Obama: Crisis 'serious as any' since '30s

by John McCormick

Democrat Barack Obama, delivering an address this morning by satellite to former President Bill Clinton's Global Initiative in New York, said: "We are now confronted with a financial crisis as serious as any we have faced since the Great Depression. Action must be taken to restore confidence in our economy."

The Illinois senator and presidential nominee, on his way to a meeting at the White House this afternoon with Republican rival John McCain, congressional leaders of both parties and houses and President Bush, voiced confidence that an agreement is near.

"Let me be clear: it's outrageous that we find ourselves in a position where taxpayers must bear the burden and the risk for the greed and irresponsibility on Wall Street and Washington,'' he said. "But we also know that a failure to act would have grave consequences for the jobs, for savings, and retirement of the American people."

"Over the last few days, I've been in close contact with (Treasury) Secretary Paulson and leaders in Congress,'' Obama told his audience via the long-distance connection. "I've also had the opportunity to speak directly to the American people about what we need to do moving forward. I've laid out several clear principles that I believe must be a part of our response to this crisis."

"First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is going to be spent every step of the way."

Second, if American taxpayers finance this solution, they should be treated like investors. That means Wall Street and Washington should give every penny of taxpayers' money back once this economy recovers.

Third, we cannot and will not simply bailout Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

"Finally - and this is important - the American people should not be spending one dime to reward the same Wall Street CEOs whose irresponsibility got us into this mess in the first place."

Congressional leaders have made progress in their negotiations, and appear close to a deal that would include these principles. "President Bush addressed some of these issues last night, and I'm pleased that Senator McCain has decided to embrace them as well....730 joint statement. "Now is a time to come together - Democrats and Republicans - in a spirit of cooperation on behalf of the American people."

"Later today, I'll be traveling to Washington to offer my help in getting this deal done. Then, I'll travel to Oxford, Mississippi, on Friday for the first of our presidential debates. Our election is in 40 days. Our economy is in crisis, our nation is fighting two wars abroad. The American people, I believe, deserve to hear directly from myself and Senator McCain about how we intend to lead our country. The times are too serious to put our campaign on hold, or to ignore the full range of issues that the next President will face