Breaking: Obama Lays Down a Marker on the Bailout

FDR’s Heir?Our own Julia is liveblogging the Clinton Global Initiative forum, and this just happened. She reports Obama as saying, (paraphrased):

OK, we’re on the economy now. We have a crisis as serious as any since the great depression. It’s outrageous that taxpayers should have to shoulder the burden of greed and irresponsibility on Wall Street and in DC.

We need an independent oversight board on spending the money. We need to be equity partners in return for the bail out. We won’t bail out Wall Street without helping homeowners. We shouldn’t give anyone a bonus.

He’s pleased that Senator McCain has adopted his principles. He’s going to DC later to try to help out. Then he’s going to Oxford to get ready for the debate. The election is in 40 days, and the public deserves to hear from both Obama and McCain what they plan to do.

In response to McCain, she reports Clinton as saying:

Clinton just hit back at McCain’s suggestion that Obama was politicizing the situation. He said Obama came to visit him in Harlem on Sept. 11th, but wouldn’t turn it into a campaign event because he wouldn’t politicize the day. Bill wants to thank him for the way he’s handled the current crisis, and the way he’s running for president (looking for systemic fixes and long-term solutions).

Keep up with her liveblog at the Campaign Silo.

Update: From the comments, Selise is skeptical. Hopefully we can get a transcript of the precise wording:

pach – that’s kabuki, not a marker.

oversight is not accountability. equity is not taking ownership of the mortgages. and the bonus thing is just a throw away line.

when obama calls for accountability, transparency and re-regulation as part of the deal for a so-called “bail-out” then i’ll take his talk seriously.

Update II: And nothing in there about bankruptcy reform.

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