Politico: Senator OBAMA's advisers FLY TO FLORIDA to meet with him to finalize his Homeowner and Financial Support Act. The meeting is to include Warren Buffett, Paul O'Neil (the Bush Treasury Secretary!), Bob Rubin, Joe Stiglitz, Larry Summers, Dan Tarullo, Laura Tyson and Paul Volcker.
AP's Terence Hunt says Obama's announcement is expected about 11 a.m. ET: 'Obama ... was to meet with advisers in Coral Gables, Fla., on the campus of the University of Miami and then announce his new proposals. Buffett and O'Neill and perhaps others were to participate by way of a telephone conference call.' Previewing his principles in New Mexico yesterday, Obama said he will 'get serious about helping struggling families to restructure their mortgages on affordable terms, so they can stay in their homes.'
Obama says he's supporting Henry Paulson:
Sept. 19 (Bloomberg) -- Democratic presidential nominee Barack Obama said today that he supports the efforts by U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to ease the economic turmoil on Wall Street.
``The events of the last few days have made it clear that we must take further bold and decisive action to shore up confidence in our financial markets and avoid a deepening economic crisis that could jeopardize the life savings and well-being of millions of Americans,'' Obama said in an e-mailed statement.
Paulson and Bernanke outlined to congressional leaders yesterday a plan to move troubled assets from the balance sheets of American financial companies into a new government institution.
Obama said he is still reviewing the emerging details of the proposal and will be guided by principles, including that any taxpayer-funded support must not reward corporate mismanagement and there be stringent oversight and regulations.
``Eliminating consumer protections and lax oversight contributed to the crisis we are in today, and establishing commonsense rules of the road for our financial system can help restore confidence in our financial system,'' Obama said.