and thinking it an insult and slur. Poor, poor wing-nut. Resorting to this type of slur just shows how desperate and low down you are. And please do site some links to prove your spurious claims about how Obama made his money. Tsk, tsk...not any? And do tell us about your heros of capitalist elites who rape the poor and then blame them for all the ills of our nation.
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BravoSierra1 year, 7 months ago
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Interesting. Why don't you try joining in the discussion of Hoover's economic theory and practice related to laissez faire theories of capitalism?
I think the lack of intelligence shown in your comment is probably the answer to my question...so never mind.
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cowboygrandpa1 year, 7 months ago
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n2n:
The GOP always thinks business will do what is best. Business will do what is best for them and screw everyone else.
Business is in business for one thing to make money. So that is their god. They worship it.
Before anyone goes off and say's I'm against business. I'm all for business and earning a fair return on the investments made. Not pay CEO's millions while stockholders lose money on the bad investments and financial plans of the greedy idiots.
Or closing down plants and work here in America to send the work overseas while calling themselves an American Company.
Greedy short term profit taking always ends costing more than it makes. That is why taxes on Companies doing business outside of America while claiming o be American should be raised to the point of making the move to costly.
Keep the work here or move to where you do business and let them tax and deal with your crap.
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Searchbeam1 year, 7 months ago
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Once again Barack Obama is right on the money!
No, I didn't mean it as a pun! It is for real!
By the way, did you see the entire text of McCain's speech on the economy? No?
It is here:
McCain: "Um.. Hmmm... (Hand Gesture).. (looking around at the audience)..."
"Thank you for coming! God Bless you! And God Bless America!"
LOL!
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Spadecaller1 year, 7 months ago
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"Obama leans heavily on his refusal to accept money from federally registered lobbyists to lend credibility to his assertion that he can resist pressure from vested financial powers that be."
No one else can make that claim honestly.
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Klarissa1 year, 7 months ago
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* American Federation of State, County and Municipal Employees (Illinois[499] and Oregon[500])
* The American Small Business League[501]
* Change to Win Federation[502]
* Culinary Workers Union of Nevada, Local 226[503]
* Illinois Education Association[504]
* Milwaukee Area Technical College faculty union[305]
* International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers[505]
* New York City Corrections Officers' Union[506]
* Service Employees International Union (national)[507]
o SEIU state organizations: California,[508] Illinois,[509] Indiana,[509] Kansas,[509] Missouri,[509] Nevada,[510] Washington,[511] Wisconsin[512]
* Teamsters[513]
* Transport Workers Union[514]
* UNITE HERE[515]
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walden31 year, 7 months ago
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I'm neither Repub nor Dem. I'm an American. I'm not as excited as the rest of you. I'm real disappointed in the Democrats for the way they've laid on their stomachs for the past eight years and waited for Bush to deliver it to them. For the past year they've controlled congress and still lay supine for Republicans.
Obama contributors:
Goldman Sachs $522,228
UBS AG $327,302
JPMorgan Chase & Co $316,892
Lehman Brothers $302,697
National Amusements Inc $293,022
Citigroup Inc $290,146
University of California $275,046
Sidley Austin LLP $271,857
Harvard University $264,941
Google Inc $259,010
Skadden, Arps et al $248,743
Exelon Corp $227,661
Morgan Stanley $225,976
Time Warner $221,878
Jones Day $212,525
Latham & Watkins $187,208
Kirkland & Ellis $181,976
University of Chicago $179,147
Citadel Investment Group $175,900
Microsoft Corp $167,990
Think this is altruistic or do they want something?
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walden31 year, 7 months ago
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I should have posted my source, http://www.opensecrets.org/pres08/contrib.asp?i...
Visit the site and look at Hillary and McCain's donors too. They all get money from the same places.
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annoDomini1 year, 7 months ago
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walden,
And still, the majority of the millions that Sen. Obama has raised are from ordinary citizens contributing less than $200 each.
The big contributors might want something, but so far it looks like the only thing Sen. Obama is giving them is the same thing he is giving everyone: a chance for an honest, transparent government that respects our intelligence and our decency.
