Foreign Policy Debate - Financial Recovery: Where do you ...

SEN. OBAMA: Well, thank you very much, Jim, and thanks to the

commission and the University of Mississippi, Ole Miss, for hosting us

tonight. I can't think of a more important time for us to talk about

the future of the country.

You know, we are at a defining moment in our history. Our nation

is involved in two wars, and we are going through the worst financial

crisis since the Great Depression. And although we've heard a lot

about Wall Street, those of you on Main Street, I think, have been

struggling for a while, and you recognize that this could have an

impact on all sectors of the economy. And you're wondering: How's it

going to affect me? How's it going to affect my job? How's it going

to affect my house? How's it going to affect my retirement savings or

my ability to send my children to college?

So we have to move swiftly and we have to move wisely.

And I've put forward a series of proposals that make sure that we

protect taxpayers as we engage in this important rescue effort.

Number one, we've got to make sure that we've got oversight over

this whole process. $700 billion potentially is a lot of money.

Number two, we've got to make sure that taxpayers, when they are

putting their money at risk, have the possibility of getting that

money back and gains if the market and when the market returns.

Number three, we've got to make sure that none of that money is

going to pad CEO bank accounts or to promote golden parachutes.

And number four, we've got to make sure that we're helping

homeowners, because the root problem here has to do with the

foreclosures that are taking p