Obama on the Bail-out Today

From First Read: "In his strongest language to date regarding the hotly-debated plan to rescue America's financial system, Obama called on President Bush to be more flexible about changes to the proposal and warned Wall Street CEOs against being selfish about the terms of the bailout.

“Yesterday, the President said that Congress should pass this proposal to ease the crisis on Wall Street without significant changes or improvements,” the Illinois senator told reporters, arguing that everyone has a stake in solving the crisis to protect the jobs and the life savings of millions. “Given that fact, the President’s stubborn inflexibility is both unacceptable and disturbingly familiar. This is not the time for my-way-or-the-highway intransigence from anybody involved.”

“There’s been talk that some CEOs may refuse to cooperate with this plan if they have to forgo multi-million-dollar salaries,” he said sternly. “I cannot imagine a position that’s more selfish and more greedy at a time of national crisis.”

He said he wanted to deliver a message directly to those CEOs: “Do not make that mistake,” he said. “You are stewards not only of your companies, but of workers and communities all across the country who have put their trust in you. With the enormous rewards that you’ve reaped come responsibilities and we expect and demand that you to live up to those responsibilities. This plan cannot be a welfare program for Wall Street executives.”

Obama also reiterated his plans to go forward with his agenda for middle class tax cuts, universal healthcare, investments in renewable energy and other areas despite the tax burden of the bailout, arguing they were necessary to strengthen the economy. He again urged Bush and McCain to join him in supporting an economic stimulus plan to help working families, though he made it clear that he was not insisting this package be included in the bailout legislation.