Obama just nailed down the election with his economic speech. Excperts here:

[milkyway]

http://thepage.time.com/2008/10/13/obama-to-deliver-major-policy-address/#more-48792

Proposals include:

–A $3,000 tax credit for businesses for every job created in the U.S. in 2009 and 2010.

–Allow $10,000 withdrawals from retirement funds in 2008 and 2009 without a penalty.

–Require that firms accepting federal bailout money agree to not foreclose for 90 days on homeowners making “a good-faith effort” to pay their obligations.

__________

These are great proposals that will immediately help people in financial trouble and also generate jobs. I can't wait to hear the entire speech. With McLame's speech today offering nothing new, even though it was reported that it would, Obama's actions will generate a lot of excitement.

[GreenPartyVoter]

1. McCain didn't offer anything because he was waiting to hear what Obama would do. You watch. He'll

offer something similar now that he's got an idea to steal.

[BRLIB]

5. I was thinking the same thing...he'll offer it up in the debate as well

and the media will act like he has an original idea.

[thereismore]

2. Wow. Both of those are smart. So smart. Magnavox. nt

[still_one]

3. how about no penalty or taxes if people take money out of their IRA/401K etc if it is used to

make mortgage payments to avoid forclosure?

[Dawgs]

4. I'm not sure I like the $10,000 withdrawal from retirement funds.

Encouraging people to withdrawal from these kinds of accounts is not a good idea, IMO. People need to learn to NOT use these funds like this. They're a retirement fund; not a savings for emergencies.

In saying that, I love the other proposals. I've been a big advocate for halting foreclosures.

[qanda]

9. Some people are so desperate that they will do it anyway

He's just saying to remove the penalty.

[BlueIdaho]

11. A retirement fund may not be so comforting

If you are sleeping in your car - but I do agree with you on the broad principle here. We probably ll need a dose of credit counciling...

[chalky]

27. I know people with 401k's who could not find jobs and turned to that

money to supplement them when their unemployment ran out...only to end up back in debt, this time to the Federal Government, because of the additional taxes and 20% fine for withdrawing early from their 401ks. They weren't out spending the money on big screen TVs. They were trying to keep afloat.

[BlueIdaho]

31. Sadly true - even sadder for those without a 401k to turn to... nm.

[milkyway]

12. I know what you mean, we'll see the details. But if a family is in dire straits, it would be nice

to let them get at their money temporarily without a heavy penalty. Hopefully it won't be used to buy a flat-screen television.

[nyhuskyfan]

13. I think at this point some people need the option

If you are using your retirement fund to save your house, that house can help pay for your retirement.

[iamjoy]

I'm With You

I don't like this either, for two reasons.

1) It encourages more indvidual spending and less individual saving - soemthing that helped get us into the economic mess

2) We don't need to do anything that would encourage people to pull money out of the stock market and hurting other retirement and investment accounts.

There are probably other reasons this is a bad idea, but I can't think of them now. I realize people are hurting in the present economy, but robbing their retirement piggy bank is a bad idea that only defers and makes worse the problem.

I do think it would be okay if this was limited to not penalizing people looking to avoid foreclosure. In fact, I think any time some one takes money from a 401(k) to avoid foreclosure/eviction, pay medical bills or pay for college, the early withdrawal penalty should be waived.

[cottonseed]

16. I think I agree with you.

If people are withdrawing from their 401Ks to help with mortgage payments, I'm wondering if they're really able to afford the mortgage in the first place. I'm wondering if they're just prolonging the inevitable. I like the fact that he removes the penalty, but I hope there would be some way to counsel against and/or discourage even doing it.

Maybe, before pulling the money they should be counseled on how to contact a mortgage company and at least try to negotiate better terms. The more I think about it I just grit my teeth thinking about more liquidation of the American tax payers funds.

[Ichingcarpenter]

19. I had to take sell mine at a penalty having loss my health insurance

and job.

[RoadRage]

30. While I do agree with you.. at this point

If someone is going to lose a house - retierment means nothing. Most people would happily work another 3 - 5 years then lose a home. And, most people will be taking this $$$ out anyway to save themselves.. this just helps them out a bit more on the tax side.

[otohara]

6. Did I Miss It?

I'm on his website waiting -

[Muttocracy]

7. switch to CNN.com feed - just started (see GDP for links)

[milkyway]

8. No, Barack just beginning to speak now. Excperts were released in advance.

[berni_mccoy]

10. WOW! That's Going to Have An Bottom Up Impact!

[Ichingcarpenter]

14. Hartman just read it and said it was a political masterstroke

McCain answered by saying: 'Has anyone seen Mr. Puddles?"

[JH19059]

15. Sppech on CSPAN NOW

[Ichingcarpenter]

17. Thanks just turned it on!

[Loge23]

18. McCain's cancelled speech today

First, the McCain alerts the media that McCain is planning a major economic plan announcement. Then, this AM, they cancel that.
Here's why:
They know Obama would come out with one first. So, they figure: Let's take his plan and slam it - take the meat out of it - re-cook it up as his own - and whip it out at the debate.

Do they honestly think anyone is listening at this point? I don't even think that there will be a huge audience on Wed for the 3rd debate. Pretty much everyone has their mind made up by now. Both candidates will basically be preaching to their choirs.

If Obama prevails, as seems to be happening, then the McCain campaign has to go down as one of the worst in modern history.

[oviedodem]

20. McCain will look like a follower if he does this

[Skidmore]

21. This is exactly the speech he needed to give.

Any defense the Republicans may try to put forward will clearly be in the interests of big corporations and their management, lobbyists, and entrenched politicians. Well done, Barack. Well done. I'm loving it that he is telling people that they will need to sacrifice and save.

[Ichingcarpenter]

22. This speech is the speech that just won the election

McCain's got nothing.

[BootinUp]

23. Looks like Obama's weekend planning went much better than McLosers nt

[milkyway]

24. Now that's what a leader looks like!

[jenmito]

25. HOLY COW! Talk about looking and sounding presidential! McCain PALED in comparison!

Not even CLOSE!

[crazylikafox]

26. Wow! just wow. Great speech.

[ginnyinWI]

28. How shall I put this?

I've reached the point where I truly believe that Obama can handle anything that he's confronted with as President. Time after time during this campaign he's leapt hurdles and kept on going without missing a beat.

I"m getting the feeling that running this winning campaign isn't even using up half of his mental capacity. He's far and away smarter than the average public servant and even smarter than the smart ones. The average Presidential crisis, which would strain the average person to the limit will be met with and dealt with by Obama with relative ease, because he is that intelligent and capable.

I've got an unshakeable confidence that this man can lead us out of darkness and into the light.

[BelgianMadCow]

29. Down to business. Great stuff, would be welcome here as well. Recs people!

[Hepburn]

32. It was very excellent and very specific....I liked it a lot! n/t

[democracy1st]

33. K & R