toledoblade.com --

Saying the nation’s economic crisis is the worst since the Great Depression, presidential candidate Barack Obama Monday afternoon unveiled an economic rescue plan for the middle class at a downtown Toledo rally.

The Democratic candidate spoke at SeaGate Convention Centre before more than 3,100 regarding his four-part plan that includes expansion on some of his past proposals — as well as new ideas.

"I know these are difficult times and I know folks are worried," he said to the crowd.

Highlights of his plan include:

* A temporary tax credit of $3,000 for firms that create new jobs in the United States over the next two years.

* New legislation that would allow families to withdraw 15% of their retirement savings — up to a maximum of $10,000 — without facing a tax-penalty this year (including retroactively) and next year.

Staff members at the Pickle Rd. YMCA were surprised by Sen. Barack Obama, who stopped by to work out on the treadmill earlier Monday.

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* A 90-day foreclosure moratorium for homeowners that are acting in good faith.

* Calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments.

Mr. Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help automakers deal with the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.

"Toledo I won’t pretend that this will be easy. We’re going to have to attach priorities. We will have to defer in areas. We’ll have to go through federal budget one by one," he said.

Mr. Obama spoke frequently about the city of Toledo, and he lauded Toledo for its work in solar energy.

Should he be elected president, Mr. Obama said "we’ll take a page from Toledo" when it comes to solar.

OBAMA IN TOLEDO (WITH KAPTUR INTRODUCTION)

Several times during the 30-minute speech, Mr. Obama also talked about his opponent, Arizona Sen. John McCain.

At one point, the crowd booed when Mr. McCain’s name was mentioned. But Mr. Obama stopped them from doing so.

"No. We don’t need that. All we need to do is vote," he said.

He later went on to say that: "Senator McCain may be worried about losing the election but I’m worried about you losing your jobs, you losing your homes, you losing your life savings."

Contact Tom Troy at 419-724-6058, or tomtroy@theblade.com

OBAMAS SPEAKS AT SEAGATE CENTRE RALLY

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VIEW: Obama speaking at SeaGate Centre photos

OBAMA AT MAUMEE BAY STATE PARK

Senator Barack Obama met with a small group of well-wishers who had waited for him to return to the lodge at Maumee Bay State Park in Oregon following his rally in the SeaGate Convention Centre downtown.

After exiting his motorcade, the Democratic presidential nominee walked over to the group of about 25 people who collected behind a police line about 3 p.m.

He smiled broadly, but didn’t say anything, in reaction to a sign one supporter held up that depicted a Halloween ghost with the words “Sarah Palin for Vice President – now that’s scary.”

The sign was owned by Joan Sigurdson, 68, who said she has it in the yard of her Oregon home.

“He gave me a hug,” Ms. Sigurdson said. “Isn’t that scary, for her to be vice president?”

He held up and cuddled the 15-month-old son, Zion, of Toledo minister Stephen Ward and told a boy named Dustin, “that’s a nice name, nice to see you.”

When a woman called out, “you’re going to win in Toledo,” he answered, “with your help, I like that,” and then reminded people they could vote early.

Mr. Obama is holding three days of closed-door meetings at the secluded state park lodge with his top campaign staff to prepare for his debate Wednesday night against Republican Sen. John McCain in New York.

Asked how the preparations were going, he said, “you know, I’ve got a lot of work to do.”

OBAMA SPEECH DETAIL

Below are excerpts from Senator Obama’s speech today unveiling his Economic Rescue Plan for The Middle Class according to the Obama campaign. This is a comprehensive four-part plan to deal with the immediate crisis that builds on proposals he has previously announced and includes several major new ideas.

• 1. JOB CREATION: A New American Jobs Tax Credit.Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.

• 2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.

• 3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.

• 4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.

Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.

- Source: Obama campaign

Obama campaign to use Toledo event to layout rescue plan
From earlier editions of toledoblade.com.

By TOM TROY
BLADE POLITICS WRITER

Democratic presidential nominee Senator Barack Obama plans to use his speech at Monday's rally at the SeaGate Convention Centre to unveil a major economic policy address.

Mr. Obama is staying with top advisors at the Maumee Bay State Park lodge in Oregon to prepare for a presidential debate with Republican nominee Senator John McCain on Wednesday in New York.

The Obama campaign announced that they will use his Toledo event to lay out his 'economic rescue plan for the middle class.'

FDR FIRESIDE CHAT

The campaign said that the economy is facing its greatest uncertainty in over 70 years, has lost 760,000 jobs this year, and has an unemployment rate that is expected to reach 8 percent. Mr. Obama's campaign said that family incomes declined by $2,000 between 2000 and 2007.

He will appear at the SeaGate Centre at 1:30 p.m. which will hold about 3,500 people, and no more tickets are available.

Mr. Obama arrived in Toledo yesterday for the start of three days of intensive preparation for Wednesday's final presidential debate, but he first made an unscheduled stop in a Springfield Township neighborhood to canvass for votes.

The candidate surprised residents of the working-class Lincoln Green neighborhood off McCord Road when his motorcade made the unannounced stop on the way in from Toledo Express Airport.

Wearing a white shirt, suit trousers, and no tie, Mr. Obama chatted, joked, hugged, posed, and debated for 45 minutes with the folks of Shrewsbury Street who came out of their homes to meet him.

Rachel Jesko, 28, a teacher, was dropping off her friend when she saw the motorcade in the neighborhood.

She started crying as he walked toward her, and then followed him up the street.
'I love him. I think he's going to bring the change we need,' Ms. Jesko said.

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