The Dismal Questions (For Tonight's Presidential Debate)

[Benny B]

October 7, 2008
Op-Ed Contributors
The Dismal Questions
By JOSEPH E. STIGLITZ, R. GLENN HUBBARD and MYRON S. SCHOLES

John McCain and Barack Obama will meet tonight in Nashville for the second presidential debate. As Americans worry about a confusing federal rescue plan, a falling stock market and a financial crisis that is spreading across the globe, the editors of the Op-Ed page asked three economists to suggest the questions they would most like to hear the candidates answer.

1. When the current bailout of Wall Street fails to turn around the economy and reinvigorate credit markets, will you propose another one? How large should it be? Henry Paulson and Ben Bernanke have said what is needed is a restoration of confidence in the economy. But won’t the failure of this bailout destroy confidence, with disastrous consequences — as happened in Indonesia and other East Asian countries when similar bailouts failed 10 years ago?

2. More than a million people have lost their homes in the past two years. A million more are expected to lose their homes in the next 12 months or so. Do you support a more direct program of relief for homeowners? The government pays more of the mortgage costs of rich homeowners, through larger tax deductions, than of poorer homeowners. What would you do to correct this injustice?

3. President Bush pushed tougher bankruptcy laws that were supposed to reduce bankruptcy and lower lending costs. But the new laws made it more difficult for ordinary Americans to discharge their debts, and encouraged reckless lending on the part of lenders, who thought they could more easily force poor borrowers to repay. Would you make any changes in the bankruptcy laws? Currently, it is more difficult to restructure a mortgage on a primary residence than other debts. Do you support bankruptcy reforms that would make it easier for people to stay in their homes?

— JOSEPH E. STIGLITZ, a professor of economics at Columbia who shared the Nobel prize in economics in 2001 and who has advised the Obama campaign

•

1. Does the financial crisis indicate that we need more regulation? Or is the problem less one of too little regulation than of poorly focused regulation? The crisis had its origins in part in international capital flows that led to extraordinarily low interest rates. But high-risk mortgage lending drew some of its breath from regulatory interventions. Some heavily regulated financial institutions managed to get themselves in trouble. And it was government-sponsored enterprises, no strangers to regulation, that stimulated the demand for questionable mortgage products. Shouldn’t the next president be standing up to protect markets instead of sowing doubts about them?

2. The Federal Reserve has had to step into the political fray to an uncomfortable degree. Are we asking too much of the Fed? Should we create a strong financial regulator that would stand shoulder to shoulder with the Fed?

3. The existing capital standards for financial companies helped create the illusion that risky assets were “safe.” A reformed system could mandate more capital, to support incremental risk-taking, during a boom and lower such capital requirements in a bust. By changing capital cushions over credit cycles, banks would be less likely to be forced into asset fire sales. Would you support such a change?

4. Do you support the appointment of a presidential commission to report quickly on the causes of the current crisis and present options for regulatory reform?

— R. GLENN HUBBARD, the dean of Columbia Business School and the chairman of the Council of Economic Advisers from 2001 to 2003

•

1. Discuss the tradeoffs for our economy, if any, between growth (so-called trickle down) and redistribution (so-called sprinkle around) policies.

2. At this moment, there seems to be an overwhelming cry for retribution, in the form of new regulations aimed at our financial services industry (so-called Wall Street). To what extent do you believe that these measures are necessary? How will you judge the benefits and costs of the choices to be made? How will the new regulations take into account the evolution of the financial services sector in trading securities or goods and services, financing businesses and homes, saving for college or retirement, and reducing and transferring risk?

3. Individual innovation and creativity in our society are the cornerstones of our economy. They create wealth and improve the nation’s welfare. Through innovations, the 20th century became the American Century. Will the 21st century be so as well or will it become the Global Century? How, if at all, would your administration foster innovation in the following areas: the provision of health care for our citizens; an immigration policy that attracts and retains the best; educational policies that increase the value of our human capital, our most important resource; helping people accumulate enough retirement savings; international trade and manufacturing; the evolution of information technology, biotechnology, nanotechnology and neuroscience; the allocation of water, food and energy and the development of alternative energy sources; and, to some, the most important, the environment?

— MYRON S. SCHOLES, who shared the Nobel prize in economics in 1997

[LurkerNoMore]

I would like to hear something along the following :

A question to both.  How has tapping Palin for the VP position affected YOUR campaign. 

