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

WATCH ADDRESS

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

[Over50WhiteWoman]

Nice talk--he's on the job preparing for his office.

About the crisis: Congress should RESCIND the original bailout plan they passed in October and Bush should dump Paulsen. Then Congress could enact some regulations for the Fed and the Banks.

Fannie and Freddie should lay down the law to the banks for all FHA mortgages where the interest rate is adjusting upward and the home value has plummeted.

Banks MUST re-do those mortgage contracts by doing the following: Ordering new appraisals and using the appraised value as the basis for the new mortgage, BUT splitting the difference between the appraised value and the original mortgage value, with the banks eating half and the homeowner eating the other half.

Then the interest rate must be adjusted to a low fixed rate, and the term lengthened to 35 or 40 years, so the homeowner won't have a payment over 40% of their income.

If banks refuse to comply they will lose their charter/li­cense/what­ever. If they follow the rules, the government will set up a trust fund to pay some of the mortgages which default after the renegotiation, so banks needn't fear lending.

This crisis is not that hard if they address the core original problem of home prices falling below mortgage values. Our Congress must TELL them what they must do. I am so sick of the mealy-mouthed, 'Oh, God, the sky is falling and NOBODY is in charge' attitude. Take control and fix it!

[23000Days]

Agreed. Maybe I'm missing this, but how does this plan put an infusion of cash at the street level to get the economy jump-started? Is there more?

[onenvrnos]

I think your idea is a good one--it makes sense, is fair, splits the liability, and gets everyone into a more comfortable financial position. The only problem I see is the sheer amount of time that this would take. However, it took time to get into this situation, and it will take time to climb out. Perhaps the efforts could be tiered: low risk mortgages get first help, going to medium risk and then high risk. Low risk mortgages could be those where the buyer has the financial resources to get back on his/her feet if only for some assistance (such as what you describe). This would free some of the problem sectors. Medium-risk mortgages would be those where the borrower has encountered difficulties for which he/she might or might not survive--even with help. It's like a 50-50 proposition. Low-risk mortgages would be those who would probably not make it even with help. By tiering it this way, banks would have more secure lending, and borrowers could get the help they need. Each of the tiers of borrowers could quickly be identified through mortgage / bank databases as high,medium and low risk borrowers. Just a suggestion­...

And I do agree: Take control and fix it!

[Pupadup4oBama]

You are absolutely correct - the sky is NOT falling, and not to belittle people's circumstances, but it's just money. It's not your health, it's not the environment, it's money...an­d if the government is willing to work with the new prez and the citizens, it'll be a much better situation for all of us.

[Underdoggiestyle]

So when actually becomes President, does that mean that the video camera will get centered?

[rcpmac]

Clearly you no nothing about composition. Never center

[ObamaRican]

Uh....we'r­e Dems remember. Nover truly centered :-)

[KQuarksSuperKollider]

These are going to be very tough times coming up and it will only help folks to know Obama is on top of things as we go forward.

[edwarvir]

It think he had is first You Tube Speech to let us
know he's still there for us. He can not disrespect President Bush.
I am glad he understands and respects that. 01/20/09 will
be here before you know, it and that is when the real work begins.
Not just for him, but for us also.

[BarackstarObama]

A great idea by Obama... looking forward to these each Saturday.

[POLINUT]

I voted for Obama, but realistically, a collapse is the medicine we need; not prolonging the inevitable with endless bailouts and spending. EVERY dollar spent is a dollar borrowed or created by the Fed out of thin electronic air. EVERY dollar borrowed is a dollar which adds to our deficit. EVERY dollar created is a further debasement of the currency. EVERY dollar borrowed or created is a dollar closer to national bankruptcy (see Iceland, Pakistan, and others).

Tough medicine solution:

1. Let failed businesses fail and assist those that take their place
2. Abolish the Fed and bogus fiat currency dollar
3. Create a gold-based international currency and use a partially gold-based dollar for domestic consumption only.
4. Strap in and endure a year or two of adjustment.

We will emerge stronger and far more competitive. Obama will have turned the nation around in his first term. If given a 2nd term to follow through on the policies, we will start seeing growth, no deficits, and prosperity again by the end of it.

[scjk67]

no worries, obama got the best and a nobel prize winner econominics adviser on his team

[JonathanStuartLeibowitz]

Not sure what you mean. Milton Friedman won the nobel prize in economics too. This is about conventional wisdom against new (or, in a Keynesian sense, old-fashioned), creative, alternative approaches. Although, I have to admit, if he were to get Krugman or Stiglitz on board, I'd be a little more sympathetic to the argument that nobel prize winners will somehow increase the probability of turning this ship around.

[cyndeewi]

I don't think we should let the auto industry fail. 3 million people will be out of work. I do think we should let AIG fail. Please let them fail.

[Bitsko]

What a great idea. Who ever listened to those radio addresses, or even knew when they were and what stations they were on?

[BlueOnBlue]

I'm glad he's going to be doing these weekly addresses. I hope he gets more comfortable doing it and makes it sound less like a stump speech.

