Joe Biden on Budget & Economy
Democratic Sr Senator (DE); nominee for Vice President
BIDEN: It's evidence that the policies of the last 8 years have been the worst policies we've had. Obama laid out criteria for a rescue plan. He, first of all, said there has to be oversight. Second, he said you have to focus on folks on Main Street. Third, he said that you have to treat the taxpayers like investors. And, last, you have to make sure CEOs don't benefit from this. We're going to focus on the middle class, because when the middl class is growing, the economy grows and everybody does well.
PALIN: A good barometer is go to a kid's soccer game and turn to a parent and ask, "How are you feeling about the economy?" You're going to hear fear. Two years ago, it was John McCain who pushed so hard with the Fannie & Freddie reform measures. There will be greater oversight, thanks to John McCain's bipartisan efforts that he was so instrumental in bringing folks together, even suspending his own campaign to put politics aside.
BIDEN: Barack warned about the sub prime mortgage crisis. We let Wall Street run wild. John McCain thought the answer is that tried and true Republican response, deregulate, deregulate. And guess what? The middle class needs tax relief. They need it now.
PALIN: It was predator lenders who tried to talk Americans into thinking that it was smart to buy a $300,000 house if we could only afford a $100,000 house. There was deception, and there was greed and there is corruption. Joe Six Pack, hockey moms across the nation, we need to band together and say never again. We need to demand from the federal government strict oversight of those entities in charge of our investments and our savings. Let's do what our parents told us before we probably even got that first credit card. Don't live outside of our means.
A: You don't have to make a choice of balancing the budget and/or leading with the priorities that most of us feel strongly about, from health care, to education, to the environment. And I'll just put it in real stark terms: It's about priorities. Just by eliminating the war, & eliminating the $200 billion in tax cuts that goes to the top 1%, if you add it all up, [with $350B in cuts to military special programs], that would allow me to do everything I want to do -- my priorities on education, health care and the environment -- and still bring down the deficit by $150 billion. So, the Republicans are trying to sucker us into this, "You either have to balance the budget and do nothing to make people's lives better, or you're going to balloon the deficit." They have ballooned the deficit with their bad priorities.
A: The answer is yes. But we need more transparency, particularly with regard to hedge funds and private equity funds. They are the ones that are causing this thing to go under. And there's no transparency, no accountability. We don't know how deep this problem is. I think it's almost as deep in terms of dollars, not liability, as the savings and loan crisis.
Q: But, senator, we have a deficit. We have Social Security and Medicare looming.
A: The answer is you have to put it all on the table. We put Social Security on the right path for 60 years. Social Security's not the hard one to solve. Medicare, that is the gorilla in the room, and you've got to put all of it on the table.
The Facts:On Sept. 15, at 9 AM, McCain said: "There's been tremendous turmoil in our financial markets. I think still, the fundamentals of our economy are strong. But these are very, very difficult times." About 3 hours later, McCain said: "We're going to put an end to the abuses on Wall Street that have resulted in the crisis that we are seeing unfold today." At the same event, McCain said, "The American workers, those are the fundamentals of America & I think they're strong. But those fundamentals are being threatened today because of greed & corruption on Wall Street."
The Verdict: Misleading. Biden takes some of McCain's remarks out of context.
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Ruth Ann Minner
2008 Senate retirements:
Incoming Obama Administration:
Winners of 2008 Senate Races:
( * if new to the Senate)
AK:*Begich over Stevens
DE:Biden and Kaufman
GA:Chambliss v.Martin (Dec. 2 runoff)
MN:Coleman v.Franken (recounting as of Dec.1)
NC:*Hagan over Dole
NH:*Shaheen over Sununu
OR:*Merkley over Smith
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