Democrats - their bailout
55Democrats and Opinion of Obama
September 21st update. Since we at the hands of the white house we the right to know, so keep you all updated.
Wall Street, firms that will be selling their bad debt to the government.
"I don't want the American taxpayer to get this bad debt and then the guy (whose company once held the bad loans) gets millions of dollars on his way out the door
Paulson and President Bush have argued that the alternative would be credit markets that remain frozen, meaning that businesses will fail because they can't get the loans they need to operate and the economy will grind to a halt because consumers, who account for two-thirds of economic activity, won't be able to get the credit they need to keep spending. At a rally in Charlotte Sunday,
Obama spoke about how he believed the government needed to deal with the financial crisis when it comes to households:
We must work quickly in a bipartisan fashion to resolve this crisis to avert an even broader economic catastrophe. But Washington also has to recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America
Obama issued a "statement of principles" regarding the bailout plan. One principle it emphasized was that the plan cannot bail out Wall St. and ignore the troubles on Main St.
It makes you wonder are they worried more about wall St. or the people?
We also should recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, Taxpayers should be protected.
The AP reports that Treasury Secretary Henry Paulson said Sunday that the government should resist including households in its bailout plan despite calls from Democrats. ...Democrats sought to add oversight provisions and taxpayer protections to the proposal, which amounts to the largest government intervention in the private markets since the Great Depression.
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