ABOUT FIRST READ

First Read is an analysis of the day's political news, from the NBC News political unit. First Read is updated throughout the day, so check back often.

Chuck Todd, NBC Political Director

Mark Murray, NBC Deputy Political Director

Domenico Montanaro, NBC News Political Reporter



Obama criticizes Bush on the economy

Posted: Monday, March 17, 2008 3:22 PM by Mark Murray
Filed Under:

From NBC/NJ's Aswini Anburajan
MONACA, PA -- Obama claimed that the economy was "teetering on a potential crisis" at a news conference here today and pointed a finger at President Bush, accusing him of poor fiscal management.

"History will not judge President bush kindly," Obama said of the economic downturn over the weekend, arguing that Bush appeared nonchalant over the potential crisis in remarks last week.

"When I saw the president in his press conference, almost lighthearted and joking about some of these issues, I think it did not instill the kind of confidence in the American people and certainly it didn't instill any confidence in me that the Administration is taking the situation seriously," Obama said.

He also argued that a lack of transparency within government had lead the economy down this road, and said that the ill effects had been a long time coming and many of the effects the economy was experiencing now was part of a long-term structural problems.

Focusing much of his attention on "ordinary Americans," Obama said that the average family's wages had "flatlined" over the last seven years.

"They were already having a tough time during the so-called boom times over the last seven years. The average families wages and incomes have flatlined. In fact they gone down when adjusted for inflation by a 1000 dollars."

Obama's remarks today came on the heels of Clinton's claim that the economy "was in the soup," and that more had to be done by the Federal Reserve to help with the fiscal crisis. Obama appeared to speak with more restraint.

He did not openly criticize what Fed Chairman Ben Bernanke or Treasury Secretary Paulson did in helping JP Morgan buy Bear Stearns, calling them "creative steps."

He added that although he hasn't spoken with any of the Fed presidents or Paulson, "calls have been scheduled." He did say that he's spoken with some presidents of major Wall Street Banks to get a better picture of the financial market.

Regarding legislative proposals to deal with the crisis, Obama appeared to favor a middle- class tax relief that could be instituted right away. "I continue to believe that a middle- class tax cut that gets money into the pockets of working Americans is going to be most effective in regenerating the economy -- not a continuation of the same tax cuts that have been going to the top 1% for the last several years."

Asked if it should be instituted right away, he said: "I believe we should institute not just because it would be good economic stimulus, but because it would be important for fairness in the economy. We've got an economy like I've said who's seen their wages and income flatlined over the last seven years."

*** UPDATE *** RNC spokesman Alex Conant responds to Obama's critical statements on Bush: “The irony is that if Barack Obama studied history, he’d know that his tax-and-spend proposals would only hurt the economy. Barack Obama may not have much experience with national economic policy, but he should know that new taxes won’t create new jobs.”

MAIN PAGE

Email this EMAIL THIS

Comments

obama is a fake! i am tired of him
who cares about what Obama says.

OBAMA IS DONE.

Sorry MSNBC but your horse in the race is going down.

Clinton 08
It doesn't matter what Obama says, he is finshed. He will never win in Nov. if he is the nominee.

Obama can't erase 20 years of friendship, mentoring, and associating with this racist black church and hate filled racist Pastor. Both are anti America. HIs wife also, who has never been proud to be an American,  and called America mean.

Obama talks about his judgment? Where was his judgment on William Ayers, who he is still friends with?
Where was Obama's judgment on Tony Rezco?

Where was his judgment when his pastor praised Farrakhna and gave him an award?  Farrakhan: who hates white people and jews.

People will never elect Obama, he is now unelectable in the General election.

Today Obama refused to answer questions about his Pastor Wright, when asked by the press.

NO amount of Race speeches will make any differenc to the vast amount of Americans who love their country.
Oh, don't sweat it. He said he was on top of it.
History will not judge Obama kindly either. His constant choice to interject racism and sexism into this campaign is repugnant.

The Obamarama is OVER.

Obama is unelectable.

On this St. Patrick's Day, the  jig is up.

