September 15, 2008
THE DEBATE OBAMA WANTS TO HAVE.... Campaigning in Grand Junction, Colorado, this afternoon, Barack Obama tackled the topic du jour.
"[T]oo many folks in Washington and on Wall Street weren't minding the store," Obama said. "For eight years, we've had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans. The result is the most serious financial crisis since the Great Depression.
"I certainly don't fault Senator John McCain for these problems, but I do fault the economic philosophy he subscribes to. It's the same philosophy we've had for the last eight years -- one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It's a philosophy that says even common-sense regulations are unnecessary and unwise; one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.
"Well now, instead of prosperity trickling down, the pain has trickled up -- from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street. This country cannot afford another four years of this failed philosophy."
The language is solid, but stepping back, there's a bigger picture to consider -- Obama has been desperate for the campaign debate to turn in a substantive direction. With a crisis on Wall Street, no one's talking about lipstick, arugula, tire gauges, Paris Hilton, or sex-ed for kindergarteners. They're talking about the strength of the economy, the health of our financial industry, and the stability of the markets.
In other words, culture-war stunts and cultural insecurities -- the backbone of the ridiculous McCain/Palin campaign -- are taking a back seat to (cue scary music) substance. The entire day has featured a debate over whether the fundamentals of our economy are strong, whether McCain is out of touch, whether increased regulation would help prevent future crises, etc.
I have to assume, then, that McCain/Palin will launch some kind of new nonsense fairly soon. As long as the debate is about economic policy and market regulation, the campaign is not where McCain wants it to be.
—Steve Benen 3:35 PM
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Pssst, Obama was overheard in the Senate cafeteria calling Palin a MILF.....
Posted by: steve duncan on September 15, 2008 at 3:37 PM | PERMALINK
what's which Obama being so darned courteous? "I don't fault Senator John McCain for those problems . . . " Why would you ever make a statement like that?
I like the press conf idea - Obama should call one.
Posted by: Viceroy on September 15, 2008 at 3:38 PM | PERMALINK
Even scarier, this campaign isn't where the political media want it to be. It's in David Wessel/Floyd Norris/Paul Krugman country, not the Entertainment Weekly country they're comfortable inhabiting. As soon as the McCainites figure out how to change the subject, watch the 24-hour news cycle crowd happily do the same.
Posted by: David in Nashville on September 15, 2008 at 3:40 PM | PERMALINK
Any day when the debate is on substantive issues Obama wins.
Yes, McCain will try to change the subject. My guess is McCain will use the following quote:
"For eight years, we've had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans. The result is the most serious financial crisis since the Great Depression."
As everyone knows usting the words "Great Depression" is sexist. It brings to mind menopause and the nasty hormonal changes involved with menopause. Expect Team McCain to call Obama sexist within the next 24 hours.
Posted by: nisl on September 15, 2008 at 3:41 PM | PERMALINK
As soon as the McCainites figure out how to change the subject, watch the 24-hour news cycle crowd happily do the same.
I look for Palin to announce that she's pregnant again.
Posted by: Dennis - SGMM on September 15, 2008 at 3:44 PM | PERMALINK
Obama said: "I certainly don't fault Senator John McCain for these problems ..."
Great comments from Obama, except for that.
Not merely for political advantage, but entirely based on substance, Obama should fault McCain for "these problems", since McCain's top economic adviser had such a big role in crafting the failed Republican policies that created "these problems", and the same top economic adviser, like McCain himself, continues to insist that the economy is "sound" and the financial distress of tens of millions of Americans is just in their imagination because they are all "whiners".
Posted by: SecularAnimist on September 15, 2008 at 3:50 PM | PERMALINK
From Andrew Tobias:
This letter to the editor recently appeared in the Fort Worth Star-Telegram:
What if John McCain were a former president of the Harvard Law Review? What if Barack Obama finished fifth from the bottom of his graduating class?
What if McCain were still married to the first woman he said “I do” to? What if Obama were the candidate who left his first wife after she no longer measured up to his standards?
What if Michelle Obama were a wife who not only became addicted to painkillers, but acquired them illegally through her charitable organization?
What if Cindy McCain graduated from Harvard? What if Obama were a member of the “Keating 5”?
What if McCain were a charismatic, eloquent speaker?
If these questions reflected reality, do you really believe the election numbers would be as close as they are?
