http://www.youtube.com/watch?v=wWI35eNnDOw
In stark contrast, Barack Obama -- who was not in the senate back in the '90s, when the major deregulation legislation was being passed -- has been consistently speaking out in favor of increased regulation over the wreckless financial markets and for increased help for everyday homeowners and for stimulus of the economy in general: His most noted speech on the subject was back in March of this year, months before the current crisis erupted ...
http://my.barackobama.com/page/community/post/samgrahamfelsen/gGBNsq
While McCain's position has been changing day by day, Obama's position has remained the same ...
http://my.barackobama.com/page/s/econprinciplesf?source=20080923_BO_I_P
... exactly what the Democrats in Congress have taken leadership in drafting, rewriting the Bush Bail-Out plan, and what the American people want and deserve.
Our current financial crisis -- the gravest since the Great Depression, not just taking down Fannie Mae and Lehman Bros. and Merrill Lynch and one of the biggest banks and the biggest insurance company in the country but also threatening the entire financial foundation of the international economy -- is a direct result of the deregulation of the financial industry back in the late 1990s, led by Sen. Phil Gramm -- who went on to recently write candidate McCain's economic plan -- and supported by Democrats like President Clinton, a "New Democrat" who won office as a "centrist," carrying on the then-popular Reagan legacy of deregulating industry. But the high-rolling times, like in the Roaring Twenties, have come to an end, as American households, businesses, and government are in record debt, much of which is now "toxic," freezing up credit needed by businesses and, thus, threatening not only the life savings but also the livelihoods of millions of families in the United States and beyond.
The only way to overcome such powerful forces is for everyday people to stand up and stand together and demand that our government do what is necessary to protect and secure our finances and well-being. For all our very-real concerns -- we're not "whining," Mr. Gramm -- that has been the message of Barack Obama since day one and why he is leading a movement more popular than any we've seen in a great long while. As he says, this election really isn't about him or McCain, it's about us.
The challenge and the nation are ours. I hope that we rise to the occasion and together put aside the failed policies of deregulation and other excesses that have led our nation to the most unequal distribution of wealth and power since the Great Depression. I have faith that we "common people" will use our common sense and set things straight again. The consequences of the alternative are unimaginable.
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