Obama On Bailout: "No Blank Check" (VIDEO)

Speaking at a rally in Charlotte Sunday, Obama addressed the issue of how the government should respond to the financial crisis. He began by stressing that Washington must recognize "that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America." Obama also criticized the Bush Administration's lack of a plan to combat the problem:

As of now, the Bush Administration has only offered a concept with a staggering price tag, not a plan. Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects the basic principles of transparency, fairness, and reform.

He then made a number of key points concerning how the government should tackle the financial crisis.

First, there must be no blank check when American taxpayers are on the hook for this much money.

Second, taxpayers shouldn't be spending a dime to reward CEOs on Wall Street.

Third, taxpayers should be protected and should be able to recoup this investment.

Fourth, this plan has to help homeowners stay in their homes.

Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.

Sixth, we need to start putting in place the rules of the road I've been calling for for years to prevent this from ever happening again.

And finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street.

Watch video of Obama's remarks.

Comments

[Meatymoney]

I shouldn't have to pay for someone else's mistakes. The need to get the old people with their old ways of thinking out of Wall St and Washington.

[lily31]

You are on the right track, Barack

HOWEVER

On big thing is missing ~ Remove the small Section 8 ~ you know the section that lets the Secretary make all the decisions and states they are not reviewable nor can they be contested in court (my paraphrase).

In one fell swoop, the bail out takes away all congressional oversight in a manner that makes the constitution irrelevant as it pertains to balance of power and separation of duties.

That cannot stand!!!!!

Go Obama 08

[MendyUSA]

PLEASE PLAGIARIZE!

Dear Congressman /Senator,

I urge you please do not support any bailout package for any financial institution that would contribute tax payer money to the bonuses and golden parachutes of any employee at any level of one of these failed institutions. I have worked for several companies in my career and some had earnings up and downs. During those down times employees were denied bonuses. We didn’t like but accepted that the purse wasn’t full and our bonus was directly tied to the success of the company holding that purse. To contribute tax payer money to the very people that through their greed knowingly took the risks that caused these companies to fail is unthinkable. I acknowledge the fact that a bail out is necessary to preserve our economy and mitigate the global effect of its failure. But to repeat, no contribution of tax payer money should be used to reward those that must bear responsibility for this failure, and unfortunately, the faultless victims that worked for them as well.

My sincere thanks for your consideration and service,

[cyndeewi]

These companies should pay back their money the same way we have to if we received a loan.

[abouttime]

... And eighth; all bankers who violated the law will be prosecuted to the fullest extent possible!

[BabsfromKansas]

McCain this Sunday

"I’m glad I deregulated Wall Street"

http://thinkprogress.org/2008/09/21/mccain-deregulation/#comments

[LiberalDemIda]

Good for McCan't.

Maybe now he'll ask his billionaire wife to bail out his friends who have paid him so handsomely over the years instead of expecting We the People to.

You think he'll do that?

Obama/Biden '08/'12 = the SMART People's Choice!

[BabsfromKansas]

E- mail and fax your Congressional Representative and Senators, asking them to vote No on anything other than FDIC protection until proper safeguards are put into place, including punishments and penalties for the perpetrators and beneficiaries of this debacle.

[cyndeewi]

I agree Babs

[topkatnc]

sorry hum it just does not trickle down!!

[BabsfromKansas]

MUST READ

Paul Krugman's Editorial in NYT

"Cash for T.rash"

if the government is going to provide capital to financial firms, it should get what people who provide capital are entitled to " a share in ownership, so that all the gains if the rescue plan works don"t go to the people who made the m.ess in the first place.

http://www.nytimes.com/2008/09/22/opinion/22krugman.html?em

[AlphaDoc]

Yeah, right. And the Republicans/Bush admin will hold out, as they always have, in what for them is a winning situation. The Dems are cornered . . . again. If they seek to hold up the legislation in order to get protections for the American taxpayers and homeowners, and the economy collapses, who gets the blame? And if they cave, and the taxpayers and homeowners wind up getting screwed, who's gonna be held responsible?

[AxelDC]

Congress needs to hold off on any bail out plan until after the election. Bush is counting on Democratic cowardice to give him free reign to hand out $7,000,000,000 of our money without any clear plan for how it helps the situation in the short run or the long run. This is exactly how he forced their hand in 2002 on the Iraq War vote, a vote that many (e.g., Kerry, Clinton) lived to regret.

Obama may or may not have a solution to the crisis, but at least doing nothing doesn't cost 6% of our GDP on a gamble that rewards some of the richest people in the US who have taken excessive risks for greater and greater profits.

