It's the Economy, Stupid! Three former U.S. SEC chairmen endorse Obama

[FrenchieCat]

Three former U.S. SEC chairmen
endorse Obama

SOUTHFIELD, Mich (Reuters) - Three former chairmen of the U.S. Securities and Exchange Commission endorsed Democratic presidential candidate Barack Obama on Wednesday, bolstering the Illinois senator's economic credentials and bipartisan appeal as he closes in on his party's nomination.

Former SEC head William Donaldson, who was appointed by Republican President George W. Bush, joined Arthur Levitt and David Ruder in backing Obama, who leads rival Hillary Clinton in the number of delegates necessary to become the Democratic White House nominee.

Levitt was appointed by former President Bill Clinton, a Democrat, while Ruder was appointed by former President Ronald Reagan, a Republican.

"Each of us has been committed to prudent economic policy and effective financial regulation for many years," the men said in a joint statement along with former Federal Reserve Chairman Paul Volcker, also an Obama supporter.

"We believe Senator Obama can provide the positive leadership and judgment needed to take us to a stronger and more secure economic future."

MORE.....

http://www.reuters.com/article/politicsNews/idUSN1448591420080514

[FrenchieCat]

1. It appears that Obama is favored to be able to handle the economy......

And that is the Number 1 issue.

[Creideiki]

2. Or he could be leading in fundraising from Wall Street

and these are Wall Street people.

Seriously, is logic really not taught any more?

[redqueen]

3. Did you miss the part about the nobel-prize winning economists?

I guess you did.

[FrenchieCat]

7. Here is that information.......

http://www.thepresidentialcandidates.us/two-nobel-prize-winning-economists-say-obama-is-best-for-economy/377/

Here's a video of these Nobel prize winning economists lining up behind Sen. Obama.
http://www.youtube.com/watch?v=zk8XpLHG_4A

[redqueen]

12. Thanks, FrenchieCat.

Amazing what seems to be missed these days around here.

[FrenchieCat]

6. The entire nation is backing Obama now. That's just a fact that it includes both

Wall Street and Main Street.

That's how one wins a general election.

If Hillary can morph into an alcohol guzzling gun loving gas tax cutting populist, I guess that Obama can show the support he receives from all corners of the spectrum.

[Cha]

17. Good reasoning... hilary is hurting her liver while Obama

is shoring up his support on the Economy.

[Creideiki]

26. Not the "entire nation" or he'd be winning everything everwhere with 100% of the vote

He's got roughly half the Democratic voters. That's not "everybody". That's not the "entire nation."

And no, Hillary's not much better. She doesn't have "everybody". She doesn't have the "entire nation" behind her. She's got close to half the Democratic voters.

This is a tightly contested primary season. Hillary's screwed up parts of her campaign, and so has Barack. They're both, well, appealing to roughly half, and it's likely that most of the support for either is soft enough that they'd support the other.

[FrenchieCat]

28. Take note: The entire Nation will support Barack soon enough.

because nothing can drown out the millions of voices behind him.

[Creideiki]

31. Ah. The first unanimous vote since George Washington.

Willing to bet a paycheck on that one?

[FrenchieCat]

40. Let's put it this way.....As Prez 44, he will have a working majority....

and that's all we need.

[Creideiki]

49. Of course it's all you need. You're straight.

[Cha]

19. And I'm wondering if you know

the meaning of the word "logic"? Do you know how many small individual donors Obama has?

[Creideiki]

25. That would be a "non-sequitir"

This isn't about how many small individual donors Obama has, it's about whether or not anyone should be surprised that the darling of Wall Street should pick up endorsements from, uh, Wall Street.

[Cha]

29. It's only a "non sequitor" to those who don't know

logic.

[Creideiki]

30. And those who can spell.

You don't get to change the argument. Argue the argument at hand.

[Moochy]

53. Score !!

Catch your opponent in a spelling mistake! Dinkeldog has his opponent on the ropes! :evilgrin:

[Cali_Democrat]

4. After watching Hillary accumulate massive debt during the primaries...

I have no doubt she would run the US economy into the ground. Ready on day one my ass.

