Obama to Speak on Economy, Unveil Middle Class `Rescue Plan'

[maddezmom]

Source: Bloomberg

Oct. 13 (Bloomberg) -- Democratic presidential candidate Barack Obama plans to give a speech on the financial crisis and issue a ``rescue plan'' for the middle class, his campaign said.

``Our economy is facing its greatest uncertainty in over 70 years,'' the Illinois senator's campaign said in an e-mail to reporters this morning. ``Families who saw their incomes decline by $2,000 in the economic `expansion' from 2000 to 2007 now risk seeing deeper income losses.''

His campaign didn't release details about the new proposals. Obama, 47, is due to speak at 1:30 p.m. local time today in Toledo, Ohio. It's the only public event he has scheduled in the next few days as he prepares for his final debate with Republican nominee John McCain on Oct. 15.



Read more: http://www.bloomberg.com/apps/news?pid=20601070&sid=aXZfnrpo7S48&refer=home

[Demeter]

1. He Should Wait Until January or At Least, After Election To Announce Specifics

To do so now is to invite every Flat-Earther to poison the well...once the election is over, and the opposition is routed, that is the time to start laying out the polices, with one's Cabinet behind one to field specifics and such.

[MannyGoldstein]

10. But The Package Is Coming ASAP

And he leads the party - so it's now or never.

Better to get out in front of it than to hide.

[Phred42]

11. I heard a couple of economists on CSPAN suggesting

that we can't wait for January.

They were suggesting that the Obama team be given special authority to start actual programs right after the election (if he's elected)

[liberal N proud]

2. How much will it cost us to rescue us

[northsongs]

3. Must be why McCain is postponing his new plan...

He'll just wait to see what Obama's is, then steal the ideas from there. As he has done so often over the course of this soon-to-be-over campaign to Obama's (and our) advantage.

[stoge18]

4. Is he postponing?

Darn.... I wanted to hear all his babble about capital gains tax cuts and other breaks for investores. Like this really goes over well with middle class people.

Three words that mean nothing to McSame and his cronies:

Paycheck to paycheck

[maddezmom]

6. He doesn't have a plan yet according to this WSJ blog

Political Perceptions: Mixed Signals from McCain Land
So, is Sen. John McCain going to propose another big tax cut or not? Politico’s Mike Allen says that the candidate was given 30 options for new economic measures to propose for dealing with the markets mess and “for now” has “chosen none of them.” On Sunday, McCain pal and close adviser Sen. Lindsey Graham had said on “Face the Nation” that McCain was planning to propose a further cut in capital gains taxes, perhaps among other tax cuts. But when a later meeting with advisers ended, “so did plans for a new economy push. The campaign now says no new policy announcements are planned. Participants in the meeting refused to say what happened….The news dismayed McCain supporters and surrogates, who had thought the fresh policy would help him gain traction on the campaign’s most vital issue, and dilute the impression that he was relying solely on attacks in the home stretch.”

http://blogs.wsj.com/washwire/2008/10/13/political-perceptions-mixed-signals-from-mccain-land/

[wordpix]

8. his plan is BushCo's plan - "stay the course" as long as we're still rich

[RUMMYisFROSTED]

9. Cap gains cut?

A thrill just ran up Charlie Gibson's leg.

[baldguy]

5. Why do I get the feeling it'll involve more tax cuts for millionaires?

[wordpix]

7. how much of the $700 billion is going to the middle class --- THIS is where it's gone so far

Even Dana Perino thinks AIG is despicable. :puke:

http://www.washingtonpost.com/wp-dyn/content/article/2008/10/08/AR2008100803539.html

U.S. Extends $38 Billion In New Loans to AIG

By Peter Whoriskey
Washington Post Staff Writer
Thursday, October 9, 2008; Page D01

Turns out the $85 billion bailout loan for AIG wasn't enough.

The government will hold as collateral $38 billion of investment-grade securities owned by AIG.

"This new program will allow AIG to replenish liquidity . . . while providing enhanced credit protection to the New York Fed and U.S. taxpayers in the form of a security interest in these securities," according to the announcement from the Federal Reserve Board.

On Sept. 16, it was announced that the government would rescue AIG with an $85 billion loan. The company was on the verge of collapse because its financial products division had made some risky and complex investments that had gone bad. snip

This cash infusion comes a day after angry lawmakers criticized AIG for its spending habits during a House hearing.

Among other things, AIG is paying one of the executives who led the company into some of its most costly mistakes $1 million a month as a consulting fee to help it unwind his bad investments. And just a week after the first bailout, the company treated some of its executives and some high-performing life insurance agents to a weeklong stay at the pricey St. Regis Resort in Monarch Beach, Calif. Total cost for the spree: $440,000.

"It's pretty despicable," White House press secretary Dana Perino said of the resort trip.