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Exchange trade currency futures by month end
Economy Bureau
Posted online: Wednesday, August 06, 2008 at 22:17 hrs
Updated On: Wednesday, August 06, 2008 at 22:17 hrs
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The Securities & Exchange Board of India (Sebi) will launch a pilot alternative payment system for public issues by August-end, which would allow investors to keep the application money in their bank accounts till they are allotted shares.
"Hopefully by August end, we will start the pilot project," Sebi chairman CB Bhave told reporters at a seminar organised by the Financial Planning Standards Board India.
NOTE: BHAVE IS A RESPECTED PERSONALITY IN SEBI.
Further, the markets regulator is expected to launch the exchange trade currency futures by this month-end. So far three entities—NSE, MCX-promoter Financial Technologies and a consortium of HDFC, Kotak and SBI —have evinced interest in starting these products.
The pilot payment system would enable investors to earn interest income on their application money till the time of allotment, while sparing them from the hassles of getting refunds in case they are not allotted shares.
Bhave said the current system of payment through cheques and the alternate system would co-exist. Commenting on the pilot system, he said, "We really don't know how the system works. We need to get used to it. We have to sort out glitches if there are any in the beginning."
The alternate payment system, called additional mode of payment through applications supported by blocked amount, will exempt retail investors from making full advance fees. Instead, it would let them retain the in bank accounts till the completion of allotment. The system is dependent on 'Self Certified Syndicate Banks' (SCSB) that would accept the application of retail investors. Banks that wish to offer the ASBA facility must submit a certificate to Sebi for inclusion of its name in the SCSB list. Under the scheme, the SCSBs will block funds to the extent of the bid amount, upload the details in the electronic bidding system and then unblock funds of finalisation of allotment.
This mode of payment will apply only to public issues offered under the book building route and only those retail investors would be part of this payment process who bid at the cut-off price as the single option and agree not to revise their bids.
On exchange traded currency futures, Sebi chairman said that three entities have applied for launching these products. When asked about the specific timeframe for the launch of currency futures, Bhave said this was not in the regulator's hands as the three entities are in various stages of preparing software and setting up hardware for the...
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» Exchage traded Currency
Posted by Shyam.P.Kunte on 2008-08-06 09:26:54.130376+05:30
Another exchange is getting born here for speculators mostly of FIIs/Foreign Banks/Corporates to defraud gullible small investors.How come SEBI has forgotten the current MTM losses fiasco and really it is surprising.In a Trade deficit country like ours and with huge unwanted Forex reserves it will spell disaster in long term.May god save our Nation from those tricky financial gambling products.JaiHind
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Is This The Dollar Breakout?
Friday, 08 August 2008 19:00:53 GMT
Printer Friendly | Email Article | RSS | Previous articles
Previous Articles
* Aug 08 - Is This The Dollar Breakout?
* Aug 07 - Can The Dollar Rally Continue With Fed Hike Forecasts Fading?
* Jul 31 - Will GDP And NFP Readings Curb Expectations Of A Fed Hike?
* Jul 31 - Rising Long Interest Threatens A Euro Breakdown
* Jul 31 - Dollar Decline Should Prove Corrective
* Jul 31 - Yen Crosses Bearish at least in the Short Term
* Jul 30 - Dollar Rally Picks Up; Countertrend Decline Expected Though
* Jul 30 - Euro Crosses Tread Water
* Jul 29 - Canadian Dollar Triangle Break Looms
* Jul 29 - Euro Crosses Tread Water
* Jul 28 - Swiss Franc Sentiment Will Likely Deteriorate
* Jul 28 - Top Currency Trading Ideas for the Week of July 28, 2008
* Jul 25 - The Buck Does NOT Stop Here
* Jul 25 - Australian Dollar Crosses Prone to Corrections
* Jul 24 - Dollar Rally Pushing Limits of Bearish Case
* Jul 24 - British Pound Crosses Accelerate Higher
* Jul 23 - Euro Bullish Opportunity Against 1.5611
* Jul 23 - Yen Crosses: Declines Should Be Bought
* Jul 22 - Euro Drop Below 1.5783 Probable Before Further Gains
* Jul 22 - Euro Crosses Still Bullish
Written by John Kicklighter, Currency Strategist
August 8th, 2008 will be known for two events: the start of the 2008 Beijing Olympics and the massive, bullish breakout for the US dollar. The currency made its move across the board, taking out significant technical (and psychological) levels against most of its major counterparts and marking its biggest one-day advance on a trade-weighted basis in over five years.
