Wednesday, October 29, 2008

John McCain and Barack Obama Life's Milestones

For long I had been monitoring the US Elections Campaigns usually eyeing on Obama's Progress. I have an inkling that the presidential race is really tight and Obama if he'll be able to make it through may only edge with a limited margin. Just today, a Yahoo news says that McCain is inching greater towards Obama's position. Timely, I have found an online literature of McCain and Obama's life since they were born. They are two very much different candidate.

1) McCain was born 1936 in Panama Canal (72 years old)
Obama was born 1963 (45 years old)

I am sure age is a great consideration to most American voters. It is a dilemma of choosing an old wise man with untarnished record of military service and history of courage and honor, from a brilliant, young candidate with charisma reflecting from him. Obama is a JFK of the 21st Century America.

2) McCain has two marriages.
Obama has grown up apart from his father of Kenyan origin. He grew up with his mother who had married an Indonesian. Obama had lived in Hawaii and Indonesia before finally settling in United States.

3) McCain has a service record of Navy lieutenant and must have been promoted to Admiral but decided to work in a private company owned by his wealthy father-in-law.
Obama is a graduate of Harvard School of Law with Magna Cum Laude title and is the first Black to be the President of Harvard Law Review.

4) McCain has served in the House of Representative in 1982 and 1984 (apparently while being backed up by his father-in-law) before serving the Senate in 1986, 1992, 1998 and 2004 while Obama has a record of serving the grassroots as Community Organizer of a church-based group Developing Communities Project, as a lecturer of constitutional law in Chicago Law School (1993) before finally being elected as Illinois Senator in 1996 and US Senator in 2004.

5) McCain's campaign is supported by funds earned through traditional fund raising.
Obama's fund raising involves even a 100 US Dollar donation of an ordinary US citizen. A site devoted to community involvement with Barack's campaign is also set-up with now million of members. See http://my.barackobama.com/.

6) Both has written books. McCain's book "Faith of my Fathers" (1998) is about his personal experience as a war veteran in Vietnam. The book is later portrayed in a TV production in 2005. His second book was published in 2002 entitled "Worth the Fighting For". He has third book in 2005 "Character is Destiny".
Obama has three books: Audacity to Hope (1988), Dreams from my Father (1995) and Audacity of Hope (2006).

7) McCain's father is a name in the US Armed Forces.
Obama's parents are academicians: his father an economist from Kenya and his mother an anthropologist.

8) Obama is known for his Anti-Iraq War stance his famous speech delivered in 2002 while McCain' service record in the Navy reaffirms his Iraq War discourse. In 2007, McCain supports increased troops in Iraq.

9) Both has a young family with McCain's eldest age 24. Obama's eldest Malia is only 9 years old.


Now, America has to decide tough. But Obama is more promising to the outside world other than America.

Reference:

http://www.nytimes.com/interactive/2008/02/03/us/politics/20080203_MCCAIN_TIMELINE.html

http://www.nytimes.com/interactive/2007/12/29/us/politics/20071229_OBAMA_TIMELINE.html
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Helping While Earning Money Philippines Open Invitation

For those who might be interested... Earning money while socially benefiting people.

*3rd Ateneo de Manila-School of Government Social Entrepreneurship
Training Program for Professionals*


Do you want to learn how to earn while helping change the world?

Do you have a great idea on how to help the Philippines but don't know how to start?

Do you want to discover new and innovative ways of solving our country's most pressing social problems?

If you answered YES to any or all of these questions then this Seminar is for you!

The Ateneo de Manila University-School of Government in cooperation with Avant Change and the Ateneo de Manila-Loyola Schools' Development Studies Program is inviting you to join the 3rd Social Entrepreneurship Training Program for Professionals which will be held every Saturday from November 15,2008 to March 14,2009, 1 p.m. to 4 p.m. at the Ateneo Professional Schools, Rockwell Center, Makati City. This program will introduce you to the concept of social entrepreneurship through lectures, discussions and case studies of actual social enterprises. In addition to this, the program will help you develop new and innovative social enterprise business plans that will help you towards making a positive contribution in our society.

