Friday, September 19, 2008

Obama supports U.S. economic recovery efforts | Reuters

Looks like Wall Street agrees with Obama this week

Democratic presidential nominee Barack Obama said on Friday he supported efforts by the U.S. Treasury and Federal Reserve to shore up confidence in the financial markets and said he would hold off from presenting his own economic recovery plan.

"The events of the last few days have made it clear that we must take further bold and decisive action to shore up confidence in our financial markets and avoid a deepening economic crisis that could jeopardize the life savings and well-being of millions of Americans," Obama said in a statement.

Meanwhile, from a Reuters article titled "McCain's Financial Fall Guy: Foresight or Folly?", we find:

"He chose the wrong scapegoat," said James Cox, a professor of corporate and securities law at Duke University who is not related to the SEC chairman.

"It shows a profound ignorance of something (McCain) ought to know about being in Washington, and that is the limited regulatory authority of the SEC."

Obama supports U.S. economic recovery efforts | Reuters

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