WSJ Publishes Pro-Obama Editorial

Things really have deteriorated between John McCain and the press: even the Wall Street Journal editorial board is turning on him. The famously conservative group publishes a column praising the economic policy of none other than Barack Obama:

The underreported economic news of the week is that Barack Obama favors a stronger dollar. Even better, he thinks a stronger greenback would help to reduce oil prices.

That at least is what the Democratic Presidential candidate told a town hall forum in Parma, Ohio, on Tuesday. "If we had a strengthening of the dollar, that would help" reduce fuel costs, he said, according to a Reuters dispatch ignored by most of the media. ... We don't know who is whispering in Mr. Obama's ear about the dollar, but he's on to a rich political vein.

Read the whole thing.

Comments

[dhinds]

Redirecting a message just received from Congress Kucinich, Washington's Truest Patriot, suggesting it be given retransmitted as widely as possible.

September 10th: The day before our world changed, a day to change the world!

On August 1st, I delivered to Speaker Nancy Pelosi; a petition bearing the names of over 100,000 Americans that, like us, feel that the President must be held accountable for abusing executive power and disregarding his Constitutional obligations.

Your voices have been heard and your support continues to send a powerful message to lawmakers. That is why I call on you again to help us in a new effort to deliver 1 Million signatures to Speaker Pelosi on September 10, 2008.

Together we can:

* Urge real Congressional action to hold President Bush accountable now
* Reinstate the authority of our Constitution
* Document crimes committed by President Bush for historical account
* Facilitate post-Administration law enforcement and prosecution
* Reset the standard for the incoming and future administrations
* Demand justice for the over 3,000 who died on 9/11and whose deaths were tragically exploited to take us into an illegal war in Iraq
* Demand justice for the estimated 30,324 U.S. military personnel who have been injured/wounded
* Demand justice for the estimated 4,138 U.S. military personnel who have been killed or died
* Demand justice for the 1 Million innocent Iraqis who have died*
* Avert another illegitimate looming war – this time against Iran

[DFL]

PEOPLE HERE AND AROUND THE WORLD AWAIT THE COMING OF OBAMA, AND A POLITICAL DAWN TO SWEEP AWAY THE LONG NIGHT OF THE BUSH ERA.

[DFL]

MUCH OF THE WORLD AWAITS THE COMING OF OBAMA, AND A POLITICAL DAWN TO SWEEP AWAY THE LONG NIGHT OF THE BUSH ERA

[genseric13]

WSJ likes the chameleon because he is an open borders guy. There is nothing they love more then cheap labor.

[adzeman]

Versus Krusty supporting slave labor and indentured servitude, right? Thats the kind of cheap labor we Republicans can ALL get behind. Like the GOP/McCain scam in the Marianas.

[genseric13]

Get real, man. You're comparing a few thousand mistreated people to 30 million illegal aliens running wild in America. People getting run over, raped and murdered every day and you're worried about the Marianas?

[2lib4oh]

Ben Bernake got behind Obama after he watched what a mess Bush made of things.
He was concerned when McCain showed no idea how to handle the sub-prime loan mess.Obama showed good judgment.
Remember Bernake? He used to work for Bush.
What does that tell you?

[watchTVgetSTUPID]

Losing a war is bad for the economy

Bush encouraged the Georgians to attack Ossetia when he spoke in Tiblisi. He also armed them who were recently called the best equiped and trained army in the Caucases. Now Russia has been pushed over the edge when Georgia commited a blitzkrieg attack on Ossetia's civilians in their city starting with a heavy artillary barrage and tank overrun. Bush and his warmonger puppet masters pretend they are not responsible. Russia is now on the war path and have tasted blood. Last thing we need is McCain and his Georgian Lobbyist campaign advisor to tease the Bear. McCain is telling the truth when he says his vision for the world is more wars.

Here are Bush quotes from his speech in Georgia

On that historic day, you reclaimed your sovereignty, but the hopeful start you made was not fulfilled.

