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Obama Statement on the Bailout

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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.
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And finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street. We have to come together, as Democrats and Republicans, to pass a stimulus plan that will put money in the pockets of working families, save jobs, and prevent painful budget cuts and tax hikes in our states.

So I know these are difficult days. But here's what I also know. I know we can steer ourselves out of this crisis. That's who we are. That's what we've always done as Americans. Our nation has faced difficult times before. And at each of those moments, we've risen to meet the challenge because we've never forgotten that fundamental truth – that here in America, our destiny is not written for us; it's written by us.

But another thing I know is this – we can't steer ourselves out of this crisis by heading in the same, disastrous direction. And that's what this election is all about.

Because while I certainly don't fault Senator McCain for all of the problems we're facing right now, I do fault the economic philosophy he's followed during his 26 years in Washington. It's a philosophy that says it's ok to turn a blind eye to practices that reward financial manipulation instead of sound business decisions. It's a philosophy that says even common-sense regulations are unnecessary and unwise. It's a philosophy that lets Washington lobbyists shred consumer protections and distort our economy so it works for the special interests instead of working people and our country.

We're now seeing the disastrous consequences of this philosophy all around us – on Wall Street as well as Main Street. And yet Senator McCain, who candidly admitted not long ago that he doesn't know as much about economics as he should, wants to keep going down the same, disastrous path.
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He calls himself "fundamentally a deregulator," when reckless deregulation and lack of oversight is a big part of the problem.

And here's the really scary part. Now this "Great Deregulator" wants to turn his attention to health care.

He wrote in the current issue of a magazine – the current issue – that we need to open up health care to – quote – "more vigorous nationwide competition, as we have done over the last decade in banking."

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President of the United States.
Former Senator from Illinois


