George Wenschhof
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Today, Obama is in Coral Gables, Florida and Biden is in Sterling, Virginia.
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It really is a stupid economy - here's a quick update:
Government to step in with Plan to stabilize economy - the Dow was up a little over 400 yesterday to make up most of the 450 loss on Wednesday. However, it is still down 500 for the week. As of 10:10 AM ET today, the Dow was up 319.
Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke met with Congressional leaders yesterday to present an outline of a plan to help stabilize banks. More federal money up to 180 Billion is expected to be part of the plan aimed at making banks assets more liquid.
Politico.com is now reporting that Paulson informed Congressional leaders the proposed plan could cost up to one Trillion - wow! Politico.com has more here.
A process known as "short selling' on wall street some have blamed as being a contributing factor to the economic troubles would also be banned as part of the proposal. The plan is expected to be worked on over the weekend and presented to Congress for approval next week. CNN.com has more here.
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President Bush is expected to address the Press from the White House at 10:45 AM ET. This will be the second straight day he will have addressed the issue. The media slammed him yesterday for saying a few sentences and then leaving without taking questions. Let's see how he does today.
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Both Obama and McCain offer up their ideas on the economy - Senator McCain is giving a speech this morning in Green Bay, Wisconsin where he is describing his economic plan. thepage.time.com has the details of his economic plan here. Yesterday, McCain said if he was President, he would fire the head of the security Exchange commission.
The McCain plan calls for the creation of a Mortgage Financial Institution Trust aimed at avoiding bankruptcies by Banks and create more transparency of wall street financial firms. For American families he would provide them with a $5000 credit to allow them to purchase their own health insurance and double the current child exemption from $3500 to $7000. McCain also slammed Obama's economic plan and cited former high ranking officials from Fannie Mae and Freddie Mac as being advisers to the Obama campaign.
However, realize McCain is still backpedaling from his original comment two days ago that the the US economy is fundamentally sound and from an entire career of being against government regulation.
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Obama offers general support of Bernanke and Paulson proposals - he plans to meet with his economic advisers today. He is scheduled to present his proposal for "Homeowners & Financial Support Act" today in Florida in a speech around 11:00 AM ET. thepage.time has more here.
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As I mentioned yesterday, the candidates need to walk a fine line here as they do not want to inject more fear into the voters during a shaky economic period. However, they want to present a plan that shows a change and improvement for voters.
The other aspect of this is for most people, their eyes (including mine) begin to glass over if details are discussed too fully. So a clear and easily understood message of change with help in the kitchen table issues for the voter is what needs to be crafted by the candidates. Democrats have typically benefited from these issues so expect voters to be reminded, and rightfully so, these problems with the economy are a result of 8 years of failed policies of the Republican Bush administration.
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The Wall Street Journal has a article today on how the economic problems will hamper the next President. Read it here.
--------------------
This election is all about the economy now and "wailing Palin" will not help McCain on this issue. Stay Tuned.
--------------------
Today, Obama is in Coral Gables, Florida and Biden is in Sterling, Virginia.
--------------------
It really is a stupid economy - here's a quick update:
Government to step in with Plan to stabilize economy - the Dow was up a little over 400 yesterday to make up most of the 450 loss on Wednesday. However, it is still down 500 for the week. As of 10:10 AM ET today, the Dow was up 319.
Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke met with Congressional leaders yesterday to present an outline of a plan to help stabilize banks. More federal money up to 180 Billion is expected to be part of the plan aimed at making banks assets more liquid.
Politico.com is now reporting that Paulson informed Congressional leaders the proposed plan could cost up to one Trillion - wow! Politico.com has more here.
A process known as "short selling' on wall street some have blamed as being a contributing factor to the economic troubles would also be banned as part of the proposal. The plan is expected to be worked on over the weekend and presented to Congress for approval next week. CNN.com has more here.
--------------------
President Bush is expected to address the Press from the White House at 10:45 AM ET. This will be the second straight day he will have addressed the issue. The media slammed him yesterday for saying a few sentences and then leaving without taking questions. Let's see how he does today.
--------------------
Both Obama and McCain offer up their ideas on the economy - Senator McCain is giving a speech this morning in Green Bay, Wisconsin where he is describing his economic plan. thepage.time.com has the details of his economic plan here. Yesterday, McCain said if he was President, he would fire the head of the security Exchange commission.
The McCain plan calls for the creation of a Mortgage Financial Institution Trust aimed at avoiding bankruptcies by Banks and create more transparency of wall street financial firms. For American families he would provide them with a $5000 credit to allow them to purchase their own health insurance and double the current child exemption from $3500 to $7000. McCain also slammed Obama's economic plan and cited former high ranking officials from Fannie Mae and Freddie Mac as being advisers to the Obama campaign.
However, realize McCain is still backpedaling from his original comment two days ago that the the US economy is fundamentally sound and from an entire career of being against government regulation.
--------------------
Obama offers general support of Bernanke and Paulson proposals - he plans to meet with his economic advisers today. He is scheduled to present his proposal for "Homeowners & Financial Support Act" today in Florida in a speech around 11:00 AM ET. thepage.time has more here.
--------------------
As I mentioned yesterday, the candidates need to walk a fine line here as they do not want to inject more fear into the voters during a shaky economic period. However, they want to present a plan that shows a change and improvement for voters.
The other aspect of this is for most people, their eyes (including mine) begin to glass over if details are discussed too fully. So a clear and easily understood message of change with help in the kitchen table issues for the voter is what needs to be crafted by the candidates. Democrats have typically benefited from these issues so expect voters to be reminded, and rightfully so, these problems with the economy are a result of 8 years of failed policies of the Republican Bush administration.
--------------------
The Wall Street Journal has a article today on how the economic problems will hamper the next President. Read it here.
--------------------
This election is all about the economy now and "wailing Palin" will not help McCain on this issue. Stay Tuned.
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