Moreover, the program will also help you in developing ways by which you can continue to earn profit while at the same time helping uplift the lives of the marginalized sectors of our country. Finally, the program will also give you an opportunity to have mentoring sessions with social enterprise experts who can give you sound advice on how to further improve your social enterprise business plan.

The main faculty member for this program will be Atty. Arnel Casanova, a Mason Fellow at the Kennedy School of Government at Harvard University. Atty. Casanova will be assisted by Avant Change Founder Steve Koon, who is also a Mason Fellow and Harvey Keh, Director for Youth Leadership and Social Entrepreneurship at the Ateneo de Manila University-School of Government. Registration Fee for the Program is only P 16,000.00 inclusive of a book on social entrepreneurship, class materials and a certificate of completion. Group discounts are offered to groups of 3 or more registrants. Members of the academe, government and non-profit organizations can also be given a discount on a case to case basis through the Dr. Antonio La ViƱa
Scholarship Program.

Deadline of Registration and Payment will be on November 13,2008.

If you would like to make a reservation and register, please send us an
email with your complete name and contact information to
ateneoylse@gmail.com . This program is limited only to 30 people to ensure
that everyone can be given proper mentoring and guidance by the faculty
members, registration will be on a first come, first serve basis. For more
information about this program, you can contact Cristyl Senajon at (02)
426-5657.
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Friday, October 24, 2008

Must Not When Trading In Forex

The FOREX platform I used has provided that trading in the forex may involve substantial loss or risk. At this point I want to expound on the forex must not's.

1) Must not let emotions rule when trading.

I started with 140 Australian Dollar investment. I said I had training and maybe I can earn a bit. Last OCt 15, I did in the XAU-USD pair. I buy and sell XAU with USD as based currency. The forex platform is a very convenient platform than the first platform I used during the training. I deposited my initial investment by using my debit card with VISA.

My first two positions earned me 6.24 AUD, not bad for a 140 AUD investment. On the third position I lost 7.03 dollars. I got motivated with winning although at some positions I am losing. Unfortunately, the losses are much higher than the wins. I let my adventurousness dominate me.


2) Must not be greedy.

For a 140 AUD investment, few dollar earnings less than 10 is alright. When you aimed higher, you exposed yourself longer and run the greater risk of facing market volatility. Staying longer more than 30 minutes may not be good for a mini-account. Don't get too excited to winning. For first timers, winning makes you feel good but you are unaware you are losing more than your winnings. The loss will be felt few hours after you realized it.
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Thursday, October 23, 2008

I can't believe it. I lost 11,000 pesos in forex trading

I traded in three non-consecutive days.

I can't believe it!

I lost 11,000 pesos in a matter of hours!

But I feel great!!

My left brain says I did right.

Spend it for myself than give it to in non-gratuitous people!


I know I will repent this act later.

It's just that my let brain is not orking anymore.

That's it!

I just have learned a lesson.

I really intended it to pay for a plane ride.... I just changed my mind suddenly...

I told you my left brain is not working anymore.

I think my right brain is waiting to be used. When will that be?

I am getting insane
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Monday, October 20, 2008

Presidential politics: Endorsement time



The vice presidential candidates are picked. The conventions are done. So are the debates. What's a political watcher to do with the 15 days left before the election?

You can always try to decipher the polls or wait for the October Surprise (if it hasn't already happened yet). Or, you can do what we did this weekend: meander through the avalanche of endorsements that have been handed down from newspapers and other notables during the campaign season.

