On Wall Street, Obama's Wonk vs. McCain's Words

re: On Wall Street, Obama's Wonk vs. McCain's Words

Brendan1 — Wed, 17 Sep 2008 19:57:02 GMT

I think we can call this what it is: Another McCain Flip-Flop!

Watch for a McCain Presidency (in an alternate universe, I hope!) to continue the trend of deregulation and "anything-goes" policy towards Wall Street.

It's not that he actually wants to abolish the American economy. It's just that he's not sure what the economy actually is, or where to find it. He should look under the boot heels of his corporate handlers, for starters. Then he should retire.

re: On Wall Street, Obama's Wonk vs. McCain's Words

Mike In MI — Wed, 17 Sep 2008 20:08:28 GMT

Once again the MSM lets John McCain get away with being vague, lying, and changing his long held position regarding deregulation.

America need Barack Obama as it's next president. How can anyone in good consience vote for McCain after the continuous string of lying advertisments that have been run, each one stating "I'm John McCain and I approve this message"?

re: On Wall Street, Obama's Wonk vs. McCain's Words

doclil — Wed, 17 Sep 2008 20:40:24 GMT

oh, and has anyone asked Sarah Barracuda how she plans to fix this economic mess? She left her small town owing money after she was mayor!!!!!!!

Let's see, billions of dollars on a useless war. Economy in shambles, ...hmmm.... more McBush ahead...

PLEASE AMERICA, wake up!

Obama 08.

re: On Wall Street, Obama's Wonk vs. McCain's Words

AguilarJ — Wed, 17 Sep 2008 20:42:32 GMT

What about the line from Palin that she's going to restructure Regulations to make sure that government stays out of business. Isn't that called DE-regulation? I think a polar bear's got her tongue.

re: On Wall Street, Obama's Wonk vs. McCain's Words

rojack777 — Wed, 17 Sep 2008 20:53:55 GMT

McCain has always supported deregulation and now has flip flopped to support it. Don't believe it as this port shows:

This is not a guy who just votes for the corrupt legislation his Wall Street friends tell him to vote for - this is a guy who has staked his name on being "fundamentally a deregulator," as he recently described himself.

On 11/19/93, McCain took to the Senate floor to support an early financial deregulation bill and decry what he called "the tremendous regulatory burden imposed on financial institutions." The guy who now claims to be the trustbusting Teddy Roosevelt back then lamented "the rapidly increasing regulatory burden imposed on banks is to cause them to devote substantial time, energy and money to compliance rather than meeting the credit needs of the community."

Ten years later, McCain was bragging to the Associated Press that "I have a long voting record in support of deregulation," and to CNN that "I am a deregulator. I believe in deregulation."

re: On Wall Street, Obama's Wonk vs. McCain's Words

Mark D — Wed, 17 Sep 2008 20:54:37 GMT

This is starting to get serious. Obama has attended less than 150 legislative sessions in Washington, DC. Before that he was a state senator from Illinois for several years and a Chicago community organizer. He has zero (0) background, training, experience, knowledge or even interest in the financial community. Forget whether he is fit to be Commander In Chief of the United States, with his resume he is totally unfit to address the serious financial problems confronting this country today. Query, why would someone who graduated Harvard Law School, function as a community organizer any way. Why couldn't he get a job? What are we missing here?

re: On Wall Street, Obama's Wonk vs. McCain's Words

madmonk2000 — Wed, 17 Sep 2008 21:06:54 GMT

The lies being spread about Obama and McCain need to be checked out on Factcheck or Politifact. Obama will raise taxex on the rich but not the middle class which will receive a bigger tax cut under Obama than McCain so we have broadbased prosperity and avoid the concentration of political power than comes from huge disparities of wealth. McCain believes in unfettered free markets and the events of the past year show that benefits socioeconomic elites but not the broad population. The Federal government, to quote Thomas Friedman, has a role in shaping markets and tending them to provide for competition to be meaningful. Republicans have been running as if the government is the enemy and the problem and not part of the solution. The result is a government that does not work for all of the people (Katrina, Ike) but just for the rich lobbyists, who have exploded in number and in the amount spent on lobbying since 2000 (according to the Wall Street Journal). If your household makes more than $250,000 a year, it is in your self-interest to vote for McCain. If not, it is in your self-interest to vote for Obama so all Americans can have the benefits again that, today, just a few enjoy.

