Obama’s Press Conference:This plan cannot be a welfare program for Wall St. executives”

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video
http://www.crooksandliars.com/2008/09/23/obamas-press-conference-this-plan-cannot-be-a-welfare-program-for-wall-st-executives/

“This plan cannot be a welfare program for Wall St. executives. The power to spend $700 billion dollars of taxpayer money cannot be left to the discretion of one man no matter who he is or what party he is from. I have great respect for Secretary Paulson, but he cannot act alone.”

Full transcript below:

Yesterday, the President said that Congress should pass his proposal to ease the crisis on Wall Street without significant changes or improvements.

Now, there are many to blame for causing the current crisis, starting with the speculators who gamed the system and the regulators who looked the other way. But all of us now have a stake in solving it and saving our financial institutions from collapse. Because if we don’t, the jobs and life savings of millions will be put at risk.

Given that fact, the President’s stubborn inflexibility is both unacceptable and disturbingly familiar. This is not the time for my-way-or-the-highway intransigence from anyone involved. It’s not the time for fear or panic. It’s the time for resolve, responsibility, and reasonableness.

(snip)
First, the plan must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street. There has been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. And I would like to speak directly to those CEOs right now: Do not make that mistake. You are stewards for workers and communities all across our country who have put their trust in you. With the enormous rewards you have reaped come responsibilities, and we expect and demand that you to live up to them. This plan cannot be a welfare program for Wall Street executives.

Second, the power to spend $700 billion of taxpayer money cannot be left to the discretion of one man, no matter who he is or which party he is from. I have great respect for Secretary Paulson, but he cannot act alone. We should set up an independent board that includes some of the most respected figures in our country, chosen by Democrats and Republicans, to provide oversight and accountability at every step of the way. I am heartened that Secretary Paulson appeared to be softening on this position in his testimony this morning.

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1. Nice...