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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (33531)	9/19/2008 1:28:07 AM
From: stockman_scott	Read Replies (2) \| Respond to of 149317

Obama Warns of Long Term Economic Fallout blogs.wsj.com September 18, 2008, 9:07 pm Nick Timiraos reports from Albuquerque, N.M., on the presidential race: Barack Obama picked up $1.7 million in at a New Mexico fundraiser on Thursday night, where the news on Wall Street again dominated the conversation. During the event, the Democratic nominee offered this assessment of the current situation: “I wish I could say that we are out of the woods but we’re going to have some more work to do in the weeks and months to come to set this economy right.” Obama stayed on the attack against John McCain, criticizing him for embracing an economic philosophy that he argued had precipitated the week’s Wall Street turbulence. He warned that years of loading up on debt was beginning to roost as fear gripped U.S. financial markets, criticizing the lack of energy or fiscal policy that “loads up on debt from China, and sends it to Saudi Arabia because we can’t break our addiction to foreign oil.” “When the smoke clears on Wall Street, what you’re going to find is that some U.S. companies that we always thought were standard bearers for what the United States was, are going to suddenly be owned by a bunch of sovereign wealth funds,” the Illinois senator said. After discussing the other threats facing the country, Obama added, “The biggest threat we face is not just terrorism, it’s that our economy is falling behind.” Obama said he had consulted earlier Thursday with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, and his campaign said he had also spoken with New York Mayor Michael Bloomberg. Donors had contributed $2,500 per person to attend the event, which also featured New Mexico Gov. Bill Richardson, and a special reception followed for donors who had given $28,500 to the campaign and Democratic National Committee, or who had raised $50,000 per person.