Obama calls for financial regulations, stimulus

[Wretched Excess]

Obama calls for financial regulations, stimulus

 NEW YORK, March 27 (Reuters) - Democratic presidential candidate Barack Obama proposed greater government regulation of the U.S. financial system and a new $30 billion economic stimulus plan on Thursday in response to the housing crisis.

Both Obama and his Democratic rival, New York Sen. Hillary Clinton, accused Republican candidate John McCain of supporting little to ease the current credit and housing problems, which drew a quick response from the McCain camp.

Obama declared that under both Republican and Democratic administrations -- a slap at Clinton's husband, 1990s Democratic President Bill Clinton -- an era of financial deregulation had created conditions that pushed the U.S. economy to the brink of a recession.

"It is time for the federal government to revamp the regulatory framework dealing with our financial markets," the Illinois senator said in a wide-ranging speech on the economy.

In a month when the U.S. Federal Reserve helped shore up the ailing financial system and financed the takeover of Bear Stearns, a major Wall Street investment firm, Obama said the new regulations should include liquidity and capital requirements for financial institutions.

"If you can borrow from the government, you should be subject to government oversight and supervision," he said.

He proposed a $30 billion stimulus plan that would provide relief to areas hardest hit by the housing crisis and an extension of unemployment insurance for those out of work.

"If we can extend a hand to banks on Wall Street when they get into trouble, we can extend a hand to Americans who are struggling through no fault of their own," Obama said to applause.

Obama, who would be the first black U.S. president, and Clinton are in a heated battle for the Democratic nomination to face McCain, an Arizona senator, in the November presidential election.

More, Including hillary's reax

holy f*cking sh*t.

maybe he should go back to talking about hope and unity.

[Wretched Excess]

"If you can borrow from the government, you should be subject to government oversight and supervision," he said.

you could apply that to individuals as well.  when government pays the bills, government
calls the shots.  a better statement of the argument for small government would be hard
to find.

[Wretched Excess]

Obama told CNBC he could support raising the capital gains tax on stock profits from the current 15 percent up to 20 percent or 25 percent to pay for government spending elsewhere.

"I think that we can have a capital gains rate that is higher than 15 percent," he said.

I missed this little piece of thievery until just now.  if he admits to 20 or 25%, I am sure he is thinking 30%.


see, when he actually talks about his policies, or what there is of them, it is standard boilerplate liberalism.