Obama on the Big Plan & "The Great Deregulator"

by Damozel |

The full text is here.

I liked all of it, but the parts that resonated especially are set out below. 

As of now, the Bush Administration has only offered a concept with a staggering price tag, not a plan. Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects the basic principles of transparency, fairness, and reform.

First, there must be no blank check when American taxpayers are on the hook for this much money.   

Second, taxpayers shouldn’t be spending a dime to reward CEOs on Wall

Third, taxpayers should be protected and should be able to recoup this        investment.

Fourth, this plan has to help homeowners stay in their homes.    

Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.

Sixth, we need to start putting in place the rules of the road I’ve been calling for for years to prevent this from ever happening again.

And finally, this plan can’t just be a plan for Wall Street, it has to be a plan for Main Street. We have to come together, as Democrats and Republicans, to pass a stimulus plan that will put money in the pockets of working families, save jobs, and prevent painful budget cuts and tax hikes in our states.

And that's got the hallmark on it.

He also picked up on McCain's comments a few weeks ago on health care (discussed here) before the crisis forced him to backflip again.

[W]hile I certainly don’t fault Senator McCain for all of the problems we’re facing right now, I do fault the economic philosophy he’s followed during his 26 years in Washington. It’s a philosophy that says it’s ok to turn a blind eye to practices that reward financial manipulation instead of sound business decisions. It’s a philosophy that says even common-sense regulations are unnecessary and unwise. 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 and our country.

We’re now seeing the disastrous consequences of this philosophy all around us – on Wall Street as well as Main Street. And yet Senator McCain, who candidly admitted not long ago that he doesn’t know as much about economics as he should, wants to keep going down the same, disastrous path.

He calls himself “fundamentally a deregulator,” when reckless deregulation and lack of oversight is a big part of the problemAnd here’s the really scary part.

Now this “Great Deregulator” wants to  turn his attention to health care.

He wrote in the current issue of a magazine – the current issue – that we need to open up health care to – quote – “more vigorous nationwide competition, as we have done over the last decade in banking."

That’s right, John McCain says he wants to do for health care what        Washington has done for banking.  [read more here]  (WCNC.com)

I love it that Obama is calling out McCain and is taking a stand on the Big Plan.  I just hope it won't turn out to be another FISA moment.  I've really liked everything he's said about the economy; I'm counting on him not to let us down.

RECENT POSTINGS

The Apocalypse of Banks Cont'd: The Economic Rescue Plan Rolls On as Skeptics Rise Up to Question the Road Map

The Apocalypse of Banks & The Virtually Undebated Plan to Save the Economy

Krugman's Real Time Interview; Plus:  Krugman Produces Proof that McCain's "Accountability Now!" Conversion Isn't Even Skin Deep

Executives Skate out of Disaster with Millions   

Don't Panic! Massive Plan to Salvage the Economy Currently Under Way, Courtesy of The Same Government that Brought Us the Crisis

Here's Hoping Congress Really Thinks Through "Solutions" to Our Economic Crises

Welcome to the age of corporate welfare: heads they win, tails we lose

 

Waxman Looking into Lehman, AIG and Interior Department