Obama Swears Fealty to the Fed

"Obama "made clear his respect for the independence of the Federal Reserve system and the special importance of its role"

There goes the last glimmer of 'hope,"readers.

"Obama discusses housing crisis with Bush officials

WASHINGTON - Democratic presidential candidate Barack Obama discussed the mortgage crisis yesterday with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke and steps the government is taking to shore up the economy, his campaign said.

As part of the government's effort to provide mortgage relief to hundreds of thousands of homeowners, Paulson has sought emergency power to rescue lending giants Fannie Mae and Freddie Mac. In a phone call with Paulson, Obama made clear that he "believes that the new housing legislation should be used as a way to protect homeowners and not bail out shareholders or managers."

In an hour-long meeting with Bernanke, Obama also discussed the state of financial institutions, spokesman Michael Ortiz said. Ortiz said Obama "made clear his respect for the independence of the Federal Reserve system and the special importance of its role during periods of economic uncertainty."

Obama also met yesterday with Pakistan's new leader, Prime Minister Yousuf Raza Gilani at the Willard Hotel. Obama, who has called for more cooperation from Pakistan in going after al Qaeda in the border region with Afghanistan, issued a statement calling the discussion "productive and wide-ranging" and saying topics included nuclear proliferation and human rights as well as terror threats originating from the Pakistani tribal areas (AP)."

Yeah, 'bamer is a real disappointment there, too.

Sorry, kids!