NOTE: DOLLAR VALUE HAS A WORLDWIDE IMPORTANCE.
Five months after testing a record low and through four months of congestive price action, fundamentals have slowly built up (though the US data hasn't exactly been encouraging) behind an eventual rebound in the massively oversold currency. With liquidity draining for the weekend, the market now has time to contemplate: is this the true trend reversal and how will this effect my trading in the long term?
Shifting Gears On Fundamentals
Getting to the point where traders and economists are debating whether or not we have entered a new bull leg for the dollar – where until recently the consensus was the currency would soon be replaced as an anchor to pegs and could lose its status as the world's leading currency to the euro – took time and a global economic slowdown that would ultimately leave the beleaguered US with the most impressive balance sheet.
Since last summer's subprime meltdown, the Federal Reserve has cut the benchmark lending rate by 325 basis points, the housing sector has entered a recession not seen since the Great Depression, and employment numbers have contracted for the longest period since 2005. With conditions like these, why would the greenback be on the verge of a major advance? The answer is simple. Because despite the United State's current predicament, the outlook for the world's largest economy is fundamentally better than that of its industrialized counterparts.
From a growth perspective, revisions to annualized GDP numbers show that the US contracted for the first time in six years through the final quarter of 2007. However, by the time this slowdown was confirmed, more timely data was already suggesting the worst has already passed with second quarter growth figures reporting 1.9 percent expansion. For a fundamental backdrop that has been completely overshadowed by consistently disappointing data, this broad reading alone has catalyzed confidence that recessions in certain areas of the overall economy will be leveled out by strength in others. In contrast, the forecast for other economies is deteriorating. The Euro-Zone GDP number due next week is expected to match its slowest annualized pace in four-and-a-half years as domestic spending falters and exports suffer from curtailed demand and unfavorable exchange rates. In the UK, the local housing recession is already the worst in recent history and it looks to worsen with time. Add to that, inflation that has stifled business activity and consumer spending; and projections for growth are low. Finally, there is Japan. The Asian giant has struggled since the late 90s financial crisis, and recently consumer spending and a housing slump has slipped into critical levels. To top it off, for the first time since 2001, the Japanese government's assessment of domestic growth was downgraded to 'weakening' – what many consider an admission that the economy has already entered a recession.
Interest Rates' Contribution
A partial reflection of long-term fundamentals (but the primary driver for the currency market), interest rate expectations have also taken a dramatic turn in the past six months and even in the past few weeks. While current benchmark lending rates are still heavily skewed in favor of those well known carry currencies (the New Zealand Dollar, Australian Dollar, Pound), their forecasted change over the coming 12 months priced into overnight interest swaps offers the road map for speculation in the underlying currency pairs. From the spreadsheet below, we can see that at the beginning of the year, the market was expecting 104 basis points of easing through the following 12 months (the Fed actually cut 100 basis points through the first half – leading the dollar to its record lows). Since then however, the outlook has changed dramatically, with 78 basis points or roughly three quarter-point hikes expected by next August. The expectations for all the other major central banks are no where near this change, and the ECB, BoJ, RBA and RBNZ have actually turned negative. (Read more about interest rates' impact on the dollar move)
Top1_8-8
The Outlook
Today's dollar rally easily marks a technical turning point for many of the most liquid dollar-denominated majors (see Jamie's technicals for a full briefing on this); but the currency certainly hasn't cleared all hurdles. Technically, while EURUSD and GBPUSD have dropped below major support at 1.5300 and 1.9400 respectively, there is still resistance for the greenback on a trade-weighted basis. A look at the Dollar Index reveals the dominate trend from the late 2005 bearish trend reversal has yet to be tested. This will no doubt require significant momentum on the dollar's part to charge up enough strength to breach such a noteworthy level.