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Jim Johnson, the former chairman of Fannie Mae who... by steve scheetz on Sunday, Sep 21, 2008 at 8:33:09 PM
that is problem #1 with your line of attack agains... by Steven Leser on Sunday, Sep 21, 2008 at 10:11:41 PM
Fannie Mae and Freddie Mac DID so lots of things w... by steve scheetz on Monday, Sep 22, 2008 at 7:41:07 AM
You facts about Obama having people from Fannie Ma... by E. Nelson on Monday, Sep 22, 2008 at 7:41:26 AM
Post some links... If you want to see really where... by steve scheetz on Monday, Sep 22, 2008 at 8:11:41 AM
Rick Davis, McCain's campaign manager received... by E. Nelson on Monday, Sep 22, 2008 at 9:00:04 AM
from the topic I linked to when I said these folks... by steve scheetz on Monday, Sep 22, 2008 at 10:27:07 AM
He is very, very gentle towards Wall Street in the... by Richard Mynick on Sunday, Sep 21, 2008 at 8:51:04 PM
he wants a national police force that "Is jus... by steve scheetz on Sunday, Sep 21, 2008 at 9:32:02 PM
... if you want the link on that, let me know.... by Steven Leser on Sunday, Sep 21, 2008 at 10:12:43 PM
HERE.....He says this  "We cannot contin... by steve scheetz on Monday, Sep 22, 2008 at 7:31:11 AM
I dont understand your title at all. We have a cri... by Steven Leser on Sunday, Sep 21, 2008 at 10:29:13 PM
financial crisis. He also talks about tax policy, ... by Richard Mynick on Monday, Sep 22, 2008 at 12:38:27 AM
Obama has been pushing for years now to get out of... by E. Nelson on Monday, Sep 22, 2008 at 7:59:39 AM
He's only talking about transferring a limited... by Richard Mynick on Monday, Sep 22, 2008 at 9:09:34 AM
You said:"Obama explicitly plans to increase ... by E. Nelson on Monday, Sep 22, 2008 at 9:22:59 AM
provide (a Raw Story article) doesn't eve... by Richard Mynick on Monday, Sep 22, 2008 at 10:23:18 AM
You said I made up the 12 billion number and I poi... by E. Nelson on Monday, Sep 22, 2008 at 10:49:42 AM
Actually, the military budget CAN be reduced while... by Gustav Wynn on Monday, Sep 22, 2008 at 4:58:54 PM
Nice to debate approaches Obama and others may art... by Alan Donelson on Monday, Sep 22, 2008 at 5:20:24 AM
That's right, Richard.  Obama is very est... by Bill Samuel on Monday, Sep 22, 2008 at 3:08:04 PM
NOW is not the time to meekly go along with "... by Steve Windisch (jibbguy) on Sunday, Sep 21, 2008 at 9:44:01 PM
Frankly, I dont think there is a good one. I have ... by Steven Leser on Sunday, Sep 21, 2008 at 10:33:02 PM
...are of the same cloth; you are both conservativ... by scott creighton on Sunday, Sep 21, 2008 at 10:56:35 PM
Steven, Obama supporter, NYC hometown:You may have... by Alan Donelson on Monday, Sep 22, 2008 at 5:38:35 AM
Accussing Steven of being a paid shill for Obama??... by E. Nelson on Monday, Sep 22, 2008 at 7:55:41 AM
Here we go with the blame game: "Many of... by Gryphon Danu on Monday, Sep 22, 2008 at 11:40:38 AM
this registration cannot be used to make any judgm... by Steven Leser on Monday, Sep 22, 2008 at 3:39:47 PM
I said that I happen to work somewhere that is wel... by Steven Leser on Monday, Sep 22, 2008 at 3:04:32 PM
because I usually disagree with Steve. He's a ... by Richard Mynick on Monday, Sep 22, 2008 at 3:50:03 PM
well. Despite our occasional vigorous disagreement... by Steven Leser on Monday, Sep 22, 2008 at 4:10:14 PM
BY declaring a national emergency, the country is ... by Lance Ciepiela on Sunday, Sep 21, 2008 at 11:19:18 PM
Republicans are Supporting Obama: How and Why, [Yo... by Stephen Fox on Sunday, Sep 21, 2008 at 11:56:43 PM
Obama is a friggin' Member of the most despise... by Mark E. Smith on Monday, Sep 22, 2008 at 12:14:17 AM
If we don't vote, how then can we throw the bu... by Robert Arend on Monday, Sep 22, 2008 at 12:45:55 AM
Robert Arend wrote:If we don't vote, how then ... by Mark E. Smith on Monday, Sep 22, 2008 at 2:26:12 AM
Just ignore him. He is advocating to not vote whic... by E. Nelson on Monday, Sep 22, 2008 at 8:04:08 AM
cannot in good conscience support Democrats i... by Richard Mynick on Monday, Sep 22, 2008 at 9:20:26 AM
One apartheid is a an extreme example and two Sout... by E. Nelson on Monday, Sep 22, 2008 at 8:20:16 AM
No bailout for Wall $treet!Protect the Middle and ... by Gryphon Danu on Monday, Sep 22, 2008 at 12:51:14 AM
Great Barack, good to see you got the laundry list... by Sean Fenley on Monday, Sep 22, 2008 at 1:56:07 AM
should be able to do the impossible and "... by John Sanchez Jr. on Monday, Sep 22, 2008 at 8:28:18 AM
Apparently that is what we are to believe ..... th... by E. Nelson on Monday, Sep 22, 2008 at 8:42:42 AM
I liked what Bernie Sanders wrote a lot more (it&#... by Sean Fenley on Monday, Sep 22, 2008 at 1:28:42 PM
Obama saying something like this:I will abolish th... by Mr M on Monday, Sep 22, 2008 at 6:51:30 AM
How about ...Obama saying some... by steve scheetz on Monday, Sep 22, 2008 at 8:02:39 AM
... he would be a true American patriot.... by Mr M on Monday, Sep 22, 2008 at 9:07:12 AM
Steve the libertarian mantra of unfettered "f... by E. Nelson on Monday, Sep 22, 2008 at 10:15:46 AM
A free market would have mentioned to these people... by steve scheetz on Monday, Sep 22, 2008 at 10:40:03 AM
...what about protections for the mortgage borrowe... by Gustav Wynn on Monday, Sep 22, 2008 at 6:22:58 PM
for clarity and sanity.Obama, darling of wallstree... by richard on Monday, Sep 22, 2008 at 8:09:11 AM
By bush declaring a National Emergency, under the ... by Mr M on Monday, Sep 22, 2008 at 9:45:05 AM
"The question is do we have enough people wit... by pft on Monday, Sep 22, 2008 at 5:27:20 PM
I've been telling everyone I know to buy gold,... by erik mouse on Monday, Sep 22, 2008 at 11:36:51 AM
They are supporting the Bush/Cheney Fascist agenda... by Hubert Steed on Monday, Sep 22, 2008 at 2:16:55 PM
This bailout is crooked. No recourse? No court of ... by Stephen Fox on Monday, Sep 22, 2008 at 4:25:53 PM
I was proud to see Kucinich represent a wing of th... by Gustav Wynn on Monday, Sep 22, 2008 at 7:19:38 PM
For the past 2 years, I've petitioned my Democ... by Hubert Steed on Tuesday, Sep 23, 2008 at 11:15:16 AM