Our Economy: “The Foundation”
By SusanUnPC on September 17, 2008 at 11:15 AM in Barack Obama, DNC, Economy, Federal Lobbyists, Housing & Housing Crisis, Lynn Forester de Rothschild, McCain/Palin 2008, Media Bias, Sexism
Below is John McCain’s powerful new TV ad which will run nationally. It’s especially timely because of the dire news reports as well as Larry Johnson’s cut-the-baloney-Barack post below that reveals that Obama is really nothing more than Wall Street’s go-to guy — and has gobbled up far, far more large amounts of lobbying money from Freddie Mac, Fannie Mae, Lehman Brothers, and AIG. Larry’s devastatingly factual post filled me with disgust at Barack Obama and particularly his followers who’ve lost all common sense and any capacity for objective scrutiny.
Last year, I concluded, from his patterns of behavior and the kind of people he takes money from, that Barack Obama is about two things: (1) Money and (2) Winning. Obama’s ruse in using words like “ethics” and ideas like “populist reform” are just campaign fodder for those rapturous rallies that, for reasons that escape me, hypnotize his devoted followers.
I don’t think it’s any accident that Lynn Forester de Rothschild chose today to endorse McCain/Palin, as Uppity Woman reports. This close friend of Hillary’s, and one of her stalwhart fundraisers, is also a savvy, hugely successful businesswoman and attorney. Please read the story at Portfolio about this “woman of major means” whose prescient business ventures and the “sale of cleverly acquired wireless broadband licenses” made her worth more than $100 million before she met her husband.
I’m guessing, but I will wager that Lady de Rothschild knows that Barack Obama isn’t up to the job of steering our economy through these rough waters, and that she has been convinced that John McCain and team can do it better. (I.e., while she has frequently spoken eloquently about issues we’ve emphasized here — the sexism and “gaming” of the primaries against Hillary — I have a hunch the economic crisis factored into her decision to endorse McCain/Palin today.)
As a woman who was appalled by the treatment of Hillary Clinton by the media, by “liberal” bloggers who viciously attacked me and every Hillary supporter, and by candidate Obama and his surrogates with their below-the-belt attacks on both Clintons, I pay particular attention to the opinion of an influential and heretofore-dedicated Democratic party member like Lady de Rothschild who worked tirelessly for both Hillary’s campaign and for the party. She attended the now-infamous DNC Rules & Bylaws Committee meeting where she was the most eloquent voice at the microphone urging the RBC to consider caucus reform. (I wish I had the video of her remarks that day.)
ARLINGTON, VA — Today, McCain-Palin 2008 released its latest television ad, entitled “Foundation.” The ad features John McCain talking directly to the American people about our economic crisis and his plans to reform Wall Street and fix Washington. The American people cannot afford Barack Obama’s agenda of higher taxes, especially when our economy is in crisis. The ad will be televised nationally.
As always, the campaign sends along a script as well as factual bases for each assertion in the advertisement:
Script For “Foundation” (TV :30)
JOHN MCCAIN: You, the American workers, are the best in the world.
But your economic security has been put at risk by the greed of Wall Street.
That’s unacceptable.
My opponent’s only solutions are talk and taxes.
I’ll reform Wall Street and fix Washington. I’ve taken on tougher guys than this before.
ANNCR: Change is coming. John McCain.
JOHN MCCAIN: I’m John McCain and I approve this message.
AD FACTS: Script For “Foundation” (TV :30)
JOHN MCCAIN: You, the American workers, are the best in the world. But your economic security has been put at risk by the greed of Wall Street. That’s unacceptable. My opponent’s only solutions are talk and taxes.
