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

[Annette truth teller08]

Hey everybody. I just watched Obama live in Charlotte, NC. He said he was 'Hot under the collar" about this Wall Street mess and he acted like it.

I've never seen him beat his message home like this. Please watch it where ever you can.

P.S. Trolls crawling throughout this site. while you are spreading lies on Huff Post... Obama is out fighting for your right to be included in the Bailout..

[Reinaldokool]

Again Obama has it right. Not like McSame. This guy has intelligence, creativity, he is cautious (not the same as conservative) but then decisive, presidential, oh...and did I mention intelligence, he has managed his campaign well, has so much experience in being correct. And despite all the efforts by the old guard in his entourage, he still brings the possibility of recouping the real America.

We can not continue giving our money to the wealthy--or to incompetent CEOs. And we cannot continue to push people out of their homes

[gretcheno]

ICAM with your whole post, I saw him this pass week in Las Vegas speaking and he does come off presidential.


Go President Obama/Vice President Biden 08'

"it does have a nice ring to it"

[RonNYC]

A wonderful man with a thinking brain. God only knows what this opponent will say.

[ScoobYSnaX]

"God only knows what this opponent will say."

"My friends, for five years I didn't have to worry about economy. And I know how to fix it. I know.. etc, etc, ad infinitum"

[yellowdawgdem]

Wow, Obama provides a blueprint of an intelligent, thoughtful, yet serious set of proposals of how to get out this mess, created by Senator McCain and his merry band of lobbyists, speculators and bushco holdovers.

What's McCain's solution?: Blame Obama

[Martee]

God he's good! Every time he opens his mouth he either says what I've been thinking -- or puts words, context and understanding to my fears, thoughts and frustrations. I couldn't invent a better President.

[Martee]

People are saying we need to do something -- and maybe we do. Although, emotionally, I feel like we should just let all the chips land where may! I tend to think there's enough blame to go around -- the financial institutions who assumed WAY too much risk (isn't that their job -- to avoid risk??) and the people who took advantage of something that was too good to be true. (Although, I still think that they shouldn't have been offered the "too good to be true" deal in the first place.) So, if we are going to do something -- the blame and benefit needs to be spread over the whole problem -- not just the irresponsible fat cats who allowed it to happen in the first place.

[harriscrl3]

Sounds reasonable common sensical and Practical to me. No surprise it came from the pragamatist.

Carol

[LeftCoaster64]

Agree Carol, It takes a pragmatist to thwart the "socialist" leanings of this crazy proposal. People need to raise hell. No blood for oil, and no money for crooks!!

[AddictedToHope]

BRAVO!

Even if it doesn't happen, he's on record promoting the only sane way forward.

Don't let us be railroaded into another WMD debacle.