Speaking at a rally in North Carolina on Sunday, Sen Obama gave his requirements for any bailout for the financial industry.  Bush appointed Treasury Secretary Henry Paulson seems to want Congress to sign a blank check for 700 billion dollars giving him full discretion to spend it anyway he chooses.  When asked on Meet the Press on Sunday as to whether he would curtail excessive CEO compensation, Paulson opined such a requirement may discourage companies from participating in the program.  Not so much.  Meanwhile he is asking for 5% of the gross national product to spend as he pleases.  Hasn’t he been at the helm this entire time and could have raised the alarm about the potential of this happening years ago…..now he wants the Americans to just trust that he will prudently spend 700 billion in the best interest of the the majority.  I think not.  So, Mr Paulson, you and the other republicans keep saying how this needs to be a “clean bill.”  Well, if by “clean bill” you mean no oversight and no safeguards and assistance for the American taxpayers/main street………you’re on something.  As for Mr. Paulson’s objectivity, one reader summed it up perfectly:

Reuters reports today that “The incoming Treasury secretary, Henry M. Paulson Jr., was awarded an $18.7 million cash bonus for half a year of work as the chief executive of the Goldman Sachs Group.” The massive bonus was, not surprisingly, approved by Goldman Sachs at the very same time Paulson was both CEO and Treasury Secretary designate. This raises a very simple question: What is Goldman Sachs buying with this brazen payoff to someone they knew was headed to one of the most powerful government posts in America?
 

Sen. Obama insists that the following conditions must be included in any financial industry bailout.

Excerpt from Sen. Barack Obama’s speech in North Carolina on Sunday Sept 21, 2008 

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.

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.