In the debate, Senator Obama laid out his four conditions for passing the bailout bill. From the CNN transcript:
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.
No. 1, we’ve got to make sure that we’ve got oversight over this whole process; $700 billion, potentially, is a lot of money.
No. 2, 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.
No. 3, we’ve got to make sure that none of that money is going to pad CEO bank accounts or to promote golden parachutes.
And, No. 4, 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 place all across the country.
Yet 48 hours earlier, he had five conditions:
First, there must be oversight. We should not hand over a blank check to the discretion of one man. We support an independent, bipartisan board to ensure accountability and complete transparency.
Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers.
Third, no Wall Street executive should profit from taxpayer dollars. This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis.
Fourth, we must help families who are struggling to stay in their homes. We cannot bail out Wall Street without helping millions of families facing foreclosure on Main Street.
Fifth, we both agree that this financial rescue package should move on its own without any earmarks or other measures. We have different views about the need for other action, but this must be a clean bill.
Yeah. . .can’t have a clean bill now, can we? Not when there are billions for ACORN at stake.