Obama : *chortle* I think she was the right pick.

[headhuntersix]

Or how as the endless list of American haters who u surround urself with affected u Senator? Or how are we to judge ur promises on the economy, the war, or anything else when u really haven't done a damm thing but run for office. How can u say u will reach across the isle when u have never done so on any legistlation, nor have u ever broken with the Dems ever for any reason?

[Benny B]

Or how as the endless list of American haters who u surround urself with affected u Senator?

Members of 'Fringe' Alaskan Independence Party Say Palin Was a Member in 90s

The campaign of Sen. John McCain, R-Ariz., likes to herald the independence of its new running mate, Alaska Gov. Sarah Palin.
Officials of the Alaskan Independence Party say that Palin was once so independent, she was once a member of their party, which, since the 1970s, has been pushing for a legal vote for Alaskans to decide whether or not residents of the 49th state can secede from the United States.
And while McCain's motto -- as seen in a new TV ad -- is "Country First," the AIP's motto is the exact opposite -- "Alaska First -- Alaska Always."
Lynette Clark, the chairman of the AIP, tells ABC News that Palin and her husband Todd were members in 1994, even attending the 1994 statewide convention in Wasilla. Clark was AIP secretary at the time.

AIP founder Joe Vogler is recorded as saying "The fires of hell are frozen glaciers compared to my hatred for the American government. And I won't be buried under their damn flag. I'll be buried in Dawson. And when Alaska is an independent nation they can bring my bones home."

Or how are we to judge ur promises on the economy, the war, or anything else

Let’s return, once again, to McCain’s flourishing flip-flop list, which is now a Top 11 list.

* McCain criticized TV preacher Jerry Falwell as “an agent of intolerance” in 2002, but has since decided to cozy up to the man who said Americans “deserved” the 9/11 attacks. (Indeed, McCain has now hired Falwell’s debate coach.)

* McCain used to oppose Bush’s tax cuts for the very wealthy, but he reversed course in February.

* In 2000, McCain accused Texas businessmen Sam and Charles Wyly of being corrupt, spending “dirty money” to help finance Bush’s presidential campaign. McCain not only filed a complaint against the Wylys for allegedly violating campaign finance law, he also lashed out at them publicly. In April, McCain reached out to the Wylys for support.

* McCain supported a major campaign-finance reform measure that bore his name. In June, he abandoned his own legislation.

* McCain used to think that Grover Norquist was a crook and a corrupt shill for dictators. Then McCain got serious about running for president and began to reconcile with Norquist.

* McCain took a firm line in opposition to torture, and then caved to White House demands.

* McCain gave up on his signature policy issue, campaign-finance reform, and won’t back the same provision he sponsored just a couple of years ago.

* McCain was against presidential candidates campaigning at Bob Jones University before he was for it.

* McCain was anti-ethanol. Now he’s pro-ethanol.

* McCain was both for and against state promotion of the Confederate flag.

* And now he’s both for and against overturning Roe v. Wade.

when u really haven't done a damm thing but run for office.

THESE ARE BARACK'S ACCOMPLISHMENTS IN THE U.S. SENATE TO DATE:

** First legislation, the HOPE Act, which increased Pell Grants to $5100, and later joined Senator Kennedy on the Higher Education legislation that passed July 20, by a vote of 78-18. That legislation also included funding for Predominantly Black Colleges to assist with counseling, tutoring and other needs of low income students. It also creates the Teaching Residency Act which will create a school-based teacher preparation program in high needs schools to provide each teacher with a mentor, content instruction, classroom management skills, a master’s degree and state certification, and a 2 year follow-up program.

**The Coburn-Obama Government Transparency Act of 2006
is an act that requires the full disclosure of all entities or organizations receiving federal funds beginning in fiscal year (FY) 2007 on a website maintained by the Office of Management and Budget.
http://en.wikipedia.org/wiki/Federal_Funding_Accountabi...

**The Lugar-Obama Nuclear Non-proliferation and Conventional Weapons Threat Reduction Act
Authored by U.S. Sens. Dick Lugar (R-IN) and Barack Obama (D-IL), the Lugar-Obama initiative expands U.S. cooperation to destroy conventional weapons. It also expands the State Department's ability to detect and interdict weapons and materials of mass destruction.
Signed into Law on January 11, 2007.
http://my.barackobama.com/page/community/post/chrisblas...

