Obama Asks Americans To Support Bailout

(AP)  Democratic presidential candidate Barack Obama on Tuesday called for Americans to get behind attempts to salvage a $700 billion rescue plan for the financial sector, saying that if Wall Street fails ordinary people will also be hurt.

"This is no longer just a Wall Street crisis. It's an American crisis, and it's the American economy that needs this rescue plan," Obama told about 12,000 people at a rally at the University of Nevada at Reno.

Obama said Congress should put aside politics - he didn't mention GOP rival John McCain by name during his remarks - and should act on the legislation quickly.

"To the Democrats and Republicans who opposed this plan yesterday, I say: Step up to the plate and do what's right for this country," he said. "And to all Americans, I say this: If I am president of the United States, this rescue plan will not be the end of what we do to strengthen this economy. It will only be the beginning."

The House on Monday balked at approving the Bush administration's $700 billion proposal, its 228-205 vote sparking the largest sell-off on Wall Street since the day after the Sept. 11, 2001, terror attacks. Obama, McCain and President Bush all indicated support for the plan, but the legislation was highly unpopular with the public, as well as ideological groups on the left and the right.

Obama called for bipartisanship in a time of financial crisis.

"While there is plenty of blame to go around and many in Washington and on Wall Street who deserve it, all of us now have a responsibility to solve this crisis because it affects the financial well-being of every single American," he said. "There will be time to punish those who set this fire, but now is the moment for us to come together and put the fire out."

Obama said he had talked with Bush, Senate Majority Leader Harry Reid of Nevada and other leaders Tuesday about resurrecting the recovery plan. He also sought to reassure the public, saying the plan had been "misunderstood and poorly communicated."

"This is not a plan to just hand over $700 billion of your money to a few banks on Wall Street," the Illinois senator said.

Without a rescue for the financial sector, ordinary people will soon begin to suffer, Obama said.

"If we do not act, it will be harder for you to get a mortgage for your home or the loans you need to go to college or a loan you need to buy a car to get to work," Obama said.

"What it means is that businesses won't be able to get the loans they need to open new factories, or hire more workers, or make payroll for the workers they have. What it means is that thousands of businesses could close around the country. Millions of jobs could be lost," he said.

Obama and McCain announced separately their backing for a plan that some House Republicans had pushed earlier: raising the federal deposit insurance limit from $100,000 to $250,000. The aim would be to reassure nervous Americans and to shore up the economy while helping small businesses.

[edthelight]

THANKS FOR THE MEMORIES CONGRESS AND THE CHENEY/BUSH ADMINISTRATION. To date, nearly 1 Trillion dollars on bailing out AIG, Fannie/Freddie, Bear Stearns, WAMU, and other Institutions. Did this improve the economy? These bailout only accelerated the economic downturn. Now Congress wants to fix the economy by throwing a $850 billion SELLOUT BILL at the problem, but it will only accelerate the CRASH and compound the SEVERITY of the MELTDOWN.
And to claim it will reduce taxes. I guess in a way it will because if you have no job or home you can%u2019t pay taxes.
This SELLOUT BILL is causing the dead to turn in their graves. Just remember November is your chance to bend over the Idiots that voted for the Bill. Who knows the dead may rise and vote in November. VOTE IN NOVEMBER.

[revgazza]

Of course Obama and the Democrats want the bail-out. After all it was Bill Clinton who made the deal that allowed this crisis to become reality back in 1999. Obama of course received huge donations from Freddie Mac and now wants the bail out to also assist his freinds in ACORN. The media of course wil report the lies and support Obama even when he as an ARAB/AMERICAN not an African/American sells us all down the river.

I do not trust this man at all and still believe Hilary should have been given the nomination.

[revgazza]

Of course Obama and the Democrats want the bail-out. After all it was Bill Clinton who made the deal that allowed this crisis to become reality back in 1999. Obama of course received huge donations from Freddie Mac and now wants the bail out to also assist his freinds in ACORN. The media of course wil report the lies and support Obama even when he as an ARAB/AMERICAN not an African/American sells us all down the river.

I do not trust this man at all and still believe Hilary should have been given the nomination.

[wevehadenuf]

NO BAILOUT! WRITE YOUR SENATORS NOW!

[wevehadenuf]

NO MORE TIME TO WASTE

Call your Senators now ( http://www. visi. com/juan/congress/ ).
Here''s a backup link in case we crash that site again ( http://www. congressmerge. com/onlinedb/index. htm ).

[talk2chief]

Let''''s quit bickering about who, what, where, and how, and get this done. This is a catastrophe and you need to tell your reps to vote for a plan.

Posted by kansas1946

FINE but WE shouldn''t have to pay for it! Didn''t we have a revolution on the basis of taxation without representation. How are we being represented when the congress bails out banks and financial institutions, and add pork spending to the bill!? It''s time for separation of corporation and state. We need to hold our elected officials accountable and have them start serving the people they are supposed to represent.

NO CORPORATE WELFARE!

[snoop99991]

Phony crisis... Nothing but a scare tactic!

Big business and the Washington elite are trying to scare the taxpayers into going along with this rip off!
Unfortunately, the greedy, corrupted, criminal and blood sucking financial SOBs will get bailed out. And note that we do not get any guaranteed return on our money. We need Warren Buffet not Hank Paulson former CEO of Goldman Sachs in charge of the bill! Well the bill will pass, why? Just note yesterdays 777 drop in the Dow and the 5 percent drops in the NASDAQ and S&P 500. Be sure that this was created by the same people with their hands out. They are telling us give us what we want or we will wipe out your pension plans, 401-Ks and IRAs. They are scaring the Congress and the Senate into action! Note that no one in DC has the guts to go against them! BTW - notice all the business men and Senators and Congress now coming forward saying they are now getting many more calls in favor the bailout then against. Bunch of BS..!
==========================================

Contact banking Comm. Charman Chris Dodd and your Senators and let them know what you think!
Here are links........
http://banking.senate.gov/public/index.cfmFuseAction=Contact.Form

www.senate.gov
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[wevehadenuf]

Obama I am disappointed to say the least. Why are you asking us to "step up to the plate" on this plan when the bill does not have any of the things you requested and offers no protection for the people. It is a giveaway plain and simple. Why don''t you fight to have the bill amended, at least. Where is the leadership here. We need to act responsibly. No I will not support it. I expect better than this. Maybe we need an independent candidate as you are both looking bad supporting this bill as it is. And with tax breaks! You have lost your minds.

[dj282008]

mccaino8nc,

HA I LIKE THAT. But I thought Fox was more on republican side? Would that not be biased?

[liberalme]

This just in----Washington Mutuals CEO Alan Fishman--who has been in that position for 3 weeks-----3 weeks??? is walking away with $19 million!!

I think this bail-out is wonderful don''t you?

If I got fired from my job tomorrow (after 25 years) ANY Severence--I would Lose my pension and would not (in some states) be able to collect unemployment.

I say, let Wall St fend for itself--NO BAIL OUT!!