Obama Had No Opinion on Mortgage Reform

October 15, 2008 · Filed Under Economy, Fiscal, John McCain ·  

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Barack Obama and John McCain are very different when it comes to the issue of mortgage reform.

While Obama has repeatedly assigned blame for the financial crisis on “Republican deregulation,” which is patently wrong, McCain has been able to point back to his demand to take action on the issue.

The Wall Street Journal explains the flaws in Obama’s theory today…

In each of the first two presidential debates, Barack Obama claimed that “Republican deregulation” is responsible for the financial crisis. Most viewers probably accepted this idea, especially because Republicans generally do favor deregulation.

But one essential fact was missing from the senator’s narrative: While there has been significant deregulation in the U.S. economy during the last 30 years, none of it has occurred in the financial sector. Indeed, the only significant legislation with any effect on financial risk-taking was the Federal Deposit Insurance Corporation Improvement Act of 1991, adopted during the first Bush administration in the wake of the collapse of the savings and loans (S&Ls). FDICIA, however, substantially tightened commercial bank and S&L regulations, including prompt corrective action when a bank’s capital declines below adequate levels and severe personal fines if management violates laws or regulations.

Perhaps Obama is thinking about a bill that emerged from the Senate Banking Committee in the Summer of 2005 that would have considerably tightened regulations on Fannie and Freddie.

Oh wait… in that case, all the Republicans voted for the bill in committee, and all the Democrats voted against it.

This is around the time Obama maintains that he wrote a letter to the Treasury Secretary, which indicates that he was aware that subprime loans were dangerous and had to be dealt with.

Assuming he was telling the truth about this, why didn’t Obama step up and vote for the bill?

Well actually, it wasn’t so much that he didn’t step up, because he didn’t do anything. He voted “present”, as he has frequently done.

Unfortunately for Obama, the President doesn’t have the option to say “Present” when legislation comes to him desk.

Job Creators Prefer McCain 4-to-1 Over Obama

October 15, 2008 · Filed Under Economy ·  

Chief Executive magazine conducted a poll of CEOs to determine which Presidential candidate was favored by the folks who create jobs.

Chief Executive magazine’s most recent polling of 751 CEOs shows that GOP presidential candidate John McCain is the preferred choice for CEOs. According to the poll, which is featured on the cover of Chief Executive’s most recent issue, by a four-to-one margin, CEOs support Senator John McCain over Senator Barack Obama. Moreover, 74 percent of the executives say they fear that an Obama presidency would be disastrous for the country.

CEOs are fearful of a Barack Obama presidency

Across the main policy areas, CEOs gave Obama a grade of C-, while McCain got a grade of B-.

Read the full article at Chief Executive magazine.

U.S. Citizenship of Barack Obama Under Question

October 15, 2008 · Filed Under News ·  

There was speculation back in July 2008 that Barack Obama was not born in the United States when his campaign refused to produce his original birth certificate.

Barack Obama claimed to have the original birth certificate in his possession in his memoir, “Dreams from My Father.”

In the paperback edition that I have, the following appears on p. 26 in the second to last paragraph in chapter 1:

I discovered this article, folded away among my birth certificate and old vaccination forms, when I was in high school.

Well, speculation has been renewed about the citizenship of Obama since lifetime Democrat and Pennsylvania attorney Philip J. Berg filed a lawsuit to force Obama to produce a certified copy of his original birth certificate to prove that he can run for the office of President of the United States.

Berg is being fought by the DNC, who filed a motion on September 24, 2008 to dismiss the Berg action.

This could all be cleared up by producing that original birth certificate. So, where is it?

More information and an interview with Philip J. Berg at http://www.youtube.com/watch?v=gA6_k3NtXZs.

And by the way, where is the mainstream media on this one?