Sep 22 2008
Barack Obama's Got the Six Point Plan

Barack Obama’s Six Point Plan to Fix Wall Street’s Financial Mess

This afternoon, Barack Obama spoke at a campaign event in Green Bay, Wisconsin. He touched on the only true news of importance at the moment: the wobbling of that house of cards called Wall Street. With a $700 billion band-aid being positioned to cover the problem, that puts investment bank’s bad deals on the backs of United States taxpayers, Barack Obama’s stance is it’s a situation that must be handled, but he’s not in favor of a blank check.. “If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.”

Barack Obama at rally in North Carolina

He continued with a six point plan to solve the crisis.

  1. If you’re a financial institution that can borrow from the government, you should be subject to government oversight and supervision. Taxpayers who have now been called upon to spend nearly a trillion dollars to save our economy from the excesses of Wall Street have every right to expect that financial institutions are not taking excessive risks.
  2. We need to reform requirements on all regulated financial institutions, investigate rating agencies and potential conflicts of interest with the people they are rating, and establish transparency requirements that demand full disclosure by financial institutions to shareholders.
  3. We need to streamline our overlapping and competing regulatory agencies that cannot oversee the large and complex institutions that dominate the financial landscape.
  4. We need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. This regulatory framework failed to protect homeowners, and made no sense for our financial system.
  5. We need to crack down on trading activity that crosses the line to market manipulation. We need regulators that actually enforce the rules instead of overlooking them. The SEC should investigate and punish all market manipulation.
  6. We must establish a process that identifies systemic risks to the financial system like the crisis that has overtaken our economy. We need a standing financial market advisory group to meet regularly and provide advice to the President, Congress, and regulators on the state of our financial markets and the risks they face. It’s time to anticipate risks before they erupt into a full-blown crisis.

Yesterday, on the other side of the country, Sarah Palin (not John McCain) drew 60,000 people to a rally in Florida. Anything about the economy? Let’s see..

Sarah Palin at a rally in Florida

“Americans are caught in kind of a perfect storm between high taxes, high gas prices, greed on Wall Street and a shortage of courage in Washington. But we need new leadership in Washington—we need serious reform on Wall Street.”

Compare those two solutions to the economic problem and vote accordingly.

☼ What's Your Opinion? ☼

1 Jeremy Wright Wed, Sep 24, 2008 - 10:21 am

I am 16 years old and a citizen of Norfolk,Virginia i live in a small part of norfolk called ocean view i am a big supporter of Obama but was very disapointed when i couldnt attend obamas speach at grganby i am an american come on now. Sombody better change the white house for the betterbefore theres another american revoultion.the people took the government last time it was corupt the constitution allows to. America is for the people not stuck up polititians and oil tycoons.This is jeremy wright from norfolk virginia ill be in the white house one day

2 Chris G. Wed, Sep 24, 2008 - 10:54 am

Glad to see a 16-year-old in the six point plan post. 😉

3 OBAMA 09 Wed, Sep 24, 2008 - 11:54 am

Sara Palin is a joke. Stop looking for substance from this woman. Also, wasn’t it the Clintons who signed the banking deregulations into law allowing the banks to participate in investments and act as brokers? And wasn’t it the Bush admin who turned a blind eye to the manipulative, unethical wall street schemes that have led us to the financial crisis we’re in today. Blame needs to be placed and FULL responsibilty needs to be taken from the top on down.

4 John Sun, Oct 05, 2008 - 3:34 pm

What about McCain’s 6-point plan from September 19th?

That doesn’t count?

5 Kelly Mon, Oct 06, 2008 - 12:06 am

No nothing McCain says counts because he picked Palin not to better the country but to try to exploit how stupid people can be so I can’t respect a man like that. A man that would put his own greed before the country.

6 Seth Littlestone Wed, Jan 21, 2009 - 11:38 pm

If he wants to give more power to the government(congress). look at history and how much they have helped in the past.

By the way if you have not realized it then I will tell you that I am not a supporter of Obama.

7 Above Thu, Jan 22, 2009 - 10:39 am

Who cares what your republican ass thinks!

8 Beth Thu, Dec 02, 2010 - 11:10 am

Wow.. pretty funny now isnt??? How is that 6 point plan working for you all now .. hmmm? Did you get your change? Was it for the better? Just goes to show that democrats have no business runnning this country.!

9 Beth Thu, Dec 02, 2010 - 11:13 am

Oh and Kelly… About that whole McCain and putting HIS greed before before the welfare others.. sorry toots, but that is the democratic staple of life.. Liberals do nothing unless it benefits them FIRST.. and OBAMA has been NOTHING but a prime example of that!