Legal Commentary

Obama Says "No Blank Check" for Wall Street

By Jeralyn

Speaking in North Carolina today, Sen. Barack Obama said there should be no blank check for Wall Street.

Obama charged that Republicans have run the economy "into the ground," as he outlined some broad concepts for reform of the financial industry.

"First, there must be no blank check when American taxpayers are on the hook for this much money," Obama said. "Second, taxpayers shouldn't be spending a dime to reward CEOs on Wall Street while they're going out the door."

Obama also said taxpayers must be protected, be able to recoup some of the investment they might make in a bailout and provide assistance for homeowners at risk of losing their homes.

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McCain's response:

"Two days after he confessed to not having a plan for the banking crisis, Barack Obama called for 'decisive action' while offering absolutely no new ideas, policies or concrete solutions - it shows he is just not ready to lead. John McCain rejected complacency and political calculation in favor of a direct call for updated, effective regulations that will protect Americans' homes, savings and jobs - we cannot afford a directionless driver like Barack Obama.

"When Barack Obama faults our complicated financial crisis on simple concepts that John McCain has supported comparable to allowing Americans to use ATMs in all 50 states, he's either lying to score political points or revealing how unqualified he is to lead our economy." ---Tucker Bounds, spokesman McCain-Palin 2008.

You can read the full text of Obama's remarks here.

Full post as published by TalkLeft on September 21, 2008 (boomark / email).