Obama blames Wall St. crisis on Republican policy

Sep 15 07:26 AM US/Eastern
By TERENCE HUNT


Lehman Brothers Collapse Hits Global System


CHICAGO (AP) - Democratic presidential nominee Barack Obama said Monday the upheaval on Wall Street was "the most serious financial crisis since the Great Depression" and blamed it on policies that he said Republican rival John McCain supports.

"This country can't afford another four years of this failed philosophy," Obama said after the shock-wave announcements that financial giant Lehman Brothers was filing for Chapter 11 bankruptcy while titan Merrill Lynch was being bought by Bank of America for about $50 billion.

Obama's statement, issued as he prepared to fly to Colorado to begin a swing through contested Western states, was intended to serve two purposes: to link McCain with the unpopular presidency of George W. Bush and to express sympathy with the anxiety of most Americans who say the economy is issue No. 1 in the election.

"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."

"I certainly don't fault Sen. McCain for these problems," Obama said, "but I do fault the economic philosophy he subscribes to."

http://www.breitbart.com/article.php...show_article=1

I'm so glad we have people like Obama watching the store, and making sure no Lehman people make any money...

Btw, Lehman Brothers gave $105,195 in contributions to John McCain .

They gave nearly three times as much to Barack Obama, a total of $313,025

Here is the first of 6 pages of donations that Obama took. There are so many that they cannot all be posted here.

That sure is "change", isn't it?

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On vacation.....

Here are the Democrats that are in charge of the Senate Banking Committee, which are supposed to be watching over things:


Democrats

MAX BAUCUS, MT
JOHN D. ROCKEFELLER IV, WV
KENT CONRAD, ND
JEFF BINGAMAN, NM
JOHN F. KERRY, MA
BLANCHE L. LINCOLN, AR
RON WYDEN, OR
CHARLES E. SCHUMER, NY
DEBBIE STABENOW, MI
MARIA CANTWELL, WA
KEN SALAZAR, CO

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On vacation.....

Everyone with a brain knows the financial crisis is the result of the housing market fiasco that is solely to be blamed on democrat policies.

But everyone without a brain believes that everything under the sun is Bush's fault. Also, democratic policies are in part to blame. The way I understand it is, they forced the hand of banks in who they could deny loans. But as far as I am concerned, the Fed is in large part to blame for the housing crisis.

What percent of Americans understand what a senate banking comitee is? 2%?

How can you blame the Democrats, who haven't had the White House for nearly 8 years, and who only two years ago regained control of Congress, by a slim margin?

how about this is the banks fault who gave out loans with disregard to risk?

Countrywide was run by two Democrats, Angelo Mozillo, and former Clinton HUD Secretary Henry Cisneros.

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On vacation.....

Banks didn't have a choice.

http://www.takimag.com/site/article/...e_the_housing/

Good ol' Affirmative Action forcing Banks to give out loans to minorities who would otherwise no qualify.

Nice to know that congress is on the side of the people.

The housing crisis was 30+ years in the making. Out of control subprime lending began in the 1990s. Are you saying Georgie is to blame for what started in the 1990s? I will grant you that he didn't do anything to fix it, but it still remains that it wasn't a policy of his that started it.