Obama says Wall St. bailout must protect Main St.

[maddezmom]

Source: AP

TAMPA, Fla. - Democrat Barack Obama said Tuesday any plan to rescue Wall Street from its financial woes must ensure that taxpayers are reimbursed and corporate executives are not further enriched for bad behavior.


The Democratic presidential candidate also accused President Bush of taking a "my way or the highway" attitude on the proposed bailout.

Obama added that his proposed middle-class tax cuts remain "absolutely necessary" despite the economic turbulence. He said it would put money in the pockets of working families at a time when the economy may be sliding into recession.

Obama outlined several principles that he said should be included in the $700 billion bailout to ensure that troubled financial firms and their executives don't take advantage of taxpayers.

Companies that take financial aid from the government must slash their executives' salaries, he said. Taxpayers must be treated like investors who can share in any Wall Street recovery, perhaps with an ownership stake in the companies, and a new fee on financial services should be created to repay the government aid.



Read more: http://news.yahoo.com/s/ap/20080923/ap_on_el_pr/obama;_ylt=AieOPq_z_h29elXE5p6kkUqyFz4D

[burythehatchet]

1. I'm not really comfortable with his position, but I cut him slack because he has to

play the politics of the situation

[debbierlus]

2. No Slack. This wishy washy response could cost him the Presidency

I wrote to Obama's campaign.

The proposed Bush bail-out is a Trash for Cash deal that provides no real relief and hands unprecedented power to the executive branch.

It must be rejected outright and an entirely different economic rescue for TAXPAYERS and HOME OWNERS must be drafted. You want to win this election. Fight this - and fight it HARD. The American people are furious, and if you concede this issue, you may concede the election. McCain will play a bait and switch game of oppossing the legislation and put the onus on the democratic leaders (who control the House & Senate) for accepting this piece of crap. And, then, in ironies of ironies, he will have the sheer audacity to point to you and hang the albatross of this financial scam around your neck and hang you by it.

You have to be prepared to lead now. You have to fight this and come out strong. The American people aren't going to believe the President if he tries to blame the democrats for blocking it, but they will blame you, if you don't act to stop it. McCain will act the 'maverick' opposition, and the people with no one left to blame and most with little understanding of economic history, they will turn against you.