AFP
Published: Monday September 15, 2008

Democratic presidential nominee Barack Obama on Monday blamed Republicans for the "most serious financial crisis" since the 1930s after Wall Street debt woes sent global markets into meltdown.

Republican candidate John McCain meanwhile blamed a faulty patchwork of regulatory oversight for causing shocks like the Lehman Brothers bankruptcy which forced central banks to pump billions into the money markets.

"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Obama said in a statement.

"Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression," he said.

Squarely blaming Republican President George W. Bush's administration for the crisis, Obama warned "this turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments."

McCain called the bankruptcy of Lehman Brothers "the latest reminder of ineffective regulation and management."

Ensuring the United States remains the world's pre-eminent financial market would be the "highest priority" of a McCain administration, he said in a statement.

"In order to do this, major reform must be made in Washington and on Wall Street. We cannot tolerate a system that handicaps our markets and our banks and places at risk the savings of hard-working Americans and investors."

He said his administration would "replace the outdated and ineffective patchwork quilt of regulatory oversight in Washington and bring transparency and accountability to Wall Street. We will rebuild confidence in our markets and restore our leadership in the financial world."

The statements came after US investment giant Lehman Brothers declared itself bankrupt and Wall Street rival Merrill Lynch had to be taken over in a new financial earthquake that sent global markets into a slump.

Lehman Brothers said it would file for bankruptcy on Monday after a frantic weekend of negotiations failed to arrange a rescue.

In the fallout, Bank of America took over Merrill Lynch in a 50 billion dollar deal, insurance giant AIG was reported to have sought a massive emergency loan to head off its own crisis and a group of banks set up a 70-billion-dollar global emergency fund.

The US Federal Reserve, European Central Bank and Bank of England injected tens of billions of dollars into money markets after the fall of the banking titans under the weight of the massive financing of bad loans.

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Sorry, Barack, but your democratic party is just as guilty.

Of course he does. Politicians love to play the blame game.

Two words: Phil Gramm

Obama can't be involved with a party that's to blame, he's a celebrity. These things don't happen...whatever. He's an idiot, and I pray he doesn't get voted in.

Prayers ought to get it done...

mm, no need to be a smartass.

I'm just saying.

Why do you think he's "an idiot."

because he is a self absorbed clone of the looney left and can't think for himself, only about himself.


nobama 2008

We know your opinion, Woody.

Because he's all talk with nothing to back it up with. He's a celebrity, like I said. He won't get anything done and we'll be worse off than we are right now.

I'll be honest, I don't like either candidate...but I'd much rather have McCain than a possible traitor, and that's all I'll say about that.

So, Why do you think that obama is so bad? I would LOVE for any to tell me that. All I hear from people is like, I don't like him, and when i ask them why, no one can say anything convincing.
I don't think Obama blames ALL republicans, there are some that are great, but he points out that Bush is not proactive when it comes to it, and that with have a HUGE defficit and internation Debt, which was created by the actual government, unlikes bill clinton who somehow was able to leave the Govt. with a surplus. Obama also points out, that McCain supports Bush all the 95% of his votes prove that, and we are over spending on a war that is not giving us any benefit and we are fighting for no reason. That is not disrespect to the troops what so ever, those are the best that this country has ever produce, but unforunately, the chief and commander, is not as bright as we would all like him to be.

Besides the fact the Allan Greenspan himself stated that after reviewing McCain's economic's plan, he believe that it would make the economy struggle even more. That says way to much if you ask me.

So, tell me, what about obama is so bad?

I see.

...and I quote,



=]

How is he a possible traitor?

A traitor? where do you get those thoughts? because the man has the balls to talk to foreign leaders that no one else would? You rather go to war for a fake reason, to help other people than your own?
I'm sorry, I don't share you point of view, but I wish everyone was more specific on WHY you don't like. He is an idiot, doesn't quite cut it for a debate between educated people.

You're clearly a thoughtful McCain voter.