Remarks of Senator Barack Obama—as prepared for delivery tomorrow:
We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but they let it run wild, and they trampled our American values of fairness, balance, and responsibility to one another. Now, because of speculators who gamed the system and regulators who looked the other way, your jobs, your life savings,
and the stability of our entire economy are at risk.
We have been left with no good options. And today, Democrats and Republicans in Washington have agreed on an emergency rescue plan that is our best and only way to prevent an economic catastrophe.
It’s a plan that’s improved a good deal over the last week. This Administration started off by asking for a blank check to solve this problem. I said absolutely not. I said it was unacceptable 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 help solve this crisis, then you have a right to make sure that your tax dollars are protected.
And so I laid out a few a conditions for Washington.
I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.
I said that if American taxpayers are financing this solution, then you should be treated like investors – you should get every penny of your tax dollars back once this economy recovers, and Wall Street should foot the bill.
I said that we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.
And finally, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.
Thanks to the hard work of Democrats and Republicans, the proposal we have today includes these taxpayer protections. And if I am President, I will review the entire plan on the day I take office to make sure that it is working to save our economy and that you get your money back. (pdf file for source)
Someone please buy Barack Obama a new crystal ball, his old one is broken. “He laid out conditions”, “I said”, “I said”,… Is there any limit to this man’s ego?
It looks like his fellow Democrats were not listening. They, perhaps unimpressed with poll numbers that notoriously overestimate the number of Democrats who actually vote, are worrying about their own chances of re-election, and took the steaming pile of crap that Obama wanted and voted it down. Exhausted from their efforts, they’ll now take a short vacation and be back in a couple of days to look at it again. Until then, the “other” pile of steaming crap, the main stream media, will attempt to paint the Republicans as the obstructionists.