Obama is pissed at this Wall Street Meltdown, as it is Bad for America. He Warned us in '07!

[FrenchieCat]

He foresaw it long ago, and spoke about the possible calamity
as far back as a year ago....when he went to Wall Street to address
Wall Street.

It just proves that he is the best leader to fix it....
Considering it is Bush44 and his cronies that made it happen.

There is no glee in this tragedy happening to us, Americans.

In fact it is disgusting and could have been largely avoided,
if we had true patriots putting people and country first residing in the White House,
as well as those walking the halls of the Senate.

Instead, we had Bush and McCain and Gramm making decisions.

So yes, this may be a gamechanger, but it isn't one that we rejoice in.
In fact, it is depressing. Unlike when the Bush administration thought that
9/11 was the best thing to have ever happened under their administration,
you can be certain that Barack Obama does not take any joy in this occurence. :(

Just sayin'.

At Nasdaq, Obama Delivers Main Street Speech to Wall Street Crowd

by Azi Paybarah | September 17, 2007
http://www.observer.com/2007/obama-speaks-nasdaq

[FrenchieCat]

1. Kick for those believing that there is joy to experience from this occurence.....

Especially the visiting Freepers who want that to be the case.

There is no joy. Capiche?

[Cha]

2. Obama is prescient again..

just like in 2002 with the War On Iraq. The bushites sure weren't going to listen.. but now we have a chance to get a leader who could help us avoid catastrophes in the future.

[TheDonkey]

3. I don't think DUers are rejoicing that people are losing their jobs and savings

But is certainly a dramatic event that Obama can use to show America what is in store with 4 more years of the same old game McCain has in store for us.

[FrenchieCat]

5. So folks have to make sure that it isn't perceived that way.....

Because the Freepers would love to jump on that...since they have nothing else.

[NYC_SKP]

9. I'm tickled to death that my home has lost $200,000 in value. Or more.

In one year. I'm delighted.

[FrenchieCat]

11. I've owned my home for 15 years......

and I'm one of the lucky ones, who's home "only" lost 23% of its last appraised value, but have enough Equity not to have any problems because we had never borrowed against the equity of our home except for one time!


Here's to praying that folks will be able to Hang in there!

[1corona4u]

12. Me too!!!

Isn't it GREAT. ;-) I knew I would die in this house!! :-)(but to be truthful, my house is in good shape, and I still have equity, but I would have a hard time selling it now)

[NYC_SKP]

4. He also wrote letter warning Bernanke & Paulson re: Mortgage Mess in March, 2007..

Edited to add links:

http://obama.senate.gov/press/070322-obama_urges_ber/

http://www.ireport.com/docs/DOC-80305

:patriot:

[ben_meyers]

6. It's the Deregulation, Stupid

From Mother Jones

It's the Deregulation, Stupid

Commentary: Democrats from Carter to Clinton helped roll back the government's regulatory power, but as the economic crisis deepens, "regulation" is no longer such a dirty word.

By James Ridgeway

March 28, 2008

Speaking at Cooper Union in New York City on Thursday, Barack Obama went where few Democrats have dared to go in the past quarter-century: He made a case for more regulation. As part of a speech on his economic platform, Obama depicted the current economic crisis as a consequences of deregulation in the financial sector. "Our free market was never meant to be a free license to take whatever you can get, however you can get it," he said. "Unfortunately, instead of establishing a 21st century regulatory framework, we simply dismantled the old one—aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight."

This is quite a statement from a candidate who's received $6 million in campaign contributions from securities and investment firms, just slightly less than rival Hillary Clinton, who cashes in at $6.3 million. Obama's criticism was sharp, but his six-point plan for rebuilding a regulatory structure was short on both details and teeth, and relies on the Federal Reserve, which is like having the fox guard, well, the other foxes. Still, his use of the r-word signals what is at least a rhetorical departure for a party that has been running from regulation for decades.

http://www.motherjones.com/commentary/columns/2008/03/deregulation-economic-crisis.html

[FrenchieCat]

7. Yep...the man has good judgment......

On most things, it appears....whether National Security of Economics.

That bodes well for the United States, and I would urge that he be elected President.

[TheDonkey]

8. It was willful ignorance. The "free money" credit bonanza was used to prop up a bad economy in 2004

and finally started to fall apart in 2007 to now it continues to implode.

Criminal ignorance on the part of many in congress (like McCain's adviser Grahm) and wallstreet executives.

[cliffordu]

10. Kicked. Recc'd

[Rosa Luxemburg]

13. Lets hope the New York Times runs this! It must be said

[FrenchieCat]

16. We'd have to send Obama's prior speeches and letters to them....

you know, make it easy?

[Rosa Luxemburg]

20. That's an idea!

[Rosa Luxemburg]

23. NYTimes had ONE sentence about it today

In March 2007, however, he warned of the coming housing crisis, and a year later in a speech in Manhattan he outlined six principles for overhauling financial regulation.

On Monday, he said the nation was facing “the most serious financial crisis since the Great Depression,” and attributed it on the hands-off policies of the Republican White House that, he says, Mr. McCain would continue. Seeking to showcase Mr. Obama’s concerns, his campaign said Mr. Obama led a conference call on the crisis early Monday that included Paul A. Volcker, the former chairman of the Federal Reserve; Mr. Rubin; and his successor as treasury secretary, Lawrence H. Summers.

http://www.nytimes.com/2008/09/16/us/politics/16record.html?pagewanted=2&_r=1&hp

[quantass]

14. k&r

[quantass]

15. k&r

[bevoette]

17. fuck experience...i want SOUND JUDGEMENT.

damn

[kurt_cagle]

18. Use of the Federal Reserve

I don't necessarily see why utilizing the Fed is seen as being such a bad thing here. Of course, making sure that the GOVERNORS of that Fed are people that have principles and don't see all of this as being a way to test out their pet economic theories makes a big difference to - and the president has the power to appoint Fed governors and chairs. I have no doubt that Bernanke (and at least a couple of the others) may be asked to step down if Obama wins.

[rufus dog]

19. There is no joy in tragedy

Very few Democrats think that way. In my neck of the woods it will get ugly, most people bought new fifteen years ago, a lot of young families at the time. As everywhere people stretched a bit then in 1998 the prices started rising. People got decent raises, made a bit of money on stock, then in 01 raises got tight. But the housing prices kept shooting up. Houses that were 250k new shot up to almost a million. Unfortunately people believed the hype, prices in SoCal could NEVER go down more than 20%. So they took out equity to buy stuff. So now here we sit, prices down over 20% from the peak already, and the shit hasn't hit the fan yet. Most everyone has kids just entering College with more to follow. So most of these people are your typical suburban Republicans, (not the hardcore Asshole Republicans, they live about 10 miles away in the gated community) and aren't sure what is hitting them. So along with my financial trepidation (my family will be fine but it still will be a kick in the nuts) it is not possible to experience any joy.

[Peacetrain]

21. Good Judgement and here is the rub wall street knows it too

Obama is better for the economy

[Atman]

22. With all due respect, by 2007 the bilge was already neck deep and the ship was riding low

in the water. I've written about this since before the 2004 election, that the Bush administration was flat-out lying about the health of the economy and that we were all in for a major shock. Many agreed, lots (especially the righties) just called me a doom-dayer and told me just to go shopping. But by 2007, the damage had been done. This is of Titanic proportions, and it took a while for the gash in the hull to actually be taken seriously.

.

[Rosa Luxemburg]

24. I guess the Bushes will find ways of making money out of this

[GeorgeGist]

25. Meltdown or no meltdown ...

Wall Street represents a BAD economy.