podesta-emails
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Hello All,Unfortunately we weren't able to send a tracker to this event. But
good news: we were able to capture the event via online streaming video.
Below are the notes from our effort.
Big Highlights
*[McCain highlights]*
- Flubs: calls for resignation of "FEC" chair:
http://www.youtube.com/watch?v=9s9IERbxFFA
- goes off-script: says Cox a "good man" but he should resign because
we need accountability in Washington
- Says his proposal gives "a lot more than what any hardworking middle
class family gets under the Obama plan"
- Proposes 5-pronged approach
- (1) MFI as early intervention program to keep ppl in their homes and
safeguard their savings
- (2) more financial transparency
- (3) one regulatory standard
- (4) reform of corp. governance rules to protect consumers and
investors (e.g. against predatory lenders)
- (5) Fed should get out of business of bailouts and focus on
strengthening the dollar
- Continues do-nothing accusations that Obama "did nothing and actually
profited from this system of abuse and scandal," was taking their money
- Says another Freddie CEO, Fred Raines, has been advising Obama on
housing policy
- accuses Obama of imposing "mandated health insurance on businesses that
would cost up to $12k per employee."
*[Palin highlights]*
- Emphasized McCain's foresight in broaching the subject 2 years ago
Green Bay, WI: McCain/Palin Econ. Speech 09/19/08
*(Disclaimer: The following are notes, not direct quotes. If you'd like a
quotable transcript or video of any part below, please email us.)*
*
*
Speech Highlights (not in remarks)
*[Palin highlights]*
· Nothing could beat last night's event
· Talk about important and serious news
· Plan to stop corruption on Wall Street
· Mayor's gotta implement solutions
· Same job on state level as Gov.
· Gotta implement solutions to challenges facing us on economy
· Talking with citizens
· Heard stories of woes at Town hall in MI
o College student can't get healthcare
o Med student can't repay debt
o Citizens worried about earmarks and wasteful spending
o McCain's the one to reform that
· It's paramount our leader in next four years gets economy back on
track w/o talking about it
· That's based on track record
· Can you believe they will be a maverick that'll buck their party?
· That's JM
· Americans are facing elements of a perfect storm
o High taxes can result in a perfect storm
o High gas prices
o Dependence on gas prices from foreign sources
o No courage
o Too much greed on Wall Street
· John McCain started warning everybody two years ago about Fannie and
Freddie or this would happen
· He warned he had foresight
· He had that foresight about Iraq
· Here's McCain
· He's got a sound plan
· It can be implement
· W/o further ado-
*[McCain highlights]*
· Thanks for getting up early
· [extended applause for McCain]
· Great event last night
· As you may know, yesterday I called for SEC resig
· He good man
· there needs to be accountability
· One books that Salter and I wrote, which is avalable on amazon, we
tell a story: Eisenhower impressive and in charge of Normandy -- Went to
his quarters and wrote out two letters (1) a Congratulations letter for
staging invasion that won WW2 (2) a Resignation letter -- We need that kind
of accountability
· Thus, the *FEC* chairman should resign and be replaced
*FULL PREPARED REMARKS*
Thank you all very much. It's a great pleasure to be introduced by Governor
Sarah Palin -- and I can't wait to introduce her to Washington.
If Governor Palin and I are elected in 46 days, we are not going to waste a
moment in changing the way Washington does business. And we're going to
start where the need for reform is greatest. In short order, we are going to
put an end to the reckless conduct, corruption, and unbridled greed that
have caused a crisis on Wall Street.
Here and all across our country, people are wondering what exactly is
happening on Wall Street. And with good reason, they want to know how their
government will meet the crisis. Clear answers are hard to come by in
Washington.
As Senator Obama's leader in Congress memorably put it the other day -- and
I quote -- "no one knows what to do." Perhaps given that reaction, it
shouldn't surprise us that the Congressional leaders of this do-nothing
Congress also said that they weren't going to take action until after the
election, claiming that it wasn't their fault. I am hopeful that last
night's discussions are a sign they have changed their mind and will take
action soon. But any action should be designed to keep people in their homes
and safe guard the life savings of all Americans by protecting our financial
system.
There are certainly plenty of places to point fingers, and it may be hard to
pinpoint the original event that set it all in motion. But let me give you
an educated guess. The financial crisis we're living through today started
with the corruption and manipulation of our home mortgage system. At the
center of the problem were the lobbyists, politicians, and bureaucrats who
succeeded in persuading Congress and the administration to ignore the
festering problems at Fannie Mae and Freddie Mac.
These quasi-public corporations lead our housing system down a path where
quick profit was placed before sound finance. They institutionalized a
system that rewarded forcing mortgages on people who couldn't afford them,
while turning around and selling those bad mortgages to the banks that are
now going bankrupt. Using money and influence, they prevented reforms that
would have curbed their power and limited their ability to damage our
economy. And now, as ever, the American taxpayers are left to pay the price
for Washington's failure.