[FrenchieCat]

21. Since the Laisser Faire approach that worked in the 1990s

has come home to roost.

THE RISE OF THE DLC

its mission was far more confrontational. With few resources, and taking heavy flak from the big guns of the Democratic left, the DLC proclaimed its intention, Mighty Mouse-style, to rescue the Democratic Party from the influence of 1960s-era activists and the AFL-CIO, to ease its identification with hot-button social issues, and, perhaps most centrally, to reinvent the party as one pledged to fiscal restraint, less government, and a pro business, pro-free market outlook.
http://www.mydd.com/story/2005/1/24/16457/4867

Hence the DLC via Bill Clinton's Presidency gave us among other things.......

NAFTA

Clinton Signs NAFTA
12/8/93"I do want to say, also, a special word of thanks to all the citizens who helped us -- the business leaders, the labor folks, the environmental people who came out and worked through this; many of them at great criticism, particularly in the environmental movement and some of the working people who helped it. And a group that was quite pivotal to our success that I want to acknowledge specifically are the small business people, many of whom got themselves organized and came forward and tried to help us. They made a real difference. " Bill Clinton at NAFTA signing Ceremony
http://www.clintonfoundation.org/legacy/120893-speech-b...

1996 TELECOMMUNICATIONS ACT

Clinton Signs The Telecommunications Act of 1996
The Telecommunications Act of 1996 is the first major overhaul of telecommunications law in almost 62 years. The goal of this new law is to let anyone enter any communications business -- to let any communications business compete in any market against any other.

The Telecommunications Act of 1996 has the potential to change the way we work, live and learn. It will affect telephone service -- local and long distance, cable programming and other video services, broadcast services and services provided to schools.
http://www.fcc.gov/telecom.html

WELFARE REFORM ACT

1996 Personal Responsibility and Work Opportunity Reconciliation Act
On August 22, President Clinton signed the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Conference Report to accompany H.R. 3734, the controversial legislation which repeals the 60 year old social safety net for the poor and requires welfare recipients to work. The legislation is very much like H.R. 4, the previous welfare bill that the President vetoed at the urging of NOW and other advocacy organizations. And, like the previous bill, the President received severe criticism from community activists, women's rights, social service advocacy, labor, minority, and religious groups in embracing this Republican-led effort to change the Aid to Families with Dependent Children (AFDC) program.
http://www.sourcewatch.org/index.php?title=1996_Welfare...

BANKING REFORM BILL

Clinton signs banking overhaul measure
November 12, 1999
The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate.

Congress passed the bipartisan measure November 5, opening the way for a blossoming of financial "supermarkets" selling loans, investments and insurance. Proponents had pushed the legislation in Congress for two decades, and Wall Street and the banking and insurance industries had poured millions of dollars into lobbying for it in the past few years.

"The world changes, and Congress and the laws have to change with it," said Senate Banking Committee Chairman Phil Gramm (R-Texas), who has fought for years for the overhaul. Gramm said the bill would improve banking competition and stability.
http://www.cnn.com/ALLPOLITICS/stories/1999/11/12/banki...

CHINA TRADE DEAL

Clinton signs China trade bill
October 10, 2000
he measure is considered the most important U.S. trade legislation since passage of the North American Free Trade Agreement in 1993. But it faced a long campaign of opposition from labor, human rights and conservative groups who wanted to retain the annual review of trade relations with China.
http://archives.cnn.com/2000/ALLPOLITICS/stories/10/10/... /

"Screw 'em," she told her husband. "You don't owe them a thing, Bill. They're doing nothing for you; you don't have to do anything for them."
http://www.americablog.com/2008/04/hillary-clinton-on-w...

(ACTUAL LINKS AVAILABLE HERE: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x5587196

[jonestonesusa]

36. I appreciate your reminding us of these legislative actions.

What I liked best about Bill Clinton was fiscal conservatism, what I liked least was the excess of neoliberal, "free market" globalization in his economic policies, all of which were great for lining his own pockets and growing the economy through the export-import market, but did not address wealth inequity, dependence on fossil fuels, the growth in health care costs, increases in incarceration due to the drug war, or the growth in the military budget despite the collapse of the U.S.'s largest conventional enemy.