The fundamental scene is even more difficult to reconcile with a sustained dollar rally. While its major trade partners are just now catching the same cold that the US has been trying to shake, conditions in America are still worse. The housing recession is deepening, business investment has dried up, lending has frozen and now the consumer (the largest component for economic growth) is being assailed. Combine an unemployment rate at a four-year high and wage growth slowing to a two-and-a-half year low with inflation not seen in 17-years and we have sentiment near three decade lows. If the consumer sector falters, the chances for GDP to further rebound on the virtue of exports alone are slim. In turn, concerns of a recession would offer no confidence for rate hikes.
Top2_8-8
For the dollar to maintain its current trajectory and confirm a major trend change, the currency and economy will need to answer these issues. Regardless of the technical breaks in the majors, the dollar will need to break resistance in the trade-weighted index. For the long term, the fundamentals will need to back the dollar fully. Growth factors will grow increasingly important – specifically consumer spending and sentiment, business activity, trade and the housing market will need to show genuine evidence of a bottom. Ultimately, though, the true determinate will be interest rate expectations. Three quarter point hikes are scheduled for the coming 12 months, but such a major exchange rate event will need confirmation of just such a monetary policy change early in the forecast period. What's more, a Fed hike would need to outpace any hawkish ambitions from other central banks.
Written by John Kicklighter, Currency Strategist for DailyFX.com
Have any questions or comments relating to this or any other articles written by John? Email him at jkicklighter@dailyfx.com.
< Prev [ Back ]
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* Dollar Strength to Continue Near Term, but then Prone to a Correction
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Is This The Dollar Breakout?
Friday, 08 August 2008 19:00:53 GMT
Printer Friendly | Email Article | RSS | Previous articles
Previous Articles
* Aug 08 - Is This The Dollar Breakout?
* Aug 07 - Can The Dollar Rally Continue With Fed Hike Forecasts Fading?
* Jul 31 - Will GDP And NFP Readings Curb Expectations Of A Fed Hike?
* Jul 31 - Rising Long Interest Threatens A Euro Breakdown
* Jul 31 - Dollar Decline Should Prove Corrective
* Jul 31 - Yen Crosses Bearish at least in the Short Term
* Jul 30 - Dollar Rally Picks Up; Countertrend Decline Expected Though
* Jul 30 - Euro Crosses Tread Water
* Jul 29 - Canadian Dollar Triangle Break Looms
* Jul 29 - Euro Crosses Tread Water
* Jul 28 - Swiss Franc Sentiment Will Likely Deteriorate
* Jul 28 - Top Currency Trading Ideas for the Week of July 28, 2008
* Jul 25 - The Buck Does NOT Stop Here
* Jul 25 - Australian Dollar Crosses Prone to Corrections
* Jul 24 - Dollar Rally Pushing Limits of Bearish Case
* Jul 24 - British Pound Crosses Accelerate Higher
* Jul 23 - Euro Bullish Opportunity Against 1.5611
* Jul 23 - Yen Crosses: Declines Should Be Bought
* Jul 22 - Euro Drop Below 1.5783 Probable Before Further Gains
* Jul 22 - Euro Crosses Still Bullish
Written by John Kicklighter, Currency Strategist
August 8th, 2008 will be known for two events: the start of the 2008 Beijing Olympics and the massive, bullish breakout for the US dollar. The currency made its move across the board, taking out significant technical (and psychological) levels against most of its major counterparts and marking its biggest one-day advance on a trade-weighted basis in over five years.
