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share save 120 16 Barack Obama Chides John McCain on Sit Back and Watch Economic Policies

toon032608dy9rm7 Barack Obama Chides John McCain on Sit Back and Watch Economic Policies

Michael Ramirez parodies the Democrat Party proposals to raise taxes to HELP the economy

Barack Obama today criticized John McCain on what he called was McCain’s “sit back and watch” approach to American economic distress.

The Key Graph from Obama:

“John McCain has admitted he doesn’t understand the economy as well as he should, and yesterday he proved it in giving a speech on the housing crisis,” Obama told an auditorium of supporters.Obama pointed out that McCain “said the best way for us to address the fact that millions of Americans are losing their homes is to just sit back and watch it happen. In his entire speech yesterday, he offered not one policy, not one idea, not one bit of relief to the nearly 35,000 North Carolinians who are forced to foreclose on their dreams in the last three months.”

John McCain’s economic speech from yesterday is here.

And, what is Obama proposing?

We’ll help families and lenders rework existing subprime loans into affordable long-term fixed loans and create a foreclosure prevention fund to help keep Americans in their homes. We’ll provide a mortgage tax credit to give homeowners relief, we’re going to crack down on mortgage fraud and predatory lenders so that this doesn’t happen again.

Besides cracking dowsn on mortgage fraud and predatory lenders, Obama’s program sounds like “TAX, REDISTRIBUTE AND SPEND” to Flap.

This is exactly what does NOT make economic sense – to raise taxes on everyone to “bail out” those lenders and homeowners who made mistakes in the housing market by borrowing too much or otherwise incorrectly speculating in the “housing bubble.” What about market forces in the housing market?

Like Hillary Clinton yesterday, Obama is offering neither a solution nor an understanding of the current housing and economic crisis facing America.


share save 120 16 Barack Obama Chides John McCain on Sit Back and Watch Economic Policies
  • http://www.moblogic.tv Amanda Elend

    Hi,

    I’m working over at MobLogic, and we have a show today about the economic stimulus package. Thought you might be interested.

    The whole idea of the package kind of made our host, Lindsay Campbell, angry. In today’s show, she tries to start a saving/loan-paying revolution.

    Stop by, let us know what you think. We’d love to hear your opinion.

    Thanks,
    Amanda Elend
    moblogic.tv

  • http://www.foreclosurefish.com/ foreclosurefish

    You’re right. McCain at least admits he doesn’t understand how the economy works. Obama and Clinton state they understand, and then propose programs that would do more harm than good.

    McCain has also stated that he would support a bailout of the banking system, which neither Obama nor Clinton have done anything to prevent. The Fed will keep inflating the money supply and handing out hundreds of billions to the banks. Throwing the American people a fraction of that will not even help them keep pace with the inflation that must result from such increases in the money supply.

    Both parties should probably stay well away from any more intervention in the economy. And get the Fed to stop loaning money to the government, creating and allowing banks to create money out of nothing, and manipulating interest rates to create the business cycle and artificial bubbles. I think we’ve all had enough tax/borrow/inflate policies from government, and could use a break so a real economic recovery might be possible.

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