Obama’s Vision vs. McCain’s Lack of Vision – Financial Crisis

From trillian at DailyKos

McCain looks to Phil Gramm:  Enron director, lobbyist, self confessed rabid ideologue who called Americans whiners, believes the recession is imaginary, and almost single handedly brought about the deregulation that is responsible for the collapse of our financial markets.

Obama looks to Warren Buffett: brilliant, self made investor who had the foresight in 2002 to warn his investors that derivaties were “financial weapons of mass destruction” and “toxic” and that the way the whole house of cards was linked that it could all come tumbling down.

Who do you want to trust with YOUR economy?

That about sums up the situation right there.

Official Obama Statement

This morning we woke up to some very serious and troubling news from Wall Street.

The situation with Lehman Brothers and other financial institutions is the latest in a wave of crises that are generating enormous uncertainty about the future of our financial markets. This turmoil is a major threat to our economy and its ability to create good-paying jobs and help working Americans pay their bills, save for their future, and make their mortgage payments.

The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren’t minding the store. Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression.

I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.

Well now, instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.

This country can’t afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.

Get to work everyone.

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