The revelations about Obama & Rezko, and Obama & his "pastor" Jeremiah Wright call into question the character and judgment of Barack Obama. Wright is his "close, personal friend of nearly 20 years, the man Obama calls his "mentor" and "spiritual advisor", his "pastor" Jeremiah Wright is an avowed racist, anti-white, anti-semitic, anti-American, pro-Louis Farakaan, black supremecy, Nation of Islam supporter, THIS is the man Obama calls a friend and mentor? WHY?
Wright is disgusting. Obama is shameful.

This proud American says may God Bless America, NEVER "God Dam- America" as Barack Obama's "pastor" Wright shouts.

The only question that remains is how fast can the Dems get this loser Obama out of the race before he completely destroys the Democratic Party and any chance for a Dem victory in November?

Thanks for highlighting this just as much as the race thing.  Excellent balance of two important issues.  Hopefully the broadcast news will emphasize Obama's economic message, too.  Note: he is much more presidential and acticulate about these economic things than Hillary.  He know how to speak to "the people" the way Bill Clinton did.  I wish the media would note that.  Hillary sounds like a senator or a treasury secretary.
Although Mr. Greenspan inspires a more warm and fuzzy feeling that any economist in recent memory, few Americans understand that his and the Federal Reserves role in the current housing market difficulties may well be far more substantial than is currently realized.  A look at the recent past history of Federal Reserve discount rates illustrates that after 2000, interest rates began a precipitous drop led by the Fed supposedly to counter recessionary trends and the effect of the 911 attack.  http://research.stlouisfed.org/fred2/fredgraph?graph_id=5103&category_id=0These rates went far below historic ranges and created very low overall interest rates.  http://research.stlouisfed.org/fred2/fredgraph?chart_type=line&s[1][id]=MORTG&s[1][range]=10yrs#
Historically low mortgage rates created dramatic and substantial inflation in the housing market. This created a false bubble of economic prosperity based on accelerating home values on the consumer side and credit markets accommodated to the signals sent by the Fed of an expected endemic lowering of overall interest rates.  This is because the typical mortgage holder makes buying decisions commensurate with their abilities to pay a monthly mortgage Fee.  With much lower rates the typical buyer can afford a far more expensive home.  Home prices have been rapidly adjusting to this increased buying power with extraordinary inflation.  The rapid inflation of home values created speculation and oversupply in the housing market that will take a rough period of adjustment to overcome. It also allowed the typical consumer to borrow against this increased value and create an expectation of this phenomenon continuing.  It is difficult to say who is responsible for the dramatic drop in Federal Reserve interest rates from 2000 to 2004, but it is too easy to see that this, coupled with poor lending practices has had an extremely deleterious effect on the nation's housing market. Mr. Greenspan has said publicly several times that the extended drop in Fed discount rates were due to response to overall lower international rates however a look at the Libor index which is an index of international interest rates tells a different story that the Libor from 2002 through diverged from and was a trailing indicator of the Fed rates.  Greenspan was blaimed for the failure of GHW Bush to win re-election for the Fed's failure to drop rates prior to the election. By any account we will pay heavily for the Housing bubble, even if it is "Just Froth"
 


Bush has lead us into this failure by giving the wealthest tax breaks.  These people do not notice in their budgets that gas and food cost have gone up versus the middle class that Obama is working.

Bush "conservative Republican" administration has mismanaged the country's finances by growing the largest deficet in our history.  If we were a home owner we would be foreclosed.  If "Republicans" want fiscal conservative i.e. financial disaster to continue then vote Republican but if you want change to protect America (I know your children will get your millions so they won't need to work just invest in areas that the middle class can't invest) then vote for Change.
"When I saw the president in his press conference, almost lighthearted and joking about some of these issues, I think it did not instill the kind of confidence in the American people and certainly it didn't instill any confidence in me that the Administration is taking the situation seriously," Obama said.

Exactly right, Senator Obama.  Now turn the same criticism on John McCain, who admits he knows nothing about economics and has joined himself at the hip with President Alfred E. Neuman.

We have an economy that needs some serious love, and all we get is … What me worry?

We can’t take four more years of this.  