This is what racism does. It covers up, rationalizes and minimizes positive qualities in one candidate and emphasizes negative qualities in another when there is a color difference.
— Kelvin LaFond, Fort Worth
Posted by: John McCain: Serial Liar on September 15, 2008 at 3:51 PM | PERMALINK
"For eight years, we've had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans. The result is the most serious financial crisis since the Great Depression."
- Barack Obama
"And for 5 1/2 years, as a POW, I had a policy of living in a one-room cell...tortured...and I wasn't able to make any investments...so...there!
- John McInsane
Posted by: on September 15, 2008 at 3:53 PM | PERMALINK
problem is, in terms of receiving the most cash from fannie and freddie, The One is only just behind Dodd, dem chairman of the Senate BANKING committee.
Sigh.
From individuals - janitors on up.
When you have more than 2.5 million individual donors who have served to set records for individually raised contributions -- you're going to see big numbers from EVERY sector and virtually EVERY company.
You're trying to tar a fraction of a percent of the windfall individual contributions Obama has received with something more nefarious.
Hell... my college roommate is on that list... he's a network administrator. He hardly has anything to do with Fannie's fiduciary errors.
Posted by: zonk on September 15, 2008 at 3:53 PM | PERMALINK
Che che - do you not realize that referring to Obama as "The One" pretty solidly marks you as a Lumbaugh stooge, meaning no one will pay any attention to "your" points (whatever they are)?
Posted by: DH Walker on September 15, 2008 at 3:54 PM | PERMALINK
I'm with Viceroy. Why does Obama have such difficulty with simple declarative sentences?
"I don't blame John McCain. I blame the people who support and advise him. People like Phil Graham: Fannie Mae in trouble? Whiner! Freddie Mac in trouble? Whiner! Lehman going bankrupt? Whiner! Merril Lynch in a fire sale? Whiner!
"These people have spent the last seven years encouraging and rewarding untrammeled greed... well the pigs have emptied the trough. Under John McCain, the taxpayers will be expected to re-fill it. Joe Biden and I will not let that happen again."
Posted by: Larry McD on September 15, 2008 at 3:54 PM | PERMALINK
I miss the lipstick flap already. Now we have to talk about the meltdown of Wall Street. Now all those nasty quotes of McCain saying he needs more education when it comes to the economy will surface again.
New JM ad:
Today my opponent called me stupidly ignorant of the most basic facts about the fundamentals of economic policy.
He needs to choose his words more carefully.
I'm John McCain and I fundamentally know the American public doesn't need this type of mud-slinging.
Now, back to that lipstick stuff. Can you believe how awful that was. Sexist, vile, demeaning.
Posted by: Tom Nicholson on September 15, 2008 at 3:55 PM | PERMALINK
Can't Obama say Republican policies? Why not? That's what they are.
The Republicans paid off these guys, Fuld, Thain, et al., with enormous tax cuts, then let them loose to screw stuff up. They're doing fine -- what about the rest of us?
Posted by: David in NY on September 15, 2008 at 3:57 PM | PERMALINK
Great time to run a Jeremiah Wright loop...
Posted by: koreyel on September 15, 2008 at 4:00 PM | PERMALINK
I have to laugh at the coverage of the Lehman mess - not to mention, the Paulson press conference about how this was some wise decision not to bail out Lehman.
...as if it was a real 'decision'.
The fed is tapped. There's nothing left - or at least nothing easily accessible left - in the Chinese piggybank.
This wasn't a decision - it's an acknowledgment of reality.
Posted by: zonk on September 15, 2008 at 4:05 PM | PERMALINK
problem is, in terms of receiving the most cash from fannie and freddie - che che
Over the course of Obama's presidential campaign he has raised $456M. Since his Senate campaign in 2004 he has received $112K from employees and PACs of Freddie and Fannie. Assuming all these donations came during the pres. campaign that would be .025%. That's two and a half one hundredths of one percent. For comparison sake, that's about 1/3 of the amount he has received from members of the military. And unlike McCain, he doesn't have a campaign manager (Davis) who lobbied for either. Nor does he have 20 bundlers, like McCain, who have lobbied for F & F and have raised 12.3 Million for him.
Posted by: Danp on September 15, 2008 at 4:06 PM | PERMALINK
You want the next GOP talking point? I'll give it to you, it's easy. Deep down, Obama's HAPPY over the current banking crises. He WANTS to see regular Americans suffer, as if somehow THAT proves Republican policies fail. You can only convince voters that things are bad if things ARE REALLY BAD, so when things are really bad, Obama's really happy.