**The 2007 Government Ethics Bill
http://www.rollcall.com/issues/53_17/news/19664-1.html?...
http://www.commonblog.com/story/2007/9/14/164837/331

** The “Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act.
http://www.govtrack.us/congress/bill.xpd?bill=s109-2125

** S116 - Summer Learning demonstration project to provide summer learning grants and encourage new teaching methods.
http://www.pasesetter.org/demonstrationPrograms/nasd.ht...

and this one:
Obama's Global Poverty Act of 2007, passed out of committee just a few days ago
WASHINGTON, D.C. - U.S. Senators Barack Obama (D-IL), Chuck Hagel (R-NE), and Maria Cantwell (D-WA) and Congressman Adam Smith (D-WA) today hailed the Senate Foreign Relations Committee's passage of the Global Poverty Act (S.2433), which requires the President to develop and implement a comprehensive policy to cut extreme global poverty in half by 2015 through aid, trade, debt relief, and coordination with the international community, businesses and NGOs. This legislation was introduced in December. Smith and Congressman Spencer Bachus (R-AL) sponsored the House version of the bill (H.R. 1302), which passed the House last September.
http://obama.senate.gov /

Amendments, that have all passed:

S.Amdt.159 to S.Con.Res.18 - To prevent and, if necessary, respond to an international outbreak of the avian flu.

S.Amdt.390 to H.R.1268 - To provide meal and telephone benefits for members of the Armed Forces who are recuperating from injuries incurred on active duty in Operation Iraqi Freedom or Operation Enduring Freedom.

S.Amdt.670 to H.R.3 - To provide for Flexible Fuel Vehicle (FFV) refueling capability at new and existing refueling station facilities to promote energy security and reduction of greenhouse gas emissions.

S.Amdt.808 to H.R.6 - To establish a program to develop Fischer-Tropsch transportation fuels from Illinois basin coal.

S.Amdt.851 to H.R.6 - To require the Secretary to establish a Joint Flexible Fuel/Hybrid Vehicle Commercialization Initiative, and for other purposes.

S.Amdt.1362 to S.1042 - To require a report on the Department of Defense Composite Health Care System II.

S.Amdt.1453 to S.1402 - To ensure the protection of military and civilian personnel in the Department of Defense from an influenza pandemic, including an avian influenza pandemic.

S.Amdt.2301 to H.R.3010 - To increase funds to the Thurgood Marshall Legal Educational Opportunity Program and to the Office of Special Education Programs of the Department of Education for the purposes of expanding positive behavioral interventions and supports.

S.Amdt.2605 to S.2020 - Expressing the sense of the Senate that the Federal Emergency Management Agency should immediately address issues relating to no-bid contracting.

S.Amdt.2930 to S.2349 - To clarify that availability of legislation does not include nonbusiness days.
S.Amdt.3144 to S.Con.Res.83 - To provide a $40 million increase in FY 2007 for the Homeless Veterans Reintegration Program and to improve job services for hard-to-place veterans

S. Amdt 41 to S. 1 To require lobbyists to disclose the candidates, leadership PACs, or political parties for whom they collect or arrange contributions, and the aggregate amount of the contributions collected or arranged.
----------------------------------------------
Barack has Written a total of 890 Bills and Co-sponsored Another 1096 since he started serving in the U.S. Senate.

How can u say u will reach across the isle when u have never done so on any legistlation, nor have u ever broken with the Dems ever for any reason?

**The Lugar-Obama Nuclear Non-proliferation and Conventional Weapons Threat Reduction Act
Authored by U.S. Sens. Dick Lugar (R-IN) and Barack Obama (D-IL), the Lugar-Obama initiative expands U.S. cooperation to destroy conventional weapons. It also expands the State Department's ability to detect and interdict weapons and materials of mass destruction.
Signed into Law on January 11, 2007.
http://my.barackobama.com/page/community/post/chrisblas...

Obama's Illinois Record of Accomplishments and Working With The Other Side
NYT, mid-2007

Mr. Obama did not bring revolution to Springfield in his eight years in the Senate, the longest chapter in his short public life. But he turned out to be practical and shrewd, a politician capable of playing hardball to win election (he squeezed every opponent out of his first race), a legislator with a sharp eye for an opportunity, a strategist willing to compromise to accomplish things.