Two years ago, I called for reform of this corruption at Fannie Mae and
Freddie Mac. Congress did nothing. The Administration did nothing. Senator
Obama did nothing, and actually profited from this system of abuse and
scandal. While Fannie and Freddie were working to keep Congress away from
their house of cards, Senator Obama was taking their money. He got more, in
fact, than any other member of Congress, except for the Democratic chairmen
of the committee that oversees them. And while Fannie Mae was betraying the
public trust, somehow its former CEO had managed to gain my opponent's trust
to the point that Senator Obama actually put him in charge of his vice
presidential search.
This CEO, Mr. Johnson, walked off with tens of millions of dollars in salary
and bonuses for services rendered to Fannie Mae, even after authorities
discovered accounting improprieties that padded his compensation. Another
CEO for Fannie Mae, Mr. Raines, has been advising Senator Obama on housing
policy. This even after Fannie Mae was found to have committed quote
"extensive financial fraud" under his leadership. Like Mr. Johnson, Mr.
Raines walked away with tens of millions of dollars.
Senator Obama may be taking their advice and he may be taking their money,
but in a McCain-Palin administration, there will be no seat for these people
at the policy-making table. They won't even get past the front gate at the
White House.
My friends, this is the problem with Washington. People like Senator Obama
have been too busy gaming the system and haven't ever done a thing to
actually challenge the system.
We've heard a lot of words from Senator Obama over the course of this
campaign. But maybe just this once he could spare us the lectures, and admit
to his own poor judgment in contributing to these problems. The crisis on
Wall Street started in the Washington culture of lobbying and influence
peddling, and he was square in the middle of it.
The financial services industry -- and there are many honest and honorable
people who work in it -- plays a vital role in our economy. Mutual fund
companies help Americans save for retirement. Banks and lending companies
provide the mortgages that help us buy our homes. Investment firms supply
the seed money that helps entrepreneurs create tomorrow's jobs. Insurance
companies protect us against unknown risks.
Yet as the financial crisis continues and bailouts and bankruptcies mount,
it's clear financial firms have lost the trust of the American people. That
trust cannot be regained unless we adopt some fundamental reforms.
Government has a clear responsibility to act and to defend the public
interest. That is exactly what I intend to do.
First, to deal with the immediate crisis, I will lead in the creation of the
Mortgage and Financial Institutions trust -- the MFI. The underlying
principle of the MFI or any approach considered by Congress should be to
keep people in their homes and safe guard the life savings of all Americans
by protecting our financial system and capital markets. This trust will work
with the private sector and regulators to identify institutions that are
weak and fix them before they become insolvent. The MFI is an early
intervention program to help financial institutions avoid bankruptcy,
expensive bailouts and damage to their customers. This will get the Treasury
and other financial regulatory authorities in a proactive position instead
of reacting in a crisis mode to one situation after another.
The MFI will restore investor and market confidence, build sound financial
institutions, assist troubled institutions and protect our financial system
while minimizing taxpayer exposure. This is an important step, but it is not
enough. I will also take the additional actions needed to make sure a crisis
like this is never allowed to build and break over the American people
again.
Second, I will propose and sign into law reforms to prevent financial firms
from concealing their bad practices. An inexcusable lack of financial
transparency allowed Wall Street firms to engage in reckless behavior that
padded their profits and fattened executive bonuses when times were good,
but now imperil the financial security of millions of Americans when their
bets turned sour.
So much of the damage to our economy could have been avoided if these
practices had been exposed to the light of day. Americans have a right to
know when their jobs, pensions, IRAs, investments, and our whole economy are
being put at risk by the recklessness of Wall Street. And under my reforms
for the financial sector, that fundamental right will be protected.
Third, we need regulatory clarity. The lack of transparency in our financial
markets went unnoticed by the regulatory agencies scattered throughout
Washington charged with protecting the common good. We've got the SEC, the
FDIC, the CFTC, the SIPC, the OCC, the Fed. At best, this confusing
assortment of regulators and institutions was egregiously lax in carrying
out their responsibilities. At worst, they engaged in the old Washington
game of guarding their bureaucratic turf, instead of safeguarding the public
interest and protecting investors.
Many in the financial services industry also either forgot or neglected
their duty to act ethically and honorably. This shortcoming was aided and
abetted by the creation of financial instruments that allowed lenders to
escape any responsibility for the risk of their loans. In the past, lenders
had to pay a price if they made a bad loan. Today, Fannie Mae and Freddie
Mac worked with Wall Street to bundle together all these dicey subprime
loans and then pushed them off on investors who didn't have the tools of
transparency needed to assess or even understand the risk.
The current system promotes confusion, encourages bureaucratic infighting
and creates incentives for financial firms to cut corners. We need to
enhance regulatory clarity by holding the same financial activity to one
regulatory standard. We don't need a dozen federal agencies doing the job
badly -- we need the best federal agencies to do the job right.