Obama/Webb 08
Aswini,
Do we need the editorial about "Obama's comments came on the heels of Clinton's speech?"  Your site has already mentioned her comments.  The implicit slap at Obama isn't necessary.
I AM SORRY
ISNT THAT EXACTLY WHAT HILLARY SAID IN AN EARLIER PRESS RELEASE?
WHAT IS OBAMA GOING TO DO WHEN HE CANNOT TAKE SOMEONE ELSES WORDS AND THOUGHTS.
Obama drop out!!!! Tired of speeches about things you know nothing about. Go back and ask Mr. Wright what he thinks and get back to us in like 100 years. Your true colors are shinning through. I'd rather you be Muslim than to be what you are.
bush may as well joke about the economy, years of deregulation, corruption and greed by the republicans have pretty well destroyed the u.s. economy, there is no quick fix, and wasting the taxpayer’s money delaying the inevitable is stupid, but the fed intends to bail out the rich wall streeters at the expense of the poor until the last dog dies, bush best bring the troops home we may need them here
Obama is on the right track. The economy needs to get more in balance. Another aspect of this is the role Wall Street plays in our capitalistic system. As a small business owner I would view it as the passive investors in our ecomomy have too much equity, and the employees and entrepreneurs are being squeezed out. The sub-prime fiasco is symptomatic of this as proven by the fact that the investors saw it as the end justifying the means. What neeeds to happen is that corporate America needs to be redirected to going private as opposed to going public, since the greedy public really does not care about the actual business itself, just about the quarterly numbers which are far too short sighted a measure of a company's health.
Bush and his cronies are an abomination.  Bush's display at that function literally made me sick to my stomach, almost the same way I felt when Bill and Hillary Clinton and all of their scandals erupted.


OBAMA, 2008!
the economy is tanking and youall act supprised at every new turn. why you [that being just about every politician on either side] to have seen this coming is a indictment of your ability to know what real american's face daily. =the recent attention to food costs that have been increasing for years, yes years you idiots, is shocking. the price of milk have been skyrocketing for several years to over $4 a gallon and we wonder why families aren't better fed and going obese when giving the kids coke is cheaper! now that 08 is upon us we act concerned. most of us think that in your tax brackets you hardly notice these increases and only vocalize your concern to get my vote. the only one i thought had a clue and cared was biden and he's gone.the family budget is in crisis, ours not yours as you all are in the top 3%, and you're clueless as to what to do! the only thing that scares me more is bush's comment that he's getting on top of this crisis as well as he probably did in iraq! that's too scary for thought.
Obama attacking GOP . . . Clinton attacking Obama

Lather. Rinse. Repeat. . . . for the next 4 months

I've got to hand it to Clinton . . . she is single-minded . . . since she can't have the nomination in 2008, she will either steal it, or do everything in her power to make sure that she gets another shot in 2012 (i.e. - a McCain victory in '08)
Are you better off than 4 years ago, the Clintons sure are!

The polls show most Americans saying they are worse off now than 4 years ago. I am one of those Americans. The medical bills are higher, the raises smaller, I am working longer, we have had to cancel vacations and struggle pay check to pay check.

Put in a political perspective, I am voting for Change this November for many reasons but my "economy" is the main reason.

I really like Obama's open approach to his record and finances. It is all on the table.

But were is Hillary's information? She claims great things but is it all talk? There is very little to back up her claims as first lady. They refuse to release her schedules but that is small potatoes compared to the secrets in those financial records.

What about the $500 MILLION raised for Bill's library? Who were those contributors? What did they get for their donation?

A simple gesture of releasing their 2007 tax returns has not been done. What gives there? There seems to be something to hide. I bet if they do release them it will not be a complete accounting.

Hillary represents the worst of the worst kind of politician. She lies about the records of others while lying about and hiding her own. She's involved is a cover up of records that could help people make an informed decision about voting. Her whole persona is throwing mud, wallowing in political filth and pure lies.

So what makes her the "worst of the worst"? She is doing it for no other purpose then self gratification while taking the Democratic party down along with her. In her warped, depraved mind it is win at all costs and damn those that get in the way.

I for one, believe that there are lines that should not be crossed. Integrity is a value that must be represented by our candidate. Obama has shown it by being an open book. He is not a perfect person but one that believes that people, when given good information, will make the right decision.