There have been a few newsworthy endorsements recently as some high-profile Republicans have publicly moved to Democratic territory. Christopher Buckley, William F. Buckley's son, endorsed Barack Obama (and subsequently lost his column at the National Review over it). Colin Powell did the same this weekend. Republican talk show host Michael Smerconish announced he'd be voting for a Democrat for the first time in 28 years. (We should note that even though he's a fixture on the McCain campaign now, Sen. Joe Lieberman jumping parties to endorse John McCain was also news at the time.)

But those are just a few voices that received attention for making unexpected choices. There are a lot of other endorsements out there, so here's a round-up of some nods.

First, the political ones. President Bush, Gov. Arnold Schwarzenegger and the NRA have endorsed McCain. Hillary Clinton, Caroline Kennedy and the AFL-CIO have endorsed Obama.

Obvious political endorsements can be boring, so thank Hollywood for giving us Heidi Montag, Matt Damon and the Baldwin brothers. Montag of "The Hills" fame endorsed McCain and then he endorsed her right back. Matt Damon said Obama is his guy and (more famously) noted that Sarah Palin's candidacy sounded like a "bad Disney movie."

Then, there's the dueling political posturing of a couple of the brothers Baldwin. While neither may have explicitly endorsed a candidate, you could probably tell by watching "Saturday Night Live" this weekend that Alec is a loud Democrat and little bro Stephen is an outspoken Republican. (Stephen even went so far as to challenge Obama to a boxing duel for charity.)

Baldwins aside, what you might find more useful is knowing who newspapers endorse. The Chicago Tribune, for example, is backing Barack Obama. It's the first time in the paper's history that they are endorsing a Democrat for the presidency of the United States. A few days after the Trib endorsement, McCain picked up his own big-deal endorsement from a paper in the swing state of Ohio, the Columbus Dispatch.

There's a comprehensive list of newspaper endorsements over at Editor & Publisher, but we've pulled a few of the other key ones below:

Boston Herald – McCain

Los Angeles Times – Obama

New York Post - McCain

Washington DC Examiner – McCain

Washington Post – Obama


Source: Yahoo Newsroom
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Monday, October 13, 2008

One Moment with the Senator

How would you explain the relationship of power with money in a public setting? Here’s one anecdote of mine that happened just last September 30. I am on my way to the Senate to run an errand. I had to go visit one Senator’s office to get some input on the paper we were writing and supposed to be due. On my way to the office of the Senator, I came across a couple. We were all stationed in the outside of the Ground Floor elevator and I was going to the 6th floor. The couple would be going to the office of Senator Enrile at the 5th floor. So what happened was we all waited till the elevator opened. There were three elevators. One was supposed for use of employees and officers of the Senate. The other two for guests. It so happened that we had chosen this elevator. And I told the couple who seemed came from the North as I had know accent of the Modern Igorot because I visited Sagada once, to just wait and ride with me so I could usher them. So I intended to be an usherette for them. But when we had entered the said elevator, the girl elevator operator told the couple that the said elevator was exclusively for use of the officers and employees of Senate. The couple was stunned, and before I was able to say to the girl that they were with me, they already came out.

So this was the magic. The elevator went up and we stopped at the 3rd floor. Surprisingly, Senator Enrile was apparently coming in. My thought was the Igorot couple who would be going to him. I told myself, if the couple was with me, they should have seen the Senator that close at that specific moment.

I was not a Senate employee. I was there only to do research and call. But the girl elevator operator did not ask me to leave the elevator. Maybe because I was dressed well and appeared to be educated; or probably mistaken me to be a Senator’s Staff. Yea, I had thought so. While we were riding up the 5th floor, no one would stand close beside Senator Enrile. I did. He was to my left. I know it is awkward to have some powerful person to your left, because the left side is the position of a follower (in kinesics or the science of body language). I have been trying to show that in this world we were equal and I did that shamingly! Since I was not supposed to be there either! I am not related to Senator Mar Roxas but I felt awkward to have the Senator to my left.

