Obama is speaking right now about his Rescue Plan for Main St.

By GottaLaff

Thom Hartmann just said this is a masterful move. Obama wants to implement his plan right now, per Hartmann, if I heard correctly. He's one-upping Gramm-pa McCain, who said he had a new plan before he said he didn't.

Yes, he just now said "right now" (Obama, not Hartmann). From Ohio, Obama:

J-O-B-S. Jobs. That's what he just said, and the crowd loved it. A job tax credit... For each new employee hired in the U.S. over the next 2 years, they get a tax break... more coming.

Eliminate capital gains taxes on small companies... Fast track loan guarantees for auto industry... So they can build cars here in the U.S.

Create a job and growth fund, for local communities. Eliminate taxes for seniors making under $50,000 a year.

Next: Provide immediate relief to families... Other than tax cut, have the IRS send rebates to families immediately... Extend, expand unemployment benefits to those who have lost their jobs... And no taxes on unemployment insurance for a little extra relief.

Retirement savings: As McCain said, waive rules for 401ks, but then do more. Allow every family can w/draw 15%, up to $10,000 without penalty temporarily.

Third part: Relief for homeowners... McCain was silent while I called for protections. Treasury should move to help avoid foreclosures. Not a new law, not $ for banks as McCain called for. Modify mortgages, mortgage tax credit, and change the bankruptcy laws... (missed some, sorry)...

A 3 month moratorium on foreclosures for good-faith homeowners.

Finally: Move faster to put money into struggling banks, protecting taxpayers.... not pay AIG types. Extend broader guarantees if necessary to stabilize system. Help unfreeze markets for student loans, car loans, credit card loans. Make loans available to small businesses and communities. Emergency lending fund for small businesses... like after 9/11. Low cost loans. Make it easier to lend... and help states and local communities to get the credit they need.

A Rescue plan for Main Street.

We can't wait any longer. This plan will help ease anxieties, create new jobs. This won't be easy. Bush dug a deep hole for us, and it'll take awhile to dig out. We need to set, and stick to, priorities.

We'll have to defer some things... end programs we don't need, and make the ones we do, run more effeciently, cost less. And promote a new ethic to responsibility. We can't live beyond our means. We have to break the cycle of debt.

Sorry, my liveblogging is a little jumbled... he's going fast, and I'm adding what I read on the chyron too.

Believe in yourselves, each other, the future. Together we cannot fail. We have a crisis to solve and an economy to save.