NOTE: DOLLAR VALUE HAS A WORLDWIDE IMPORTANCE.
Five months after testing a record low and through four months of congestive price action, fundamentals have slowly built up (though the US data hasn't exactly been encouraging) behind an eventual rebound in the massively oversold currency. With liquidity draining for the weekend, the market now has time to contemplate: is this the true trend reversal and how will this effect my trading in the long term?
Shifting Gears On Fundamentals
Getting to the point where traders and economists are debating whether or not we have entered a new bull leg for the dollar – where until recently the consensus was the currency would soon be replaced as an anchor to pegs and could lose its status as the world's leading currency to the euro – took time and a global economic slowdown that would ultimately leave the beleaguered US with the most impressive balance sheet.
Since last summer's subprime meltdown, the Federal Reserve has cut the benchmark lending rate by 325 basis points, the housing sector has entered a recession not seen since the Great Depression, and employment numbers have contracted for the longest period since 2005. With conditions like these, why would the greenback be on the verge of a major advance? The answer is simple. Because despite the United State's current predicament, the outlook for the world's largest economy is fundamentally better than that of its industrialized counterparts.
From a growth perspective, revisions to annualized GDP numbers show that the US contracted for the first time in six years through the final quarter of 2007. However, by the time this slowdown was confirmed, more timely data was already suggesting the worst has already passed with second quarter growth figures reporting 1.9 percent expansion. For a fundamental backdrop that has been completely overshadowed by consistently disappointing data, this broad reading alone has catalyzed confidence that recessions in certain areas of the overall economy will be leveled out by strength in others. In contrast, the forecast for other economies is deteriorating. The Euro-Zone GDP number due next week is expected to match its slowest annualized pace in four-and-a-half years as domestic spending falters and exports suffer from curtailed demand and unfavorable exchange rates. In the UK, the local housing recession is already the worst in recent history and it looks to worsen with time. Add to that, inflation that has stifled business activity and consumer spending; and projections for growth are low. Finally, there is Japan. The Asian giant has struggled since the late 90s financial crisis, and recently consumer spending and a housing slump has slipped into critical levels. To top it off, for the first time since 2001, the Japanese government's assessment of domestic growth was downgraded to 'weakening' – what many consider an admission that the economy has already entered a recession.
Interest Rates' Contribution
A partial reflection of long-term fundamentals (but the primary driver for the currency market), interest rate expectations have also taken a dramatic turn in the past six months and even in the past few weeks. While current benchmark lending rates are still heavily skewed in favor of those well known carry currencies (the New Zealand Dollar, Australian Dollar, Pound), their forecasted change over the coming 12 months priced into overnight interest swaps offers the road map for speculation in the underlying currency pairs. From the spreadsheet below, we can see that at the beginning of the year, the market was expecting 104 basis points of easing through the following 12 months (the Fed actually cut 100 basis points through the first half – leading the dollar to its record lows). Since then however, the outlook has changed dramatically, with 78 basis points or roughly three quarter-point hikes expected by next August. The expectations for all the other major central banks are no where near this change, and the ECB, BoJ, RBA and RBNZ have actually turned negative. (Read more about interest rates' impact on the dollar move)
Top1_8-8
The Outlook
Today's dollar rally easily marks a technical turning point for many of the most liquid dollar-denominated majors (see Jamie's technicals for a full briefing on this); but the currency certainly hasn't cleared all hurdles. Technically, while EURUSD and GBPUSD have dropped below major support at 1.5300 and 1.9400 respectively, there is still resistance for the greenback on a trade-weighted basis. A look at the Dollar Index reveals the dominate trend from the late 2005 bearish trend reversal has yet to be tested. This will no doubt require significant momentum on the dollar's part to charge up enough strength to breach such a noteworthy level.