So, the Clinton record has significant successes on the budget, Mideast and Ireland peace efforts, family leave, RU-486, but the Clinton presidency did not succeed in all areas Frenchie mentioned and went too far in enabling unregulated globalism and capital markets in the areas above. Ten years and one more laissez-faire administration later, we can see that the longer term effects of these policies are not helping us sustain economic growth, close the wealth gap, or even sustain a highly trained workforce.

Funny - where do the H-Clinton supporters go when you post historical facts and invite a discussion that isn't one-line putdowns of Obama? I want to hear your take on these issues. Where are you?

[redqueen]

38. Good questions. (nt)

[FrenchieCat]

42. They usually don't respond.....

[Coexist]

5. knr

[ej510]

9. Hillary has proven to be just as economically irresponsible as GW.

[FrenchieCat]

11. She makes a lot of promises that she doesn't back up on how she will get it done.......

and McCain't is even worse.

The Gas Tax brain fart is such an example.

How many days till Summer?
What has McCain or Hillary done to get their bills through congress? :shrug:

[democracy1st]

8. K & R

[speedoo]

10. K&R. Thanks for posting this. nt

[PBS Poll-435]

13. Business Loves Obama!

Who Knew?

[jonestonesusa]

37. Tell me, prodn2000, do you prefer facts or one-line putdowns?

I invite you to take a look at Obama's record on labor issues, and to examine his rating by key Democratic constituent groups.

I picked this site because it is rather comprehensive in offering perspective on his voting record and offers links to the original organizations who compile the ratings. Note the following, quoted from the site:

"The National Federation of Independent Businesses gave Obama a 12 percent grade for his voting in the 109th Congress on issues like minimum wage, employee health insurance and the Death Tax. He received a grade of 100 percent from the AFL-CIO labor federation ."

In other words - if you are strongly pro-business from a point of view similar to neoconservatives, you would give Obama a low rating because of his support for a stronger minimum wage, votes to retain the estate tax, etc. But if you view business from a consumer or labor perspective, you are more likely to agree with his stances on business policy, as does the AFL-CIO.

Here's the link:
http://people.howstuffworks.com/barack-obama4.htm

I hope it helps give some perspective on Obama's voting record so we can talk about these issues in an informed way.

[PBS Poll-435]

46. Um..Thanks for the link.

I know the issues backwards & forwards.

When Big Business & Wall Street show affinity towards Clinton, that is bad.

When Big Business & Wall Street show affinity towards Obama, that Change You Can Believe In!.

[jonestonesusa]

47. Hi, again. I'm not disputing your knowledge, I just like dialogue

and I think that both candidates have been attacked at times for being "moderates," basically corporate candidates. Those attacks come a lot from the left of the party.

Personally, I'm interested in spin to a point - of course, supporters of either candidate will have their talking points and slogans. I don't think it helps us, though, to focus continuously on who's spinning what, because it doesn't help us as citizens take our necessary role in pushing our elected officials toward good governance.

So let's get down to brass tacks - the AFL-CIO affiliated group gives Obama a rating of 100% for his voting record. The neocon pro-business group gives him a rating of 12%. In what way does this show that Obama is excessively pro-business?

Obama's book, Dreams from my Father, goes into extensive detail about Obama's efforts to work in urban economic development, and the impediments to maintaining a small business - or attracting large businesses - to underdeveloped urban neighborhoods.

Plus, what roles do you think that Wall Street, corporate business, and small business have to play in an economic growth agenda? I would love to see a strategy that is not overly slanted in favor of multinational businesses in terms of tax policy, regulation, and attention among policyholders. Wall Street always hedges its bets - it knows that Obama is the presumptive nominee at this point, and it wants to get its hooks in him. While I call myself a progressive, I understand that the current economy is blended - it includes small and large business, domestic and international, and the public and nonprofit sectors. They all have a role to play. I like Obama because he is not doctrinaire in his approaches to development, and has enough experience with working at a grassroots level that he recognizes the micro-level decision-making and challenges that are necessary to keep a neighborhood, city-wide, or regional economy going, as in Illinois.

