Where is Obama's Leadership?

As the markets plummet and the value of my house and investments disappear where is my
candidate? Like everyone else, my anger is mounting with plenty of blame to go around. But where is Obama's leadership?

Fine, he should keep his calm and collected demeanor, but nonethless work furiously to bring the Democratic rebels in Congress in line and pass the compromise rescue plan without the need
for those fringe Republican ideologues. Why doesn't Obama go round up Bill and Hillary -- the other most influential leaders of the Democratic Party -- mobilize his enormous e-network and for good measure bring on board the gurus of high and low finance -- Warren Buffet and Suze Orman -- for a full court press?

Thanks to the hard negotiating of the Democratic Congressional leadership, the Paulson plan has a large investment element where the public gets equity warrants-- the government would be buying assets at rock bottom prices likely to make a profit later. For this reason Suze Orman calls it an "investment plan" not a bailout. Its what Sweden did in their banking and credit crisis just over a decade ago, and the taxpayer has made out fine.

There are many reasons we are where we are -- low interest rates, macroeconomic stability, plenty of global capital sloshing around, the deregulation regime since the Reagan days and, it must be said, the American consumer out of control.

But you can't fix 20 years worth of Wall St. manipulation and consumer indiscipline overnight. And yes the plan is not a panacea and has problems, etc.

Politics is the art of the possible. This deal just voted down is what's possible. The only
possibility now is to revive it with the requisite votes from the Democratic side.

Obama needn't drop his campaign to focus on the crisis. Rescuing the rescue plan ought
to be his campaign. Its leadership the country is looking for. Let's see some.

Comments

[Brillig]

Maybe it is a good thing the bill didn't pass. Once MAIN STREET starts losing jobs in a way that can directly be tied to this Crisis, then they will SHUT up about the BILL and BEG their congressmen to pass it.
Then the Congress will really feel it is acting on behalf of the people.

[ObamAtomic]

Sir you got all wrong,,is not Obama call to fix the Republican mess,
Republican mess,the last 28 years since 1980,Democrats only
being in charge of the government 8 years,Clinton,with a surplus when
he left office,Republican Mess,they are not even dignified to vote for it.

[ObamAtomic]

Sir you got all wrong,,is not Obama call to fix the Republican mess,
Republican mess,the last 28 years since Reagan,Democrats only
being in charge of the government 8 years,Clinton,with a surplus when
he left office,Republican Mess,they are not even are dignified to vote for it.

[uc1000]

No republican president has EVER created more jobs than his Democratic predessor. So why do people keep voting for Republicans?

[clearthinker2008]

They are clearly brain dead. They also keep saying tax and spend Democrats when Republicans always spend more and in this case ran our country into the ground. Then the Democrat has to come in, raise taxes back up to realistic levels, fix the economy, and reinstate programs, lead up back to a surplus, and create jobs. Then the Republicans ride back in on their white horse to deregulate wall street, cut taxes for the rich, and lead us back to ruins..... Americas cycle.

[Wilbur]

Why do people keep voting Republican?

Three answers: God, guns and gays. Love God, WORSHIP guns and hate gays - what else is there (for GOP'ers, that is)?

Wilbur

[Brillig]

And on a really political note: Can anyone explain why the DEMOCRATS should be the ones to bail out the REPUBLICANS who put us in the MESS?

If REPUBLICANS were really sorry for the havoc they caused, wouldn't they be lining up to save the day?

They want to have their cake and eat it too- they KNOW the bail out will have MAIN STREET angry, as most people still dont understand the implications that no bail out would be dangerous for all. YET, they are not willing to sacrifice their position in Congress if the angry Main Streeters go against them - so they figure, since Democrats have enough votes, lets put the entire responsibility on THEM to clean OUR mess up. So it is a win-win for REPUBLICANS -

the bill is passed, averting the crisis
they look as if they took the populist line
if anything goes wrong with the economy after the bill is passed, they get to claim WE DID NOT VOTE THIS IN.

ONLY if the bill is wildly successful ( 10 years later) will anyone regret they did not vote for it -the REPUBLICANS chide Nancy Pelosi for her speech - did anyone listen to the REPUBLICAN Boehner?

THIS BILL IS BAD
I HATE THIS BILL
IT IS THE WORST THING WE HAVE TO DO..BUT WE HAVE TO
WHY ME GOD? That sort of thing.

[Rhia]

It's about time for Obama to endorse something. He shouldn't play safe right now. It's either he endorse the plan or not. If he feels there is a need to support the bail out, he should defend it. He already gave the people an assurance if he's elected he'll immediately review the plan. The Democrats are also giving him the leverage because they want him to lead their party. 60% of the Democratic caucus has supported the plan. As compared to McCain- who wasn't successful rallying his party to commit on the bailout plan.

