On Fox News today, an Obama pundit, Stephanie Cutter, staunchly defended Barack Obama’s “steadfast” positions for correcting the housing and financial crisis that worsened this past week.
She stated that Barack Obama proposed a “housing summit” one year ago and proposed regulations for the housing and financial markets six months ago.
She claims that Barack Obama has been on top of the situation and making significant proposals while John McCain has been sitting idly by or changing his positions in reaction to the changing conditions.
Recently John McCain proposed a commission to study the causes of the current housing and financial crises. Barack Obama ridiculed him for that stating that a commission wouldn’t resolve the current crisis. John McCain has grudgingly gone along with the current proposals to bail out the failing financial institutions and Barack Obama has ridiculed him for that.
While both Obama’s “housing summit” and “regulatory proposals” have be reactionary since these crises began last fall, Ms. Cutter failed to note his lack of proactive action in 2006 when reform of Fannie Mae and Freddie Mac was proposed and supported for John McCain.
I don’t think that trying to take proactive steps at reform two years ago is either “sitting idly by” or “floundering” for a solution. If anyone has been floundering, it’s been Obama since the crises began about a year ago.
I’m no economist but I sensed a tremendous bubble forming in financials and liquidated all of the financial shares in portfolios I was managing and recommended to others I was discussing the market with to either do the same or exercise extreme caution with this segment of the market. I’ll be the first to admit that I was unsure of my caution as I watched the dramatic rise in these stocks over the next year, but felt complete vindication as I also watched their dramatic two day crash at the end of October in 2007.
Barack Obama can propose a summit but John McCain can’t propose a commission.
And, somehow, proposing regulations six months ago is better than supporting reform two years ago.
And people believe Obama.