The path of freedom you have chosen is not easy, but you will not travel it alone. Americans respect your courageous choice for liberty. And as you build a free and democratic Georgia, the American people will stand with you. (Applause.)

The Iraqi people are grateful, and so are your American and coalition allies. (Applause.)

At the same time, the sovereignty and territorial integrity of Georgia must be respected -- the territorial [sic] and sovereignty of Georgia must be respected by all nations. (Applause.)

[dhinds]

Wasting your nation's financial reserves on an unnecessary and tragic military conflict is bad for the economy, because those funds should have been invested in productive activity.

Borrowing heavily from China to finance an unnecessary and tragic military conflict is bad for the economy, because the value of your national coin loses power.

The invasion and occupation of Iraq has left the USA without the resources it needs to attend unforeseen natural disasters, repair the nations infrastructure and respond to real and immediate conflicts in other parts of the world.

So much for WINNING THE WAR.

[sf94127]

I don't know where the HP gets the idea this an endorsement of some kind from the WSJ.

Obama notes a connection between the us dollar and oil prices, wow. Teenage stock investors know that and CBOE traders certainly know that.

I doubt the WSJ would favorably review Obama's energy plan which is a pander and is based on taking billions from the oil companies and leaving them w/o sufficient resources to build up resereves.
The WSJ knows we need a strong energy sector to get out of this mess; to Obama is an issue where he can get votes by positioning the oils as the evil empire that must be punished. Yeah, punished to the detriment of everyone that needs to pay much less at the pump. What good is a 1K rebate if the price of gas is >$4 or $5? Obama is a lying pandering politician.

[tchristin]

New energy sources, new jobs, new economy, less war, more education and health care for every one.... oooooooh nooooooooo... *dramatic look*... I'm sooooooo scared.

Obama is the best thing to happen to this country in many many years. Read, listen, understand and believe it.. it's happening. Our next President will be Barack Obama. Thank God.

[ChristianEcon.com]

"Teenage stock investors know that and CBOE traders certainly know that."

Sure, but Republicans don't. That's what makes it news when someone in government knows something rudimentary about economics.

The best Republicans seem to be able to muster are things like a narrative strawman about "evil" and "punishment."

[hypnotoad72]

Well, he's right.

The question is HOW to strengthen the dollar again.

[mamacat]

As long as the GOP is able to keep the wealthiest among us from paying their fair share of taxes, as they did with the Bush tax cuts, there is no chance of balancing the budget.

Reinstate fair taxes on the super-rich.
Stop funneling money down the hole in the desert that is Iraq.
Invest in an alternative energy infrastructure, coupled with higher CAFE standards, so we can stop importing oil.
Take the burden of health care off of the backs of companies that do business in the United States by implementing some form of universal healthcare, which will also result in increasing the effective wealth of the bottom 98% of the economic population.
Invest in Education, so our citizens can compete in the global market.

Sound policies will improve our society and our economy, and strengthen the dollar.

Then, the American voters will become complacent again, they will vote in another incompetent, thieving, warmongering Republican, and everything will go downhill again.

[jpexpat]

See my previous comment. How can the fact that the wealthiest 1% in America pay nearly 40%, the next 24% pay 35% and the bottom 75% of earners only pay 15% of all taxes not be fair?

Before slagging off the Republicans as incompetent and thieving (I'll give you the warmongering), remember that they (Democrats and Republicans) are all politicians first, meaning they are all dishonest for the most part or they wouldn't go into that line of business. Clinton's Whitehouse was just as sleazy as Bush's, just a different kind of sleaze.

[JayInDallas]

Dig deeper, jpexpat. Not only are your stats wrong, but exactly how many lives were lost as a result of actions by the Clinton administration? The Bushco isn't just guilty of "sleaze", add to the list war crimes, shredding the Constitution, murder, racketeering, profiteering, obstruction of justice, the list goes on... To simply label Repubs as incompetent and thieving is like saying the Nazis were passive aggressive.

