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Obama sees recession, need for urgent housing fix
March 27th, 2008, 11:04 am · 20 Comments · posted by Jon Lansner
Now it’s Barack Obama’s turn at a housing lecture, this presidential campaign speech coming in the heart of Wall Street. (That’s him with New York mayor Mike Bloomberg.) From prepared text of Obama’s speech …
… in our 21st century economy, there is no dividing line between Main Street and Wall Street. The decisions made in New York’s high-rises have consequences for Americans across the country. And whether those Americans can make their house payments; whether they keep their jobs; or spend confidently without falling into debt – that has consequences for the entire market. The future cannot be shaped by the best-connected lobbyists with the best record of raising money for campaigns. This thinking is wrong for the financial sector and it’s wrong for our country.
I do not believe that government should stand in the way of innovation, or turn back the clock to an older era of regulation. But I do believe that government has a role to play in advancing our common prosperity: by providing stable macroeconomic and financial conditions for sustained growth; by demanding transparency; and by ensuring fair competition in the marketplace.
Our history should give us confidence that we don’t have to choose between an oppressive government-run economy and a chaotic and unforgiving capitalism. It tells us we can emerge from great economic upheavals stronger, not weaker. But we can do so only if we restore confidence in our markets. Only if we rebuild trust between investors and lenders. And only if we renew that common interest between Wall Street and Main Street that is the key to our success. Now, as most experts agree, our economy is in a recession. To renew our economy – and to ensure that we are not doomed to repeat a cycle of bubble and bust again and again – we need to address not only the immediate crisis in the housing market; we also need to create a 21st century regulatory framework, and pursue a bold opportunity agenda for the American people.
Most urgently, we must confront the housing crisis.
• To read the entire speech, CLICK HERE
• To read John McCain’s housing speech (Tuesday in Santa Ana) … CLICK HERE
• To read Hillary Clinton’s housing speech (Monday in Pa.) … CLICK HERE
20 Comments
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I think Obama should change something.
The only fix for the housing mess is to let the prices drop back to a level rooted in reality. How else are all of Obama’s groupies going to afford them?
change that matters to HIM
& he doesn’t want to inherit this economy.
well..someone admitted the rate cuts will have little effect……
Get your wallets out taxpayers, the Bailout Train is coming down the tracks and you’ll need to throw them on as it passes.
Anyone that thought the government wasn’t going to forgive all this debt that the borrowers used to bid up the prices of homes is incredibly naive.
This is what you get when you don’t act like “real” Americans and leverage yourself to the hilt…..
Haha,
It wont happen until he is elected. Plenty of housing crash until then.
The only thing worse than giving away the taxpayer’s money to irresponsible lenders, homeowners, and investors is to spend it on an unnecessary war.
Obama is all empty rhetoric. He just might end the “bubble and bust” cycles of real estate–leaving us with “all bust” (For you Obama girls, that’s not actually a good thing).
if elected president -I believe john mccain can return
our country into it once was…. an arctic waste land
hey Obama,
The government should be concerned about inflation and the value of USD; otherwise all that will be left is some change…
“But we can do so only if we restore confidence in our markets. Only if we rebuild trust between investors and lenders.”
and who exactly is financing our living-beyond-our-means lifestyles? Foreigners. If you want to rebuild the trust between investors you cannot overlook the depreciation of the USD. The USD will continue to depreciate if we continue to create more money (supply) out of nothing. Isn’t it concern enough that the USD is already in the low 70s on the index?
The only Presidential Candidate that could *minimize* the coming collapse is Rep. Ron Paul. We need to reform not only our monetary policy but also our foreign policy and our tax system.
rants,
“next shoe to drop home equity loans”
and then we’ll see how strong our strong economy really is…
It’s all election rhetoric.
McCain is a straight talker who seems to be the only one of the three who understands this economic phenomenon.
The other two just are spewing out what they think the public wants to hear. Which is fix the economy!
I think it is funny to hear president’s take credit for a good economy, or try to fix a faltering economy, when it probably has little to do with their own policies but really more with economic cycles and market psychology..
Cycles needs to correct. Anyone who tries to stop it is just throwing our money away. If government decides it wants to ‘invest’ in this market that is the popping of the great housing bubble, it will just lose its money like everyone else.
If anyone thinks that this government intervention will actually help, they are the ones who are delusional. Even if theorectically they “save” all the at risk foreclosures (which is unlikely), this won’t increase housing prices. It will just slow down the decline. But it will still decline.This is because people still can’t afford the houses. Without the buyers, prices will drop over time.
After the great Bush debacle, I didn’t think anything could stop the dems from reaching the white house. Now I believe that Obama and Clinton’s housing proposals will force enough dems and independents into the McCain camp.
More of the same…Bush’s fault…blah blah blah. I could give you 100 democratic quotes from 1998-2003 about Saddam, his weapons program, and how he must be stopped immediately. The facts are Americans do not have the stomach for war. We live in a pretty Utopian, privileged society and we whine till the cows come home when we do not get our way about something. All politicians are liars. Period. Hillary is the worst…see her latest sniper fire “mis-speak” this week. How did she forget she was not under fire when she was there? She is a total hack.
Nobody knows what Obama stands for at all…just change. Brilliant senator.