US presidential candidates senators Barack Obama and John McCain worked to cool the partisan heat of the financial crisis, with both calling for Congress to regroup and act quickly to prevent a feared financial collapse and foster confidence in the banking system.
McCain and Obama are under pressure to reassure voters that they can prevent an economic meltdown of a kind unseen since Franklin D. Roosevelt was voted into the White House in the depths of the 1930s Great Depression.
McCain, Obama and Senator Joe Biden, the Democratic vice presidential nominee, signaled plans to return to Washington for the vote last night on a revised bailout plan.
PHOTO: AFP
Republican McCain and Democrat Obama both said on Tuesday that politicians needed to set aside politics to save the financial system. Together, they backed a call to raise the Federal Deposit Insurance Corp (FDIC) guarantee on bank accounts from a limit of US$100,000 to US$250,000 — a proposal later incorporated into the Senate version of the financial rescue plan.
FDIC Chairwoman Sheila Bair took up the proposal on Tuesday afternoon, asking Congress for authority for an unspecified increase in insurance limits. She said most banks remained sound, but contended that increasing the insurance cap would help ease the crisis of confidence.
Obama warned it would be “catastrophic” if a deal were not reached soon and that Congress should build on the bill it rejected on Monday rather than start from scratch.
“Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement,” Obama said in a statement. “But in order to pass this plan, we must do more.”
McCain, whose own Republicans were largely responsible for sinking the bill, said that lawmakers had failed to convince voters that the deal was urgent.
Both said the time for blame had passed and action was needed urgently.
Obama told about 12,000 people at a rally at the University of Nevada at Reno that the crisis “affects the financial well-being of every single American. There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out.”
McCain concurred in an interview on the cable television station MSNBC.
“So we’ve got to act and we’ve got to act — and I’m confident we will — we will pass legislation because we have to do it. And that’s — the important thing now is bipartisanship. Sit down and work together. That’s what I want to do and that’s what I’m committed to do,” McCain said.
McCain said he recommended to Bush on Tuesday morning that the Treasury’s Exchange Stabilization Fund of US$250 billion be used to shore up institutions and that the Treasury exercise its ability to buy up US$1 trillion in mortgages.
“Housing and mortgages are at the root of this crisis,” the Republican senator said later at a small business round-table in Des Moines, Iowa. “I urge Treasury to take action to shore up mortgage values.”
Obama said he, too, had talked with Bush as well as Senate Majority Leader Reid and other leaders on Tuesday about resurrecting the recovery plan. He also sought to reassure the public, saying the plan had been “misunderstood and poorly communicated.”
“This is not a plan to just hand over US$700 billion of your money to a few banks on Wall Street,” Obama told supporters at the Nevada rally.
Romania’s electoral commission on Saturday excluded a second far-right hopeful, Diana Sosoaca, from May’s presidential election, amid rising tension in the run-up to the May rerun of the poll. Earlier this month, Romania’s Central Electoral Bureau barred Calin Georgescu, an independent who was polling at about 40 percent ahead of the rerun election. Georgescu, a fierce EU and NATO critic, shot to prominence in November last year when he unexpectedly topped a first round of presidential voting. However, Romania’s constitutional court annulled the election after claims of Russian interference and a “massive” social media promotion in his favor. On Saturday, an electoral commission statement
MINERAL DEPOSITS: The Pacific nation is looking for new foreign partners after its agreement with Canada’s Metals Co was terminated ‘mutually’ at the end of last year Pacific nation Kiribati says it is exploring a deep-sea mining partnership with China, dangling access to a vast patch of Pacific Ocean harboring coveted metals and minerals. Beijing has been ramping up efforts to court Pacific nations sitting on lucrative seafloor deposits of cobalt, nickel and copper — recently inking a cooperation deal with Cook Islands. Kiribati opened discussions with Chinese Ambassador Zhou Limin (周立民) after a longstanding agreement with leading deep-sea mining outfit The Metals Co fell through. “The talk provides an exciting opportunity to explore potential collaboration for the sustainable exploration of the deep-ocean resources in Kiribati,” the government said
Chinese authorities increased pressure on CK Hutchison Holdings Ltd over its plan to sell its Panama ports stake by sharing a second newspaper commentary attacking the deal. The Hong Kong and Macau Affairs Office on Saturday reposted a commentary originally published in Ta Kung Pao, saying the planned sale of the ports by the Hong Kong company had triggered deep concerns among Chinese people and questioned whether the deal was harming China and aiding evil. “Why were so many important ports transferred to ill-intentioned US forces so easily? What kind of political calculations are hidden in the so-called commercial behavior on the
The head of Shin Bet, Israel’s domestic intelligence agency, was sacked yesterday, days after Israeli Prime Minister Benjamin Netanyahu said he no longer trusts him, and fallout from a report on the Oct. 7, 2023, Hamas attack. “The Government unanimously approved Prime Minister Benjamin Netanyahu’s proposal to end ISA Director Ronen Bar’s term of office,” a statement said. He is to leave his post when his successor is appointed by April 10 at the latest, the statement said. Netanyahu on Sunday cited an “ongoing lack of trust” as the reason for moving to dismiss Bar, who joined the agency in 1993. Bar, meant to
RSS