If the Clinton's can give themselves a $5 million dollar loan then we ought to know where they got the money. Simple. Be honest with us. Has Hillary or Bill crossed any lines financially? They have done great under Bush's economy, certainly better than me and anyone that I know. Why?

Again, integrity is at stake. What should we believe... her words or her records?
All the economy needs is for the 2nd. Clinton to be in office. Things were almost this bad after 8 years of Regan and 4 years of the 1st Bush. It took Bill less than a year before the working class people were able to make a living. If you are having a hard time finding money to pay bills I suggest Hillary is the answer. I am old enough to know how much better off we were when Bill was in office. And I'm old enough to know Barry has no answers.
Mark Penn has Hillary Clinton as a client of his very right wing Republican consulting firm. Why would Senator Clinton not only take money from lobbyists, but pay them to work on her campaign -- what has she promised them?

Charlie Black has John McCain as a client of his very right wing Republican consulting firm. Why would Senator McCain not only take money from lobbyists, but have them actively working on his campaign -- what has he promised them?

Charlie Black works for Mark Penn -- this is a clear example of conflict of Interest -- does every one not see that? If you look back and re-read Keith Special Comment, you can begin to see that the Mark Penn influence was what he was addressing.  Senator Clinton's campaign knew that, at the time we didn't.

If Senator Clinton wins, then Mark Penn wins.
If Senator McCain wins, then Mark Penn wins.
If Senator Obama wins, then Mark Penn loses and all the special interests that he represents lose as well.

In fact, Mark Penn is already getting contracts from former President Clinton's charitable initiatives, more specifically from the connections that President Clinton is cultivating overseas.

