What is wrong with Obama's economic plan?
If you hate him... LET'S TELL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
- Anonymous1 decade agoFavorite Answer
You're going to see a lot of mud being thrown by the Obama camp on the housing collapse, Lehman, AIG etc., directed at John McCain and Bush, but let's understand that Obama and the Clintons profited, on a gargantuan level, from the relaxed laws that Bill Clinton put in place. Don't forget that Obama TRAINED the people at ACORN. You can look at ACORN's growth into the low income housing market, yet DO NOT forget Obama's involvement. To do so would be fool hearty, as so many of his supporters have a tendency to be, regardless of SO many issues surrounding Obama have been exposed.
One of the few cases where Obama was an attorney of record during his community organizer days was suing Citibank for its failure to issue more subprime loans. This influential case filed in 1994, Buycks-Roberson v. Citibank, was straight out of the ACORN playbook, and indeed Obama’s attack was just one in an ongoing assault against Citi by ACORN and its sympathizers. Evidence of the ACORN assault include the 1992 occupation of Citi headquarters in New York. (AP Online, July 14, 1992) Citi became Obama’s target in the July, 1994 lawsuit, which surely played a role in a Sept. 20, 2004 press release, “Citigroup and ACORN Expand Access to Financial Services in Communities Around the Country.” The release trumpeted, “With this agreement, ACORN will be able to expand our mission of strengthening commmunities by helping low- and moderate-income families…become homeowners.” In a related development, the Chicago Tribune from Sept. 11, 1994 declared “ACORN has enhanced its financial power through a pilot program with the Federal National Morgage Corp., called Fannie Mae. The program links investors with ACORN to make mortgage money available to needy buyers.” Worthy polices, to be sure, but the sloppy implementation forced by Obama and his fellow travelers directly lead to the current financial crisis. According to the WSJ, the subprime driven takeover of Fan and Fred, could cost taxpayers $500B. Citi has already needed to raise $30B in new capital as a result of the subprime crisis. The total costs to the US economy of Obama’s signature economic plan are catastrophically high.
Although a junior lawyer on the team, Obama’s role in orchestrating the subprime crisis cannot be said to be just a hired gun, the mercenary attorney looking for the big class action settlement. Obama has been affiliated in one form or another with ACORN for 20 years - since before he went to law school, and has their endorsement in this election. After graduation, he came back to Chicago, and went to work advancing ACORN’s agenda through the courts. Obama’s representational record in Westlaw is almost certainly incomplete, as it will only capture cases in which an opinion is given. This will exclude, for example, most cases that settle unless there is some intervening decision by the court captured by the court reporters. Westlaw captures six cases where Obama was an attorney of record. In two of them, ACORN was his client. In Buycks-Roberson v. Citibank, clearly inspired by ACORN but financed by a $950,000 attorneys fee, Barack Obama shows himself to be an intellectual author and a direct cause of market crisis of 2007-2008.
- SaucyLv 41 decade ago
I think the ignorance of many of us refuses to call to action anything in regards to the facts of a campaign. Many of us are content with just adopting what we see on the news without the value of research. Personally, I looked and read over Obama's and McCain economic plan. I think both plans reflect their backgrounds whether it be through struggle or military. As someone who aims to understand the finer points of economics and applies the same ideas to my business, I like what Obama's plan illustrates better than McCain. Specifically on the details that are rather important. The detailed inclusions of Obama and his plan reflect not only the issues but the solutions from the standpoint of someone who does not come from money. I think that kind of common value is what is needed to help along a limping economy. However, the reality with both plans regardless of what people may think is that anything that is done in the future will cost money and that money has to come from somewhere. The current crisis was created with money and with money is the only and sad solution to resolving it. The real question is that is the American public willing to pay a little money for a better future for everyone or are the many hangups that we have been stuck to this past decade going to rule us until we die?Source(s): CEO of Simply Sauce Designs - web development and health and beauty manufacturing Obama/Biden 08
- 1 decade ago
The problem with Obama's economic plan is it assumes that money and wealth are fixed and static.
In reality, wealth is created when capital and productivity are applied to producing things we want. The government then creates more money to prevent deflation.
Obama's tax plan increases the penalties for productivity and wealth creation. This will drive those activities and the jobs they create out of the country.
Then he'll take some of (what little) extra tax money he collects and use it to hook even more people to the government teat.
Then he'll shovel money at the chosen technologies for our energy future. Anyone who believes that the technologies will be chosen for any other reason than their lobbying and campaign contributions is naive.
In summary his plan will -
1 - push more jobs and wealth out of the country
2 - make people even more dependent on federal bennifits
3 - Tie our energy future to the special interests rather than the technologies that make economic sense.Source(s): Saw Carter do it.
- Obama HappendsLv 51 decade ago
We are on the verge of becoming a socialist country. This election puts the private sector directly at odds with the public sector and we are about to find out which will control the vast majority of jobs and wealth creation in this country. Barack Obama is not just the most liberal senator in the country. Barack Obama is a committed socialist.
If you're worried about your 401K and retirement account, vote Obama. He says he'll fix it. What? You mean that doesn't inspire confidence?"
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- Bonkers!Lv 71 decade ago
Just because you don't like someone's plan, does not mean you hate the person. Why do dems always hate people they don't agree with.
Time and time again it has been proven that higher taxes cause an econmic slowdown. Clinton got away with it because of the internet boom, but there is no boom coming to save Obama if he raises taxes.
Where the republicans failed is that to go along with lowing taxes, they did not control spending. They did not have a big enough majority in congress to do this.
- Natasha bLv 41 decade ago
In 1930 we faced a housing crisis, the government chose protectionism, which threw the country into a depression.
Also the capital gains tax, every home owner will get taxed with capital gains when they sell.
He sells his tax plan with Income Tax only, but it's really a trojan horse LOADED with additional taxes, that either we will pay or will be passed on to the consumers.
OBAMA HAS NEVER VOTED TO DECREASE TAXES.
That should be a tip to look deeper.
- jenepher402Lv 51 decade ago
His plan includes 60 Billion in programs that are going to be in need of funding and he claims he's gonna cut taxes in the process. It's a bunch of BS. The only way he can fund his ideas is to raise all taxes dramatically.
Actually do your research and you'll see that he wants the tax-cuts to go to what they were pre-Bush (in essence, doubling them), he wants to tax people who sell their homes 28% on the profit that they make, he wants to reinstate the death and inheritance taxes, he wants to tax people who own homes larger than 2400 sq ft, and this is just the beginning.
If this country elects B. Hussein Obama (as Ann Coulter puts it), we will be in a huge recession as we have never seen before. If American people think the foreclosure market is bad and spending is bad under Bush..... just wait to see what Obama wants to do to us.Source(s): Many websites for/against both candidates.
- Anonymous1 decade ago
Look at it this way.... His idea is to pull the whole robin hood act... Take the money from the rich (oil companies aka the devils) give it to the poor (the rest of us) only to have us use it on gas... HMMM what's wrong with this picture????
And then lets see to solve our economic issues he's deciding to tax us to help us out!!!
EVERYTHING IS WRONG WITH HIS PLAN!!!!!!!!!!!
- leahfuLv 41 decade ago
Tax corporations. Okay then the corporations move overseas where they wont get taxed so much. Loss of jobs. And even if they dont, they wont lessen their bonuses and such. Instead they will pass the buck to the consumer of whatever they do.
- 1 decade ago
just another round of statism, the enemy becomes consumers and their 'not-green-enough' lifestyle as well as carbon taxes for business. But where does all that revenue go? to the UN, not benefiting the US at all.