Remember, that's not what *I* think. That's not even what Republicans think, not really. But it WILL be their talking point starting tomorrow if not sooner: "You can trust Obama, because he wants America to fail to prove he was right about America being positioned to fail."
Posted by: slappy magoo on September 15, 2008 at 4:07 PM | PERMALINK
Link to the brilliance @ 3:51:
http://startelegrameditwriters.typepad.com/letters_to_the_startelegr/2008/09/how-racism-work.html
Posted by: koreyel on September 15, 2008 at 4:09 PM | PERMALINK
McCain: "POW."
The End.
Posted by: Ara on September 15, 2008 at 4:17 PM | PERMALINK
McCain "The fundamentals of the economy are sound."
I guess "kaboom" and "SPLAATT!" constitute sound, but who knew that's what he meant"?
Posted by: N.Wells on September 15, 2008 at 4:20 PM | PERMALINK
Don't blame McCain, blame his chief economic guru Phil Gram:
http://www.motherjones.com/news/feature/2008/07/foreclosure-phil.html
"Years before Phil Gramm was a McCain campaign adviser and a lobbyist for a Swiss bank at the center of the housing credit crisis, he pulled a sly maneuver in the Senate that helped create today's subprime meltdown."
By David Corn
July/August 2008 Issue
"Who's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown."
Read the whole thing and then watch this Youtube and then send both to everyone you know.
John McCain & Phil Gramm: It's All In Your Head
http://www.youtube.com/watch?v=1mHsuL6FfY4
Posted by: markg8 on September 15, 2008 at 4:25 PM | PERMALINK
Dow off 500.
The only thing 'sound' about the economy is the rolling thunder of a general collapse.
Posted by: Buford on September 15, 2008 at 4:25 PM | PERMALINK
""For eight years, we've had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans."
Good, but he needs to call out specific players by name to show that these same folks are driving the McCain campaign. Gramm and Fiorina fit the bill perfectly.
Doing so not only underscores that McCain isn't a solution to these problems, but a cause of them, but also reduces those surrogates' effectiveness on the talk show circuit.
Take their legs out, now.
Posted by: TR on September 15, 2008 at 4:31 PM | PERMALINK
What about those French cuffs Joe Biden was sporting during his speech? A perceptive right winger reported that on another blog, Huffpo, I think.
Let's get going on that hot tip, MSM.
Posted by: hark on September 15, 2008 at 4:33 PM | PERMALINK
"I certainly don't fault Senator John McCain for these problems"
I do. Being in the senate for all those years he had ample time to prevent this mess by voting not to relax the banking regulations that caused it. In fact, McCain thinks that there is too many regulations as it is.
Posted by: wbn on September 15, 2008 at 4:34 PM | PERMALINK
Sunday's events demonstrate the markets support Obama.
Posted by: Brojo on September 15, 2008 at 4:36 PM | PERMALINK
Now to further capitalize on this financial crisis, Obama needs to describe his efforts towards expanding consumer protections, strengthening oversight and regulation, limiting outsized bonuses to CEOs, and helping middle-class Americans by supporting lower taxes. Oh wait, he's never done any of those things. But he will if we elect him...not to worry.
Posted by: Doom on September 15, 2008 at 4:38 PM | PERMALINK
I'd love it if we could get through one comment section about Obama that didn't include armchair quarterbacks nitpicking every minute detail.
He's not attacking hard enough. He's too nice. He thinks too much.
Blah, blah, blah.
Let the guy run the campaign he wants to run; let him be who he is comfortable being.
The candidate the backseat drivers want would never, ever win as a Democrat. That would ultimately be the price you'd pay for sating your petty anger now.
Stepping off soapbox now.
Posted by: doubtful on September 15, 2008 at 4:43 PM | PERMALINK
Steve,
Regarding this --
"...Obama has been desperate..."
-- how do you know?
In fact, this is exactly the kind of self-reflexive commentary that you usually avoid. Sure, it's a close race, but it was always going to be a close race. Only an idiot thought Obama would walk away with it or it would be easy -- and I'm not even going to get into the explicit and implicit difficulites arising from his skin color.
Sure, Obama wants to talk about issues; McCain wants to talk about his new cheerleader gal pal. Big shock.