Barack Obama, as a very promising candidate for the presidency, is being tag teamed smeared by both campaigns, by both Charlie Black and Mark Penn. Mark Penn has to make him unelectable or he loses -- and then America loses, but the corporations who really run this country win.


~~~~~~~~

Relate reads.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYaUqMqpWpW4&refer=home

Clinton Aide Penn Mixes Campaign Role, Advocacy for Companies
By Timothy J. Burger and Kristin Jensen


http://www.townhall.com/columnists/thingyMorrisandEileenMcGann/2007/10/22/conflict_of_interest_buson-marsteller_and_h illary_clintons_alliance

Conflict of Interest: Buson-Marsteller and Hillary Clinton's Alliance
By Dick Morris and Eileen McGann
Monday, October 22, 2007


http://www.americablog.com/2008/02/mark-penns-tangled-corporate-web.html

Mark Penn's tangled corporate web: Clinton is a client; McCain is a client.
by Joe Sudbay (DC) · 2/25/2008 10:18:00 AM ET


http://www.thenation.com/doc/20070521/berman

Spinning Hillary Centrist
Ari Berman
article | posted May 7, 2007 (web only)


http://www.dailykos.com/story/2008/2/24/14518/2213/544/463202

Mark Penn's lobbying shop is headed by John McCain's top adviser
by JedReport
Sun Feb 24, 2008 at 08:14:08 PM PDT
This feels like one of those debates. After Hilary gives one of those substantive answers. Obama gives one of those "I agree or me to" remarks.

Barack will you ever take the lead on anything when it comes to issues that truly matter the most to us?
Must you always take a cue from someone else?  

He just does not come off as believable when talking about these issues. Cause you know someone else had taken the same stand.
Mr. Obama has run an honest and clean campaign. I am ashamed that the news media jumped on Hillary's non-issue campaign and ran his Pastor out of his church. Shame on the news media for being a party to Hillary's campaign based on gender, race and religion. Still waiting for her 2006 tax return, what is it she doesn't want us voter's to see until after the election.
I think that Bush proved that "Trickle Down" economics (AKA Voo-Doo economics) doesn't really work.  It doesn't help that there was little oversite for various banking groups that were "just giving away money" without checking anything.  If McCain is going to continue these failed policies that don't help struggling people and allow states to get out of their debt, then it isn't going to get any better. There needs to be better oversite of the rules that are in place.  If there isn't, then the country will be come less stable and more polluted.
Agreed.  This just caps what is the most destructive, unpatriotic, warmongering, secretive, mefirst, UNSMART, unscientific, carpetbagging, good ole boying, blundering of an excuse of an administration that this republic has had to endure.  How McCain can gleefully fly the banner of the part that unabashedly got us there is pathological at best the very definition of hubris at the worst.  OBAMA 08
The exact same words i used, five years ago. History will not judge bush kindly. Everyone seems to forget that he spent us into this crises, with an ill planned, badly managed war in a country that doesn't need zip codes. When he got in, it was 'I hope he doesn't hurt us to much'. Within six months, it was 'I hope we survive him'. Seems like the the second one is pretty close.
Yeah, but Bush doesn't belong to a racist church.
It's sad to see so many people afraid of what Rev. Wright said. How about you stop and think what it was like to be black in the 50s and 60s? Not being able to go into places because of your skin colr, having restrooms and water fountains labeled "colored", being forced to sit at the back of the bus, and seeing members of your race hung and lynched just because of their color. You might have some pent up anger too. While I don't condone his sermons because a preacher is supposed to teach forgiveness, I certainly can see where they came from.
From Clinton News Network:

Poll: Majority of Democrats prefer Obama
Thanks Carol, I have heard about that, but I guess the Clinton folks are too hostile to read anything, other than shoving Clinton down our throats.  

Give me a break and we call Obama out.  Anytime you ask Clinton about something, she brings out dirt on Obama and the media stops asking her about her own  dirty dealings.  Simply amazing.  
It's the Wag the Dog all over again.  Just like BIll Clinton with the other scandals, when things get hot, start a global conflict...only it's on the homefront.  Hillary please, it's Obama or nothing at all.

And for the man who claims the years were good with Bill Clinton, it is his wife running; not him.  Or which one is it now?  Are we giving her credit or not, despite what many have said, she did little or nothing!

That's what I mean the Clinton SPIN :O(!  Are we giving Bill a 3rd term or what is it Clinton folks?  Which one is it today?  
Craig -
Thanks for the insightful comments. You are so right on. I wish that people would realize that this mess is not something we can put on the shoulders of one person or the 'administration'...There are so many aspects to the current state of the economy, from an almost criminal consumer lending market to the greed of many people all looking to capitalize on the real-estate empire (whether from the lender side, the borrower side or in between)...
http://twocanpete.blogspot.com
Bring the jobs home from China and the economy will follow.  
FirstRead.  It sure would be nice if you would moderate this so that only comments pertaining to the article are what show up.  I'm really tired of sloughing through 'John Doe', 'Patty, SD, CA', 'john in la' and 'J. Merle Stanley, Westchester, NY' putting up general slams against Obama that do not pertain to the article.  They always have nothing of substance to say but they always seem to get posted while some of my comments pertaining to the article never show up.

I'm sure there are Hillary bashers, too and they should be treated the same way.

