Obama Urges Congress To Move On Economic Plan (VIDEO)

CHICAGO — President-elect Barack Obama on Saturday urged Congress to get moving next week on an economic rescue plan that would extend jobless benefits among other actions.

"If Congress does not pass an immediate plan that gives the economy the boost it needs, I will make it my first order of business as president," Obama said in his Democratic Party's weekly radio address.

The radio address was also videotaped and being posted online through a YouTube link to Obama's transition Web site, . The president-elect plans to continue to record online videos of the addresses after he takes the oath of office Jan. 20. http://www.change.gov

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Obama said he was pleased President George W. Bush brought world leaders to Washington to discuss turmoil in the financial markets, "because our global economic crisis requires a coordinated global response."

Obama stressed the importance of creating jobs in the United States and helping to relieve the nation's economic distress.

Digging the country out of tough times will require people to pitch in and look after each other, in addition to long-term investments such as making health care affordable and rebuilding the nation's infrastructure, he said.

"Make no mistake: This is the greatest economic challenge of our times," Obama said. "And while the road ahead will be long, and the work will be hard, I know that we can steer ourselves out of this crisis because here in America we always rise to the moment, no matter how hard. And I am more hopeful than ever that America will rise once again."

Comments

[PT6]

At least 10% and probably 65% of AMERICANS want BIG 3 to Survive and Prosper!

It is not just the BIG 3 who are losing customers! All car companies are hurting but they are not near bankruptcy!

CORRUPT Banks who still make profits received $250+ Billion to help merge BIG BANKS into MEGA BANKS!

SO we can certainly help Auto Companies with 1/5th that or $50 Billion to save 10% of the JOBS in AMERICA!
____________________________________________________________________________
Certainly, high paid white collar people should be required to take a 30% cut in pay and union workers should take a 15% cut in pay! And these companies should only produce cars with 30+ MPG ratings.

Sell the "GAS GUZZLERS" at losses to get rid of them and stop producing them!

Replace Top Executives with Experts having Hybrid and Green Cars Experience!

[tbirdalum]

PT, I agree with you, but there has to be a way for any bailout money to not be used for Exec salaries and bonuses. These characters have known for years that this golden goose would eventually stop laying the golden eggs. Any money needs to be toward the green side of auto production and not to high salaries. Scrape like the rest of us are doing.


Yes, We Did, O

[PT6]

I agree and that is why the 30% reduction in high paid white collar SALARIES is part of the recommendation!

[JLee]

Franklin? That you? I remember this grandpa on Daily Kos who called O "FDR with a suntan." (Yay for adorable Democratic grandpas!) Already the President-Elect is invoking the best of history by using impressive oratory with the power of new media. I know it helps me feel a lot more hopeful that at least there's someone to lead in this situation.

[billw8017]

Sometimes, I am a Socialist.

Here in Wisconsin, the state legislature put up a couple million dollars to save American Motors. Before gathering in the loot, American Motors sold itself, lock, stock, and barrel, to a German firm for the same amount the state had offered it plus converting its stock to the other company's name. Wisconsin has something like stock; we could have offered the same deal and bought the company for the money we were ready to give them on speculation. Then, we might have drawn management experts out of the state's university system at a fraction of AM's management costs and certainly no worse (how could anybody be worse than the management that rode the company down in flames). The state ownership would have kept the jobs in Wisconsin even if it continued to be costly even to the extent that the loss of jobs and taxes was otherwise costly. I would expect that like the railroad that was nationalized some fifty years ago, the company could have been made profitable and sold at a profit. We are giving money to losers and scorning the expertise already available in state employment.

[billw8017]

I don't really expect President Obama to nationalize American industries though we should remember it has been done very successfully. I just wanted to say, we are handicapping ourselves by the indirect means that we reserve ourselves to. Also, the rise of firms too big to fail seems like a failure to pursue indicated anti trust prosecutions.

[billw8017]

Actually, it first sold itself to Chrysler and it has been sold twice since then.

[nanny138]

Reuters says U.S. economic outlook worst in 60 years http://www.reuters.com/article/economicNews/idUSNAT00457020081114

[Angelic11]

At first I thought he shouldn't be doing such "chats" yet; but the American people need real leadership in the urgency of right now.

