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Obama mum on market crisis
Question of the Day
“A strong dollar will reduce energy and food prices,” he said. “It will stimulate sustainable economic growth and get this economy moving again.”
Neither candidate delved deeply into the massive taxpayer bailout of the mortgage industry that Mr. Paulson is negotiating on Capitol Hill. Both Mr. Obama and Mr. McCain called for bipartisan efforts to avert economic catastrophe.
The proposal for as much as a $1 trillion federal buyout of bad mortgages follows the Fed’s $85 billion bailout of insurance giant AIG this week and the takeover of mortgage buyers Freddie Mac and Fannie Mae last week.
Mr. Obama said he supported granting “broad authority” to Treasury and the Fed to deal with the credit collapse. But the Illinois senator said any prescription for market ills should be temporary, come with tough new oversight of financial institutions and not reward reckless CEOs or “those who are ruthlessly foreclosing on American families.”
About the Author
Steven A Miller
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