Legal Commentary

Obama's Remarks on Economy at Grand Junction, CO Rally

By Jeralyn

Here is a portion of the text of Sen. Barack Obama's prepared remarks at his rally today in Grand Junction, CO (received by e-mail, no link.)

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.

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Today offers more evidence that too many folks in Washington and on Wall Street weren’t minding the store. For eight years, we’ve had policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans. The result is 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 the same 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; 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 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.

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It’s not that I think John McCain doesn’t care what’s going on in the lives of most Americans. I just think doesn’t know. He doesn’t get what’s happening between the mountain in Sedona where he lives and the corridors of Washington where he works. Why else would he say that we’ve made great progress economically under George Bush? Why else would he say that the economy isn’t something he understands as well as he should? Why else would he say, today, of all days – just a few hours ago – that the fundamentals of the economy are still strong?

Senator – what economy are you talking about?

What’s more fundamental than the ability to find a job that pays the bills and can raise a family? What’s more fundamental than knowing that your life savings is secure, and that you can retire with dignity? What’s more fundamental than knowing that you’ll have a roof over your head at the end of the day? What’s more fundamental than that?

The fundamentals we use to measure economic strength are whether we are living up to that fundamental promise that has made this country great – that promise that America is the place where you can make it if you try – a promise that is the only reason that we are standing here today.

Full post as published by TalkLeft on September 15, 2008 (boomark / email).