Statement of Barack Obama on Financial Plan Breakthrough

[jefferson_dem]

Obama Statement on Rescue Package

Statement of Barack Obama on Financial Plan Breakthrough

“The breakthrough between Congress and the Administration is the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets. But regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security.

“To understand how this tentative deal was reached, it’s important to remember how this all began. The Bush Administration initially asked for a blank check to respond to this problem, which I strongly opposed. It would have been unconscionable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, their tax dollars must be protected.

“That is why over the past ten days, in conversations with the President, Secretary of Treasury and leaders of Congress, I laid out the four core principles I believed had to guide any solution: oversight by an independent board; protections for taxpayers to ensure that they are treated like investors and that they receive any profits - and recoup any losses - from this plan; measures to help homeowners stay in their homes; and rules to make sure CEOs are not being rewarded at taxpayers’ expense. While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles.

“When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary. Now Washington has to show the same sense of urgency in dealing with the crisis facing Main Street and the middle class by passing an emergency economic stimulus plan that would create jobs by rebuilding our crumbing roads; shore up flagging state budgets to prevent drastic cuts in education and health care; and extend expiring unemployment insurance benefits for those who’ve lost their jobs in this downturn and cannot find new ones.

“One final point. If elected President, I will order a thorough review of this plan to make sure that it fully lives up to the principles I’ve laid out. And I will also move quickly to upgrade our financial regulations for the 21st century, establishing new rules of the road and tougher oversight to ensure that the American taxpayers are never again forced to put their money and their futures at risk because of bad decisions in Washington and on Wall Street.”

http://thepage.time.com/obama-statement-on-rescue-package/

[jpertello]

1. This was actually a blessing in disguise

The financial crisis served as a sort of litmus test to see which candidate had actual IDEAS and was presidential and exhibited leadership. From one we got posturing and grandstanding yet no contribution whatsoever of ideas, from the other we got true leadership, intelligent ideas that may actually WORK and a show of true leadership.

I hope this all resonates with the American people.

[mucifer]

2. depends on how the mcstupid campaign spins it. If he votes against it and calls

himself a populist we could be in trouble.

[whistle]

3. "..posturing and grandstanding" cam from McCain while "true leadership"

...came from Obama. This needs to be made crystal clear and repeated over and over again right through to the election.

[gateley]

4. Cliffs Notes

Obama asked for the following four principles to be addressed/included:
1. Independent oversight
2. Taxpayer protections to ensure we are treated as investors, meaning we would receive any profits and recoup losses.
3. Measures to assist homeowners stay in their homes
4. CEOs and the fat cats do not get rewarded at our expense.

His initial review of this shows that the proposed plan will address/embrace these issues.

As long as they're going to make a deal anyway, regardless of how we feel about it, it's best that these demands/Obama's criteria are met.

[Hope And Change]

5. K & R!