Obama spoke today at a rally in Charlotte.
Remarks of Senator Barack Obama
As Prepared for Delivery
Charlotte, North Carolina
Sunday, September 21, 2008
The news of the day isn’t good.
The era of greed and irresponsibility on Wall Street and in Washington has led us to a perilous moment. They said they wanted to let the market run free but instead they let it run wild. And now we are facing a financial crisis as profound as any we have faced since the Great Depression
But here’s the truth:
Regardless of how we got here, we’re here today. And the circumstances we face require decisive action because your jobs, your savings, and your economic security are now at risk.
We must work quickly in a bipartisan fashion to resolve this crisis to avert an even broader economic catastrophe. But Washington also has to 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.
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.
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. Read the rest.
Read more about what Obama thinks of Henry Paulson here.