Read all about it - what do you think about Clinton's economic policies, by comparison?

http://www.barackobama.com/issues/economy/#innovation

[MarjorieG]

41. Because he's pragmatic: his health care plan, his speech on deregulation follies.

[Cha]

14. That won't bother hilary since she doesn't " throw

her lot in with Economists" or was it Experts?..anyway it was something reminiscent of what george w bush would spout off. Some non reality based shit just to let it be known exactly who was the Decider.

[Lucky 13]

15. Pffft! Stupid economists!

What do they know?

:sarcasm:

[FrenchieCat]

18. Well, they haven't been listened to for like 7 years.......

and it appears that they figured out that only one candidate will listen this time around. That would be the one with the big ears!

[liberaldem4ever]

16. Great news-K&R!!

Thanks for posting-I haven't heard that yet. :woohoo: :applause: :bounce: :kick:

[lastliberalintexas]

20. As I posted elsewhere, this is not exactly something to crow about

They trust him to take a "reasoned approach" to "balanced regulatory reform." IE, codespeak for playing nice with business.

http://online.wsj.com/article/SB121073227421390697.html?mod=googlenews_wsj

[FrenchieCat]

22. Actually, that is not the case......

Obama: Fix market regulation

The Democratic presidential candidate said rapidly changing financial markets, coupled with increased government deregulation, have led to a cycle of economic bubbles and sudden declines that endanger Americans and threaten businesses.

"Our free market was never meant to be a free license to take whatever you can get, however you can get it. That is why we have put in place rules of the road to make competition fair and open and honest," he said. "We have done this not to stifle, but rather to advance, prosperity and liberty."
http://www.usatoday.com/news/politics/election2008/2008-03-27-economy-speech_N.htm


But you can "imply" what you want, if it will make you feel better.

[lastliberalintexas]

23. Obama will be much better than Bush and McCain

And he will probably be better than Clinton on regulation issues. But I stand by what I wrote, this isn't an endorsement that does much to calm the concerns of people like me who feel that Obama (and Clinton) are still far too cozy with big business. Be dismissive all you want, but I'm not an Obama hater. I just wish he actually was the liberal his supporters pretend he is, rather than the moderate politician about to be our nominee.

[FrenchieCat]

24. Well it is my belief that you will be pleasantly surprised

once Obama is at the helm of these United States of America. I know from researching all that he has said. He will be wonderful for America, in many, many ways. :patriot:

[redqueen]

32. You can be as concerned as you like. We only have three options.

Well, two now.

All the complaints about how they're not liberal enough... we know already... I don't know what that kind of talk is supposed to accomplish.

[lastliberalintexas]

44. It's supposed to remind people of the end goal

Even with an Obama + coattails landslide, we will have *significant* work to do to move the party and country leftward. We failed to do that after Clinton's victory in 1992, and we have paid the price since. That is all. :shrug:

[redqueen]

45. I'm with you on that.

But we can say that we have lots of work to do without making it seem like there's no reason to hope we'll succeed.

Don't want people to feel hopeless, is all I mean. We need people to support the nominee... not convey that he's not good enough.

[AtomicKitten]

27. Excellent endorsements!

[DU GrovelBot]

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[On the Road]

34. Paul Volcker is an Obama Supporter?

Wow -- I didn't even know he was a Democrat. (Or is he one of those famously independent Fed Chairman?)

[FrenchieCat]

43. He's been on board with Obama for a long time!

[me b zola]

35. K&R

:kick:

[MarjorieG]

39. Punditocracy like their creation Wrightgate. Let's hope they mention O's great endorsements.

Military as well like "No drama Obama."

[AntiFascist]

48. Important post, FrenchieCat! K&R n/t

[VotesForWomen]

50. Why, for christ's sake?? what has O ever done that would suggest he has a clue how to run our econom

economy???

[donheld]

51. Well for a start

He did NOT rack up massive debt running his campaign unlike another candidate we could all name.
Maybe if he can run a financially sound campaign he might run a half way decent U. S. Treasury.

[democracy1st]

52. have you ever heard of advisors