Back in March 2008, when America was focusing on the Bear-Stearns bail out, Barack Obama really had no response to a Forbes Magazine request on what he planned to do and when interviewed about it by the Chicago Tribune, Obama conveyed Yes! Bailouts are O.K. to aide in a cascading decline in credit markets, but then right after that he says Bailouts are not O.K. because we don't want to hurt healthy companies in such a cascading decline in credit markets.
What is it Senator Obama? Yes or No? I haven't heard any clarity from your camp this week either and you have six months to figure it out!
It was evident then as it is now, that Obama simply didn’t know about the Fed's intervention and as you can see below contradicted himself in the same statement. Is that even possible? Yes it is when you are not ready to lead. Ask Joe Biden he agreed in the Democrat Primary debate that Obama does not have the experience to be President.
Bear Stearns: What the Candidates Say
...Barack Obama’s representatives have not returned calls for comments [on the Bear Stearns crisis], but he addressed the matter in an interview with the editorial board of the Chicago Tribune on Friday:
While Sen. Barack Obama said he is generally wary of government intervention to bail out struggling banks, such as the move by the Federal Reserve Friday aimed at preventing a collapse of Bear Stearns Co., he said exceptions can be made in an effort to prevent "a cascading decline in credit markets."
Obama…said he did not yet know enough about the Fed's intervention…"What you don't want is a cascading decline in credit markets across the board with the companies that were sound, and the credits that were sound, being punished as well," Obama said....
When you don't have the experience to lead and you Vote Present more often than you take a position, as Obama has done as a Senator, you cannot Lead America through a crisis.
Virginia: Obama cannot lead. As you can see, six months later and Obama STILL does not understand the Paulson-Bernanke plan or what is at stake for our U.S. credit markets.
Counter that indecision with Senator McCain's Jobs for America plan and his strong statements quoted by the LA Times showing that we need accountability, an advisory and oversight board and no blank check:
John McCain Calls for Accountability in Bailout Plan
McCain says it includes no oversight of Treasury's Henry Paulson and suggests a board headed by Warren Buffett, Mitt Romney or Michael Bloomberg. He also decries golden parachutes for failed CEOs.
By Bob Drogin and Johanna Neuman, Los Angeles Times
September 22, 2008 (Article Excerpts)
SCRANTON, Pa. -- With the Bush administration trying to hurry through Congress the $700-billion package to bail out Wall Street and bolster the U.S. economy, Republican John McCain said he was "greatly concerned" about a plan that gives Treasury Secretary Henry Paulson "the unprecedented power to spend $1 trillion without any meaningful accountability."
At the Irish-American presidential forum in this battleground state, McCain said that the plan being discussed today in Washington gives too much power to Paulson.
"Never before in the history of our nation has so much power and money been concentrated in the hands of one person," he said. "We will not solve a problem caused by poor oversight with a plan that has no oversight."