Barack Obama

we ar face on of the most seriou financi_crise in thi nation_histori __PUNCT__

the event of the last week __PUNCT__ from the failur of lehman to the bailout of aig to the continu volatil of the market __PUNCT__ have not just threaten the trade floor and high __PUNCT__ rise of wall_street __PUNCT__ but the stabil and secur of our entir global_economi __PUNCT__

across thi countri __PUNCT__ american ar worri about whether thei can make their mortgag_payment __PUNCT__ or keep their job __PUNCT__ or ensur that their retir is secur __PUNCT__

truli __PUNCT__ we ar all in thi togeth __PUNCT__

our govern and the feder_reserv have alreadi taken unpreced action to prevent a deepen of thi crisi that could jeopard the life_save and well __PUNCT__ be of million of american __PUNCT__

but it is now clear that even bolder and more decis action is necessari __PUNCT__

in recent_year __PUNCT__ i have outlin plan that would have help prevent the problem we now face __PUNCT__ and yesterdai i propos the outlin of a plan that would establish a more stabl and perman solut to strengthen our financi_system __PUNCT__

todai __PUNCT__ i fulli support the effort of secretari paulson and feder_reserv chairman bernank to work in a bipartisan spirit with congress to find thi kind of solut __PUNCT__

what we look at right now is to provid the treasuri and the feder reserv with as broad author as necessari to stabil market and maintain credit __PUNCT__

we need a more institut respons to creat a system that can manag some of the underli problem with bad mortgag __PUNCT__ help homeown stai in their home __PUNCT__ protect the retir and save of work_american __PUNCT__

in the come dai __PUNCT__ i will more close examin the detail of the treasuri and fed propos __PUNCT__ and as i do __PUNCT__ i work to ensur that it provid an effect emerg respons by includ four basic_principl that my econom advisor and i just discuss thi morn __PUNCT__

first __PUNCT__ we cannot onli have a plan for wall_street __PUNCT__

we must also help main_street as well __PUNCT__

i glad that our govern is move so quickli in address the crisi that threaten some of our biggest_bank and corpor __PUNCT__

but a similar crisi ha threaten famili __PUNCT__ worker and homeown for month and month and washington ha done far too littl to help __PUNCT__

for too long __PUNCT__ thi administr ha been will to hit the fast __PUNCT__ forward button in help distress wall_street firm while press paus when it come to save job or keep peopl in their home __PUNCT__

we alreadi know that the credit crisi that ha emerg from our largest financi_institut is becom a credit_crunch for small_busi busi_owner __PUNCT__ homeown __PUNCT__ and student seek loan in big_citi and small_town __PUNCT__

now that american_taxpay ar be call on to share in thi new burden __PUNCT__ we must take equal swift and seriou action to help lift the burden thei face everi dai __PUNCT__

in the same bipartisan spirit that is be shown with regard to the crisi on wall_street __PUNCT__ i ask senat_mccain __PUNCT__ presid_bush __PUNCT__ republican and democrat to join me in support an emerg econom_plan for work_famili __PUNCT__ a plan that would help folk cope with rise ga and food_price __PUNCT__ spark job_creation through repair of our school and road __PUNCT__ help state and citi avoid pain budget_cut and tax_increas __PUNCT__ help homeown stai in their home __PUNCT__ and provid retool assist for america auto_industri __PUNCT__

john_mccain and i can continu to argu about our differ econom_agenda for next year __PUNCT__ but we should come togeth now to work on what thi countri urgent need thi year __PUNCT__

the second principl i would like to see in the emerg_plan from the treasuri and the fed is that our approach should be on of mutual respons and reciproc __PUNCT__

it must not be design to reward particular compani or the irrespons decis of borrow or lender __PUNCT__

it must not be design to enhanc the person gain of ceo and manag __PUNCT__

the reckless of some of these execut ha help caus thi mess __PUNCT__ even as thei walk awai with multimillion dollar golden parachut while taxpay ar left hold the bag __PUNCT__

as taxpay ar ask to take extraordinari step to protect our financi_system __PUNCT__ it is onli appropri that those who benefit be expect to contribut to the protect of american homeown and the american_economi __PUNCT__

just as support is not design to payoff egregi execut compens __PUNCT__ it should not reward those who ar ruthlessli foreclos on american_famili __PUNCT__

third __PUNCT__ thi plan must be temporari and coupl with tough new oversight and regul of our financi_institut __PUNCT__ and there must be a clear process to wind down thi plan and restor privat_sector asset into privat sector hand after restor stabil to the system __PUNCT__

taxpay must share in ani upsid benefit that such stabil bring __PUNCT__

fourth __PUNCT__ thi plan should be part of a global coordin effort with our partner in the g __PUNCT__ __NUM__ __PUNCT__

thi is a worldwid issu __PUNCT__ and while the unit_state can and will lead in stabil the credit_market __PUNCT__ we should ask other nation __PUNCT__ who share in thi crisi __PUNCT__ to be part of the solut as well __PUNCT__

on last point __PUNCT__

we did not arriv at thi crisi by some accid of histori __PUNCT__

what led us to thi point wa year and year of a philosophi in washington and on wall_street that view even common __PUNCT__ sens regul and oversight as unwis and unnecessari __PUNCT__ that shred consum_protect and loosen the rule of the road __PUNCT__

ceo and execut got reckless __PUNCT__

lobbyist got what thei want __PUNCT__

politician in both parti look the other wai until it wa too late __PUNCT__

and it is the american_peopl who have paid the price __PUNCT__

the event of thi week have render a final verdict on that fail philosophi __PUNCT__ and it will end if i am presid of the unit_state __PUNCT__

we must build upon the idea i have laid out over the last sever year about how to modern our financi_regul in thi countri __PUNCT__ and establish commonsens rule of the road for our financi_system to help restor confid in our financi system __PUNCT__

final __PUNCT__ given the graviti of thi situat __PUNCT__ and base on convers i have had with both secretari paulson and chairman bernank __PUNCT__ i will refrain from present a more detail blue __PUNCT__ print of how an immedi plan might be structur until i can fulli review the detail of the plan propos by the treasuri and the feder_reserv __PUNCT__

it is critic at thi point that the market and the public have confid that their work will be unimped by partisan wrangl __PUNCT__ and that leader in both parti work in concert to solv the problem at hand __PUNCT__

i know these ar difficult dai __PUNCT__

and i know there ar a lot of famili out there right now who ar feel anxieti __PUNCT__ about their job __PUNCT__ about their home __PUNCT__ about their retir_save __PUNCT__

but here what i also know __PUNCT__

thi isn't a time for fear or panic __PUNCT__

thi is a time for resolv and for leadership __PUNCT__

i know we can steer ourselv out of thi crisi __PUNCT__

that who we ar __PUNCT__

that what we alwai done as american __PUNCT__

our nation ha face difficult_time befor __PUNCT__

and at each of those moment __PUNCT__ we risen to meet the challeng as on peopl __PUNCT__ and on nation __PUNCT__

that is the america we need to be and can be todai __PUNCT__