Now, I imagined what could have happened if the couple was there with us. Probably, they would also be half-hearted to approach Senator Enrile. I am not sure. In the Local Council, whenever constituents asked councilors for financial aid, they did it without shame. I am not sure if it’s the same in the Senate that is why they had to divide the three elevators for certain groups’ use.

Maybe, the Senate’s general services only think of the worse that is to happen; or only for security. But the security at the Senate Entrance is already too tight. Well, we do not know.
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Tuesday, October 7, 2008

Economy Becomes Focal of the 2nd Barack, John McCain Presidential Debate

Policies inevitably affect the economy. Just this month, the stock market of Wall Street had fallen. Stock prices are in its 5-year low. The Lehman Brother CEO Fuld is currently investigated in the Congress because of the investment bank's bankruptcy that has worldwide repercussions. The Congress has alleged Fuld for receiving a big compensation package that enable him to live a luxurious life. What John McCain termed as the greed in Wall Street. Meanwhile, Obama admitted that the financial crisis blowing the country is both a result of Democrats and Republican actions. He admitted in the debate when a studio audience asked that they must already stop pointing fingers and instead focus on the issue at hand. CNN has a transcript of the 2nd debate which happened last night.

NASHVILLE, Tennessee (CNN) -- Presidential candidates John McCain and Barack Obama debated in Nashville, Tennessee, on Tuesday night. NBC's Tom Brokaw moderated the debate. Here is a transcript of that debate.

Brokaw: Good evening from Belmont University in Nashville, Tennessee. I'm Tom Brokaw of NBC News. And welcome to this second presidential debate, sponsored by the Commission on Presidential Debates.

Tonight's debate is the only one with a town hall format. The Gallup Organization chose 80 uncommitted voters from the Nashville area to be here with us tonight. And earlier today, each of them gave me a copy of their question for the candidates.

From all of these questions -- and from tens of thousands submitted online -- I have selected a long list of excellent questions on domestic and foreign policy.

Neither the commission nor the candidates have seen the questions. And although we won't be able to get to all of them tonight, we should have a wide-ranging discussion one month before the election.

Each candidate will have two minutes to respond to a common question, and there will be a one-minute follow-up. The audience here in the hall has agreed to be polite, and attentive, no cheering or outbursts. Those of you at home, of course, are not so constrained.

The only exception in the hall is right now, as it is my privilege to introduce the candidates, Sen. Barack Obama of Illinois and Sen. John McCain of Arizona.

Gentlemen?

Gentlemen, we want to get under way immediately, if we can. Since you last met at Ole Miss 12 days ago, the world has changed a great deal, and not for the better. We still don't know where the bottom is at this time.

As you might expect, many of the questions that we have from here in the hall tonight and from online have to do with the American economy and, in fact, with global economic conditions.

I understand that you flipped a coin.

And, Sen. Obama, you will begin tonight. And we're going to have our first question from over here in Section A from Allen Shaffer.

Allen?

Shaffer: With the economy on the downturn and retired and older citizens and workers losing their incomes, what's the fastest, most positive solution to bail these people out of the economic ruin?

Obama: Well, Alan (ph), thank you very much for the question. I want to first, obviously, thank Belmont University, Tom, thank you, and to all of you who are participating tonight and those of you who sent e-mail questions in.

I think everybody knows now we are in the worst financial crisis since the Great Depression. And a lot of you I think are worried about your jobs, your pensions, your retirement accounts, your ability to send your child or your grandchild to college.

And I believe this is a final verdict on the failed economic policies of the last eight years, strongly promoted by President Bush and supported by Sen. McCain, that essentially said that we should strip away regulations, consumer protections, let the market run wild, and prosperity would rain down on all of us.

It hasn't worked out that way. And so now we've got to take some decisive action.

Now, step one was a rescue package that was passed last week. We've got to make sure that works properly. And that means strong oversight, making sure that investors, taxpayers are getting their money back and treated as investors.