· Barack Obama Has Called For Higher Income Taxes, Social Security Taxes, Capital Gains And Dividend Taxes, And Corporate Taxes, As Well As “Massive New Domestic Spending.” “Obama’s transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?” (James Pethokoukis, “Barack Hussein Reagan? Ronald Wilson Obama?” U.S. News & World Report’s “Capital Commerce” Blog, www.usnews.com, 2/12/08)
· Barack Obama Would Raise Income Taxes. Obama: “[I] would roll back the Bush tax cuts for those making over $250,000.” (Sen. Barack Obama, CNN Democrat Presidential Candidate Debate, Manchester, NH, 6/3/07)
· Barack Obama Would Raise Capital Gains And Dividend Taxes. “Sen. Obama wants to raise the long-term capital-gains rate for families making more than $250,000 to around 20 percent or somewhat higher but not above the 28 percent level it reached during the Reagan presidency, an Obama economic adviser says. The same rate would apply to most dividend income for these investors.” (Tom Herman, “Tax Report Your Tax Bill: How McCain, Obama Differ,” The Associated Press, 6/18/08)
· Barack Obama Would Raise Social Security (Payroll) Taxes On Families. “Obama’s proposal … would impose social security taxes on income above $250,000 per year. He would continue to exempt income between $102,000 and $250,000 from social security taxes.” (Teddy Davis, Sunlen Miller, and Gregory Wallace, “Obama Kisses Billions Goodbye,” ABC News’ “Political Radar” Blog, blogs.abcnews.com, 6/18/08)
· Barack Obama Has Called For A Tax On Coal And Natural Gas. Obama: “What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas.” (“Q&A With Sen. Barack Obama,” San Antonio Express-News, 2/19/08)
· Barack Obama Has Called For A Tax On Oil. Obama: “I think it is appropriate for us to impose a windfall profits tax on our oil companies.” (Sen. Barack Obama, Remarks At A Campaign Event, Charlotte, NC, 5/2/08)
· FactCheck.org: “Obama’s Votes Indicate A Willingness To Raise Taxes.” “Certainly Obama’s votes indicate a willingness to raise taxes, and Obama has not been shy about saying explicitly that he will raise some taxes.” (“The $32,000 Question,” FactCheck.org, http://www.factcheck.org, 7/8/08)
JOHN MCCAIN: I’ll reform Wall Street and fix Washington. I’ve taken on tougher guys than this before. ANNCR: Change is coming. John McCain. JOHN MCCAIN: I’m John McCain and I approve this message.
· John McCain: “And Under My Reforms, All Aspects Of A CEO’s Pay, Including Any Severance Arrangements, Must Be Approved By Shareholders.” “In times of hardship and distress, we should be more vigilant than ever in holding corporate abuses to account, as in the case of the housing market. Americans are right to be offended when the extravagant salaries and severance deals of CEO’s — in some cases, the very same CEO’s who helped to bring on these market troubles — bear no relation to the success of the company or the wishes of shareholders. Something is seriously wrong when the American people are left to bear the consequences of reckless corporate conduct, while the offenders themselves are packed off with another forty – or fifty million for the road. If I am elected president, I intend to see that wrongdoing of this kind is called to account by federal prosecutors. And under my reforms, all aspects of a CEO’s pay, including any severance arrangements, must be approved by shareholders.” (John McCain, Remarks, Washington, D.C., 6/10/08)
· John McCain And Governor Palin Will Reform Our Mortgage And Financial Markets. “Fixing Fannie and Freddie, and reforming our mortgage and financial markets, is critical to getting the housing market and the entire economy moving again. A great deal of the savings and wealth of American families is wrapped up in the value of their homes. A house has traditionally been the wealth-building course to retirement. The housing industry employs millions of Americans. One of us, John McCain, said over two years ago, ‘If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose.’” (John McCain and Governor Sarah Palin, Op-Ed, “We’ll Protect Taxpayers From More Bailouts,” The Wall Street Journal, 9/9/08)
· John McCain And Governor Palin Will Address The Role Speculation Is Playing In Energy Prices. “Congress already has investigations underway to examine this kind of wagering in our energy markets, unrelated to any kind of productive commerce, because it can distort the market, drive prices beyond rational limits, and put the investments and pensions of millions of Americans at risk. John McCain believes that where we find abuses, they need to be swiftly punished. To make sure it never happens again, we must reform the laws and regulations governing the oil futures market, so that they are just as clear and effective as the rules applied to stocks, bonds, and other financial instruments.” (McCain-Palin 2008, “John McCain’s Lexington Project: A Comprehensive Plan To Break Our Dependence On Foreign Oil,” Press Release, 6/25/08)
· John McCain Fought For Financial Transparency In Stock Option Expensing. “U.S. Senator John McCain (R-AZ) today offered an amendment to the Accounting Reform Bill that would require companies to record the stock options that they grant to their employees as an expense on their financial statements. His floor statement follows: ‘Mr. President, I rise today to offer an amendment that requires companies to record the stock options that they grant to their employees as an expense on their financial statements. If companies want to claim these expenses as a deduction for tax purposes, they ought to be noted as expenses on a company’s income statement. We must end the double standard for stock options.’” (Office Of U.S. Senator John McCain, “We Must End Double Standard For Stock Option,” Press Release, 7/11/02)
· John McCain Has Long Fought For “Transparency Of Our Financial Markets.” “As the incoming Chairman of the Commerce Committee, I plan to conduct rigorous oversight over those aspects of corporate governance that fall under the panel’s purview. I also plan to pursue further reforms that are desperately needed such as expensing stock options. We have an obvious, pressing obligation to investors to ensure the transparency of our financial markets. Reform is a process. It is not a one-time fight.” (Office Of U.S. Senator John McCain, “McCain Declares Reform Crusade Continues,” Press Release, 11/14/01)
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