Obama to the Rescue – Update X 2

While John McCain is suddenly pretending that he is concerned about ordinary Americans by suspending his campaign and running off to Washington DC for photo-ops, Barack Obama is keeping a cool head and staying out of the way of the current economic negotiations. Obama said that he will go to Washington DC to vote or if Congress or the President requests his presence sooner. Senator Obama has also spoken with Paulson and Congressional leaders daily.

President Bush requested a meeting with both McCain and Obama and the leaders from both parties in Congress. The news reported that this meeting is basically to explain the current situation to both presidential candidates and to get their input into the proposed bail out.

Now that I got all that information out of the way, let’s look at the records. Everyone is aware that John McCain is a huge supporter of deregulation. Even Sarah Palin was lost for words when she couldn’t provide Katie Couric with any example of what John McCain has done for de-regulation of Wall Street.

During the 110th Congress, John McCain never sponsored a banking bill. Out of the 38 bills sponsored by John McCain, not even one of these bills have been referred to the Banking panel. Compare this to 5 of the 130 measures offered by Barack Obama which were referred to the Banking Committee.

Obama’s legislation calls for bolstering housing assistance for veterans, amending the Securities and Exchange Act of 1934 to provide shareholders with an advisory vote on executive compensation, halting mortgage transactions that promote fraud, authorizing local and state governments to crack down on companies that invest in Iran’s energy sector and authorizing a pilot program to prevent at-risk veterans from becoming homeless. (excerpt from The Hill)

Off topic… during Wednesday’s speech to the American people, President George W Bush blamed the Clinton administration for this Wall Street mess. Bush said that the problem started 10 years ago which would mean that it started while Bill Clinton was President. I beg to differ on this… this Wall Street mess was started by “Mr Deregulation” and that would be President Ronald Reagan.

Never trust a Republican with your money.

UPDATE:
Read the latest text of the bail-out plan here, at the Wall Street Journal.

UPDATE 2:

You can’t make this stuff up… unbelievable. Read and watch the videos at Tirg Caps.