Obama on what the bailout plan needs to be

Let’s hope he and other Democrats strongly oppose the current plan and that this isn’t just words.

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.

  • Here is a snippet from Cynthia McKinney on the Economic Crisis:

    “And although this is by no ways exhaustive, here are a few things that I think the Democratic-led Congress could work on now instead of adjourning:

    1. enactment of a foreclosure moratorium now before the next phase of ARM interest rate increases take effect;

    2. elimination of all ARM mortgages and their renegotiation into 30- or 40-year loans;

    3. establishment of new mortgage lending practices to end predatory and discriminatory practices;

    4. establishment of criteria and construction goals for affordable housing;

    5. redefinition of credit and regulation of the credit industry so that discriminatory practices are completely eliminated;

    6. full funding for initiatives that eliminate racial and ethnic disparities in home ownership;

    7. recognition of shelter as a right according to the United Nations Declaration of Human Rights to which the U.S. is a signatory so that no one sleeps on U.S. streets;

    8. full funding of a fund designed to cushion the job loss and provide for retraining of those at the bottom of the income scale as the economy transitions;

    9. close all tax loopholes and repeal of the Bush tax cuts for the top 1% of income earners;

    10. fairly tax corporations, denying federal subsidies to those who relocate jobs overseas repeal NAFTA. ”

    full essay here:

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