The fundamental scene is even more difficult to reconcile with a sustained dollar rally. While its major trade partners are just now catching the same cold that the US has been trying to shake, conditions in America are still worse. The housing recession is deepening, business investment has dried up, lending has frozen and now the consumer (the largest component for economic growth) is being assailed. Combine an unemployment rate at a four-year high and wage growth slowing to a two-and-a-half year low with inflation not seen in 17-years and we have sentiment near three decade lows. If the consumer sector falters, the chances for GDP to further rebound on the virtue of exports alone are slim. In turn, concerns of a recession would offer no confidence for rate hikes.
Top2_8-8
For the dollar to maintain its current trajectory and confirm a major trend change, the currency and economy will need to answer these issues. Regardless of the technical breaks in the majors, the dollar will need to break resistance in the trade-weighted index. For the long term, the fundamentals will need to back the dollar fully. Growth factors will grow increasingly important – specifically consumer spending and sentiment, business activity, trade and the housing market will need to show genuine evidence of a bottom. Ultimately, though, the true determinate will be interest rate expectations. Three quarter point hikes are scheduled for the coming 12 months, but such a major exchange rate event will need confirmation of just such a monetary policy change early in the forecast period. What's more, a Fed hike would need to outpace any hawkish ambitions from other central banks.
Written by John Kicklighter, Currency Strategist for DailyFX.com
Have any questions or comments relating to this or any other articles written by John? Email him at jkicklighter@dailyfx.com.
< Prev [ Back ]
©2008 DailyFX. All Rights Reserved.
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BSE plan to launch currency futures by September
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Kolkata, August 10, 2008
First Published: 10:25 IST(10/8/2008)
Last Updated: 10:26 IST(10/8/2008)
Print
The Bombay Stock Exchange is planning to launch Exchange Traded Currency Futures (ETCF) contracts by early September after SEBI officials inspect its system next week.
"Securities and Exchange Board of India (SEBI) will come next week to inspect our system, which is already in place, and we hope to launch the future contracts in currency by end of August or early September," the outgoing BSE managing director and CEO Rajnikant Patel told PTI.
NOTE: PATEL IS AWELL RESPECTED PERSONALITY IN BSE.
"Currency futures segment will be managed by a separate division of the exchange under a different structure and regulatory set-up. It will also have separate settlement from stock futures and cash segment as well as fresh set of members to participate in the currency futures market," Patel said.
BSE has already applied with SEBI for setting up the currency derivatives segment and is in line with the recommendations made by RBI-SEBI Standing Technical Committee report on currency futures which was released in May.
It was also exploring strategic arrangements with entities in the forex market to gather domain expertise. Strategic arrangement with established entities in the forex market would 'lend reach, domain expertise and an active participation to this evolving segment.'
The ETCF contracts would facilitate more transparency, efficient price discovery, enable better counter party credit risk management, wider participation and reduced transaction costs.
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BSE plan to launch currency futures by September
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Press Trust Of India
Kolkata, August 10, 2008
First Published: 10:25 IST(10/8/2008)
Last Updated: 10:26 IST(10/8/2008)
The Bombay Stock Exchange is planning to launch Exchange Traded Currency Futures (ETCF) contracts by early September after SEBI officials inspect its system next week.
"Securities and Exchange Board of India (SEBI) will come next week to inspect our system, which is already in place, and we hope to launch the future contracts in currency by end of August or early September," the outgoing BSE managing director and CEO Rajnikant Patel told PTI.
NOTE: PATEL IS AWELL RESPECTED PERSONALITY IN BSE.
"Currency futures segment will be managed by a separate division of the exchange under a different structure and regulatory set-up. It will also have separate settlement from stock futures and cash segment as well as fresh set of members to participate in the currency futures market," Patel said.
BSE has already applied with SEBI for setting up the currency derivatives segment and is in line with the recommendations made by RBI-SEBI Standing Technical Committee report on currency futures which was released in May.
It was also exploring strategic arrangements with entities in the forex market to gather domain expertise. Strategic arrangement with established entities in the forex market would 'lend reach, domain expertise and an active participation to this evolving segment.'
