Obama Says Bailout Plan Must Help Main Street, Not Just Wall Street

Democratic presidential candidate Barack Obama said the government's bailout plan must aid main street and not just Wall Street.

Delivering remarks about the proposed bailout plan, Obama said the credit crunch is hitting small business and students.

"Swift and unprecedented action to shore up Wall Street must come alongside equally swift and serious efforts to help struggling families on main street, create new jobs, and grow our middle-class once more," he said in a statement.

Obama laid blame for the crisis on "reckless" CEOs and politicians who looked away. Obama said the CEOs should accept their losses.

He also said the current regulatory framework is inadequate to deal with global marketplace.

"Eliminating consumer protections and lax oversight contributed to the crisis we are in today, and establishing commonsense rules of the road for our financial system can help restore confidence in our financial system," he said.

Obama added that strong decisive action must be taken and that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke must be given broad authority over financial markets.

By Steve Stecyk and edited by Stephen Huebl
©CEP News Ltd. 2008