[Bright Creature]

the richest used to be taxed closer to 90 percent. Plus, the mega rich have so many lawyers and accountants all on their payroll telling them how they can get tax breaks on even that watered down 40 percent. 40 percent is a lot.. for the poor among us. However, if someone is making 10 million a year 40 percent means they are only making 6 million. I'm not about to cry about a millionaire only making a few million as opposed to a lot more. You?

The real travesty is that they make so much in the first place. That's what's unfair. Back when they WERE taxed 90 percent they still had loopholes but they still had to pay more in taxes... so they weren't that much richer than the rest of us.

What's unfair is that the percentage of my income going to pay for living is so much higher than theirs is. They have to pay 40 percent? What about paying 90 percent of your income in rent, food, car bills, insurance, child care cost, and utilities? Complaining about unfair treatment to the rich in this way just strikes me as disingenuous, somehow

[Bademus]

Warren Buffet himself says that he pays a lower rate of taxes than his secretary and that it isn't fair. The very rich make much of their money from investments. The capitol gains tax is currently at 15% so on the much of their income they pay only 15%.

[hypnotoad72]

In the 1950s, didn't the super-rich pay only 90% of taxes? Or was it 88%?

Oh well...

[jpexpat]

As an expat I feel the pain of the weak dollar everyday. I watched the pound (lived in the UK for 10 years) go from 1.36 to over 2 to the dollar in 3 years. Ouch! And don't even go to Europe where Euro went from 0.8 to 1.6 to the dollar.

Obama is correct, a stronger dollar will lower commodity prices. With the exception of Bush's tax cuts, which spurred our recovery post the 2001/2002 recession, his economic record is abysmal.

I'm sure most of the left wing readers disagree with my comments on tax cuts. I worked my butt off getting a college degree and being successful in my career, so I make $500k plus per year. I also paid $200k in taxes last year and I don't even live in the US! Tell me why I should be expected to pay more under Obama's wealth redistribution program? For the 2006 tax year, the top 1% of earners pay 39.89% of all the federal individual income taxes. The bottom 50% of earners pay just 2.99% of those taxes. I would say that's a pretty fair tax system. And if you go to the top 5% of earners, those that would be nailed by Obama's tax plan then it's 70% of all taxes. He's moving to the Socialist side of the aisle which history has proven is a big downer to the entrepreneurial spirit that made America great.

[newunderground]

Whatever happened to noblesse oblige, you know, the idea that the rich have a social resposibility. They have been blessed. Instead of whining, you should be grateful. See Bill Gates or Wrren Buffett for how rich people SHOULD act.. Impose the inheritance tax.

[hypnotoad72]

Wholly agreed. Now Microsoft has done some naughty things, but Bill Gates DOES deserve legitimate credit for the good they've done. (Ambivalence is a wonderful thing).

And expat up there should be grateful. The way he's whining, even Phil Gramm would slap him silly.

[Yuletide]

So? Lots of folks worked their butts off and and got zippo. As for higher taxes on the rich being a "big down to the entrepreneurial spirit that made America great", taxes on the rich were much higher in the post-WWII years of the 1950's and 1960's, a period many would claim to be America's economic "golden age." Please also note that economic growth is consistently larger under Democratic presidents with their "socialist" tendencies than under Republicans. Trickle-down is, as Bill Clinton once said, a "failed economic theory."

[jasjohn128]

You don't work harder than the hotel maid who cleans your room, jpexpat, or the janitor and busboy who clean up the facility after you and your colleagues have had a pleasant night out on the town.

As to the work you do as a successful, college-educated whatever: frankly, it's not likely to be more useful to society than the work done by that maid, janitor, or busboy, is it? Or the nurse, or the teacher, or the sanitation worker - or the librarian, school-crossing guard or the local dogcatcher either, come to think of it. Or do you feel any "society" other than your own exists merely to remain silent and see to your comfort whilst you accumulate private wealth?