The ETCF contracts would facilitate more transparency, efficient price discovery, enable better counter party credit risk management, wider participation and reduced transaction costs.
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HEWLETT-PACKARD SPENT $450,000 TO LOBBY IN 2Q
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Hewlett-Packard spent $450,000 to lobby in 2Q
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updated 2:32 p.m. ET July 30, 2008
WASHINGTON - Hewlett-Packard Co. spent $450,000 in the second quarter to lobby on trade and currency issues, patent and immigration reform, and other issues, according to a recent disclosure form.
NOTE: HEWLETT-PACKARD IS WELL KNOWN IN THE COMPUTER INDUSTRY.
The Palo Alto, Calif.-based company, which makes printers, computers, servers and other technology products and services, also lobbied on electronics recycling, energy efficiency measures and climate change proposals.
In addition, Hewlett-Packard lobbied on data security legislation and proposals to crack down on malicious computer programs known as spyware, which can surreptitiously access hard drives to track online behavior and steal sensitive personal data.
Story continues below ↓advertisement
The company also lobbied on the No Child Left Behind Act and efforts to promote science, technology, math and engineering education.
Besides Congress, Hewlett-Packard lobbied the Patent and Trademark Office, Federal Communications Commission, the departments of Justice and Commerce, and other agencies, according to a disclosure form filed with the Senate's clerk office on July18.
Among those registered to lobby for the company was Kristy Sternhell, a former staffer to Senate Majority Leader Harry Reid, D-Nev.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Hewlett-Packard spent $450,000 to lobby in 2Q
Most popular
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NASA confirms water on Mars
Tough choices for states during budget crisis
Town spends $1 million to buy, shut strip club
Fat cat a victim of foreclosure
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Police: Suspect in soldier's death fathered baby
Report: Empty Iraq prison a $40 million failure
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Fat cat a victim of foreclosure
NASA confirms water on Mars
Leasing takes a lashing as Detroit cuts costs
Tough choices for states during budget crisis
No jail for boyfriend of woman stuck to toilet
Most viewed on msnbc.com
updated 2:32 p.m. ET July 30, 2008
WASHINGTON - Hewlett-Packard Co. spent $450,000 in the second quarter to lobby on trade and currency issues, patent and immigration reform, and other issues, according to a recent disclosure form.
NOTE: HEWLETT-PACKARD IS WELL KNOWN IN THE COMPUTER INDUSTRY.
The Palo Alto, Calif.-based company, which makes printers, computers, servers and other technology products and services, also lobbied on electronics recycling, energy efficiency measures and climate change proposals.
In addition, Hewlett-Packard lobbied on data security legislation and proposals to crack down on malicious computer programs known as spyware, which can surreptitiously access hard drives to track online behavior and steal sensitive personal data.
Story continues below ↓advertisement
The company also lobbied on the No Child Left Behind Act and efforts to promote science, technology, math and engineering education.
Besides Congress, Hewlett-Packard lobbied the Patent and Trademark Office, Federal Communications Commission, the departments of Justice and Commerce, and other agencies, according to a disclosure form filed with the Senate's clerk office on July18.
Among those registered to lobby for the company was Kristy Sternhell, a former staffer to Senate Majority Leader Harry Reid, D-Nev.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Friday, August 1, 2008
OBAMA AND MCCAIN TRADE OLD-SCHOOL POLITICAL JABS
The Associated Press
Go to Google News
Photo 1 of 4
Democratic presidential candidate, Sen. Barack Obama, D-Ill., speaks at a town hall-style meeting in Cedar Rapids, Iowa, Thursday, July 31, 2008. (AP Photo/Jae C. Hong)
Related News
* McCain accuses Obama of playing the 'race card'
Kansas City Star - 1 hour ago
* Connelly: McCain changing for the worse
Seattle Post Intelligencer - 3 hours ago
* America's big 'beauty contest' hots up
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Full coverage »
©2008 Google - Map data ©2008 NAVTEQ™ - Terms of Use
Obama and McCain trade old-school political jabs
By MIKE GLOVER – 9 hours ago
CEDAR RAPIDS, Iowa (AP) — Barack Obama and John McCain traded old-school political jabs Thursday, with McCain contending that he had been wrongly accused of planning a racial attack and Obama countering that his opponent was inventing a controversy to avoid talking about the issues.
