What is Obama's position on the bailout...

[busymom]

Someone close to me told me that he supports the bailout. I have read so many different articles that seem to twist his words one way or the other. Does anyone here know where he has made a statement about this? I need a reference to send to this person. I am assuming he doesn't support it, but I have to back it up. Can someone point me to a convincing article that I can email this person?

[Triana]

1. Here...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7136300

[BlooInBloo]

2. (facepalm)

[still_one]

3. He supports it with oversight, and an included stimulus package for

taxpayers, and a stipulation that stockholders and CEOs will NOT benefit from this bailout

[busymom]

4. That sucks. I am going to have to eat crow. I argued

that he didn't support it at all.

Shit. :(

[still_one]

5. That is my interpretation. Please don't take my word alone, check other sources /nt

[busymom]

6. Thanks. I got home and started googling it...

and I found a lot of sources that indicated he was supporting it. That's why I came here. I figured you all would tell me she was full of crap and point me in the right direction.

I admit I'm disappointed about his support of it. It doesn't mean I won't vote for him...I just...am surprised I guess. Well, it's worse that I have to apologize to this person.

[Brundle_Fly]

7. Obama Draws A Line In the Sand: No Paulson Deal

Obama has stepped up and stated what he needs a bailout plan to include in order to support it, and the Paulson plan simply can't meet his requirements. Obama has just announced his opposition to the basic principles of the Paulson Plan.

No Blank Check: Paulson doesn't get money without oversight or legal responsibility.

Must Be Regulatory Changes: The practices that caused the crisis have to be ended at the same time.

Taxpayers Need More than Consideration: If a huge bailout is to occur, it has to be done in the way that costs taxpayers the least possible.

No Bailout For Foreign Banks From US Money: Instead, all countries should work together to help everyone.

Ordinary People Get Help Too: It can't just be a bailout for Hank's friends, it has to help ordinary Americans too.

[Sensitivity]

13. LINK ????

[flamingdem]

8. Look there is every reason to believe that a crisis was imminent, is imminent

so they had to do something. As much as I have complained I know that ... people were going to run on the banks and it happens fast ... it started last week with the Money Markets breaking the buck. So Obama has to participate, and now, but he is doing his best to not let them rip us off to the max and he is attempting to swerve it towards benefitting those who might lose their homes.

[busymom]

9. The way that these companies have been doing business

this was actually predictable.

Why can't we let them fail and suffer the consequences? I'm serious about that question. What would the fallout be? Wouldn't the people who are hurt most be those high rollers who took risks with our money knowingly, gave themselves multi-million dollar bonuses every year and are seeing their retirements dwindle?

As it is, my mom had finally managed to get 100k in her retirement savings account and she just lost 40k in the last few months. She is 64 and wanted to retired this next year. Who is going to bail out my mom? Homes in our area have lost a scary 25% of their value...if not a little more because all of the foreclosures nearby. Am I going to be cut a check for our loss?

I'm so mad that the asshats in charge will find a way out of this mess ... I would prefer to see the bailout actually bail out the homeowners and retirees and not the companies.

[flamingdem]

12. It could be a lot worse. Supposedly it was very close to total failure

last week. I'm sorry to hear about your Mom. I've learned from my Mom not to react too much regarding the stock market. It does come back, the problem is how long that can take, but it can be surprisingly short the way the world is now (see last week for an example).

If she pulls her money out there is also a risk because when the bear market ends there tend to be big up days and she could regain a good chunk at that point. So I am not really seeing doom but if they do nothing I think worldwide panic would set in and this would trigger an unwinding that would create chaos ... not screaming chaos but lots more unemployment, people yanking money out of the banks, distrust and break down.

So I am super critical but the thing is so huge now they cannot let it break down. It's global.

[still_one]

15. Did you know the bailout also includes bad car loans and credit card debt

along with foreign banks?

As far as those who might lose their homes, many of those people should never have gotten those loans in the first place

but even apart from that, this package DOES NOT INCLUDE BAILING THEM OUT, only the banks, who refused to negotiate with those people

Those people will lose their homes anyone. I would be very surprised if that didn't happen

[vaberella]

17. He has too. Paulson/Bernanke ganged up on everyone and forced it down their throat.

However with no stipulations and basically with policies that hurt the American people. Schumer hated the policy they chose because the CEOs get nice severence checks when they caused this mess and we get stuck flipping the bill without a set price tag. It's like we signing a blank check over to the Fed. Keeping in mind we're still dealing with the FMx2 and Lehman Brothers bullshit that went down.

[vaberella]

16. You're correct. n/t

[mrJJ]

10. Sen Obama's Msg

Sen Obama's Msg

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.

[busymom]

11. thanks for the breakdown. Maybe I can still

save face a little!

[TexasObserver]

14. He held back most of the week, refusing to say he supported it. Then ...

Then, he said his approval is contingent upon those other things being addressed as part of it. Therefore, you are correct that he never agreed to support the bailout. He has agreed that if these other five issues are addressed simultaneously, provisions to protect American consumers, he will support the bailout, but then, and only then.

Use that on them, as it is correct, and you're not really admitting he's supporting the bailout, because he is NOT accepting it as it was proposed, which gave Bush's appointee carte blanche instead of forcing the government from addressing Obama's other items.

[TheKentuckian]

18. I think the stipulations he places as benchmarks are reasonable

to the point that they're probably unobtainable.

I'm not against letting the system collapse but I think any sane and reasonably sober person would have to admit that it would be quite a few notches above bold to run on "Burn Baby Burn!". Obama is taking about as strong a stance as can be arrived at and still be playing within the system.

[endthewar]

19. If we don't have this bailout then it'll be The Great Depression, Part Deuce

Bush waited to tell Congress until he screwed up the economy so bad that a bailout would be necessary.