Thursday, September 25, 2008

Obama Accepts Bush Invitation to Meet

Bush took the unusual step Wednesday night of calling Democratic Sen. Barack Obama directly to invite him to the meeting, White House press secretary Dana Perino said. An Obama spokesman said the senator would attend.

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Pasted below is the Obama-McCain Joint Statement

The American people are facing a moment of economic crisis. No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake.

"Now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people. The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail. This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country

."Speaking for himself, Senator Obama outlined the following principles that he calls on Senator McCain to support:

I believe that several core principles should guide this legislation. First, there must be oversight. We should not hand over a blank check to the discretion of one man.
We support an independent, bipartisan board to ensure accountability and complete transparency.

Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers.

Third, no Wall Street executive should profit from taxpayer dollars. This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis.

Fourth, we must help families who are struggling to stay in their homes. We cannot bail out Wall Street without helping millions of families facing foreclosure on Main Street.

Fifth, we both agree that this financial rescue package should move on its own without any earmarks or other measures. We have different views about the need for other action, but this must be a clean bill.This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe.

This is not a Democratic problem or a Republican problem - this is an American problem. Now, we must find an American solution.

1 comment:

Anonymous said...

Congress is considering putting the American people $700 billion further in debt to buy mortgage-related assets. (They would not be buying the actual mortgages, but would instead be buying investment interests in pools of mortgages). The following is a message that needs to be delivered to Senators and Representatives:

“If Congress buys into mortgages, it must require that the Congress controls how those mortgages are serviced by the companies that deal with the consumer.

Congress must also again allow federal judges to modify loans in bankruptcy to keep people in their homes.”

For residents of the Harrisonburg area, the following is the telephone contact information for your Senators and Representative:

Senator Webb: toll free (866) 507 1570 then select 3

Senator Warner: (202) 224-2023

Rep. Goodlatte: (202) 225-5431

You can call after hours and leave messages at these numbers. If you speak to a real person during the day, the reason controlling the servicing is important is because it is the servicer who decides when to allow a repayment arrangement and when to foreclose. The reason to give back to federal judges the power to modify mortgages is because bankruptcy judges used to have this power that crafts a reasonable and realistic answer that protects creditors to the fullest extent that the bankruptcy process allows, while also allowing people who can pay the value of their homes to stay in their homes. These are not Republican or Democratic issues but economic realities about how not to waste taxpayer’s dollars if the bailout is to happen.