So let me say, jpexpat, you aren't even beginning to pay *enough* in taxes. Your relative worth - and i know this might come as a surprise to you - is likely far, far less than you imagine, and truly progressive taxation would level your net income to not much more than those who certainly do work very, very much harder than you do.

The mass of men were not born with saddles on their backs, jpexpat, nor a favored few, booted and spurred, fit to ride them by God's grace. Jefferson wrote that, boyo, and he might've had someone like you in mind when he did.

[mikesw]

The moment someone starts throwing around the word "socialist" as a synonym for "progressive taxation" and as an adjective for government that understands that the economy of a country depends on having a healthy, educated working population...that is the moment I roll my eyes and move on to the next comment.

[OldKnute]

Well, it is what we need.

We run around all worried about how high the price of Gold will go, as we should be. As the price of Gold goes up,, so the dollar goes down.

Obama has a core strategy, new jobs, high paying jobs, encouraging new businesses, innovation, a new energy package that centers on energy independence, and Green Tech Companies.

The only TRUE answer to a failing economy, is to create jobs.

TO GET AMERICA BACK TO WORK.

Obama is looking at the GREEN Revolution to offer many of these new jobs. Also; the need to improve the infrastructure of our Nation. Roads, Rail, Bridges, Highways are all on his list.

America is going back to WORK.

All the best

Knute Neo-LIB

[hypnotoad72]

How?

All the jobs are going offshore (it's about the cheapest cost, damn any and everything else), tuition is skyrocketing as is the price of living... and loan companies aren't loaning anymore - possibly because they see jobs leaving and tuition rising and come to the conclusion nobody taking a loan would be able to pay it off in their lifetimes or longer.

We all know the surface glossy details -- they are obvious. How about the dirty details? Everybody seems to be scared to even tiptoe into that area.

People WOULD do their parts. But people don't even know the HOW in all this.

[EarthToZoey]

Hey guys. I just got a Twitter text on my blackberry saying that O will be announcing his VP nomination directly to his supporters first on Twitter and e-mail before going to the media. So, if you're interested in being one of the "firsts" to know, you can go to his site and sign up:

my . b a r a c k o b a m a . com / vp

[booksnmore4you]

Now an online WSJ writer is REALLY nailing the matter: http://digg.com/politics/Not_clear_the_Republication_Candidate_Has_Right_Stuff_WSJ

[tgood]

I'm not a John McCain. I wouldn't vote for him any more than I would Obama. However, when I see some of you call his present wife, Cindy, a homewrecker, I wonder how much punishment for that affair she's supposed to take ? I mean, after all, she's married to the man and his temper. Isn't that punishment enough ? :>)

[davedave]

tru dat. i personally wouldn't begrudge the lady a few percocets to ease the pain.

however i think there are better psychotropic meds or therapy and divorce...

d

[diogeron]

I say lay off of Cindy. When you are an heiress to a fortune, it's not because of anything you did, for better or worse. It's not she was Rush Limbaugh who, as I recall, bought 3000 hits of "hillbilly heroin" from a maid in the parking lot of a Denny's. Now, THAT's low class, irrespective of how big his contract was and how much money he makes.

[tgood]

The fox is endorsing who they want to watch the henhouse and people think that's a plus for Obama ?Wall Street is right in there with the failed Freddie Mac debacle that will cost taxpayers billions and the Wall Street Journal has been nothing more than a tool for the thieves who have nearly wrecked this economy.

Of all the sources of endorsement, this one really stands out. What does Wall Street think they will gain from Obama when they've loved the years of Bush ? It's something to ask yourself.

[ibsteve2u]

"What does Wall Street think they will gain from Obama when they've loved the years of Bush ?"

Well, personally I look back at Bush and the years of Republican control of Congress and I conclude that unrestricted greed is bad for business and bad for America.