It means that we are cracking down on CEOs and making sure that they're not getting bonuses or golden parachutes as a consequence of this package. And, in fact, we just found out that AIG, a company that got a bailout, just a week after they got help went on a $400,000 junket.

And I'll tell you what, the Treasury should demand that money back and those executives should be fired. But that's only step one. The middle-class need a rescue package. And that means tax cuts for the middle-class.

It means help for homeowners so that they can stay in their homes. It means that we are helping state and local governments set up road projects and bridge projects that keep people in their jobs.

And then long-term we've got to fix our health care system, we've got to fix our energy system that is putting such an enormous burden on families. You need somebody working for you and you've got to have somebody in Washington who is thinking about the middle class and not just those who can afford to hire lobbyists.

Brokaw: Sen. McCain?

McCain: Well, thank you, Tom. Thank you, Belmont University. And Sen. Obama, it's good to be with you at a town hall meeting.

And, Alan (ph), thank you for your question. You go to the heart of America's worries tonight. Americans are angry, they're upset, and they're a little fearful. It's our job to fix the problem.

Now, I have a plan to fix this problem and it has got to do with energy independence. We've got to stop sending $700 billion a year to countries that don't want us very -- like us very much. We have to keep Americans' taxes low. All Americans' taxes low. Let's not raise taxes on anybody today.

We obviously have to stop this spending spree that's going on in Washington. Do you know that we've laid a $10 trillion debt on these young Americans who are here with us tonight, $500 billion of it we owe to China?

We've got to have a package of reforms and it has got to lead to reform prosperity and peace in the world. And I think that this problem has become so severe, as you know, that we're going to have to do something about home values.

You know that home values of retirees continues to decline and people are no longer able to afford their mortgage payments. As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes.

Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy. And we've got to give some trust and confidence back to America.

I know how the do that, my friends. And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal. But I know how to get America working again, restore our economy and take care of working Americans. Thank you.

Brokaw: Senator, we have one minute for a discussion here. Obviously the powers of the treasury secretary have been greatly expanded. The most powerful officer in the cabinet now. Hank Paulson says he won't stay on. Who do you have in mind to appoint to that very important post?

Sen. McCain?

McCain: Not you, Tom.

Brokaw: No, with good reason.

McCain: You know, that's a tough question and there's a lot of qualified Americans. But I think the first criteria, Tom, would have to be somebody who immediately Americans identify with, immediately say, we can trust that individual.

A supporter of Sen. Obama's is Warren Buffett [chairman of Berkshire Hathaway]. He has already weighed in and helped stabilize some of the difficulties in the markets and with companies and corporations, institutions today.

I like Meg Whitman [former CEO of eBay and current McCain campaign adviser], she knows what it's like to be out there in the marketplace. She knows how to create jobs. Meg Whitman was CEO of a company that started with 12 people and is now 1.3 million people in America make their living off eBay. Maybe somebody here has done a little business with them.

But the point is it's going to have to be somebody who inspires trust and confidence. Because the problem in America today to a large extent, Tom, is that we don't have trust and confidence in our institutions because of the corruption on Wall Street and the greed and excess and the cronyism in Washington, D.C.

Brokaw: All right. Sen. McCain -- Sen. Obama, who do you have in mind for treasury secretary?

Obama: Well, Warren would be a pretty good choice -- Warren Buffett, and I'm pleased to have his support. But there are other folks out there. The key is making sure that the next treasury secretary understands that it's not enough just to help those at the top.

Prosperity is not just going to trickle down. We've got to help the middle class.

And we've -- you know, Sen. McCain and I have some fundamental disagreements on the economy, starting with Sen. McCain's statement earlier that he thought the fundamentals of the economy were sound.

Part of the problem here is that for many of you, wages and incomes have flat-lined. For many of you, it is getting harder and harder to save, harder and harder to retire.

And that's why, for example, on tax policy, what I want to do is provide a middle class tax cut to 95 percent of working Americans, those who are working two jobs, people who are not spending enough time with their kids, because they are struggling to make ends meet.