During his last two years, Democrats controlled the chamber and he was the go-to guy on a variety of issues. He helped pass legislation overhauling Illinois' troubled capital punishment system and was a key figure in requiring a massive statewide study of traffic stops to look for signs of racial profiling. Although police groups opposed the legislation, they say Obama listened to their concerns and accepted some of their suggestions to improve the bill.

Even when he was in the political minority, Obama sometimes played a critical role. He helped write one of the rare ethics laws in a state known for government corruption and worked on welfare reform with Republicans.

Some key votes (as Illinois State Senator):

        * Voted to end $300 million worth of tax breaks for businesses. (2004)
        * Voted for having Illinois endorse embryonic stem cell research. (2004)
        * Voted against restrictions on public funding of abortion. (2000)
        * Successfully co-sponsored a prescription drug discount buying club program for seniors and the disabled. (2003)
        * Unsuccessfully co-sponsored ban on discrimination based on sexual orientation. The measure became law after Obama was elected to the U.S. Senate. (2003)
        * Successfully co-sponsored major ethics reform called the Gift Ban Act. (1998)

The bottom line is that Obama's got plenty of substance to match the style, he has stood up for progressive causes throughout his career, and he can lead us to a huge victory in November.






Now, enough of dogshit's questions, let's focus on the ECONOMIC questions posed for the candidates in tonight's debate. 

[headhuntersix]

OH no Benny douchebag u don't get off that easy...lets review the list of supposed accomplisments.
Ur kidding me right...first off none of these bills means a damm thing...none. No tough legislation, nothing getting accomplished. Snagging Lugar's coattails on a bill nobody was against on either side of the isle, is laughable. These bills amount to saying that its good to breath air or the sky is blue. Again dipshit u have to do better then that.


.Amdt.159 to S.Con.Res.18 - To prevent and, if necessary, respond to an international outbreak of the avian flu......Nope we'll just ignore it....gimme a break

S.Amdt.390 to H.R.1268 - To provide meal and telephone benefits for members of the Armed Forces who are recuperating from injuries incurred on active duty in Operation Iraqi Freedom or Operation Enduring Freedom.Damm Barry I didn't know u cared......um i'm pretty damm sure they'd get fed...ur an idiot.

S.Amdt.670 to H.R.3 - To provide for Flexible Fuel Vehicle (FFV) refueling capability at new and existing refueling station facilities to promorrte energy security and reduction of greenhouse gas emissions.

S.Amdt.808 to H.R.6 - To establish a program to develop Fischer-Tropsch transportation fuels from Illinois basin coal.

S.Amdt.851 to H.R.6 - To require the Secretary to establish a Joint Flexible Fuel/Hybrid Vehicle Commercialization Initiative, and for other purposes.

S.Amdt.1362 to S.1042 - To require a report on the Department of Defense Composite Health Care System II.

S.Amdt.1453 to S.1402 - To ensure the protection of military and civilian personnel in the Department of Defense from an influenza pandemic, including an avian influenza pandemic. We already get flu shot...thanks Barry

S.Amdt.2301 to H.R.3010 - To increase funds to the Thurgood Marshall Legal Educational Opportunity Program and to the Office of Special Education Programs of the Department of Education for the purposes of expanding positive behavioral interventions and supports.

S.Amdt.2605 to S.2020 - Expressing the sense of the Senate that the Federal Emergency Management Agency should immediately address issues relating to no-bid contracting.What?

S.Amdt.2930 to S.2349 - To clarify that availability of legislation does not include nonbusiness days.
S.Amdt.3144 to S.Con.Res.83 - To provide a $40 million increase in FY 2007 for the Homeless Veterans Reintegration Program and to improve job services for hard-to-place veterans

S. Amdt 41 to S. 1 To require lobbyists to disclose the candidates, leadership PACs, or political parties for whom they collect or arrange contributions, and the aggregate amount of the contributions collected or arran


None of this means anything, nobody, not the media not anybody can point to anything this guy has done.