Fourth, we must ensure that consumers and investors are protected. Our
regulatory system must protect consumers and investors by punishing
individuals who engage in fraud, break contracts, or lie to customers --
like the predatory lenders who know you can't afford an adjustable rate
mortgage, but mislead you into signing one. These actions are criminal and
the people who commit them should be behind bars. And corporate governance
rules will be reformed so that shareholders have a clear say in determining
the pay of CEOs and other senior executives. On my watch, the consequences
for corporate abuse will not be more enrichment, but more likely an
indictment.
Fifth, in cases where failing companies seek taxpayer bailouts, the Treasury
Department will follow consistent policies in deciding whether to guarantee
loans. It must have well developed remedies for a financial crisis. With
billions of dollars in public money at stake, it will not do to keep making
it up as we go along.
Finally, the Federal Reserve should get back to its core business of
responsibly managing our money supply and inflation. It needs to get out of
the business of bailouts. The Fed needs to return to protecting the
purchasing power of the dollar. A strong dollar will reduce energy and food
prices. It will stimulate sustainable economic growth and get this economy
moving again.
All of these measures will calm and help us to avoid future panics and
disasters in the financial markets. But to get through this tough time for
America, and to come out stronger, we need a strategy of economic growth.
And the massive new tax burden that my opponent plans for the American
economy is exactly the wrong answer. His tax increase -- along with the
enormous new federal programs he proposes -- are the surest way to turn a
recession into a depression. In every respect, the Obama tax hikes would
make things even worse for the working people of this country.
I have proposed, and will sign into law, an economic recovery plan for
working Americans that is directed to the middle class. It will grow this
economy, create millions of jobs and bring opportunity back to Americans.
You will get a tax policy that creates family prosperity and allows you to
save for the future. I will not raise your taxes on income or investments.
And we will simplify the tax code so people can understand it and do their
tax returns themselves.
I will give every family a $5,000 credit to buy their own health insurance
policy and let them chose their own doctor. This will make insurance
affordable to every American.
I will double the child exemption from $3,500 to $7,000 to help families pay
for the rising cost of living.
Under my plan, a married couple with two children making $35,000 will get
$5,000 to pay for health insurance and additional medical expenses. This
family would get another $1,050 from my child exemption. That adds up to
over $6,000. That is a lot more than what any hardworking middle class
family, gets under the Obama plan.
Business taxes will be cut from the second highest in the world at 35
percent to 25 percent. Tax incentives will spur investment in new plants and
equipment. Research and development incentives will keep companies on the
cutting edge of their industries. Healthcare costs will diminish. Companies
will stop sending jobs overseas to low-cost, low-tax countries and start
creating jobs here in America.
I will expand markets for our goods and services. A one in five of all jobs
in this country are linked to world trade. In five states alone
Pennsylvania, Ohio, Michigan, Wisconsin and Colorado over 5 million jobs
depend on trade. My economic recovery plan will create millions of jobs in
America instead of driving them overseas.
I will adopt an "all of the above" energy policy which expands our use of
oil, natural gas, clean coal and nuclear facilities. We will embark on a
national mission to build an alternative energy base, creating millions of
new jobs. We will create the most diversified energy economy in the world.
And, I will return to the American economy the $700 billion dollars we send
overseas every year to buy oil.
My opponent offers a very different economic future. He has continuously
shifted his position on taxes. At the beginning of this campaign he promised
to raise taxes on your savings and investments. He said he won't raise taxes
for most people but he has voted 94 times in his short Senate career for tax
increases and against tax cuts. He said he would only tax the rich, but he
voted this year to raise taxes on those making just $42,000. Senator Obama
has simply not given Americans good reason to trust him with your tax
dollars.
*My opponent is against lowering taxes on businesses which are the second
highest in the world. He will impose mandated health insurance on businesses
that would cost up to $12,000 per employee.* He opposes free trade. He also
wants to take away the fundamental right of workers to have a secret ballot
when voting to be part of a union.
Now is not the time for these destructive policies that will cripple
business growth, destroy jobs and hurt the middle class. Now is the time to
take action to address this crisis and take action to put our economy back
on a path of growth.
Even though Democratic leaders say they don't know what to do, I believe the
deep problems afflicting our financial system won't be solved by one
political party. There is only one candidate in this race who has a record
of reaching across the aisle to work out the bipartisan solutions needed to
move our country forward in times of crisis -- and I will bring that same
spirit of bipartisan cooperation to the White House. It took members of both
parties to get America into this mess, and it will take all of us, working
together, to lead the way out.
Thank you.
--
Sara DuBois
Tracking / Communications Manager
ProgressiveAccountability.org
[email protected]
202-609-7681 (office)
410-967-7306 (cell)
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