Yesterday, Obama gave us Four Principles for The Bailout:
ONE:
Swift and unprecedented action to shore up Wall Street must come alongside equally swift and serious efforts to help struggling families on Main Street, create new jobs, and grow our middle-class once more.
TWO:
Any taxpayer-funded support must have as its focus protecting our nation's long-term interest in a stable financial market and a growing economy rather than rewarding particular companies or the imprudent decisions of borrowers or lenders.
THREE:
This plan must be temporary and coupled with tough new oversight and regulations of our financial institutions. There must be a clear process to wind down this plan and restore private sector assets into private sector hands after restoring stability to the system.
FOUR:
We are facing a global financial crisis and the United States can take a leadership role in coordinating a global response to the present crisis, as well as greater regulatory cooperation and alignment to prevent future crises.
Today in Charlotte, North Carolina, Obama shortens and breaks the four into
Obama's Seven Principles:
ONE:
There must be no blank check when American taxpayers are on the hook for this much money.
TWO:
Taxpayers shouldn't be spending a dime to reward CEOs on Wall Street.
THREE:
Taxpayers should be protected and should be able to recoup this investment.
FOUR:
This plan has to help homeowners stay in their homes.
FIVE:
This is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.
SIX:
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.
SEVEN:
Finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street.
There's not much I can add to this, it's brilliant, it's exactly what
The Bailout should be !