Obama On the Economic Crisis

Barack's press conference today (longer than many of Bush's) where he talks about the current economic crisis, the tack he thinks we should take on it, and how that relates to postponing Friday's debate (or not).



It's worth hearing his rational (as usual) approach to the country's problems.

Do we want calm and reasoned reactions like this, or a series of "Stop everything!" crisis points and knee-jerk reactions -- which is what McCain seems to be offering.

And here's what Barack sent out in a letter on the crisis yesterday. I'm leaving in the "ads," because some of you might want to sign aboard at this point:

The era of greed and irresponsibility on Wall Street and in Washington has created a financial crisis as profound as any we have faced since the Great Depression.

Congress and the President are debating a bailout of our financial institutions with a price tag of $700 billion or more in taxpayer dollars. We cannot underestimate our responsibility in taking such an enormous step.

Whatever shape our recovery plan takes, it must be guided by core principles of fairness, balance, and responsibility to one another.

By clicking here, you are signing on to support an economic recovery plan based on the following:

• No Golden Parachutes -- Taxpayer dollars should not be used to reward the irresponsible Wall Street executives who helmed this disaster.

• Main Street, Not Just Wall Street -- Any bailout plan must include a payback strategy for taxpayers who are footing the bill and aid to innocent homeowners who are facing foreclosure.

• Bipartisan Oversight -- The staggering amount of taxpayer money involved demands a bipartisan board to ensure accountability and oversight.

Show your support and encourage your friends and family to join you:

http://my.barackobama.com/ourplan

The failed economic policies and the same corrupt culture that led us into this mess will not help get us out of it. We need to get to work immediately on reforming the broken government -- and the broken politics -- that allowed this crisis to happen in the first place.

And we have to understand that a recovery package is just the beginning. We have a plan that will guarantee our long-term prosperity -- including tax cuts for 95 percent of families, an economic stimulus package that creates millions of new jobs and leads us towards energy independence, and health care that is affordable to every American.

It won't be easy. The kind of change we're looking for never is.

But if we work together and stand by these principles, we can get through this crisis and emerge a stronger nation.

Thank you,

Barack