Obama Should Speak Out

Obama has been quoted as saying that everything that should be said has been said by the two candidates and all that's left to do in these final days is just reasserting their message and to a large extent that is true but he should come out now and say something about the bank bailout. While he's come out in support of the bailout plan he should talk about what is expected of these bankers. 

Andrew Cuomo is right to force them to reveal top exec salaries and bonuses and the New York Times was even more correct in exposing the attitude of these banks to the taxpayers money that was doled out to improve liquidity. According to the NYT they have no intention of using our hard earned cash to increase their loan portfolio and so help out small business and the mortgage market. Well I don't think Congress approved that bailout so the banks could hoard our money and ensure their salaries and profit margins. Instead of conditions on the use of our investment,  the free market and self regulation gurus seem to have taken control again and so no conditions were put on the receipt of funds. 

The british plan of direct investment in core banks by the taxpayer was followed by many countries including the US but the brits had no qualms in saying how the banks had to use the money. If we don't put the same conditions on our own bankers we can be sure that personal self interest will prevail as even Greenspan the Godfather of no regulation has admitted to his unmitigated shock and horror. 

Obama should come out in support of conditions tied to the government bailout.  One last move that would serve to emphasize his good sense, responsiblity and committment to Main Street.