Ron Rosenbaum, Writer

September 15, 2008

Obama Campaign Adopts My Strategy: Victory in Prospect

Filed under: Uncategorized — ronrosenbaumwriter @ 8:15 am

This blog, September 11:

What the campaign needs to do is focus on Wall Street. On what FDR called “the malefactors of great wealth”. On the fact that the Republican party through its obsessive, greedy, lobbyist driven fetishizing of financial de-regulation has allowed the economy to be turned into a casino for the super-rich which has driven us into ruin by turning the hard earned money of the rest of country into mendacious instruments of greed on a vast scale–the entire “derivatives” scam that is behind the subprime crash-threatening fiasco going on now.

Today:

Obama blames Wall St. crisis on Republican policy

Sep 15 07:26 AM US/Eastern
By TERENCE HUNT

CHICAGO (AP) – Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was “the most serious financial crisis since the Great Depression” and blamed it on policies that he said Republican rival John McCain supports.
“This country can’t afford another four years of this failed philosophy,” Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.

(via Bretibart)

Better late than never. I’ll take the Ambassadorship to the Bahamas.

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14 Comments »

  1. Surprised Obama didn’t blame the Wall Street crisis on Palin. I think he could have pulled it off, the NYT certainly would have been on board.

    Comment by PC14 — September 15, 2008 @ 9:32 am | Reply

  2. Well, if Obama said it , it must be true. Who would doubt a man imbued with such vision and purpose?
    But, for a man of such and wisdom it would serve us well to know …….WHAT IS THE SOLUTION ?
    It doesn’t take genius to point out the problem , it takes a Solomon to implement a just correction.
    I’ll give odds here that his answer will be more government, more regulation and certainly more taxes. Gee’ that was easy. Maybe I can get an ambassadorship to Kathmandu.

    Comment by WR Jonas — September 15, 2008 @ 12:52 pm | Reply

  3. What the campaign needs to do is focus on Wall Street. On what FDR called “the malefactors of great wealth”.

    I know what you mean – just as long as Barack doesn’t come after me. Never bite the hand that feeds you, if you know what I mean. And don’t – whatever you do – admit that McCain has been one of the great fighters for regulation since Obama was in knee pants. And stay away from those stats that clearly also reveal McCain as one of the most bipartisan people in Congress and Obama, the change agent, as one of the least. Oh, well, it’s a topsy-turvy world.

    Comment by George Soros — September 15, 2008 @ 12:52 pm | Reply

  4. Ron,

    Nice try. But as I noted on one of your ealier posts, it’s not especially clear who thwarted regulation of FM/FM as far back as five years ago, or that a candidate should run from Bush on this issue. Read the Barney Frank quote.

    From the NYT, 9/11/2003.

    New Agency Proposed to Oversee Freddie Mac and Fannie Mae
    By STEPHEN LABATON
    http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=print

    The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

    Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac….

    ”The regulator has not only been outmanned, it has been outlobbied,” said Representative Richard H. Baker, the Louisiana Republican who has proposed legislation similar to the administration proposal and who leads a subcommittee that oversees the companies. ”Being underfunded does not explain how a glowing report of Freddie’s operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.”

    Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

    ”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

    Representative Melvin L. Watt, Democrat of North Carolina, agreed.

    Comment by edh — September 15, 2008 @ 2:26 pm | Reply

  5. Nice try, Ron, but who received the lion’s share of funding from Lehman, Countrywide,
    Freddie and Fannie Mae. Who has among his lead economic advisors, directors of Fannie
    Mae. With the man from Credit card Central riding shotgun. Is this some kind of comedy?

