Obama Votes “Present” on Current Financial Crises
September 18th, 2008 at 05:51pm Kevin Patrick
Showing the same leadership that led him to vote “present” 129 times on most any controversial legislation as an Illinois State Senator, Barack Obama is today “outraged at being accused of not supporting something he doesn’t support:”
Obama, on the trail in New Mexico, had this to say of McCain:
“And today he accused me of not supporting what the Treasury and the Federal Reserve Bank did with AIG despite no evidence whatsoever that that’s what I had said.”
To recap, when I wrote earlier today that Obama supported the bailout, I quickly was instructed by his staff that this was not the case. He just didn’t oppose it, I was told.
Now he’s so adamant about not opposing the Fed’s move that he’s complaining about McCain’s portrayal.
Where, I wonder, is the line between not opposing and, ya know, supporting.
In a time of crises, the President of the United States does not have the luxury of voting “present.” Barack Obama doesn’t get this. Which is one of innumerable reasons American’s think John McCain is ready to be President and Barack Obama is not.
Entry Filed under: Campaign 2008, Democrats
9 Comments
1. William of Orange | September 18th, 2008 at 6:09 pm
O.k, o.k., so why hasn’t McCain jumped on this like he did with the Georgia crisis? (No, Obama, I don’t mean the Georgia with Atlanta in it.)
He has basically fumbled around for two days when some very damning facts on Obama (the point cited above, the fact that Obama had three advisers who were CEOs of Fannie Mae, and the fact that — over the last twenty years — Obama is #4 (Dodd, Kerry, Obama, HRC) in taking contributions from Fannie Mae and Freddie Mac money (and he’s only been in the senate 3 years.
Maybe this will come out, but he should hit Obama about these facts forcefully and sieze the advantage.
He was absolutely brilliant when he hit The Cypher up on his elitism, celebrity gambit, lack of decisiveness on Russia/Georgia, and — above all — his picking Palin..
..but it’s a what-have-you-done-for-us-lately thing for the American (Idol) public.
(Firing for effect, here.)
2. HeyHey | September 18th, 2008 at 6:39 pm
You forgot to mention that McCain ranks as the #1 most absent senator of the 110th Congress. He doesn’t even bother to show up, let alone vote present. McCain skipped the updated GI Bill to name one of the many skipped…..
And what has McCain offered to do? Fire the guy if he’s President which he actually can’t do. But while the president nominates and the Senate confirms the SEC chair, a commissioner of an independent regulatory commission cannot be removed by the president. From time to time, presidents have attempted to remove commissioners who have proven “uncooperative.” However, the courts have general upheld the independence of commissioners. In 1935, President Franklin Delano Roosevelt fired a member of the Federal Trade Commission and the Supreme Court ruled the president acted unconstitutionally.
Nice work McSame!
3. Danish Artist | September 18th, 2008 at 9:25 pm
And Democrats have no responsibility with this crisis?
About Nancy Pelosi. She says the Democrats share absolutely none of the blame for the current financial goings-on. She’s wrong. In fact, she’s lying because she knows here statement to be untrue. Here are the facts:
1. Almost all of the financial problems we see today are based on bad mortgage lending. That would be lending money to people to buy homes who didn’t qualify for a loan (this does not just mean the poor, but those in other classes borrowing beyond their means).
2. The Democrats, under Clinton, strengthened a government-created monster called the “Community Reinvestment Act.” This law was then used by “activists” and “community organizers” (like Obama?) to coerce lending institutions to make these bad loans … millions of them. This amended Act also created the sub prime mortgages and publicly trading mortgages.
3. Now we see what happens when political “wisdom” supplants good loan underwriting. When private financial institutions are virtually forced to make loans to people with a bad credit and job history .. this is what you get. Enjoy it. Thanks Democrats!!!
The Democrats have offered us a candidate who is very anti-private sector. Obama believes that America is great because of government and those who, like him, deride the profit motive. If Americans are stupid enough to believe his socialist drivel and put him in office .. .then we will get just what we so richly deserve. This week is just a preview.
4. Danish Artist | September 18th, 2008 at 9:35 pm
Chalk another one up for McCain over Freddie Mac and Fannie Mae, while Democrats obstruct, why should they solve it now when they think they have a campaign issue, but it is really their fault.
http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190
From the Senate Floor may 2006:
Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.
The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.
The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
—————-
Liberals of course opposed and defeated this bill, but according to national disgrace Pelosi, Democrats are not in any way possible to bear any responsibility for these collapses.
They oppose true reform, Obama takes their money and their officials and puts them on his campaign but - it’s Bush’s fault.
McCain has proposed this sort of reform legislation TWICE and both times liberals have defeated it.
Liberals defeated banking reform and enabled the
risky loan practices through the Community Reinvestment Act amended in 1995, which gave us sub prime loans and brought these sort of debts to the public market as investments - but it’s not their responsibility - how much money have the Democrats received from their banking special interests?.
5. js | September 18th, 2008 at 9:52 pm
it gets to a point that when someones mouth is saying one thing and his hands do just the opposite….you cant trust a word that you are hearing…because according to obama’s hands he is a habitual liar…
6. js | September 18th, 2008 at 9:58 pm
maybe we should talk about the 39% interest rates credit card companies charge to slow paying accounts…or the additional late fee’s for and over the limit fees they charge for months and sometimes years that effectively give them a usery rate over 85%…before they write off bad debt…inflating outrageous amounts so they can play games with taxes and profit and loss columns while they screw honest, hard working americans….congress and the federal banks have allowed these same people that they are giving tens and hundreds of billions of tax dollars too…a license to cheat and steal from honest americans long enough…its time to stop it…
and obama just aint the way to get it done…hes just a finger puppet of the establishment…and a very talented liar….
7. Kahn | September 18th, 2008 at 10:30 pm
McCain cosponsored legistlation to clean up freddie and fannie that the mentioned Democrats killed.
Thats what we call evidence of corruption.
And what specific regulations has Bush opposed or killed?
8. Kahn | September 18th, 2008 at 11:51 pm
Dennis, well that way better than answering how raising capital gains taxes will solve the crisis. Thanks.
You ARE a loud and annoying noise.
Why are you even supporting the liberals? Really? They offer no solutions at all.
9. Danish Artist | September 19th, 2008 at 6:55 am
Uh, Dennis,
What does that have to do with the topic?
Why is Obama shirking his responsiblity? Why does he not take a stand on tough issues? Why does he always vote “present” when a tough important issue comes along? Why is he afraid of pissing someone off - since he is trying to be all things to everyone????
Why can’t he be a leader?
I await your talking points or useless screed.