[NotMcCain]

Plus, after meeting with Bush for two days, the G20 will appreciate the reminder of "only 62 more days with this guy".

I have a feeling their summit with Obama will be moved up from April very soon after the inauguration. These problems--which will continue to be completely MISHANDLED for the next two months (to continuing disasterous effect)--will need Obama and his team to take action right away.

The G19 will not want to wait until April.

[TheIndependenceParty]

Thank you Senator Obama!

May I suggest that we not divest ourselves of our best and most essential investments. The Commonwealth of PA, under our Democratic Governor, Ed REndell, has proposed that we sell our PA Turnpike to investors in a perverse privatization. The Carlyle Group made heavy-handed presentations to support this.

The pathways of our commerce are critical national security infrastructures. Roads and bridges make our nation safe. They allow us to transport people and goods where they are needed and when they are needed.

The "sale" of roadways in America must be ended immediately. These are not potential revenue sources, these are our lifelines!!!

No nation has ever given its roadways over to investors. Even moreso, they have never risked their security by allowing foreigners to own their roads!!!

This is capitalism gone nuts!

Every road in America must be owned by America. Period!!!

[donaldw6]

I hope we start responding in this economy to the prospect of having Obama's strong leadership team to help drive it forward. I hope we start lending and investing again, and hiring again, and seeing our 401Ks and IRAs restored in value, because all it really takes is a little faith. When you think how well we managed to do even with illegal wars and wholesale corruption, we shouldn't let this credit mess keep us down. Help really is on the way.

[Takae]

For those who want to subscribe at YouTube for weekly Obama-Biden videos--

http://youtube.com/user/ChangeDotGov

[Scarllatti]

We hear you Mr. President!!!

[richardgordon]

Well I hope Obama doesn't put a rescue plan to save the car companies. To do so would be pointless. By doing so he would create an entire economy of basket case companies who were always sucking on the hind tit of government. Trust me, I am not a Republican. In fact I am a huge Obama supporter, but I think David Brooks in yesterday's Op Ed piece said it best. I recommend you read it:

http://www.nytimes.com/2008/11/14/opinion/14brooks.html?em

[Scarllatti]

Richie, I understand your concerns about "throwing money away" into our Auto industry but I can also say that I have never seen a good parent who threw away a child, no ,matter how recalcitrant, with the bath water. Yes, our Auto industries have failed us. They have failed to meet up with the innovations of the 21st century. But look at the crowd that has been in charge of our nation for far too long. A headless Lion is as good as a useless and dead lion.
Most time, we learn and make progress from our adversities. This will not be an exception. Let us rally around Pres. Obama to save one legacy (Auto Industry) which is not only a national pride but a gargantuan employer of labor. The ripple effects of letting this industry fail will be unprecedented. No matter how "well-meaning" David Brooks is, he is NOT an economist. I will listen to Barack Obama and his team of economists before ever I lend an ear to that Washington crowd, including Mr. Brooks who have failed us before (remember Iraqi invasion) by their "predictions". Bet me, there will be stringent conditions attached to rescuing the Auto industry under Pres. Obama. Let us not burn this house just because we want to get rid of the house rat.

[Angelic11]

richardgordon look at it this way;

if millions of "PEOPLE" lose their jobs, whose gonna buy the few cars "America" does make? houses?? food??

For goodness sake....We don't make squat here anymore.

[TheIndependenceParty]

We have few hard industries left in America. Should our current allies not agree to sell us planes and tanks, and what we need to defend ourselves, we are doomed. Jeeps were made in America, and transported GI's all over the globe in WWII. Our tanks were made by Auto manufacturers here in the US. Do you think China will sell us tanks to defend ourselves if we go to war with them?

If we own a share in the US Big Three, ... we hold a stake in our own security. We can tell them what to build and why.

Without any heavy industry, we will surrender at the first major attack, for we have no way to defend ourselves when our suppliers balk.

A supportive reinvestment in manufacturing is absolutely necessary in America. We handed $ 700 Billion to Paulson on a promise he has not kept, and would deny $ 50 Billion to our industries that have and will provide us the hardware to defend ourselves?

Is Paulson to become "Pearl Harbor II"? I should hope not! But if we do not posess the ability to build our own defenses, on whom can we depend to do that same thing in time of war?

