Obama sets conditions for supporting bailout

Democratic presidential nominee Barack Obama on Tuesday said he would only support a bailout of the financial markets if it provides the necessary oversight and protects taxpayers. 

However, the Illinois senator made it clear that he does not require specific language to be part of legislation Congresses passes to address the crisis on Wall Street.

{mosads}Specifically, Obama says that in order to get his support, the measure “must include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street.”

In addition, Obama stated that “the power to spend $700 billion of taxpayer money cannot be left to the discretion of one man, no matter who he is or which party he is from."

“I have great respect for Secretary Paulson, but he cannot act alone,” he added.

The Democratic nominee also argued that, “if taxpayers are being asked to underwrite hundreds of billions of dollars to solve this crisis, they must be treated like investors” and “should share in the upside as Wall Street recovers.”

Lastly, Obama stated that “the final plan must provide help to families who are struggling to stay in their homes.”

The senator added that the second stimulus plan, which he has proposed, should not be added to the bailout measure. However, he stated, “as we solve the immediate crisis on Wall Street, we should move with the same sense of urgency to help Main Street."

Obama criticized President Bush’s “stubborn inflexibility” on the  issue. The White House has pressured Congress to pass the measure it has proposed as quickly as possible and with few changes.

“This is not the time for 'my way or the highway' intransigence from anyone involved,” Obama said.