Obama Sells Bailout Plan to Skeptics

Kudos to Obama for clearly laying out the case for the bailout -- he's showing real courage and leadership because this plan isn't popular:

Senator Barack Obama intensified his efforts to rally support for the $700 billion financial bailout package on Wednesday, selling the idea to skeptical voters – and members of Congress – as a plan to “safeguard the American economy.”

“This plan is not perfect. Democrats and Republicans in Congress have legitimate concerns about it,” Mr. Obama said. “I know many Americans share those concerns, but it is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe.”

On a crisp fall morning in downtown Lacrosse, where thousands of people gathered not far from the Mississippi River, Mr. Obama sought to explain the need for the economic rescue plan. The light applause from the audience, though, underscored the challenge facing both Mr. Obama and Senator John McCain as they prepare to vote for the bill in on Wednesday night in Washington.

Mr. Obama said the plan had been “misunderstood and, frankly, poorly communicated.” For the second day in a row, he devoted nearly an entire speech to explaining the plan, casting it as essential to warding off a crisis from rippling through the economy. He barely mentioned Wall Street as he presented his argument for the plan, portraying it instead as a necessary challenge for all Americans.

“This is not a plan to just hand over $700 billion of your money to a few banks,” Mr. Obama said. “If this is managed correctly, we will hopefully get most or all of our money back – we might even turn a profit on the government’s investment – everypenny of which will go directly back to you, the investor.”

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October 1, 2008, 12:04 pm

Obama Sells Bailout Plan to Skeptics

By Jeff Zeleny

http://thecaucus.blogs.nytimes.com/2008/10/01/obama-sells-bailout-plan-to-skeptics/?partner=rssnyt&emc=rss

LA CROSSE, Wis. – Senator Barack Obama intensified his efforts to rally support for the $700 billion financial bailout package on Wednesday, selling the idea to skeptical voters – and members of Congress – as a plan to “safeguard the American economy.”

“This plan is not perfect. Democrats and Republicans in Congress have legitimate concerns about it,” Mr. Obama said. “I know many Americans share those concerns, but it is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe.”