Sen. McCain is right that we've got to stabilize housing prices. But underlying that is loss of jobs and loss of income. That's something that the next treasury secretary is going to have to work on.

Brokaw: Sen. Obama, thank you very much.

May I remind both of you, if I can, that we're operating under rules that you signed off on and when we have a discussion, it really is to be confined within about a minute or so.

We're going to go now, Sen. McCain, to the next question from you from the hall here, and it comes from Oliver Clark, who is over here in section F.

Oliver?

Clark: Well, Senators, through this economic crisis, most of the people that I know have had a difficult time. And through this bailout package, I was wondering what it is that's going to actually help those people out.

McCain: Well, thank you, Oliver, and that's an excellent question, because as you just described it, bailout, when I believe that it's rescue, because -- because of the greed and excess in Washington and Wall Street, Main Street was paying a very heavy price, and we know that.

I left my campaign and suspended it to go back to Washington to make sure that there were additional protections for the taxpayer in the form of good oversight, in the form of taxpayers being the first to be paid back when our economy recovers -- and it will recover -- and a number of other measures.

But you know, one of the real catalysts, really the match that lit this fire was Fannie Mae and Freddie Mac. I'll bet you, you may never even have heard of them before this crisis.

But you know, they're the ones that, with the encouragement of Sen. Obama and his cronies and his friends in Washington, that went out and made all these risky loans, gave them to people that could never afford to pay back.

And you know, there were some of us that stood up two years ago and said we've got to enact legislation to fix this. We've got to stop this greed and excess.

Meanwhile, the Democrats in the Senate and some -- and some members of Congress defended what Fannie and Freddie were doing. They resisted any change.

Meanwhile, they were getting all kinds of money in campaign contributions. Sen. Obama was the second highest recipient of Fannie Mae and Freddie Mac money in history -- in history.

So this rescue package means that we will stabilize markets, we will shore up these institutions. But it's not enough. That's why we're going to have to go out into the housing market and we're going to have to buy up these bad loans and we're going to have to stabilize home values, and that way, Americans, like Alan, can realize the American dream and stay in their home.

But Fannie and Freddie were the catalysts, the match that started this forest fire. There were some of us -- there were some of us that stood up against it. There were others who took a hike.

Brokaw: Sen. Obama?

Obama: Well, Oliver, first, let me tell you what's in the rescue package for you. Right now, the credit markets are frozen up and what that means, as a practical matter, is that small businesses and some large businesses just can't get loans.

If they can't get a loan, that means that they can't make payroll. If they can't make payroll, then they may end up having to shut their doors and lay people off.

And if you imagine just one company trying to deal with that, now imagine a million companies all across the country.

So it could end up having an adverse effect on everybody, and that's why we had to take action. But we shouldn't have been there in the first place.

Now, I've got to correct a little bit of Sen. McCain's history, not surprisingly. Let's, first of all, understand that the biggest problem in this whole process was the deregulation of the financial system.

Sen. McCain, as recently as March, bragged about the fact that he is a deregulator. On the other hand, two years ago, I said that we've got a sub-prime lending crisis that has to be dealt with.

I wrote to Secretary Paulson, I wrote to Federal Reserve Chairman [Ben] Bernanke, and told them this is something we have to deal with, and nobody did anything about it.

A year ago, I went to Wall Street and said we've got to reregulate, and nothing happened.

And Sen. McCain during that period said that we should keep on deregulating because that's how the free enterprise system works.

Now, with respect to Fannie Mae, what Sen. McCain didn't mention is the fact that this bill that he talked about wasn't his own bill. He jumped on it a year after it had been introduced and it never got passed.

And I never promoted Fannie Mae. In fact, Sen. McCain's campaign chairman's firm was a lobbyist on behalf of Fannie Mae, not me.

So -- but, look, you're not interested in hearing politicians pointing fingers. What you're interested in is trying to figure out, how is this going to impact you?

