John McCain

america_todai face an histor nation crisi __PUNCT__

the global_economi is directli threaten by the potenti collaps of our financi_system __PUNCT__

two year_ago __PUNCT__ i warn the american_peopl about the lack of oversight __PUNCT__ transpar __PUNCT__ backroom_deal and financi reckless at freddi_mac and fanni_mae __PUNCT__

those warn went unheed __PUNCT__ and more than anyth directli contribut to the subprim_mortgag mortgag_crisi which ha creat the perfect econom storm __PUNCT__

further inact is simpli not an option __PUNCT__

we must pass_legisl to address thi crisi __PUNCT__

if we do not __PUNCT__ credit will dry up __PUNCT__ with devast consequ for our economi __PUNCT__

peopl will no longer be abl to bui home and their life_save will be at stake __PUNCT__

busi will not have enough monei to pai their employe __PUNCT__

but let us be perfectli_clear __PUNCT__ a great burden is upon the american_peopl __PUNCT__

seven hundr billion_dollar is a stagger and unpreced figur __PUNCT__ and it is import that i speak plainli to the american_peopl about the dimens of thi propos __PUNCT__

in essenc __PUNCT__ what thi plan requir is a ten_thousand thousand_dollar contribut per household __PUNCT__

seven hundr billion_dollar __PUNCT__ for exampl __PUNCT__ could rebuild the crumbl infrastructur in everi town __PUNCT__ counti __PUNCT__ and state in thi countri __PUNCT__

becaus what is be ask of the american_peopl is unpreced __PUNCT__ great care must be taken to ensur their protect __PUNCT__

with the taxpay in mind __PUNCT__ i am seek __NUM__ basic improv to thi legisl __PUNCT__ first __PUNCT__ there must be greater account includ in the bill __PUNCT__

i have suggest a bipartisan board to provid oversight for the rescu __PUNCT__

we will not solv a problem caus by poor oversight with a plan that ha no oversight __PUNCT__

never befor in the histori of our nation ha so much power and monei been concentr in the hand of on person __PUNCT__ and there must be protect and oversight in place __PUNCT__

second __PUNCT__ as a part of that oversight __PUNCT__ there must be a path for taxpay to recov the monei that is put into thi fund __PUNCT__

on trillion_dollar is an unpreced sum __PUNCT__

we ar talk about ten_thousand thousand_dollar per household __PUNCT__ and that monei cannot simpli go into a black hole of bad debt with no mean of recov ani of the fund __PUNCT__

third __PUNCT__ there must be complet transpar in the review of thi legisl and in the implement of ani legisl __PUNCT__

thi cannot be cobbl togeth behind close_door __PUNCT__

the american_peopl have the right to know which busi will be help __PUNCT__ what that select will be base on and how much that help will cost __PUNCT__

all the detail should all be made avail onlin and elsewher for open public scrutini __PUNCT__

fourth __PUNCT__ no wall_street execut should profit from taxpay_dollar __PUNCT__

it is wrong to ask teacher and farmer and small_busi busi_owner to fill the ga tank of the helicopt of wall_street tycoon __PUNCT__

the senior leader of ani firm that is bail out should not be make more than the highest paid govern_offici __PUNCT__

fifth and final __PUNCT__ it is complet unaccept for ani kind of earmark to be includ in thi bill __PUNCT__

it would be outrag for legisl and lobbyist to pack thi rescu plan with taxpay_monei for favor compani __PUNCT__

thi simpli cannot happen __PUNCT__

let me restat that inact is not an option __PUNCT__

the american_peopl ar watch __PUNCT__

histori will be our judg __PUNCT__ and it will judg us harshli if we do not put our countri first in thi crisi __PUNCT__