Congress should adjourn and do nothing. After all, that's what Bush has done his entire 2nd term, so why should he start doing anything now?

[LiberalDemIda]

I agree with you, AxelDC.

Congress needs to sit on their hands until after the election. The ra.c.is.ts and bi.gots in this country that are loathed to vote for a "darkie" all need a wake-up call.

The one that's not of their party and/or skin color is the one perfectly suited to help us out of this mess while their party and/or skin color candidates haven't done crap for the American people who are expected to pay for a repub deregulation mess.

I say, let those big institutions fold IF they really are on the verge of doing so. Give the repubs their dream of deregulation, free market and huge profits because of huge risks.

NO MORE PRIVATIZED PROFITS BUT SOCIALIZED LOSSES!

Obama/Biden '08/'12 = the SMART People's Choice!

[Phil123]

And Obama's actual plan is?...(Hint: He doesn't have one; he just spouts BS as usual.)

[DrCahill]

Unlike your candidate, who just shoots from the hip, and flip flops on practically everything, Senator Obama consults widely before he tables a viable solution. What he said in Charlotte indicates his leanings - which signal a drive for more accountability and no free money to the now not-so-mighty corporations.
I suppose you have a better plan or a better than common-sense approach to this crisis?

[Safire]

And McCain's? Does he have one? Hint: NOT !!!

[LiberalDemIda]

What do you want Obama to do, Phil?

Have it typed out double-spaced on white stock paper and hand it to the Bush Administration so they can implement Obama's domestic financial plans like they've been doing Obama's foreign policy plans.

Obama is NOT THE PRESIDENT ***YET***.

Your dim-witted Repub elite from Connecticut is, okay? Let Dubya come up with a plan that doesn't fleece the American taxpayer again and again, redistributing money from the middle-incomers and poor to the affluent and wealthy. Obfuscating his responsibilities as "the Decider" might be a Dubya philosophy but it ain't gonna wash now.

Obama/Biden '08/'12 = the SMART People's Choice!

[Pendragon2008]

EVERYONE, Republican or Democrat, please watch this:

http://www.youtube.com/watch?v=MO6P_yjKFR4&eurl=

Bear in mind, as written, the bailout does not benefit ANY taxpayer, ANYWHERE. It gives the US government free reign to buy bad debts with public money; $700 billion is just the START.

In other words, this bailout gives Bush, Cheney and their banking institution cronies free reign to directly siphon wealth out of the hands of the people who work for it, and place it in the hands of the already fabulously wealthy and fabulously greedy.

This is not a financial crisis, this is a financial CRIME.

View the movie, Google Shock Doctrine and Bilderberg Group, and you will be able to understand EXACTLY how we got here, and what is being done to the American public.

For a glimpse of the future of America according to these people, Google for North American Union or Amero. This crisis is the first step towards devaluation of the dollar and the ushering in of a new currency, at the expense of the Constitution. These people are quite literally STEALING the American Dream from ALL present and future generations.

Bush knows this, and he knows this is going to come out, so he's already prepared his bolthole in South America. Once the truth gets out, the whole world will be looking to hunt these people down once and for all; and the world will be a better place with them all in JAIL.

[shawnaNaustin]

Phil is a bit confused about what BS is. Apparently, he wouldn't recognize it even if it were emanating from his own keyboard.

[cyndeewi]

He does have a plan Phil123, read his plain on his website or his new book on economic book Change we can believe in. Don't come on this site unless you know what you are talking about. You are about to lose everything and you still want to hold on to Bush and McSame

[brief candle]

The blank cheque was written, signed, and co-authored by none other than GW & McSame because of the failed policies of the republican party. Either McSame is a republican or he is a traitor to his party, or he IS a republican, and he is responsible for the policies of the party. The latter seems to fit the day to day changes of the chameleon.

[ReelBusy]

I'm ready for the debates.
Is there a point spread?

Issues Baby, Issues!
It's all about the McCain "Economy" now.

SIDE EFFECTS OF THE MCCAIN ECONOMY (THE "HEAD ON" AD)
http://www.youtube.com/watch?v=dBqs26mpg8o

[NTO08]

Hey Obama...let's cut the rhetorical c--p and see some definite proposals, detailed and exacting, about what you are going to do...otherwise you and Mack are spewing more HS that Americans are sick of. Put up or shut up. both of you...sick of your collective nonsense. Stop pointing fingers and get to work on a bipartisan plan to HELP AVERAGE AMERICANS, not Wall Street. DO IT NOW!

[McChimp]

http://www.barackobama.com/issues/economy