Quite possibly the WSJ has begun to realize that becoming the economic and, frankly, military has-beens of the world leaves even Murdoch vulnerable.

[BillCarson]

>they've loved the years of Bush?

When Bush took office the S&P was at 1342.54
Today it's at: 1,296.31
(http://finance.yahoo.com/q?s=%5EGSPC)

The market has gone DOWN under Bush.

Maybe WallStreet wants to return to the good old days of Bill Clinton (and a market that goes up.)

[AtticusinPa]

Historically, the market has performed better under Democratic presidents, going back to the twenties. You can look it up.

[kasinca]

The market has done well under the rethuglicans because of greed, and crime. The hens are coming home to roost. What has happened with mortgages and Freddie Mac and Fannie Mae are signs of how good the market was really doing. We have thugs taking money from the coffers of the public and shareholders for running companies into the ground. The GOP way is not the way this country should go. The Ronald Reagan, Newt Gingrich thugs are truly over.

[diogeron]

Actually, it's a fallacy that the "market" has done better under Republicans than Democrats. Historically, the market actually has done marginally better under Democratic presidents.

[gmlaster]

The price of gas is still around $2.20 a gallon. The problem is not that gas prices rose, but that the dollar fell to half it's normal value so gas is now $4.40 a gallon. A dollar that's actually worth .50 cents means it takes twice as many of them to buy what you paid half as much for when the dollar was worth a dollar.

Here's what nobody in the government wants to say: The Fed lowered interest rates to keep more homeowners from defaulting on their mortgages. But that depressed the dollar, and gas/food prices skyrocketed in direct proportion to the weakness of the dollar. It's not the fault of Arabs and there's no supply problem, so drilling offshore won't affect prices. That's just a smokescreen.

Raise interest rates back to normal and gas prices will drop, but then all those adjustable rate mortgages are going to double and triple mortgage payments and the foreclosures will skyrocket. It's a vicious see-saw with only one way to get off: Force the lenders responsible for this nightmare to convert those bogus ARM loans into fixed-rate loans, regardless of borrowers' credit. If a risky borrower originally paid $800.00 per month, it's not realistic to triple that amount and expect they won't default. So freeze payments at the original negotiated rate. There's no big payday for lenders, but mortgages will get paid. Borrowers get to keep their homes, and gas can go back to normal.

[research]

Raise the rates and you start another depression.

http://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm

Reign in the speculators! They caused the great depression and they are working at causing another.

Close the Enron Loophole!

[ibsteve2u]

"Here's what nobody in the government wants to say: The Fed lowered interest rates to keep more homeowners from defaulting on their mortgages."

I would disagree with that because I do not think that it encompasses enough time.

It is my belief that the Fed first lowered interest rates - and then kept them lowered - to conceal just how ill-advised a policy "trickle down" economics coupled with inequitable "free trade" was and is.

We might have sloughed off the increasingly parasitical effects of our wealthy elite had we had the thriving job market necessary to increase the pool of blood....excuse me, money....that they feed upon. But "free trade" sabotaged that fundamental base of our economy.

Given the flight of jobs - and thus consumer income - the Fed had no other choice, really, than to "fake" a thriving economy by getting the American consumer to finance it with debt - thus refilling the pool of blood...excuse me, money...at a rate at or above that at which it was being sucked out of our economy to feed our wealthy elite and/or as capital to build new factories and facilities offshore.

Worked, for a while....t­echnically­, just exactly as long as those who control the Republicans wanted it to: Until they had gotten firm footholds in enough countries to insulate themselves from the ill effects of any manipulation they choose to do in any single or bloc of countries.

[djwfutbol]

Good theory. Only....the oil is priced in dollars. It's all about demand and until we insist on higher gas mileage and are willing to sacrifice our lifestyle choices (driving around in a living room complete with DVD players, commuting to work one to a car), oil will continue its upward climb, dollar strong or weak.