After months of contending that their campaigns would eschew personal attacks as part of a new kind of politics, the presumptive presidential nominees of the major parties turned nasty over what Obama meant when he said McCain and other Republicans would try to scare voters by pointing out that the Democratic candidate "doesn't look like all those other presidents on the dollar bills."
NOTE: OBAMA AND MCCAIN ARE PRESIDENTIAL CANDIDATES IN THE UNITED STATES OF AMERICA.
McCain took on the role of aggrieved victim, his campaign waiting almost a day after Obama's remarks to charge that he had injected race into the presidential campaign. "Barack Obama has played the race card, and he played it from the bottom of the deck. Its divisive, negative, shameful and wrong," McCain campaign manager Rick Davis said.
Obama, smarting from McCain's constant thumping about a first-term senator's thin resume wrapped inside a charismatic speaking style, countered that being black had nothing to do with his prediction of the nature of attacks yet to come. However, comparing his looks to those of presidents on U.S. currency — all white men — gave his opponents a chance to say the man who would be the first black president was subtly charging racism.
Not so, Obama's campaign said, explaining that Obama was referring only to being new to Washington politics.
"Barack Obama in no way believes that the McCain campaign is using race as an issue, but he does believe they're using the same old low-road politics to distract voters from the real issues in this campaign, and those are the issues he'll continue to talk about," Obama campaign spokesman Bill Burton said.
Obama on Wednesday told a gymnasium full of people in Springfield, Mo., that McCain and President Bush will resort to scare tactics to maintain their hold on the White House because they have little else to offer voters.
"Nobody thinks that Bush and McCain have a real answer to the challenges we face. So what they're going to try to do is make you scared of me," Obama said. "You know, 'He's not patriotic enough, he's got a funny name,' you know, 'He doesn't look like all those other presidents on the dollar bills.'"
NOTE: BUSH IS THE CURRENT PRESIDENT OF THE UNITED STATES OF AMERICA.
While calling to mind the images of presidents on the nation's paper money — George Washington, Abraham Lincoln, Andrew Jackson and Ulysses S. Grant are on the bills most commonly used — Obama didn't make clear what distinctions he thinks McCain is likely to raise. Besides being white, they were for the most part much older than Obama when elected.
McCain has not raised Obama's race as an issue in the campaign; he has said that Obama lacks experience.
When asked by The Associated Press what Obama meant by the comparison, Obama strategist Robert Gibbs said Thursday morning that the senator was not referring to race.
"What Barack Obama was talking about was that he didn't get here after spending decades in Washington," Gibbs said. "There is nothing more to this than the fact that he was describing that he was new to the political scene. He was referring to the fact that he didn't come into the race with the history of others. It is not about race."
Obama often makes references to his distinctions as a candidate, such as saying there are doubts among some voters because he has "a funny name." At times he refers to his race as well, saying he looks different from any previous candidate but then adding that the differences are not just about race. Addressing supporters Tuesday night at a fundraiser in Springfield, he said, "It's a leap, electing a 46-year-old black guy named Barack Obama."
On the Net:
* McCain: http://www.johnmccain.com
* Obama: http://www.barackobama.com
Hosted by Google
Copyright © 2008 The Associated Press. All rights reserved.