    Comment by narciso — September 15, 2008 @ 8:03 pm | Reply

  6. We are still not hearing SPECIFICS from Barack; nothing but Scientology style generalities.

    Comment by charlie finch — September 16, 2008 @ 8:01 am | Reply

  7. Clinton/Obama would have been unstoppable, but Obama/Clinton this close to the election, though it might help a little, would look really lame, and for very good reason… For the Dimocrats to try to take advantage of this little financial debacle (remember the 87 crash, I definitely do…) is a little crass, after they’ve been in control of congress for how long? To reiterate the thread, McCain said what, when? Barney Frank countered… B.O. pocketed how much, from who, when? It seems peculiar to me that 3 major financial powerhouses appear to implode almost simultaneously. The news about the three exploded in approx. 48 hours, when in fact the situation has been brewing for years, actually decades. In real life they would have occurred a month or even year or two apart. It almost seems politically orchestrated, but who could, or would possibly benefit from something this big, this close to the next election? Now I understand how easy it is to become paranoid…

    Comment by Barry Poladsky (Perfected Democrat) — September 16, 2008 @ 10:39 pm | Reply

  8. Another depressing piece in today’s “NY Observer” about how “controlled” and “on message” Obama is, even when he is feigning shock and awe over economy (via teleprompter). If he wins, he’ll ask, a la Redford, “What do we do now?”

    Comment by charlie finch — September 17, 2008 @ 11:53 am | Reply

  9. Oh look, I found out I’m not paranoid at all!

    From:
    http://overthehilloracles.wordpress.com/2008/09/09/the-obama-fannie-freddie-connection/

    “This was the perfect liberal operation: The righteous cause of home ownership for those on the lower rungs of the economic ladder. Pockets padded for fellow cronies. And the blame for the inevitable crisis going to Republicans. Perfect. Bill Clinton is a genius.”

    Comment by Barry Poladsky (Perfected Democrat) — September 17, 2008 @ 10:56 pm | Reply

  10. Ron, You are a typical lawyer. Perfectly spinning the facts to fit your needs.
    The housing market ballooned out of control. It was no surprise. Smart people were sitting back wondering how long these speculators could continue making money on the “flip this house” schemes. And it was no surprise that way too much money was being loaned beyond the value of people’s homes. It was no surprise that people were put in homes who didn’t deserve the loan based on their poor credit and ability to pay. It was not Republicans who pressured lenders to relax the requirements. The Democrats have their hands all over this. By the way, you would be more interesting on radio in Minneapolis if you came out of the closet and admitted your bias instead of pretending to be impartial.

    It’s hard to imagine a more befuddled comment. First of all I’m not a lawyer, second I’m not on radio in Minneapois or anywhere (there’s another Ron Rosenbaum who is). If you’re such a genius, (“smart people knew”) you could have figued that out from reading the right column of the blog that I’m a writer and journalist. Third if you’d read the previous post referred to, you ‘d see that I think Obama should run against both Democrats and Republicans who gave us this scandal–run against his own party if necessary. Fourth I don’t pretend to be impartial, I’ve been writing pro- Obama posts since November as a genius/know-it-all like you should have been able to check. I don’t blame you for being ashamed, or at least too timid to use your name. But your smug sense of superiority is, let’s say, a joke. r.r.

    Comment by Dan — September 18, 2008 @ 2:37 am | Reply

  11. Fannie Mae/Freddie Mac spent 200 million in ten years (!) on lobbying efforts. Only a couple of weeks ago Republican Senator Jim DeMint tried to stop them. Harry Reid shot his amendment down.

    Harry Reid. Who is a Democrat. As are Jamie Gorelick, Franklin Raines, Jim Johnson and the top recipients of campaign contributions from Fredie Mac and Fannie Mae: Chris Dodd, John Kerry, Barack Obama and Hillary Clinton.

    You will not find the name McCain on that list.

    Comment by el gordo — September 18, 2008 @ 3:16 am | Reply

  12. Obama is gonna win in a FDR/Reagan style landslide

    Comment by charlie finch — September 18, 2008 @ 8:23 am | Reply

  13. Anyway, claiming that financial markets are unregulated (and blaming it only on Republicans) is pretty disingenuous when bad regulation by congress and especially the Democrats in congress is the major culprit for this mess.

    Comment by el gordo — September 18, 2008 @ 11:37 am | Reply

  14. I agree with your analysis, but it was Teddy, not Franklin, Roosevelt who spoke of “malefactors of great wealth.” FDR used the term “economic royalists.”

    Comment by Phil — September 27, 2008 @ 7:59 pm | Reply


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