Obama, Clinton offer economic plans Quote:
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NEW YORK - Democrat Barack Obama said Thursday a firmer government hand is needed on Wall Street and a $30 billion stimulus is needed to rescue homeowners and the jobless. Rival Hillary Rodham Clinton called for a new job retraining program to remedy what both candidates derided as Republican indifference to a sputtering economy.
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While many of the two Democrats' ideas on the economy overlap, Obama laid out six different areas where he would stiffen regulations of the financial system. He proposed relief for homeowners and the long-term unemployed as part of an additional $30 billion stimulus package, much like the one Clinton offered last week.
He said outdated government regulations have fallen dangerously behind the realities of modern finance.
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Bemoaning the nation's economic woes, Obama, like Clinton, dismissed McCain's approach as pure hands-off. On Tuesday, McCain derided government intervention to save and reward banks or small borrowers who behave irresponsibly though he offered few immediate alternatives for fixing the country's growing housing crisis. Obama said McCain's plan "amounts to little more than watching this crisis happen."
Instead, Obama said, the next president should:
_Expand oversight to any institution that borrows from the government.
_Toughen capital requirements for complex financial instruments like mortgage securities.
_Streamline regulatory agencies to end overlap and competition among regulators.
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Even before the Democrats delivered their speeches, McCain said in a statement, "There is a tendency for liberals to seek big government programs that sock it to American taxpayers while failing to solve the very real problems we face."
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Obama, Clinton offer economic plans - Yahoo! News
This is the classic Democrat vs. Republican debate. Hands-off Republicanism vs. increased regulation and government interference. Good governing to handle this economic crisis requires a delicate balance of both.
I generally agree with Obama that increased regulatory attention is needed, but am always concerned of it going too far.