[Chico_Holiday]

OH no Benny douchebag u don't get off that easy...lets review the list of supposed accomplisments.
Ur kidding me right...first off none of these bills means a damm thing...none. No tough legislation, nothing getting accomplished. Snagging Lugar's coattails on a bill nobody was against on either side of the isle, is laughable. These bills amount to saying that its good to breath air or the sky is blue. Again dipshit u have to do better then that.


.Amdt.159 to S.Con.Res.18 - To prevent and, if necessary, respond to an international outbreak of the avian flu......Nope we'll just ignore it....gimme a break

S.Amdt.390 to H.R.1268 - To provide meal and telephone benefits for members of the Armed Forces who are recuperating from injuries incurred on active duty in Operation Iraqi Freedom or Operation Enduring Freedom.Damm Barry I didn't know u cared......um i'm pretty damm sure they'd get fed...ur an idiot.

S.Amdt.670 to H.R.3 - To provide for Flexible Fuel Vehicle (FFV) refueling capability at new and existing refueling station facilities to promorrte energy security and reduction of greenhouse gas emissions.

S.Amdt.808 to H.R.6 - To establish a program to develop Fischer-Tropsch transportation fuels from Illinois basin coal.

S.Amdt.851 to H.R.6 - To require the Secretary to establish a Joint Flexible Fuel/Hybrid Vehicle Commercialization Initiative, and for other purposes.

S.Amdt.1362 to S.1042 - To require a report on the Department of Defense Composite Health Care System II.

S.Amdt.1453 to S.1402 - To ensure the protection of military and civilian personnel in the Department of Defense from an influenza pandemic, including an avian influenza pandemic. We already get flu shot...thanks Barry

S.Amdt.2301 to H.R.3010 - To increase funds to the Thurgood Marshall Legal Educational Opportunity Program and to the Office of Special Education Programs of the Department of Education for the purposes of expanding positive behavioral interventions and supports.

S.Amdt.2605 to S.2020 - Expressing the sense of the Senate that the Federal Emergency Management Agency should immediately address issues relating to no-bid contracting.What?

S.Amdt.2930 to S.2349 - To clarify that availability of legislation does not include nonbusiness days.
S.Amdt.3144 to S.Con.Res.83 - To provide a $40 million increase in FY 2007 for the Homeless Veterans Reintegration Program and to improve job services for hard-to-place veterans

S. Amdt 41 to S. 1 To require lobbyists to disclose the candidates, leadership PACs, or political parties for whom they collect or arrange contributions, and the aggregate amount of the contributions collected or arran


None of this means anything, nobody, not the media not anybody can point to anything this guy has done.

Come on HH6......Barry has done a lot; started his campaign and was introduced to the liberal Hyde Park crowd at the home of domestic terrorist William Ayers, attended a Muslim school, admitted to using drugs, supporter of Rev. Wright, married to a racist who's college thesis shows obvious separatist beliefs, voted against a bill requiring medical care for babies that survive abortion, spent his entire time in the US Senate campaigning for President, and is an associate of Farakhan..........

[headhuntersix]

I overlooked some of that, sorry. I'm not sure he's a Rev F fan....but u missed the association with an avowed communist.

[George Whorewell]

Are you guys saying he shouldn't be president? He was a constitutional law professor and changed his name from Barry to Barak. So what if he has diverse friends with different political views? He obviously should be president. It is impossible to please you guys.

[headhuntersix]

I prefer lecturer as in part time Law Lecturer, which is what he was. Professor implies that he was tenured, that he was published, that he tried important cases....any cases...none of which has he ever done. He worked part time there.......

[George Whorewell]

No, once again your mischaracterizing the facts. Its not that he wasn't present. He just has a different teaching philosophy. He likes his students to teach themselves the law without any lecturing, homework assignments, tests or class participation. Its a proven technique that worked in his district in Chicago when he was state senator. He instructed all the teachers to be absent, and as the results show- the public school students test scores greatly improved.  Get a clue.

[headhuntersix]

He prefered them to socially active....ask Ayers. He wanted them to be socially aware...because social awarness helps America when we're getting croaked in science and math.

[240 is Back]

All these new breaking stories about McCain being in bed with Keating Five and now, Neo-Nazis?

Can we really trust John McCain?

[George Whorewell]

Yes, your right. There is a plethora of credible evidence linking McCain to these groups.   
Also, he wrote the forward on the book debunking the absurdly stupid 911 conspiracy theories. We definetly cant trust him.