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walden31 year, 7 months ago
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Now, what he said is absolutely true. I agree with him. Changes need to be made. Bail out homeowners not big business and there needs to be more oversight and regulation of the financial markets.
Can Obama, Hillary or McCain make these changes. I don't have much confidence that any of the three really wants to. Any change will be incremental and too little, too late.
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stephen-johnson1 year, 7 months ago
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Maybe Obama should be less greedy with his own money:
http://blogs.abcnews.com/politicalpunch/2008/03...
Obamas Gave Less Than 1% of Their 2000-2004 Income to Charity
March 25, 2008 4:06 PM
This is why politicians don't like to release their tax returns!
Bloomberg News crunches the numbers on Sen. Barack and Michelle Obama's newly-released tax returns and finds:
"The Obamas' donations to all recipients totaled $2,350 in 2000, $1,470 in 2001, $1,050 in 2002, $3,400 in 2003, and $2,500 in 2004. They also paid federal taxes totaling $311,044 during the same period on their $1.2 million of income."
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stephen-johnson1 year, 7 months ago
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"Maybe Obama should be less greedy with his own money"
He has:
http://blogs.abcnews.com/politicalpunch/2008/03...
"Obama Charitable Giving, Part II
March 25, 2008 5:51 PM
Clearly feeling a bit stung by our earlier note that according to their 2000-2004 tax returns, Barack and Michelle Obama gave less than 1% of their income to charity, Obama campaign spox Tommy Vietor writes to note that even though their 2007 tax return is not yet ready, the Obamas "gave $240,000 to charity in 2007.""
Better late than never, one supposes. Although the timing of the new generosity is curious.
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nostalgia1 year, 7 months ago
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I listened to both the Obama and McCain speeches
Parts I agreed with other areas were questionable
Please read the text of the speeches for yourself before forming an opinion. Some of the commentary I'm hearing makes me wonder if I listened to the same speeches!
McCain - "our effort to help deserving homeowners, no assistance should be given to speculators. Any assistance for borrowers should be focused solely on homeowners, not people who bought houses for speculative purposes, to rent or as second homes. Any assistance must be temporary and must not reward people who were irresponsible at the expense of those who weren't."
Text of his speech here:
http://www.johnmccain.com/Informing/News/Speech...
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nostalgia1 year, 7 months ago
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Obama wanted new regulations and possibly a new regulatory agency
Some of his ideas on helping subprime borrowers were questionable - - his $10 billion foreclosure-prevention fund that would help borrowers modify their loans
This would also prop up home values which would hurt people looking to buy
Text of the Obama speech if you didn't hear it
http://thepage.time.com/full-remarks-of-obamas-...
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kboy1 year, 7 months ago
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No body seems concerned that the Government put extreme pressure on lenders to finance very poor loans to minorities and took sanctions at lenders that did not. There is also no mention of the $500,000 tax exemption that encouraged people to keep flipping houses. As in musical chairs, someone loses every time. Each of these people signed a CONTRACT. Will this turn into another entitlement package?
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tiredofwhiners1 year, 7 months ago
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kboy - Very enlightening. I didn't know that but recall something to that effect now.
I remember that years ago Bank of America and some others almost went bankrupt because of U.S. Govt. pressure to make loans to third world countries in South and Central America, Africa and others. They practically all defaulted and the $$ probably went into the pockets of the corrupt politicians and businessmen. They were bad loans and wouldn't have been made except for govt pressure to do so. An example of the great economic wisdom of our federal gov. and politicians, most of whom never ran a real business or took an econ class or failed if they did.
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patrick661 year, 7 months ago
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BHO, You are very good at blaming others for the ill's of the USA. Not very good at accepting responsibility ..
Nor BHO have you , other to blame or rationalize , presented a GAME plan to corredt these problems.
Crying, whinning, blaming you got my vote .
Correcting , fixing things, RUNNING the country. NO WAY !!!
I do not see you being able to have any substance in the world. They are not the whissy liberals that you have convinced you are a leader. The blame leader yes.
My leader NO!!!!!!!!!!!!!!!!!!!
