Obama Speaks On the Foreclosure Related Crisis

Senator Obama spoke to reporters in Coral Gables, Florida about the foreclosure related housing crisis. He said the industrialized and emerging countries of the world should come forward to clear this foreclosure mess that is rocking the economy of America. It is threatening global markets too. Obama feels that any plan put forward by the government should take into account the “coordinated effort” of the G-20 partners of USA. He added, “This is a worldwide issue, and while the United States can and will lead in stabilizing the credit markets, we should ask other nations, who share in this crisis, to be part of the solution as well.”

The long tentacles of foreclosures are now touching the club of G-20. The G-20 is a group that includes the established as well as emerging big economies like Brazil, China, Argentina, India, Australia, Indonesia, Mexico, South Africa, Saudi Arabia, Turkey and South Korea.

Obama gave his nod for the huge intervention plans being chalked up by the government aimed to contain the collapse of the economy of the country. USA is reeling under mortgage defaults leading to millions of foreclosures. The foreclosure related financial crisis is the worst the country is facing since the Great Depression of 1929. It has reached horrendous proportions on the eve of the vital presidential elections. 44-year-old Senator Obama will be facing 72-year-old Republican Senator John McCain on 4th November 2008 for the crown.

Wall Street as well as Main Street will be financially ruined if the Bush government does not immediately intervene. Obama however stressed that the plans should include not only Wall Street but also those with modest to low income groups. The latter is the pillar on which the tax structure and the economy stand.

Obama’s comments are a response to the calls of the Democrats who are a majority in the Senate to exchange relief for support of the proposals that will thaw the credit freeze of the banks. He said, “For too long, this administration has been willing to hit the fast-forward button in helping distressed Wall Street firms while pressing pause when it comes to saving jobs or keeping people in their homes.”

It is the lower to middle orders that have been worst hit by the foreclosure crisis. Today the taxpayer’s money is going to be utilized to bail out the Wall Street giants. But a thought must also be spared for those who serve and toil without any cushion to fall back upon.

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