Please, please, please moderate these comments so that only posts that deal directly with the article show up.

Thank you.
Obama and Clinton are similar on the issues, we all know that.  Therefore I don't think we need to accuse either candidate of copying the other when it comes to where they stand on the issues (should they seem to offer similar approaches).

I have LONG thought that we need to shore the middle class up in this Country.  We are struggling and seem to struggle more every day (I don't mind the struggling so much, its the losing ground over time that I mind.).  The poor in the Country need assistance in some ways and in many ways they get assistance (although sometimes it is not enough).  But what I notice in our working class town is that in many ways, there is no incentive to try and go from being poor to middle class because the poorer people actually get a lot more help (as opposed to the middle class who just struggle).  Not that I want to live off assistance but I see poorer people getting help with medical care (the Medicaid, called Husky in CT), free and reduced lunch, supplemental tutoring in schools, fuel assistance, free summer camp and other programs for children, free coats in the Winter, free uniforms, etc.).  Its not that I mind poorer people getting help....but when the middle class folk can't keep up (don't have health insurance, can't afford tutoring or summer camp, fall further behind on utility payments with no assistance in sight), then what incentive is there for poorer folk to try and work hard to become middle class.

Fixing the economy is complicated, but at least starting with the right priorities in the economy would be a good beginning.

Obama for President, 08
patty,sd,ca - CAN'T YOU READ?  GE IS BIG HILLARY SUPPORTER - GE owns NBC and this website, which has always been pro-Hillary.

This is as good as the media will get on Hillary, because there is no good to report on her.  That is until she releases her tax returns and foundation donations, then we can all admire how rich she got from selling the last presidency!
I think (WHITE AMERICA GOT WHAT THEY WANTED. I HOPE WHEN HILLARY GET IN YOU WILL SEE FOR. IT SO SAD THAT I FELT THIS  WOULD HAPPEN. I fell sorry for all of you esp the Media that the WHITE MEDIA AND THE PEOLE HAS RUN A GREAT MAN AWAY. I WISH HE WOULD SAY TAKE IT YOU CAN HAVE. IT AS IT WAS STATED TODAY WE OR GOING INTO A DEPRRESION. AND I DONT WANT OBAMA TO BE BLAME FOR THIS........YOU HAVE DONE HIM A GREAT FAVOR. IT MAKES ME SICK. NOTHING WILL NEVER CHANGE. YOU CANNOT STAND IT THAT SOMEONE CAN BE SMART AND BLACK.........
Regarding Merk Penn's association with both Hillary and McCain, it then comes as no surprise that Hillary portrays the both of them as being the only qualified candidates for the presidency. If she doesn't win, she will be in a position to get paid for losing. The only threat appears to be Obama. They lose the money if he wins. Hillary really more devious and manipulative than we think. The Democrats can't win as long as she is around.  
OH, YOU WILL NOT SUBMIT THE TRUTH. ONLY WHAT WILL MAKE WHITE AMERICA WIN. YOU WILL DO ANYTHING. ITS SAD. AND ITS 20008.
Barack Obama for President of the UNITED States of America.
Obama camp up with new video

http://www.youtube.com/watch?v=K7DVHh1h3-0
Hillary supporters,

Your candidate is done.  Just because the media continues to make her viable (so their ratings can stay high) doesn't mean you have to continue to fall for it.  Obama is winning in states won, the pledged delegates and the popular vote.

Don't you think if the remaining superdelegates were going to support Hillary, they would have already done so by now?  

Obama can bridge our divides - a true uniter.
He has no clue, but a copy cat.

Please don't embarrass yourself further. Go home and clean up yourself.

We love our country and are proud to be Americans!
How will our people make it, when gas is $4.00 a gallon, to get back and forth to work?  Jobs are not giving raises, the price of food is going up, rent has gone up, and most of us really work hard and can't afford to have recreation with our own families? How do WE the middle class and below make it?  When will we benifit off our labor and be able to live comfortable?
Just when some of the comments on these sites make one inclined to loose faith in the American public, a comment like that of "Bonnie" at 10:23 under "Iowa Update, Part II" yesterday fully restores your faith.
Barck, hope u lose !! Good luck!
There is nothing so worrisome or weary than hearing people (especially women-kind) rant and scream and have a hissy-fit over Obama's credibilty. Just think of the people the Clintons call their friends!  Ha! Hillary Rodham Clinton and her husband are ruthless egotists who have fallen from their pedestals in a massive heap.  How could anyone want another Clinton (and I voted for him twice) in the White House when it's all about them?  They are so totally phony and the people who fall for it are naive.  No one's perfect - far from it, especially all three candidates.  BUT!  The upside is we have a good choice - a smart choice - in order to move forward in this country.  And that is Barack Obama for president.  
AND I'M SICK OF MICK CAIN AND EVERY SINGLE REPUBLICAN IN THIS COUNTRY.  THEY ALL MAKE ME WANT TO PUKE.


SEND A COMMENT

PLEASE READ: All comments must be approved before appearing in the thread; time and space constraints prevent all comments from appearing. We will only approve comments that are directly related to the blog, use appropriate language and are not attacking the comments of others.

Message (please, no HTML tags. Web addresses will be hyperlinked):

TRACKBACKS

Trackbacks are links to weblogs that reference this post. Like comments, trackbacks do not appear until approved by us. The trackback URL for this post is: http://firstread.msnbc.msn.com/trackback.aspx?PostID=776144

First Read e-mail alerts


Sign up for First Read alerts
The first place for key political news and analysis

Syndicate This Site

Add First Read to your news reader:
live.com xml
myyahoo msn
bloglines newsgator
google