[kiran1207]

oh come on give him a break he has been working harder than W for the past 2 weeks and he's only the prez to be! I know he is known for his oratory skills but he can't be poetic every single time.

[BlueOnBlue]

Actually, I don't think he needs to be poetic in these weekly addresses. What I'd like to see is a more down-to-earth, direct connection with people.

He did this well during his town hall meetings (I was at two of them) when answering questions from people. He has a warmer way of speaking at times like that. This address felt too canned.

It was the first one, though. I expect he'll improve, as he did in the debates. He's his own worst critic.

[ckfan]

He looks TIRED.

[scjk67]

no kiddin, 21 months of campaigning and still on the roll getting his administration being built. but i say he's one tough dude!!!!

[Bitsko]

Unlike Dubya, who in 2000 and 2001 napped between being "elected" and being sworn in, after which he napped again for many many years.

[MrKINOKO]

But...he caught a fish !

[macbabe]

thats why he's taking Dec off.

[MargaretO]

Yeah, right. I bet he's working his hind end off.

[Trill]

He is...

[daisydukes]

Agree with you, we need to cut him some slack. The man needs a holiday and more family time. It just feels so wonderfully stable to know O is at the helm. May God keep him safe and watch over him and Michelle and their kids. He still has to go and do a memorial for his grandma Toot.

[scjk67]

am i the only one counting down the days....ar­rrgh! can't wait till jan. 20th 2009 get here!!!!!

[Trill]

Nope...scj­k67...I, too, am counting..­..and counting..­..and counting..­..........­..........­....Have you applied for a position with the new Admin?

[Clare53]

Sixty-five days left. I applied.

[ensure]

Absent Obama still a presence in the capital: http://www.sefermpost.com/sefermpost/2008/11/absent-obama-still-a-presence-in-the-capital.html

[MuchMadness]

I am glad that the President-Elect did not call for bipartisanship, just for congress to act productively.
The emphases on green energy jobs, infrastructure improvements, and health care reform are also welcome. I hope the Democrats in congress will take courage to press ahead as the majority party for the benefit of the nation.

[Purobi]

We are particularly thrilled that he did not finish by saying, "God Bless America". We love him any way though.

[lovingpolitics]

If he's so interested why doesn't he show up for the summit!!! NO fixing the economy is not as important as letting bush stew in it!!! Sorry BO but you'll be stewing in it the next 4 years!! LOL

[sanywhere]

because he is not presi dent yet, you i d i o t. remember when he said that am erica only has one preside nt at a time?

[ultrabop]

Yeah, but having said that...W is not really president either, or doesn't act like one so maybe Obama should get a running start, or jump the gun and start now, knock the fool off the podium. W has forfitted all claims to the office, by endangering is with war and financial collapse, he has reneged on his pledge to uphold the responsibilities of the office.

Why they didn't impeach him before he started dismantling environmental policies is beyond me. Sure, they didn't have the votes. Do it anyway, to take his freaking mind off destroying the world.

[lvdragonlady]

You really are clueless aren't you. He is not yet president, so for him to attend could send mixed messages to the others at the meeting. He is sending a couple of people to represent him, which is the smart thing to do.
But from the sounds of it, you would have something negative to say no matter what he says or does, so what the heck.

Time for your meds.

[yoyobrit83]

Because he is NOT the president yet.

[tigerakabj]

B/c he isn't president yet. Hold off on the tearing down until Jan 20. Then you can blame the past 8 crap-fest known as the economy, wars, spying, and Katrina on him all you want.

[Glenn1441]

Your post is proof that the Internet puts too much information at the fingertips of morons.

[citadelgrrl05]

YOU KNOW WE HAVE ALL BEEN WAITING TO SEE HIM FOR WEEKS, THIS IS GREAT!!! HE CAN'T REALLY SAY MORE THAN THIS B/C HE IS NOT PRESIDENT YET, ALL HE CAN DO IS REASSURE PEOPLE..WH­ICH IS WHAT HE WAS TRYING TO DO. I THINK THIS WAS AS MUCH FOR US A IT WAS FOR THE WORLD AS WELL...HIN­T HINT..CAN WE SAY G-20 LEADERS!!! I HOPE THEY HAVE A BLOG ON THE CGANGE.GOV­E SITE.../WH­ERE YOU CAN SHARE YOUR IDEAS THAT WOULD BE GREAT!! I KNOW YOU CAN EMAIL THEM SUGGESTIONS, BUT NOT A ACTIVE BLOG, COME ON MISTER PRESIDENT, MAKE IT A FULL BLOG LIKE YOUR WEBSITE. 1/20/09 CAN NOT COME FAST ENOUGH!!!

[sanywhere]

caps denotes shouting. fyi

[Trill]

sanywhere.­..Yep...we KNOW it!

[shockjock]

I think it's time to just BigFoot Bush. Just take charge, now.

[Trill]

Shockjock.­...I love your suggestion. Gave me a hoot.

[Clare53]

Okay, okay. I get your enthusiasm, but please stop shouting.