"My commitment is to do what's required so that our financial system works and credit flows. President Bush has indicated that he has the same approach, the same attitude," Obama said.The problem with this stance is that it ignores that "the wealthy" includes small and medium businesses. Interesting that they are put into the same boat. Missing the point that the economy runs on business not on government handouts. Where is the reform legislation? The US has some of the highest corporate tax rates in the world. You want to keep jobs here in the US and create new ones, how about cutting businesses some slack and leaving their money in their hands.
But Obama stepped symbolically away from Bush as well, stressing repeatedly that his stimulus plan was aimed at middle-class wage earners, not just big financial institutions. It was an implicit reminder that many of Bush's economic policies have favored the wealthy.
"We cannot have a thriving Wall Street without a thriving Main Street, that in this country we rise or fall as one nation, as one people," Obama said, promising to make good on his pledge to bring tax relief to families earning less than $250,000 a year.
Obama also used Monday's news conference to lob a warning at the Big Three automakers — and indirectly their powerful union, the United Auto Workers — who have pressed Congress for $25 billion in government loans to wrest them from the brink of bankruptcy.
As for the big three dinosaurs from the auto industry, I still don't see them reforming their ways. And let's not forget the UAW and other unions that are a party to the problems. I don't see any reason to bail the auto industry out. Especially since the Dems don't want to anger their major union voter base by telling them to get in touch with reality. Everyone else in business has to take pay cuts, the pilots unions and other unions for the airlines all finally came to that realization and the airlines seem to be healthier for it. Not that they are an example of a properly functioning industry. But at least they have worked through that difficulty.