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.