Obama Economic Plan: Bailout Debate (UPDATED)

March 27th, 2008 by ANGELA WINTERS

You know I love Barry and I’m glad to see the damage from Rev. Wright appears to be reversing in the polls, but I’ll have to disagree with him on this bailout issue, as I’m sure I will on most actual political issues when he becomes our president.

He criticized McCain for his recent comments that the taxpayers should not be bailing out irresponsible banks and homeowners. Obama warns of ‘you’re on your own’ society - USATODAY.com. He says that McCain offers “not one single idea” to help hard-pressed homeowners, but that actually is an idea. Yes, McCain agreed that there are some people who, from no fault of their own, are caught in a trap and were taken advantage of. He also said that if we could differentiate those people, he would want to help them, but right now we’re treating them all the same; the banks, the people who bought houses they knew they couldn’t afford and the innocent victims of this crisis. And because of that, McCain says “no” to a bailout.

Obama is associating McCain with W’s “ownership society” saying it really means “you’re on your own society.”

No Senator Obama, it doesn’t mean you’re on your own. It means that ownership requires responsibility and an acceptance of the consequences that come along with it. The government is not our father who pays off our credit card when we go over our limit from charging cheeseburgers at McDonalds.

McCain’s method may be more painful for all of us, and it may even be unfair to some people, but it is a better way to get most people more responsible for themselves. That and an overhaul of the banking system to protect innocent consumers. A bailout will not.

SOME ADDITIONAL READING ON OBAMA’S ECONOMIC PLAN:
– Obama Outlines Economic Plan
–Obama calls for $30 billion stimulus plan
–Obama Offers Plan for Economic Woes
–Obama Calls for Overhaul of Financial Regulations

This entry was posted on Thursday, March 27th, 2008 at 9:35 am and is filed under Newsweek Blogitics, Barack Obama. Both comments and pings are currently closed.

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