Evening Wrap Up...IndyMac Panic, Iraq, Obama, McCain and Economy...

Barack Obama introduced prior to Iraq Speech at the Ronald Reagan Building and International Trade Center in Washington, DC

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A Tale of Two Economies

Man, oh man, is this the truth. After listening to President Bush, attempting to trump up this economy as it is crumbling around him, Bernanke's message was totally different.

FIRST UP, BUSH:

President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.

Amid soaring gas prices, the toughest real estate market in decades, falling home prices and financing that's harder to come by, Bush said: "It's been a difficult time for many American families." But he also said that the nation's economy continues to grow, if slowly.

Bush said that despite the woes of Fannie Mae and Freddie Mac and the recent government takeover of California bank IndyMac, U.S. depositors should not worry because their deposits are insured by the government up to $100,000

bush on the economy

NEXT BERNAKE:

Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. This problem looms even as officials try to cope with persistent strains in financial markets, rising joblessness and housing problems.

bernanke, fed chief's take on the economy

AND WANT TO KNOW HOW WORRIED INDYMAC CUSTOMERS ARE....



THESE PEOPLE WANT THEIR MONEY, ANGRY AND THE LINES ARE OFF THE HOOK....

Lastly, if you think this is the only bank, THINK AGAIN. All these banks are in trouble and mired in the mortgage, melt-down mess.

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Obama gave a speech on Iraq and McCain ran behind him to RESPOND...

In separate speeches Tuesday, presidential contenders Barack Obama and John McCain clashed sharply over Iraq war policy, but stressed a need to shift attention to deteriorating conditions in Afghanistan.

Obama's remarks came in a major foreign policy speech in which he called for a "new direction" in international relations and a change in focus from Iraq to fighting terrorism in Afghanistan.

It was delivered in Washington only days before he leaves on a trip to Europe and the Middle East.

McCain, speaking in Albuquerque, said conditions were getting worse in Afghanistan and called for a "comprehensive strategy for victory" there.

Both differed markedly over Iraq policy.

"George Bush and John McCain don't have a strategy for success in Iraq — they have a strategy for staying in Iraq," Obama said. "They said we couldn't leave when violence was up, they say we can't leave when violence is down.

The Illinois Democrat accused McCain of concentrating on tactics in Iraq instead of a broader strategy to fight terrorism.

"At some point, a judgment must be made," he said. "Iraq is not going to be a perfect place, and we don't have unlimited resources to try to make it one." continue

Video of Obama's speech and McCain's response of "I know how to win wars..." here.


hardball's version

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McCain is still defending a country that does not exist any longer, Czechoslovkia

Yes, he must have made this gaffe about three or four times. Read it all, here. And view it below.



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Read Al G over at The Field, "If"...great read....

Imagine if Michelle Obama said this:...read it here....

Note to media: John McCain is a disgusting misogynist by Geekesque....makes every woman shake her head....

McCain's Organization Gap Persists by Jonathan Singer

Want to see what Guantanamo torture does to a boy? by Bob Telecaster

Watch former Governor Sanford, McCain Supporter unable to answer a question of the difference between Bush and McCain, stunning. Link, here.

Is Obama in a money crunch? If so, you know what to do, to the left please.

And ABC/WAPO National Poll, Obama up by 8

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