Obama's Homeowner and Financial Support Act

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.

Obama's Economic Meeting July 28 Video

Before the meeting, Obama said the sour economy didn't happen by chance, rather it's the direct result of an irresponsible Wall Street (or as Bush would say, a drunk Wall Street) and Washington.
Here is some of what they discussed.

Here are the participants:
The economic leaders who met with Senator Obama today included:


· Jared Bernstein (Senior Economist, Economic Policy Institute)

· Bill Bradley (Former Senator, D-N.J., U.S. Senate 1979-1997)

· Warren Buffet (Chairman and CEO, Berkshire Hathaway) - joined the meeting by phone

· Anna Burger (Chair, Change to Win; International Secretary-Treasurer, Service Employees International Union)

· Jon Corzine (Governor, State of New Jersey)

· William Daley (Chairman of the Midwest, JP Morgan Chase; Former Secretary, U.S. Dept of Commerce, 1997-2000)

· James Dimon (Chairman and CEO, JPMorgan Chase)

· William Donaldson (27th Chairman of the SEC 2003-2005)

· Indra Nooyi (Chairman and CEO, PepsiCo Inc.)

· Paul O'Neill (Special Advisor, Blackstone Group, Former Secretary, U.S. Dept of Treasury, 2001-2002; Former CEO, Alcoa)

· Federico Peña (Managing Director, Vestar Capital Partners; Former Secretary, U.S. Dept. of Energy, 1997-1998; Former Secretary, U.S. Dept. of Transportation, 1993-1997; Former Mayor, City of Denver 1983-1991)

· Penny Pritzker (CEO, Classic Residence by Hyatt)

· Robert Reich (University of California, Berkeley; Former Secretary, U.S. Dept of Labor, 1993-1997)

· Robert Rubin (Chairman and Director of the Executive Committee, Citigroup; Former Secretary, U.S. Dept of Treasury, 1995-1999)

· Eric Schmidt (Chairman and CEO, Google)

· William Spriggs (Professor and Chair of the Department of Economics, Howard University)

· Lawrence Summers (Harvard University; Managing Director, D.E. Shaw; Former Secretary, U.S. Dept of Treasury, 1999-2001)

· John Sweeney (President, AFL-CIO)

· Laura Tyson (Haas School of Business, University of California, Berkeley; Former Chairman, National Economic Council, 1995-1996; Former Chairman, President's Council of Economic Advisors, 1993-1995)

· Paul Volcker (Former Chairman, U.S. Federal Reserve 1979-1987)

The McCain camp's Carly Fiorina dismissed this meeting as a cheap photo op.

Obama's Top Economic Advisers

Santa Cruz Obama supporters

Reuters:
* AUSTAN GOOLSBEE - The University of Chicago economist is an expert on tax policy and has written extensively on the role of the Internet and technology in the economy. Though he is not on staff with the Obama campaign, he has been a major player in shaping the candidate's economic plans. He sparked controversy in March after he met with Canadian officials. A leaked memo suggested Gooslbee played down Obama's opposition to NAFTA. The Obama campaign said the memo was inaccurate.

* JASON FURMAN - Furman is Obama's top campaign staff aide on economic policy. He was hired shortly after Obama clinched the Democratic nomination on June 3. Furman was an aide in the Clinton White House and is a close associate of former Treasury Secretary Rubin through their work together on the Hamilton Project, a centrist research organization that promotes policies like free trade and fiscal discipline. Furman's reputation as a backer of free trade has concerned some of Obama's union supporters.

* DAN TARULLO - A professor at Georgetown University Law school, Tarullo is an expert on trade and international economics. He was a senior White House aide to Clinton and served as a "sherpa" to meetings of the Group of Eight industrialized economy meetings. In a June 9 CNN interview, Tarullo said Obama supports free trade but "he's not for trade policies that don't protect American workers."

* LAURA TYSON - Tyson the former chairwoman of Bill Clinton's Council of Economic Advisers and also served as his director of the National Economic Council. She is now a professor at the University of California, Berkeley and has only recently been tapped as a key adviser to Obama.

* PAUL VOLCKER - The former Federal Reserve chairman became a formidable figure in the financial world during the 1980s and is credited with breaking the back of double-digit inflation that marked the early part of the decade. He endorsed Obama in January and attended a March speech the Illinois senator gave in New York in which he called for an overhaul of U.S. financial regulations.

* JARED BERNSTEIN - Bernstein, an economist at the Economic Policy Institute, has written about income inequality and labor markets. His latest book is "Crunch: Why Do I Feel So Squeezed? (And Other Unsolved Economic Mysteries)." He has called for increased bargaining power for workers.

* ROBERT REICH - Reich was Labor Secretary under Clinton and was seen as a more liberal counterweight to Robert Rubin. He teaches at the University of California, Berkeley.

* PETER HENRY - An expert on emerging markets and the global economy, Henry teaches at Stanford University's Graduate School of Business.