Obama: Bailout Cannot Be ‘Welfare’ for Wall Street. Is That It? His Plan?

CLEARWATER, Fla. — Democrat Barack Obama said Tuesday any plan to rescue Wall Street from its financial woes must ensure that taxpayers are reimbursed and corporate executives are not further enriched for mismanagement.

Obama outlined several principles that he said should be included in the bailout to ensure that troubled financial firms and their executives don’t take advantage of taxpayers.

1). Companies that take financial aid from the government must slash their executives’ salaries, he said. 2).Taxpayers must be treated like investors who can share in any Wall Street recovery, perhaps with an ownership stake in the companies that are bailed out, and a 3). new fee on financial services should be created to repay the government aid.

4). “This plan cannot be a welfare program for Wall Street executives,” he said at a news conference.

Is that it? The Obama Plan! After taking a week he says; cut executives salaries, make taxpayers investors, add fees on the services and “no welfare for Wall Street”, whatever that means.

I thought this guy went to Harvard.

This isn’t a plan – it is 4 short sound bites run together.

Did Obama really put this togther or is it a media creation? A creation cobbled together by Obama’s supportive media who were embrassed that Obama hadn’t produced a plan one week into this news cycle?

How do we stop this so called crisis from happening again? When is Obama going to quit blaming de-regulation for the mess? Is Obama in favor of continuing NINJA and LIAR Loans? Is Obama in favor of increasing the underwriting standards for mortgages? Will Obama now support the additional regulation suggested by John McCain in 2002 & 2006? Will Obama now support the reforms the Bush Administration asked for?

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