re: On Wall Street, Obama's Wonk vs. McCain's Words

Pacific NW Mark — Wed, 17 Sep 2008 21:11:15 GMT

One of the problems here is journalists who regard any kind of honest analysis as "a tiresome game of political gotcha". Wake the hell up, Andrew. The country is facing serious issues and the best we're getting from the media is this?

There's a very bright line from McCain and the GOP's stance and practice of deregulation of the financial markets to the crisis facing the economy today. 'McCain's long-held belief in deregulation' is THE reality, not the ersatz populism he's spouting in the last 48 hours.

re: On Wall Street, Obama's Wonk vs. McCain's Words

wildlifeusa — Wed, 17 Sep 2008 21:14:44 GMT

The religious right wing has been using our tax dollars to build their own private army of dangerous mercenaries...

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re: On Wall Street, Obama's Wonk vs. McCain's Words

Omnius — Wed, 17 Sep 2008 21:15:38 GMT

Good article Andrew! Yep it's getting obvious that Obama is not the candidate who's light on specifics. We certainly can't trust a sworn foot soldier of Ronny Raygunz who calls himself a fundamental deregulator and who has a long sordid history of pushing deregulation of now becoming a born again regulator. Just a bunch of hot air from a known liar who wants a 9/11 style commission (which he ignored) to drag things out so he can avoid regulation. We need Obama/Biden because they get it and they will give us proper regulation that the repugnant ones abhor so much. The repugnant ones are just the bff's of the white collar criminal crowd that's been running Wall Street into the gutter.

re: On Wall Street, Obama's Wonk vs. McCain's Words

mathrec — Wed, 17 Sep 2008 21:15:47 GMT

This is cosiderably worse than hypocritical. McCain was very much at the center of the Government policies that led to this crisis. The blame for this mess goes not just to Republicans generally, but to John McCain personally. What is true in general is that the conservative mantra of government doing less has been taken past its reasonable limits as a guiding principle. Whether it's Katrina, or the privatization (and corruption) of the Iraq War, or the meltdown in the financial industry, the ideological purity of McCain-style conservatives has led to a dismantling of government that has proven disastrous. It simply can't be blamed on G.W.Bush. It's a total failure of an ideology that has been taken to absurd extremes.

re: On Wall Street, Obama's Wonk vs. McCain's Words

Rob from Iowa — Wed, 17 Sep 2008 21:16:49 GMT

What we DON'T NEED at this point is any politician racing in to make political gains off these developments. But again, that is what politicians do. They attempt to step in to "save"us. There are folks who study this kind of stuff, and they need to be consulted before we make any rash decisions. I have a few sources that I trust, and am going to wait and see what they propose. I am sure in either a McCain or Obama administration there will be experts consulting with the President.

What we don't need is the government racing in to fix a problem, any problem, either real or perceived.

I am just fearful of what Reid/Pelosi/Obama will be able to accomplish if they get power. And as I was educated the other day, it is the Congress, not the President that establishes tax policy in this country. Clinton owes a huge debt to the Repubs in Congress during the 90's for his success. And it was Kemp-Roth in the Congress in the early-80's that ushered in one of the greatest perods of growth in this country, and set Keynsian economics on it's head.

I've heard Jack Kemp is an advisor to McCain. I want to hear more about that. Kemp has great ideas on "Enterprise zones" and pro-growth, supply-side tax cuts which lower the cost of capital which generates a demand for dollars as workers are given an incentive to work harder and attain more dollars. This raises the value of the dolar. What you say? Cutting taxes on the "rich"? Yes, cutting taxes for employers, creates more employees.

God love the Democrats. Their hearts are in the right place, but their brains are not. As Kemp says, "Democrats love employees. But you can't have employees without employers."

