Obama: no welfare program for CEOs

[babylonsister]

http://www.swamppolitics.com/news/politics/blog/2008/09/obama_no_welfare_program_for_c.html

Obama: no welfare program for CEOs
Posted September 23, 2008 3:15 PM
The Swamp

by Christi Parsons


The federal bailout of the financial system can't end up being a "welfare program for Wall Street executives," Democrat Barack Obama told reporters today.

And if taxpayers are going to fork over the $700 billion the administration wants, he said, they should be able to expect accountability and pay-back in the end - not to mention a little help for homeowners facing foreclosure.

The Democratic presidential nominee criticized President Bush for what he called "stubborn inflexibility" on the matter, and said that, as president, he wouldn't try to dictate every term of the relief plan.

But "if the plan that emerges does not address the principles I discussed," he said, "I will strongly recommend to (Treasury) Secretary (Henry) Paulson that we go back to the drawing board and find an approach that does address them."

Obama's remarks came as Paulson and Federal Reserve Chairman Ben Bernanke urged Congress to act quickly on a $700 billion plan to purchase troubled assets from financial firms. Failure to do so would threaten markets and the U.S. economy, the two told skeptical lawmakers earlier Tuesday.

Now Americans are being asked to finance the solution, Obama said, they're owed some "protections and assurances" from elected leaders.

The bailout plan can't reward irresponsible CEOS, he said. The $700 billion should be overseen by an independent board.

Taxpayers should "share in the upside" as recovery takes place, he said, perhaps by putting equity into the firms instead of simply buying their assets.

And the plan should help families who are struggling to stay in their homes, possibly by giving the government power to buy mortgages directly instead of mortgage-backed securities.

"The American people need to know that we feel as great a sense of urgency about the emergency on Main Street," Obama said, "as we do about the problems on Wall Street."

[izzie]

1. Does anyone get a sick feeling that the Dem. will give Bush

what he wants? I can hardly turn into the news just thinking about how this Dem. Congress has done this type stuff so many times.

[SuperTrouper]

2. And Paulson just said: not every homeowner will be able to save their home

:mad: