In the midst of the Republican caused financial debacle in the US, as Britain takes the leadership role to stanch the damaging effects of the catastrophe that Wall Street abetted by the Bush regime inflicted on this country and the world, Obama offers new economic proposals.

 

Today in Ohio, he laid out proposals that will help relieve and protect Americans from the falloout of the Bush regime induced economic catastrophe.

 

Reuters reports: "Democratic presidential nominee Sen. Barack Obama on Monday proposed four steps to create jobs and to cushion Americans against the effects of the economic downturn as he campaigned in an area hit hard by the slowdown.

"The proposals, costing $60 billion over two years, include tax credits for firms that create new jobs, penalty-free withdrawals from retirement accounts and temporarily barring banks from foreclosing on people trying to pay their mortgages.

"Obama also called on the Federal Reserve and the Treasury Department to set up a facility to lend to state and municipal governments, similar to the steps recently taken by the Federal Reserve to inject liquidity into the commercial debt market.

"The Illinois senator outlined his ideas in Ohio, a battleground state that has suffered from the U.S. economic downturn and that is central to his campaign against Republican candidate Sen. John McCain of Arizona.

" 'I'm proposing a number of steps that we should take immediately to stabilize our financial system, provide relief to families and communities and help struggling homeowners. It's a plan that begins with one word that's on everyone's mind, and it's spelled J-O-B-S,' Obama said in remarks prepared for delivery at a Toledo rally.

"Obama's proposals include: 

-- A temporary $3,000 tax credit to companies for each new job created in the United States over the next two years.

-- Penalty free withdrawals from 401(k) and IRA retirement accounts up to a maximum of $10,000 this year and next.

-- A 90-day moratorium on foreclosures for homeowners who are living in their homes and making good-faith efforts to make their mortgage payments.

-- A call for the Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multifamily dwellings and credit card loans.

"The plan also calls for temporarily eliminating taxes on unemployment insurance benefits and having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system."

Meanwhile, Sid, "Mr. Deregulation, the funadametals of the economy are strong" McSame, tries to halt the deluge of voters towards Obama.

AFP reports: "Republican John McCain desperately sought Monday to win back voters hit by the economic crisis and flocking in droves towards Democrat Barack Obama, three weeks before the elections.

"Close McCain confidant, Senator Lindsay Graham, said on Sunday that the Arizona senator would be unveiling a new plan to kick start the world's largest economy, dragged down by the subprime mortgage crisis.

" 'I think it goes along the lines that now is the time to lower tax rates for investors, capital gains tax, dividend tax rates, to make sure that we can get the economy jump-started,'  he told CBS.

"But just hours later his spokesman Tucker Bounds confirmed to AFP there would be no new announcements on Monday, amid rumors the McCain campaign was in disarray over what to lay before the country."

Obama, with excellent presidential qualifications offers substantive proposals for the Republican caused economic disaster, while McSame ofers nothing but a continuation of  his leaderless, desperate, confused, disorganized campaign that gives Americans a glimpse of what a McClueless-Palidrone administration would be...a dangerous Bushite third term.