[Malagodi]

I couldn't agree more.
1st, there must be real leadership now, and that's not coming from Pelosi.
2nd, this gives Obama - and the rest of the country - to settle down, not accept the Paulson/Bush proposal and really look at Democratic solutions.
3rd, great campaigning. Barack would really show what leadership looks like, versus the McCain clown-show.

[Malagodi]

I couldn't agree more.
1st. Real leadership is needed now and Pelosi/Reed aren't providing it.
2nd. This gives Obama - and the rest of the country - time to settle down and come up with real Democratic solutions, not a dressed up Paulson/Bus plan (lipstick on a pig.)
3rd. This is good campaigning. It would show real leadership of a 'crisis' in contrast to the McCain clown-show.

[mergina]

You know, I was thinking something similar myself. Why would he not devote at least one day to rounding up some of the greatest economic minds to get the REAL PICTURE of what we face because of uncontrolled greed run amuck? One thing is certain, POLITICIANS don't have a clue about what is going on or what to do, and none of us can trust bush or cheney or any of their immediate circle including paulson.

[Groobiecat]

This isn't on Obama--there were many factors that led to the failure of the bill. There's plenty of blame to go around (many dems voted against the bill). One problem is that *no one* educated the masses. No one explained to the public that the bill is in fact a "national investment vehicle" for the American people (albeit a risky one). Where was the education to rally people behind the bill--where were the explanations about the investment provisions and salary caps?

And what about McCain? His people were gloating over a win. To quote other parts of HuffPo:

"Here's what McCain staff and surrogates were saying before the vote:

'This bill would not have been agreed to had it not been for John McCain... This is a bipartisan accomplishment, a bipartisan success. And if people want to get something done in Washington, they just watch John McCain. He's been the guy whose name is at the top of major pieces of legislation for a long time.'
-- Mitt Romney, Today show, 9/29/08

'What Senator McCain was able to do was to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this'
-- Steve Schmidt, Meet the Press, 9/28/08

'We're optimistic that Senator McCain will bring House Republicans on board without driving other parties away, resulting in a successful deal for the American taxpayer.'
-- McCain spokeswoman Kimmie Lipscomb, 9/26/08"

[Jezreel]

I am so tired of this kind of concern troll journalism. Senator Obama is doing exactly what he is supposed to be doing. He has been directly involved in this process since it began a couple of weeks ago. The fact that he is not grandstanding, calling Bush and scheduling photo-ops at the WH, and taking credit for bipartisan negotiations that he had nothing to do with will not help Senator Obama to get elected.

How does this author know that Senator Obama has not talked with the Clintons? How does he know what the Clintons are doing behind the scenes to help move this process forward? Senator Obama did produce approximately 140 congressional votes in favor of the bailout plan. Enough! Senator Obama IS a leader. And he has demonstrated his leadership skills throughout his entire campaign.

[siberia9]

Thank you for your voice of reason and sanity Jezreel.

I so hate it when supposedly smart people assume that politics is all about what takes place at a press conference (although, again, Obama's covered that area in the last 2 weeks really well, unlike "I must suspend my campaign 10 days after the crisis hits!" McCain or "I must be hidden away lest I make another gaffe that reveals my shallow knowledge of world affairs" Palin.

Really. The double-standards and selective amnesia astound.

[clearthinker2008]

I am too, I was in the middle of a long post but just got tired... No one eats their young like progressives.

[GiggidyGeshmoygen]

the American people need a champion and a protector and a moral leader who will STAND UP to Bush, the republicans and the last 8 years of corrupt greed and say "HELL NO!" to the bipartisan fleecing of the American people YET AGAIN - this whole "bailout" is just the latest republican scam to receive "bi-partisan" support and i am sick of it

i really thought that mr.Obama would stand up for a bailout OF THE AMERICAN PEOPLE - $700 billion would buy a hell of a lot of help FOR THE AMERICAN PEOPLE - i am not fooled by phony republican "concessions" and phony democratic "protection" of the voters' interests

it's been a long time since i had optimism and hope that this once-great country could somehow survive the onslaught of the last 8 years and i thank you for that, Mr. Obama - it felt good while it lasted - now, i just don't care anymore - what's the point?

i still hope the democrats will win and i have no doubt that America will be a better place under their leadership, but i will not be casting a vote for Barack Obama if he does not stand up for fairness and justice for American taxpayers

[clearthinker2008]

Stand up how?

[GiggidyGeshmoygen]

I'd settle for just telling Bush & Co., in no uncertain terms, to GO TO HELL (where they belong) when they have the unmitigated balls to try and scam the taxpayers for $700 billion (to bail out their WallSt. cronies) by using the same SCARE/ SHOCK&AWE/ STAMPEED-T­HE-SHEEPLE fear-mongering tactics they used after 9/11 to dismantle Democracy under the First Amendment ..........­....

[RButler]

This business about not injecting presidential politics into the financial crisis. Well, he's been injecting it into our Iraq crisis. Everywhere you look at Obama's support, there's hypocrisy.