This is not the end of the process; this is the beginning of the process. And that's why it's going to be so important for us to work with homeowners to make sure that they can stay in their homes.

The secretary already has the power to do that in the rescue package, but it hasn't been exercised yet. And the next president has to make sure that the next Treasury secretary is thinking about how to strengthen you as a home buyer, you as a homeowner, and not simply think about bailing out banks on Wall Street.

Brokaw: Sen. Obama, time for a discussion. I'm going to begin with you. Are you saying to Mr. Clark (ph) and to the other members of the American television audience that the American economy is going to get much worse before it gets better and they ought to be prepared for that?

Obama: No, I am confident about the American economy. But we are going to have to have some leadership from Washington that not only sets out much better regulations for the financial system.

The problem is we still have a archaic, 20th-century regulatory system for 21st-century financial markets. We're going to have to coordinate with other countries to make sure that whatever actions we take work.

But most importantly, we're going to have to help ordinary families be able to stay in their homes, make sure that they can pay their bills, deal with critical issues like health care and energy, and we're going to have to change the culture in Washington so that lobbyists and special interests aren't driving the process and your voices aren't being drowned out.

Brokaw: Sen. McCain, in all candor, do you think the economy is going to get worse before it gets better?

McCain: I think it depends on what we do. I think if we act effectively, if we stabilize the housing market -- which I believe we can, if we go out and buy up these bad loans, so that people can have a new mortgage at the new value of their home -- I think if we get rid of the cronyism and special interest influence in Washington so we can act more effectively.

My friend, I'd like you to see the letter that a group of senators and I wrote warning exactly of this crisis. Sen. Obama's name was not on that letter.

The point is -- the point is that we can fix our economy. Americans' workers are the best in the world. They're the fundamental aspect of America's economy.

They're the most innovative. They're the best -- they're most -- have best -- we're the best exporters. We're the best importers. They're most effective. They are the best workers in the world.

And we've got to give them a chance. They've got -- we've got to give them a chance to do their best again. And they are the innocent bystanders here in what is the biggest financial crisis and challenge of our time. We can do it.

Brokaw: Thank you, Sen. McCain.

We're going to continue over in Section F, as it turns out.

Sen. Obama, this is a question from you from Teresa Finch.

Teresa?

Finch: How can we trust either of you with our money when both parties got -- got us into this global economic crisis?

Obama: Well, look, I understand your frustration and your cynicism, because while you've been carrying out your responsibilities -- most of the people here, you've got a family budget. If less money is coming in, you end up making cuts. Maybe you don't go out to dinner as much. Maybe you put off buying a new car.

That's not what happens in Washington. And you're right. There is a lot of blame to go around.

But I think it's important just to remember a little bit of history. When George Bush came into office, we had surpluses. And now we have half-a-trillion-dollar deficit annually.

When George Bush came into office, our debt -- national debt was around $5 trillion. It's now over $10 trillion. We've almost doubled it.

And so while it's true that nobody's completely innocent here, we have had over the last eight years the biggest increases in deficit spending and national debt in our history. And Sen. McCain voted for four out of five of those George Bush budgets.

So here's what I would do. I'm going to spend some money on the key issues that we've got to work on.

You know, you may have seen your health care premiums go up. We've got to reform health care to help you and your budget.

We are going to have to deal with energy because we can't keep on borrowing from the Chinese and sending money to Saudi Arabia. We are mortgaging our children's future. We've got to have a different energy plan.

We've got to invest in college affordability. So we're going to have to make some investments, but we've also got to make spending cuts. And what I've proposed, you'll hear Sen. McCain say, well, he's proposing a whole bunch of new spending, but actually I'm cutting more than I'm spending so that it will be a net spending cut.

The key is whether or not we've got priorities that are working for you as opposed to those who have been dictating the policy in Washington lately, and that's mostly lobbyists and special interests. We've got to put an end to that.
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