The debates are lurking in the murky waters ahead, and I'm pretty sure that the issues will get discussed at that time -- unless George "I Get My Questions From Sean Hannity" Stephanopolous is in the room. (What a putz.)
I don't think Obama is desperate for anything. I think the press is, and the pundits, but you should know better....
Posted by: The Phantom on September 15, 2008 at 4:44 PM | PERMALINK
Doom says - "Now to further capitalize on this financial crisis, Obama needs to describe his efforts towards expanding consumer protections, strengthening oversight and regulation, limiting outsized bonuses to CEOs, and helping middle-class Americans by supporting lower taxes. Oh wait, he's never done any of those things. But he will if we elect him...not to worry."
....and Palin, being an "Executive" can handle it no sweat! The problem is that McCain/Palin just don't give a flip about us! I'd take Obama and his good intent any day!
Posted by: on September 15, 2008 at 5:11 PM | PERMALINK
"I have to assume, then, that McCain/Palin will launch some kind of new nonsense fairly soon. As long as the debate is about economic policy and market regulation, the campaign is not where McCain wants it to be." - Steve Benen
They already have...see the link below about the SNL skit. It's another lipstick controversy brewing.
Posted by: Always Hopeful on September 15, 2008 at 5:14 PM | PERMALINK
"...in fifty days, you Colorado you will have the opportunity to bring about that change, in fifty days."
-----
This is quite important because while watching CNN this afternoon, John McCain is asking voters to cast ballots for him in 51 days! I think that is prophetic of his and his party's chances - it would be a little late for them.
Posted by: TBone on September 15, 2008 at 5:16 PM | PERMALINK
Hurricane Ike is a motherf-ing SOB. Drill, Drill, Drill is a good pivot for, well anything for the GOP.
Posted by: ThatGuy on September 15, 2008 at 5:20 PM | PERMALINK
As everyone knows using the words "Great Depression" is sexist. It brings to mind menopause and the nasty hormonal changes involved with menopause. Expect Team McCain to call Obama sexist within the next 24 hours. -- nisl, @15:41
Yes, this is definitely a sexist statement, but not for the reasons you mention. "Great Depression" refers to the post-partum blues and is a slur on Scarahcuda Failin' and her recent baby.
Posted by: on September 15, 2008 at 5:21 PM | PERMALINK
I have a problem believing a candidate's "good intent" when they've never demonstrated such qualities before or followed through on said good intent. I had the same issue with John Kerry, who had precious little to show for all of his long years in the Senate. Maybe Obama is different, but I'm skeptical.
Posted by: Doom on September 15, 2008 at 5:32 PM | PERMALINK
I have a problem believing a candidate's "good intent"
Like McCain's new-found-as-of-today intent to enact tighter regulations on financial markets? Of course the media (in this case David Gregory on MSNBC) has already picked this up and run with it referring to it as "McCain getting some of his reform message back".
Posted by: tom.a on September 15, 2008 at 6:53 PM | PERMALINK
Pssst, Obama was overheard in the Senate cafeteria calling Palin a MILF.....
(donut-boy with sprinkles at post 1)
To which I humbly reply:
Pssst---other than her husband, nobody but McCain himself is that freaking desperate. Not the polar bears; not the sea lions; not the oil-field workers who are away from home for years at a time; not even the whole blasted entirety of the Alaska National Guard at a cushy border-crossing posting in Kuwait.
In returning to actual "substance," Obama can play this as the trickle-up wrath of America.
Posted by: on September 15, 2008 at 7:02 PM | PERMALINK
"I have to assume, then, that McCain/Palin will launch some kind of new nonsense fairly soon. As long as the debate is about economic policy and market regulation, the campaign is not where McCain wants it to be."
Perhaps Obama will 'win' this week. We'll check with Chris Matthews on Sunday.
"I look for Palin to announce that she's pregnant again." Posted by: Dennis - SGMM
I think that ploy went out the window when they said that Bristol was pregnant this time. Before that announcement I swear I heard rumors that Sarah was pregnant again.
Posted by: Lance on September 15, 2008 at 8:04 PM | PERMALINK
According to some reports, Repukelican McBush could win the election because of our electorate system...
TIME TO GET RID OF THE SYSTEM, AND PUT IN *ONE VOTE, ONE VOICE!!!!!*
Posted by: on September 15, 2008 at 9:01 PM | PERMALINK