Obama: Help for US finance crisis needed from abroad

Washington - Barack Obama, the Democratic presidential nominee, Friday called for the involvement of industrialized and emerging economies around the world in helping to resolve the US finance crisis that threatens economic collapse at home and abroad. Any plan the US government puts forward 'should be part of a globally coordinated effort with our partners in the G-20,' Obama told reporters in Coral Gables, Florida. 'This is a worldwide issue, and while the United States can and will lead in stabilizing the credit markets, we should ask other nations, who share in this crisis, to be part of the solution as well,' he said. The G-20 is an informal grouping that includes the world's most industrialized economies as well as key emerging market countries such as Brazil, China, Argentina, Australia, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey. Obama declared his support for the massive US government intervention being prepared in Washington to prevent the US economy from total collapse amidst millions of mortgage defaults and foreclosures. The financial crisis, the country's worst at least since the Great Depression of 1929, comes amidst one of the most hotly contested presidential campaigns in decades. Senator Obama, 44, faces Republican Senator John McCain, 72, on November 4. Both Wall Street and Main Street face financial ruin without intervention, US President George W Bush said Friday. But Obama also demanded that any plan help not only Wall Street but also the country's middle class, which is the pillar of the tax structure and economy. His comments appeared to reflect growing calls among congressional majority Democrats for such relief in exchange for supporting the White House's proposal to buy up billions of dollars of devalued mortgage assets to unblock the credit freeze among the country's banks. 'For too long, this administration has been willing to hit the fast-forward button in helping distressed Wall Street firms while pressing pause when it comes to saving jobs or keeping people in their homes,' he said. This week alone, the US Federal Reserve has floated an 85-billion- dollar bail-out of the insurance giant American International Group Inc and made hundreds of billions of dollars available as loans to banks. On Monday, the venerable Lehman Brothers Inc declared a 600- billion-dollar bankruptcy. 'Now that American taxpayers are being called on to share in this new burden, we must take equally swift and serious action to help lift the burdens they face every day,' Obama said. Obama condemned the 'recklessness' of Wall Street executives who 'helped cause this mess, even as they walk away with multimillion- dollar golden parachutes while taxpayers are left holding the bag.' Obama also called for 'tough new oversight and regulations' of the country's financial institutions. He urged people to stay calm, however. 'This isn't a time for fear or panic,' he said. 'I know we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans.'

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@ why do I botherSep 22nd, 2008 - 21:09:04

'There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you'

You would not know 'logic' or a 'pattern' if it ran over you.

'Obama took kickbacks in Chicago from tony rezko and wrote letters for him helping him to steal millions of dollars from the taxpayers.'

Liar on both counts.

'Obama took money from countrywide and was positioning himself to stop regulation of the mortgage industry.'

Liar!

'Obanma took money from freddie and fannie and was helping to kill attempts to reform them in committee.'

Liar!

'Obama filled his campaign with staffers, advisor's and cronies from Freddie, fannie and countrywide...'

As did Noah McSame and all politicians.

See a pattern yet?

Like I said abouv you would not know a pattern if it ran over you, but I do see a pattern in your spam, 'lets lie and then lie again and then we can lie about the lies. You are a complete and total idiot. Thanks,

Report this comment

@@why do I botherSep 22nd, 2008 - 22:47:45

@ why do I bother

'There is no pattern,there is even no logic at all ,absolutely none.So go ahead and tell us the pattern,will you'

You would not know 'logic' or a 'pattern' if it ran over you.

***Thats because you dont use logic

'Obama took kickbacks in Chicago from tony rezko and wrote letters for him helping him to steal millions of dollars from the taxpayers.'

Liar on both counts.

***Agreed you are a liar on both counts Obama took MANY kickbacks

'Obama took money from countrywide and was positioning himself to stop regulation of the mortgage industry.'

Liar!

***Agreed again you are a liar

'Obanma took money from freddie and fannie and was helping to kill attempts to reform them in committee.'

Liar!

***Agreed again you are a liar check the facts

'Obama filled his campaign with staffers, advisor's and cronies from Freddie, fannie and countrywide...'

As did Noah McSame and all politicians.e facts

***Agreed again you are a liar just trust the facts and it proves you a liar

See a pattern yet?

***Yes, both you and Obama are liars

Report this comment

I tell the truth and you are an idiot.Sep 23rd, 2008 - 04:02:57

'You would not know 'logic' or a 'pattern' if it ran over you.'

'Liar on both counts.'

'Liar! '

'Liar! '

'lets lie and then lie again and then we can lie about the lies'

LOL... Not really a rebuttal...

Report this comment

What he said and double for me.Sep 23rd, 2008 - 04:04:31

'***Yes, both you and Obama are liars'

!!!!!

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