Obama statement on AIG bailout: "The pain has trickled up"

[kpete]

Obama statement on AIG bailout
John Aravosis (DC) · 9/17/2008 10:42:00 AM ET

“The fact that we have reached a point where the Federal Reserve felt it had to take this unprecedented step with the American Insurance Group is the final verdict on the failed economic philosophy of the last eight years. While we do not know all the details of this arrangement, the Fed must ensure that the plan protects the families that count on insurance. It should bolster our economy's ability to create good-paying jobs and help working Americans pay their bills and save their money. It must not bail out the shareholders or management of AIG.

“This crisis serves as a stark reminder of the failures of crony capitalism and an economic philosophy that sees any regulation at all as unwise and unnecessary. It’s a philosophy that lets Washington lobbyists shred consumer protections and distort our economy so it works for the special interests instead of working people; a philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to the rest.

“Instead, the pain has trickled up – from the struggles of Main Street all the way up to the crises on Wall Street.

“Despite his eleventh hour conversion to the language of reform, Senator McCain has subscribed to this philosophy for twenty-six years in Washington and the events of this week have rendered it a colossal failure. It is time for a new economic strategy, guided by the principle that America prospers when all Americans prosper, where common-sense rules of the road ensure that competition is fair, open, and honest. That is the strategy I will pursue as President, and I will bring the change we need to restore confidence in our financial markets and strength to our economy,” said Barack Obama.

http://www.americablog.com/2008/09/obama-statement-on-aig-bailout.html

[writes3000]

1. I love that line. "The pain has trickled up."

I'm gonna use it.

[rndmprsn]

2. framing the debate very wisely and sticking it to credit card conservatives bush/mccain

good job obama

[stray cat]

3. Beautiful framing!

[Cha]

4. Thanks Obama and kpete!

The trickle down theory of reagun wasn't right in the first place and it took bush and mccain's guardianship to make that glaringly obvious.

How did palin ever leave Wasilla in $20 Million debt anyway? Was it trickle up?

[tsuki]

5. Voodoo. nt

[Cha]

6. OR shit like this..

LynneSin (1000+ posts) Wed Sep-17-08 11:05 AM
Original message

"Palin redecorated her mayor's office for $50k AND without council approval"
http://www.salon.com/news/feature/2008/09/17/palin_mayo...

Sarah Palin's wasteful ways
She poses as a fiscal watchdog, but when Palin was mayor, she grabbed city funds to give her office a pricey "bordello" makeover.

Editor's note: You can find Salon's complete coverage of Sarah Palin here.

By David Talbot

Sarah Palin in Anchorage, Alaska, Aug. 8, 2002. Palin was mayor of Wasilla, Alaska, from 1996-2002.

Sept. 17, 2008 | WASILLA, Alaska -- Sarah Palin has been touting herself as fiscal watchdog throughout her political career. But Palin's tenure as mayor of Wasilla, Alaska, was characterized by waste, cronyism and incompetence, according to government officials in the Matanuska Valley, where she began her fairy-tale political rise.

"Executive abilities? She doesn't have any," said former Wasilla City Council member Nick Carney, who selected and groomed Palin for her first political race in 1992 and served with her after her election to the City Council.

Four years later, the ambitious Palin won the Wasilla mayor's office -- after scorching the "tax and spend mentality" of her incumbent opponent. But Carney, Palin's estranged former mentor, and others in city hall were astounded when they found out about a lavish expenditure of Palin's own after her 1996 election. According to Carney, the newly elected mayor spent more than $50,000 in city funds to redecorate her office, without the council's authorization.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7094499

Death by a thousand cuts.. or expenditures.

[NewYorkerfromMass]

7. OBAMA campaign F'D up! AIG stands for

American International Group
They got the name of the copmpany WRONG!
and you even have it wrong in your excerpt!!!

http://blogs.abcnews.com/politicalpunch/2008/09/aig-aig-aig-agg.html

[blondeatlast]

8. OH NOES! WERE DOMED!1!!! nt

[NewYorkerfromMass]

9. Maybe not but it was STUPID!

a STUPID NEEDLESS MISTAKE that impugns CREDIBILITY!

[blondeatlast]

10. I think you need some fresh air. nt

[NewYorkerfromMass]

12. No. The Oxygen deprived Obama staffer who wrote that up

DOES!

[blondeatlast]

13. That's a blogger. Really, you need a nice walk, a funny movie...

a professional...

[NewYorkerfromMass]

14. You don't know who Jake tapper is

obviously.

[HiFructosePronSyrup]

11. Oh god! It's all over!

This is the worst tragedy since the greek columns!

[thoughtcrime1984]

15. Well, then you should see what McSame and Mooselini are saying

This looks like pure genius compared to what is coming out of that camp.

[FVZA_Colonel]

16. Didn't he reffer to the "Securities Protection and Investment Corporation" yesterday, or something?

I know he kept reffering to a major organization as the SPIC.