I am for less-government, in general. What we need now is to take a look at the sub-prime industry and the derivative industries. If changes need to be made which do not hurt their competiveness, then we need to look at those.

As I read these blogs though, not just here but across the web, I begin to wonder, does pragmatism exist anymore?

re: On Wall Street, Obama's Wonk vs. McCain's Words

wildlifeusa — Wed, 17 Sep 2008 21:24:47 GMT

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re: On Wall Street, Obama's Wonk vs. McCain's Words

wildlifeusa — Wed, 17 Sep 2008 21:25:16 GMT

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This is the dark story of the rise of a powerful mercenary army, ranging from the blood-soaked streets of Fallujah to rooftop firefights in Najaf to the hurricane-ravaged US gulf to the chambers of power in Washington DC, where Blackwater executives are hailed as new heroes in the war on terror. This is an extraordinary expose by one of America's most exciting young radical journalists.

re: On Wall Street, Obama's Wonk vs. McCain's Words

wildlifeusa — Wed, 17 Sep 2008 21:25:19 GMT

re: On Wall Street, Obama's Wonk vs. McCain's Words

wildlifeusa — Wed, 17 Sep 2008 21:25:44 GMT

re: On Wall Street, Obama's Wonk vs. McCain's Words

HoustonDude — Wed, 17 Sep 2008 21:27:45 GMT

Isn't it interesting that all these so called geniuses in Wall Street are from Ivy League Universities? Obama is an Ivy League product...basically out of touch liberals who think that they have all the solutions and anybody that does not agree with them are ignorant and incapable of understanding their way of thinking through problems!

re: On Wall Street, Obama's Wonk vs. McCain's Words

notunderage — Wed, 17 Sep 2008 21:31:18 GMT

She sits alone waiting for suggestions (Bush Doctrine??)

He's so nervous, avoiding all the questions

His lips are dry, her leg is gently shaking

don't you just know exactly what they're thinking?

If you think I'mm stupid and I want your money

Come on voters let me know.

If you like my lipstick and you think I'm right-wing

Come on voters tell me so.

He's acting dumb, looking for a scapegoat

Come on GOP, let's spend the night together.

Now hold on a minute before we go much further,

Give me a dime so I can call my lender.,

They catch a plane to his high-rent department,

At last he can tell her exactly what his pols meant.

If you think I'm stupid and I want your money,

Come on voters let me know.

If you like my lipstick and you think I'm right-wing

Come on voters tell me so.

His heart's beating like a drum

cos' at last he's got his Vip home,

Relax moosehead, now we are alone.

They wake at dawn 'cos all the jailbirds are singing,

Two total strangers but that ain't what they're thinking.

Outside it's cold, misty and its raining (it's November)

They got each other and neither one's complaining (NOT!)

He says I'm sorry but I'm out of ideas and lies,

Never mind Barbie we can watch the early exit polls.

If you think I'm stupid and I want your money

Come on voters let me know.

If you like my lipstick and you think I'm right-wing

Come on voters tell me so.

re: On Wall Street, Obama's Wonk vs. McCain's Words

Uncle Buck — Wed, 17 Sep 2008 21:32:07 GMT

I'll take Obama's lack of time in Washington to McCain's dishonesty and COMPLETE incompetence on the econonomy any day. McCain is out of his league here and I don't think Sarah Palin can help him.

re: On Wall Street, Obama's Wonk vs. McCain's Words

medstud — Wed, 17 Sep 2008 21:41:36 GMT

I'd be more at ease with my McCain's new tone if I could believe he truly meant it. So far it just looks like he's trying to say just about anything to be elected. Sadly, most low information voters couldn't tell the difference.

re: On Wall Street, Obama's Wonk vs. McCain's Words

Uncle Buck — Wed, 17 Sep 2008 21:41:50 GMT

Although I typo'd and spelled economy 'econonomy' (see below) you got my point :) And by the way, I'd love for our President to have an Ivy League education. For a change I want my leaders to be smarter than we are. Amazing a person can be criticized for finishing college.

re: On Wall Street, Obama's Wonk vs. McCain's Words

cani77 — Wed, 17 Sep 2008 21:51:49 GMT

In a few weeks we will make a choice that will decide our future.