[Pupadup4oBama]

Actually, this is the perfect time for the government to invest in the auto industry - now there will be oversight and we can start working on better green technology.
You gotta start from the ground up. It's like a parent giving money to a child and saying I will help you out, but you have to use the money wisely.

[Marastan]

I'm glad our govt is coming into the 21st century.

[LREKing]

Yeah. You know, I watched this and thought about how Sarah Palin (bleah) wanted to communicate directly to the people. This is how it's done. No BS shout-outs to third graders during debates, no bitching about gotcha journalistic questions (e.g., "Which magazine do you read?"), no ... well, whatever. Did anyone on McCain's campaign even THINK about releasing addresses directly onto the Net? No, they ran a 20th century campaign in the 21st century and got what they deserved.

[Jazzcomedian]

"The road will be long. Our climb will be steep."

....President-elect Obama

Tough time are ahead us no matter what our government does, and tough times'll make a monkey eat red peppers. The depression didn't end when FDR took office, and his administration was a whirlwind of ideas and actions. It took WW II to pull us out of it. What kept the American people going were FDR's fireside chats, where in the words of one citizen during that time, "He talked to us about our government." Thus Americans kept faith. The British withstood the German Blitzkreig bombing where other nations had succumbed and surrendered because Winston Churchill inspired them to endure. And ultimately with our help, they prevailed.

Leadership doesn't always get immediate results despite one's best efforts. And that will be the case here in the next few years. However good leadership inspires trust and resolve from the people, when they have confidence that their leaders are actively engaged in trying to solve those problems that they can. That comes from communicating with them during their darkest hours and keeping them informed. That's why FDR and Churchill are considered great. President-elect Obama as a student of history and leadership has absorbed those lessons, and updated them for the 21st century. Win, lose, or draw we are being led by a great and deep thinker.

[Angelic11]

Very well said.

At first I thought he shouldn't be doing these "chats" yet; but the American people need real leadership in the urgency of right now.

[TrishR]

If we’re really serious about the economic crisis, it’s time to reconsider drug prohibition.

We’ve given anti-drug forces free reign for at least the past 4 decades, and what have we gotten? Expensive undercover operations, expensive border operations, expensive foreign herbicidal operations, expensive TV ad campaigns, expensive & useless “educational” campaigns, expensive prosecution & jailing of people for drugs alone. We’ve punished people more harshly for drugs than for actually harming others – banning those convicted for marijuana – but not murder – from student aid.

What do we have to show for this? Drug use remains stable. Our schools & infrastructure are crumbling, social services are nonexistent, no national health and enormous national debt. Plus, the black market profits in opiates alone [the least popular of illegal drugs] fund al Qaeda & the Taliban.

Here’s an idea to help the economy fast – drug amnesty. All prisoners in for drugs & not stealing/defrauding/harming others got free, so they can work & pay taxes, instead of costing us $35-50K/yr. Legalize & tax recreational drugs. Use the money we’ve been spending looking for & punishing drug users to create a WPA style program to refurbish our infrastructure, develop non-petroleum energy sources, and get Americans working again.

[onenvrnos]

And I second that, and third that...and fourth that...........................................................................

[jymfrancais]

who's got the pipe?

[Jazzcomedian]

Interesting idea. I'm gonna light up a joint and think about that.

[Pupadup4oBama]

sounds like a winner to me!
Wish I had the green to make a toast!

[Purobi]

YEEEEEES. I have been saying it for past 26 years.

[canucklivinginUSA]

I am with you on that, I have always said that the drug war was the most ridiculous war ever existed. However, I doubt the government will do it, especially not Obama. Can you imagine what the haters are going to say. Look at the black man helping his posse blah, blah, blah....U catch my drift

[rockyb26]

I'm so glad he's doing this. I miss his reassurance, optimism, and calm since the campaign is over. He just makes me feel like things will be ok, you know?

[goddess1871]

I totally understand. It IS going to be OK, though.

[Over50WhiteWoman]

My solution to the problem (below) has the added benefit of giving an actual value to all those now worthless securities and CDS docs, so the confidence can trickle up to the banks, since giving them the money directly did not work. Let them watch the grass roots work, for a change.