Song of Obama: Capitalism Has Failed

Get ready for change!

This is the “final verdict on an economic philosophy that has completely failed.”

Socialism, communism, Stalinism, Marxist ideology did not fail. It was capitalism that failed.

Your Obamessiah knew it all along; since he was a kid. North Korea is doing fine.

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6 Responses

  1. do you know where i can find the video that you posted here? it was deleted….
    thanks

    • Thanks for noticing, Costin. I have checked around, and will continue to check around.

      Documentation of Obama’s outrage against freedom, liberty, and our economic system is disappearing rapidly.

      • you can delete the previous message. was also from me, bit logged in as another guy. post a comment here if you found. I have looked for it but i had no luck

  2. […] Obama: “Capitalism has failed.” […]

    • Maybe you have better than this already: http://able2know.org/topic/122666-1
      If I can find some more I’ll post here.

    • September 16, 2008, 1:05 PM.Obama Continues Attack On McCain’s Economic Credentials.
      Article Comments (37) Washington Wire HOME PAGE ».
      smaller Larger .
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      smaller Larger facebooktwittergoogle pluslinked ininShare.0EmailPrintBy Susan Davis
      Nick Timiraos reports from Golden, Colo., on the presidential race.

      Reacting to the financial crisis, Barack Obama repeatedly cast John McCain as a champion of the deregulation that the Democratic nominee faulted for the current turmoil on Wall Street in a 40 minute address today that focused heavily on the economic crisis.

      Obama rejected McCain’s call this morning for a national commission modeled after the bipartisan panel that investigated the 9/11 attacks as a desperate ploy, labeling it “the oldest Washington stunt in the book.”

      “You pass the buck to a commission to study this problem,” Obama said, rejecting the measure as unnecessary. “We know how we got into this mess. What we need now is leadership that get us out. I’ll provide it. John McCain won’t.”

      Obama sought to burnish his credentials as a leader who could face tough crises and make deadline decisions. “History shows us that there is no substitute for presidential leadership in a time of economic crisis. FDR and Harry Truman didn’t put their heads in the sand, and hand accountability over to a commission,” Obama said. “Bill Clinton didn’t put off hard choices.”

      The Illinois senator said that the events of the past few days have delivered “the final verdict on an economic philosophy that has completely failed.” He compared the current crisis to the Savings and Loan failures of the 1980s, which he said resulted in risky financial gambles that failed and required massive taxpayer-funded bailouts. “Does that sound familiar?” Obama asked a crowd of 2,100 in Colorado.

      But Obama demurred in endorsing a rescue similar to the Resolution Trust Corporation created in the aftermath of the S&L crisis to bring an end to the banking crisis. One of his top economic advisors, former Federal Reserve Chairman Paul Volcker, has been a leading advocate for a similar government led intervention to buy up and restructure mortgages.

      “I think it’s a little premature for us to move forward on that, and frankly something like that probably could not get through Congress until we have a new Congress and new president,” Obama said in an interview Monday night with Bloomberg Television.

      Obama offered few new policy proposals on Tuesday, instead repeating a series of financial reforms he outlined during a March speech in New York City. Among those reforms, he has called for commercial-banking regulations to be applied to investment banks, hedge funds, and mortgage brokers.

      Both candidates pointed to their record of sounding warning alarms in the current financial crisis—Obama on the subprime mortgage crisis and McCain in overhauling Fannie Mae and Freddie Mac. But Obama also tried to tie McCain to his economic adviser, former Sen. Phil Gramm, who helped lead deregulatory efforts during the 1990s and who helped squash efforts for tougher predatory lending laws before he retired from the Senate in 2000.

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