This time the stakes are much higher then most people could imagine

I would like to point out some things You may already know with a new perspective.

I follow a economist named bob proctor who has called the top and bottom of every market crash since the 70s correctly.

He perfectly predicted the current real estate market meltdown ,and the picture he paints about what will happen in the next couple years

Is terrifying. He thinks it could get worse then the great depression.

Banks in the US are going under one after the other. Country wide the largest morgage bank in the world

Bear Stearns and Lehman brothers , and Merrill Lynch which are 3 out of the top 5 wall street firms.

And now Fanny and Freddy which hold 50 percent of the home loans in the United States.

The goverment took them over because they are essentially bankrupt.

If they didn't the entire financially system would virtually shut down, the stock market would crash

And we would suffer beyond what any of us have seen before

The future of these companies will fall into the hands of our next president

And all of our economic future depends on them reorganizing these companies right.

Lehman, Merill Lynch, and Bear Sterns have survived for over 150 years and survived even the great depression

They are important because the are the biggest engines of growth in america and

they are connected to almost everything.

The last time the real estate market numbers looked this bad was during

The great depression and real estate often leads the way into major economic recessions.

One out of 10 Americans is somewhere in the foreclosure process.

During the last 8 years the average person saw there salary drop instead

Of increase. These are all facts no one will argue with.

The truth is we are only in the start of the worst economy we have seen in our generation

and a very real possibility of another depression.

Bush just like Mcain doesn't understand the economy.

That not just my opinion its his own words. Not only does he not understand how to fix it

He does not understand exactly what is broken. Its no surprise that he doesnt. The people that make up these

securities use complex math models very few people understand.

They are basically bundles of thousand of loans some good and some bad that are then given rules based on quantitiative

math. It will take the best and brightest minds in the world to get us out of this, and the same things bush and mcain have done for the last 8 years

Have not worked so far and wont work in the future.

If you do what you have always done then you will do get what you have always __________

90 percent of the time they have voted the same.

Please don't just take my word for it Start to read up on some of this yourself. MSN money, elliot wave and, bloomberg

Have tons of articles That prove we are in the heading into one of the worst economies any one has ever seen.

So why are the polls even close then ?

The chairman of mcains campaign recently said that people don't vote on issues

they vote on a personality composite which means. He is trying to sell personality instead

of results.

He believes people will vote against there own self interests.

Lets teach him we are smarter then that and elect the ticket that can

bring us back from the brink of a economic abyss.

If you think i am kidding do your own home work you will find

We are at the start of this mess not the end.

Mcain admits in the year 2008 he cannot use a computer even to send email

Its almost impossible then he will understand the complex securities such as cdos that are destroying wall street

and the home values on your street.

We are not bulletproof america it time to wake up and hold these people accountable.

How many people that you go out and have drinks with would you really want running the country?

Lets stand up and fight for our country now while it will still make a difference

Lets elect Obama Biden 08

re: On Wall Street, Obama's Wonk vs. McCain's Words

Spinner — Wed, 17 Sep 2008 21:54:01 GMT

I really wish the television and radio media would present Sen. Obama's six-point economic plan again, instead of letting the McCain camp say that Obama has nothing to say. He's been talking about this economic plan (tfor problems like the threat of a Wall Street meltdown, etc.) since last March, and talked about it in the Senate several times before that. Why are the TV and radio media silent about this? Are they trying to influence the election or what?

re: On Wall Street, Obama's Wonk vs. McCain's Words

RiversideWarrior — Wed, 17 Sep 2008 22:03:29 GMT

The 'voodoo' unregulated economics that has been the norm of the past 8 years has finally been exposed in a most resounding fashion given the latest announcements on AIG, Lehman, Merrill Lynch, Fannie Mae, Freddie mac, etc. Funny thing is, until less than 2 years ago, Sen. McCain was Chair of the Commerce committee that had oversight on the regulation of the banking and financial investment industries, he along with his buddy Sen. Phil Gramm (R-Texas) did everything they could to deregulate such protections designed to protect the American people in order to allow their supporters to steal and gamble. Farewell to Bush/McCain/Palin, it has not been so nice knowing you as the chickens finally come home to roost!

