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

[arthur2008]

While the defeat of the Bush-McCain wing of the Republican party remains of paramount importance, it is nevertheless critical to help Democrats in Congress understand that the cowardice and opportunism most of them showed in authorizing what they knew to be an unnecessary and unjust war cannot be repeated.

Anyone who values -- and insists upon -- fair play and decency for the middle and lower classes should watch very closely to see which of "our" representatives of either party openly and vocally opposes a one-sided giveway without oversight.

Roll call or no, if you can't tell where they stand on one of the most important matters they will ever face, they simply don't deserve your vote. It will be as good a time as any to support third parties that reflect a more progressive and honorable option.

[MIVOTE]

It's imperative to write and call those elected officials to let them know!

[tel8034]

Just think how much LESS our debt would have been if we had NOT INVADED IRAQ, which forced us to borrow trillions from China to fund the UNNECESSARY war.

Never before in the history of America did we borrow money to fund a war.

Just think where we would have been in terms of infrastructure, health, education and the like, if we had put the money WASTED in Iraq towards our own domestic issues.

AND TO THINK McCAIN THE DEREGULATOR AND WAR MONGER WANTS MORE OF THE SAME.

[jcorrington]

Finally, someone who connects the wars to the current economic crisis! bringing those troops home and defaulting those no bid contracts would go a LONG way in helping out and should be first on the list of things to do, now.

[PKSSK]

The democrats better not cave on this. They have to educate the American people, as to what is taking place at their expense. I just saw Chris Dodd state there will be no blank check, which is accurate, but he needs to elaborate why!!!! The democrats loose their fights because they are lazy and refuse to educate the public with the truth, like in the case of oil drilling and the issue of pro-choice. Instead, the democrats allow the GOP to scream out lies to the public that only work to enhance and benefit the wealthy while the middle class think the GOP is screaming to help the middle class!!! When are all the democrats going to grow a couple and stand together to fight against the corrupt greed that is dominating and bankrupting our country!!!

[independent32955]

the dems lose their battles because they paint themselves into corners that they could walk out of if they had backbones, and yet they choose to act like cowards.

and i hate the GOP and I can see and say that about the dems.

[Choicelady]

Robert Kuttner nailed it - it's a choice between Obama's comprehensive view of who is important (citizens) and Paulson's view (Wall Street execs.) The ghastly nerve of this administration to pretend they and their Wall Street cronies get to call the shots to bail out the desperate mess they made! These are the fools who put everything on "personal responsibility" so let them live by it - those who MADE the mess cannot profit from it! Every single Wall Street executive who has blown up our system MUST be held accountable. Every single head of a collapsing firm must be fired before the firm gets a red cent. If the government needs to take over and keep the firms in receivership, so be it. We can cut the bailout if we don't pay THEM. We must reserve funds (all of which are borrowed from foreign banks, for crying out loud) for the homeowners who trusted the system that was touted as perfect and safe. We must NOT be blackmailed into giving these crooks on Wall Street a blank check. Back Barney Frank and Obama on these points. Otherwise it will get WORSE rather than better - they will ALL come to the taxpayers for money to put into their own pockets.

[BabsfromKansas]

Obama is right - I don’t want to pay for big CEO bonuses or golden parachutes.

[scooperss]

NO MORE BLANK CHECKS.
NO MORE UNREAD BILLS.
NO MORE BLIND TRUST.

[mhopgood123]

Look at the Wall ST muppets: John and Sarah Palin:

http://static1.firedoglake.com/30/files//2008/09/mccain-palinasmuppets.jpg

[eden4barack08]

LOL! The answer is Rove and the neofools of course.

[Unsui]

Anybody want to bet that McCain will follow with a speech that mimics Obama's before the day is out? Drill baby dri...change, I mean, change in Washington!!!!

[macbabe]

yup yup... JM is a follower NOT a leader!!

[BabsfromKansas]

Drill baby dri...change, I mean, change in Washington -wait.... make that REFORM - yes, that's the ticket REFORM!!!!!

[wagadog]

http://www.youtube.com/watch?v=fQAVnHQE2d4

[eden4barack08]

P alin already is! And she's sans her soulmate today. Somebody please scream PLAGIARISM!! Listen to her speech in Florida today, I know it's painful to hear that voice, but I'm telling you, they just handed her O bama's speech with minor changes. I just hope people are listening to both and figure out O bama's the original.

[mrsmdressup]

I would listen but her voice makes me want to gouge my eyeballs out with a screwdriver!

[BethStuart]

Well it's a plan opposed to the knee-jerk belligerence shown by McCain.

Unfortunately, the market triage needs to happen now because the economy will melt down otherwise. However, a temporary fix may be modified into something that constitutes a long-term solution come January.

[BabsfromKansas]

The rapidly rising debt is also cause for great concern. The government is already spending more than $400 billion a year just to pay interest on the national debt. The higher that debt goes, the higher the government's borrowing costs and the less it has to spend on other programs.

[NYC07]

For the Bush Administration before it was: “If we don't invade Iraq now, mushroom clouds will be sprouting all over and America will be doomed” Now it's: “If we don't act now, financial institutions will crumble and America will be doomed"
How about we tell Congress to pass the Bailout with a little more thought then went into the Iraq Invasion.

[evekendall]

If we don't act now, they won't have time to get the U. S. Trreasurry into their pockets before Obama takes office.

[nton]

Scare us with talk of impending doom and the MSM will get behind anything and convince us that this is really being done for our benefit... drink the koolaid and go the happy place...not this time

[whatevertoo]

amen

[DietmarorWally]

The contrast between a true leader like Obama and McCain is apparent every time Obama speaks. He has thought through everything he says and addresses real issues. McCain in contrast has only negative attack ads full of lies and distortions without offering anything that will help the American people. He will continue tax breaks for the very rich and oil companies. He would apply the same failed policies of the Bush White House to health care and social security and create even more problems for Americans. The scariest part is that is not scared of Russia, Iran, North Korea or anybody and that he "knows how to fight and win wars." Obama would instantly improve our standing in the world and not poke sticks in the eyes of Russia. McCain not only is not a hero, he is a sorry excuse for a human being. Yes, he and many evangelical Christians are pro life, that is pro-American life and only if you are a republican and only if you are rich.

[mixnmatch]

Just got back from Obama rally in Charlotte. Awesome!

[mdmpo]

I'm so envious! Do you think we have a chance there?

[dct1999]

My brothers called me from the rally; they were hyped. I can't wait to see the pics.

[eden4barack08]

http://www.washingtonpost.com/wp-srv/opinions/cartoonsandvideos/toles_main.html?name=Toles&date=09192008

[dadw5boys]

Funny isn't it that the dollar amount for the Bailout matches the Dollar amount of the same company stocks sold by the Executives and other Insiders of the Companys last Semtember that are filing for bankruptize now !


Funny isn't it !

[evekendall]

Yes, it is.

[tomomaha]

John McCain changed more in 1 week than the Republican party has in 30 years.

That's not Change We Can Believe In - that's Changing on a Dime

[eden4barack08]

Tom, the above cartoon link was a reply to you On McC's "ups and downs".

[BabsfromKansas]

you are being polite to cal them "ups and downs" I would call them LIES

[walk0nwalls]

Huh, maybe he does listen to us after all.

Progressive win ftw. Redundant, I know.