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Global_WarmerComment removed: Abusive
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automan9091 year, 7 months ago
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Here's what Obama has been doing in the Senate when it comes time to vote. check the second page where he was too lazy to even vote at all. Also check out where he voted against making illegal the killing of babies that were alive and already delivered just because they had birth defects. Now that sure sounds like supporting murder to me. I think that I want a president that will do his job right, and do it every day. Not just when he feels like it.
Ohhh yeah ...thats right...he's black so lets vote for him anyway. I think if Edy Amin was running you all would vote for him too.
http://obama.senate.gov/votes/
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Klarissa1 year, 7 months ago
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Surprisingly, donors on Clinton's web site who list a foreign address are directed to a special page which advises that such donations are only taken by mail and that donors "must include a copy of your U.S. passport or green card."
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amazed1 year, 7 months ago
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it's a federal regulation that foreign nationals cannot contribute to a political campaign (I'm not sure about the party). I didn't hear who complained, but I heard on the radio this morning that they (fed regulators? --bring on that pesky gov't) are likely to make Elton John cancel his concert to raise money for Hilary.
Now, you all know (if you've ever read anything I've posted) that I'm no fan of Hilary's, but it seems to me that you should be able to hire who you want (and can get) for your fund raisers.
And it seems to me (though I'm not certain) that U2 performed for Kerry and I KNOW Fleetwood Mac (also a bunch of Brits) performed for Bill-- but maybe that was AFTER he was elected.
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tiredofwhiners1 year, 7 months ago
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Obama has some good points. Greedy lobbyists, corporations, politicians. He forgot who makes this all possible: the greed of ordinary Americans. People wanting and buying houses they can't afford, gas guzzling or fancy new cars they can't afford, and all the rest - cable HD TV, designer this and that, $150 hairdos, etc. The pressure to keep up with the Joneses is terrible. I resist it but even I have been sold that bill of goods. Without peoples' greed the real estate salesman couldn't have sold those overpriced houses to ordinary people who knew they couldn't afford them. I can't tell you how many times friends and real estate people said "But it's a good investment, RE will go up every year, it will keep going up". I have no respect for Bear Stearns, et al, and the buyers who overpaid and didn't allow for a downturn or them losing their jobs. I don't want my tax money going toward bailing them out.
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tiredofwhiners1 year, 7 months ago
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I forgot to mention that Americans, in general, are wasteful and not at all frugal. Sometimes I am tempted to start up a used/thrift store when I drive down the street and see all the good stuff being thrown out. I recycle and try to fix things but most just toss it, too much bother to recycle and fix or make-do. Just buy a new one made in China.
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JoseMadreComment removed: Hard Banned
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SpareChange1 year, 7 months ago
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This economy is the fault of Republican rule.
Why listen to any Republican about the economy? Look where it got us - record spending, record deficit, lowest dollar, bankrupt government agencies and tax cuts that don't benifit the middle class.
Shut Up Repbulicans, you had your chance and it got us into a recession.
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tiredofwhiners1 year, 7 months ago
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Good thoughts but how is he going to fix things up. Another federal bureauocracy?
On another note. I believe that a government should save up money in a reserve fund during good times when tax money is flowing in like water over Niagara Falls. But - no-o-o. They just figure out more ways to spend it. Bottom line is reduce Federal spending and create a reserve for bad times. Then the money would be available for saving homeowners etc. We have a deficit in spending even during the best of times. I feel that helping the poor, better health care and all is a great thing. We just can't afford it. Congress should prioritize, then stop when the money has been spent, not borrow every year. Anyone disagree?
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JoseMadreComment removed: Hard Banned
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sanyi_oradea1 year, 7 months ago
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In the 1920's -30's a law was introduced forbidding banks to invest into the stock market. This law was declared null during the idiotic Clinton administration, effectively placing dynamite ready to explode, under the structure called "the economy", or perhaps, the "financial machine of the USA". This was deliberate sabotage, by those who had an agenda of destruction. I don't know who they are, but now it's too late any way.
So, hold on to your seat, for whatever events will follow. Don't say anyone, that I didn't warn about this 10 years ago or so.
Miau, there are too many rats, I can't deal with them all now...
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