re: On Wall Street, Obama's Wonk vs. McCain's Words

nanatofive — Wed, 17 Sep 2008 22:16:14 GMT

Response to Mark D:

Senator Obama worked as a community organizer after he graduated from Columbia and BEFORE he went to Harvard Law (where he was head of the prestigious Law Review). I'm very sure that he could have gotten a job at any top tier law firm with his background. He obviously did NOT graduate with a BA from Idaho State OR with a "gentleman's" C-minus as did GWB OR 894th in a class of 899 from the Naval Academy.

Hmmmm, I think I'll support men with solid ideas, brains, and plans to help our country recover from the last eight years. I'm a woman who supported HRC with cash and with my vote. I would not cast my precious vote for McCain/Palin under any imaginable circumstance. I'm a person who looks at the issues, not at the color OR genetalia. I sure wish that more people would do so too!

re: On Wall Street, Obama's Wonk vs. McCain's Words

justanothervet — Wed, 17 Sep 2008 22:20:06 GMT

Finally - an article with excellent observations on both candidates. I don't agree with some observations but find this effort to be outstanding in light of most of the garbage being presented as journalism.

re: On Wall Street, Obama's Wonk vs. McCain's Words

gemini14 — Wed, 17 Sep 2008 22:25:11 GMT

From Washington University in St. Louis Law School:

Case Name Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance

Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011

State/Territory Illinois

Case Summary

Plaintiffs filed their class action lawsuit on July 6, 1994, alleging that Citibank had engaged in redlining practices in the Chicago metropolitan area in violation of the Equal Credit Opportunity Act (ECOA), 15 U.S.C. 1691; the Fair Housing Act, 42 U.S.C. 3601-3619; the Thirteenth Amendment to the U.S. Constitution; and 42 U.S.C. 1981, 1982. Plaintiffs alleged that the Defendant-bank rejected loan applications of minority applicants while approving loan applications filed by white applicants with similar financial characteristics and credit histories. Plaintiffs sought injunctive relief, actual damages, and punitive damages.

U.S. District Court Judge Ruben Castillo certified the Plaintiffs' suit as a class action on June 30, 1995. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 322 (N.D. Ill. 1995). Also on June 30, Judge Castillo granted Plaintiffs' motion to compel discovery of a sample of Defendant-bank's loan application files. Buycks-Roberson v. Citibank Fed. Sav. Bank, 162 F.R.D. 338 (N.D. Ill. 1995).

The parties voluntarily dismissed the case on May 12, 1998, pursuant to a settlement agreement.

Andrew Nash - 06/02/2008

compress summary

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Docket(s) 1:94-cv-04094 (N.D. Ill.) 05/12/1998

FH-IL-0011-9000 | PDF

General Documents 162 F.R.D. 322 06/29/1995

FH-IL-0011-7500 | WESTLAW | LEXIS

162 F.R.D. 338 06/29/1995

FH-IL-0011-7501 | WESTLAW | LEXIS

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Issues Discrimination-area

Lending

Discrimination-basis

Race discrimination

General

Funding

Plaintiff Type

Private Plaintiff

Race

race, unspecified

Causes of Action None on record

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Case Listing None on record

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Defendant(s) Citibank Federal Savings Bank

Plaintiff Description African Americans seeking redress for alleged racial discrimination and discriminatory redlining practices.

Lawyer Organizations None on record

Class action status sought Yes

Class action status granted Yes

Prevailing Party Plaintiff

Public Int. Lawyer No

Nature of Relief Unknown

Source of Relief Settlement

Form of Settlement Court Approved Settlement or Consent Decree

Order Duration not on record

Case Closing Year 1998

Case Ongoing No

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Judges Castillo, Ruben (N.D. Ill.)