[PT6]

In CRISIS can we stand FOUR MONTHS of a POWERLESS PRESIDENT and VICE PRESIDENT?

No! They can not control Their OWN REPUB HOUSE and They are causing MORE DAMAGE!

We MUST START IMPEACHMENT HEARINGS and THE CHARGES ARE:

1. False Statements to Congress and the American People regarding IRAQ.
2. Non-Regulation of Stock, Bond, Banking, and Oil.
3. Non-Enforcement of SEC Rules on "Naked Shorts" that drove Companies to Bankruptcy and Merger.
4. Excessive Leveraging of Oil Market to Force Oil to Record Highs.
5. Non-Regulation of Mortgage Industry that lead to "TRICK" Loans and lost homes.
6. Non-Regulation of Derivatives which combine HIGH RISK LOANS together and Sell as Low Risk.
7. Non-Enforcement of Rules and Regulations in ALL INDUSTRIES.
8. Excessive Executive Pay for POOR PERFORMANCE.

There is literally REAMS of INFORMATION including Video, Audio, Text, Phone, and email evidence to convict these perpetrators.

[RButler]

Obama is too careful. Gotta protect himself. The country needs bold leadership and 'that's above his pay grade'.

[nk007]

RButler;

You are Wrong! In times of Crisis you do not need a "DRAMA QUEEN." You need a calm confident leader who is ready to lead people but not scare them. Trying to hog photo ops. is not bold leadership! Unfortunately Bush is still the President. The only thing Obama needs to do, which he is doing quite well, thank you, is to calm people, instead of inflaming them. He is reassuring them that once he is elected President he will not only deal with the symptom of the crisis but will also address the fundamental causes of the crisis. The "DRAMA QUEEN" McCain has accomplished absolutely nothing, other than making the situation worse by injecting politics in delicate negotiations. Unlike McCain who a week ago told us that the fundamentals of the economy are strong, Senator Obama knows that the economy is broken and needs both short term and long term fixes. Those fixes do not include photo opportunities aimed at making him look like a bold leader. A bold leader who couldn't even convince the majority of his party to put the country first.

[clearthinker2008]

How would you have handled the situation?

[Siryn]

There is leadership, and there is the calamity of injecting presidential politics on an issue that is not his purview, and he knows less about than the negotiators. The same can be said of Bush, but Bush doesn't carry the same kind of drama that McCain or Obama does. He should have made sure that the bill was cleaner and accommodated some of the jittery GOP concerns, but that's about it.

[siberia9]

hrm. So you must have missed the 7-point plan Obama came out with in the last 2 weeks right? It was everywhere. In fact, it was so everywhere that many of his provisions - larger govt oversight, equity sharing, etc. - actually made it into the compromise bill that the House Repubs voted no on. Perhaps you missed that press conference he had after Paulson announced his disastrous plan. Perhaps you also missed his answer to Jim Lehrer's first question re: the bailout at the debate. The answer covered his 7-pt plan again.

So tell me - what is it exactly you want him to do now? He's got the Dems working together in Congress. So now you're telling me he's also supposed to deliver House Repubs as well? Even though that really should be the job of Bush, McCain and the rest of the Repub leadership?

We at least know what Obama wants as protective measures in a compromise bill. I'd like to know: what does McCain want? Last I checked, he has no plan except to sop off some of Obama's points about oversight and to abide by the House Repubs' plan, which actually asks for greater deregulation of the financial services sector and a repeal of capital gains taxes (thereby rewarding the perpetrators with leniency and more money)!

Incredible. Everyone seems to be functioning on serious short-term memory here.

[Jezreel]

Precisely Siberia9.

[egal]

Right, so now it's Obama's fault that Bill and Hillary are sore losers?
And that Republicans are petty and partisan?
And that this "plan" didn't do nearly enough, as far as most taxpayers are concerned, to help the people who need the help and who form the backbone of our economy, instead intending to help the ridiculously wealthy whose avarice and mismanagement and insistence upon no regulation landed us in this fiscal mess?

Obama set those preconditions necessary for his support, ensuring certain taxpayer protections and repayment, and rightly made THOSE the focus of his support.

Maybe we will soon see a plan that more fully and satisfactorily meets those standards, that injects aid where we need it--in the middle and lower classes instead of in the top tiers--and more strictly enjoins restrictions and oversight onto the positions whose people brought us to this low point.
Perhaps, when such a plan is in evidence, Obama will throw more eager support behind it.

But in a real world where he must make decisions based on practicali­ty--gettin­g us the best he can when those who make the rules would rather fill the pockets of their lobbyists and buddies--Obama properly focuses on our benefit and protection.

Why not discus what is actually feasible and useful instead of griping without merit and casting blame at the feet of one man who did his part when so many others bear the responsibility for what you see as a failure?

[Jezreel]

Couldn't agree more Egal