Go to Google News
Photo 1 of 4
Democratic presidential candidate, Sen. Barack Obama, D-Ill., speaks at a town hall-style meeting in Cedar Rapids, Iowa, Thursday, July 31, 2008. (AP Photo/Jae C. Hong)
Related News
* McCain accuses Obama of playing the 'race card'
Kansas City Star - 1 hour ago
* Connelly: McCain changing for the worse
Seattle Post Intelligencer - 3 hours ago
* America's big 'beauty contest' hots up
ABC Online - 3 hours ago
Full coverage »
©2008 Google - Map data ©2008 NAVTEQ™ - Terms of Use
Obama and McCain trade old-school political jabs
By MIKE GLOVER – 9 hours ago
CEDAR RAPIDS, Iowa (AP) — Barack Obama and John McCain traded old-school political jabs Thursday, with McCain contending that he had been wrongly accused of planning a racial attack and Obama countering that his opponent was inventing a controversy to avoid talking about the issues.
After months of contending that their campaigns would eschew personal attacks as part of a new kind of politics, the presumptive presidential nominees of the major parties turned nasty over what Obama meant when he said McCain and other Republicans would try to scare voters by pointing out that the Democratic candidate "doesn't look like all those other presidents on the dollar bills."
NOTE: OBAMA AND MCCAIN ARE PRESIDENTIAL CANDIDATES IN THE UNITED STATES OF AMERICA.
McCain took on the role of aggrieved victim, his campaign waiting almost a day after Obama's remarks to charge that he had injected race into the presidential campaign. "Barack Obama has played the race card, and he played it from the bottom of the deck. Its divisive, negative, shameful and wrong," McCain campaign manager Rick Davis said.
Obama, smarting from McCain's constant thumping about a first-term senator's thin resume wrapped inside a charismatic speaking style, countered that being black had nothing to do with his prediction of the nature of attacks yet to come. However, comparing his looks to those of presidents on U.S. currency — all white men — gave his opponents a chance to say the man who would be the first black president was subtly charging racism.
Not so, Obama's campaign said, explaining that Obama was referring only to being new to Washington politics.
"Barack Obama in no way believes that the McCain campaign is using race as an issue, but he does believe they're using the same old low-road politics to distract voters from the real issues in this campaign, and those are the issues he'll continue to talk about," Obama campaign spokesman Bill Burton said.
Obama on Wednesday told a gymnasium full of people in Springfield, Mo., that McCain and President Bush will resort to scare tactics to maintain their hold on the White House because they have little else to offer voters.
"Nobody thinks that Bush and McCain have a real answer to the challenges we face. So what they're going to try to do is make you scared of me," Obama said. "You know, 'He's not patriotic enough, he's got a funny name,' you know, 'He doesn't look like all those other presidents on the dollar bills.'"
NOTE: BUSH IS THE CURRENT PRESIDENT OF THE UNITED STATES OF AMERICA.
While calling to mind the images of presidents on the nation's paper money — George Washington, Abraham Lincoln, Andrew Jackson and Ulysses S. Grant are on the bills most commonly used — Obama didn't make clear what distinctions he thinks McCain is likely to raise. Besides being white, they were for the most part much older than Obama when elected.
McCain has not raised Obama's race as an issue in the campaign; he has said that Obama lacks experience.
When asked by The Associated Press what Obama meant by the comparison, Obama strategist Robert Gibbs said Thursday morning that the senator was not referring to race.
"What Barack Obama was talking about was that he didn't get here after spending decades in Washington," Gibbs said. "There is nothing more to this than the fact that he was describing that he was new to the political scene. He was referring to the fact that he didn't come into the race with the history of others. It is not about race."
Obama often makes references to his distinctions as a candidate, such as saying there are doubts among some voters because he has "a funny name." At times he refers to his race as well, saying he looks different from any previous candidate but then adding that the differences are not just about race. Addressing supporters Tuesday night at a fundraiser in Springfield, he said, "It's a leap, electing a 46-year-old black guy named Barack Obama."
On the Net:
* McCain: http://www.johnmccain.com
* Obama: http://www.barackobama.com
Hosted by Google
Copyright © 2008 The Associated Press. All rights reserved.
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