Barack Obama's speech in Reno, NV

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This is no longer just a Wall Street crisis – it’s an American crisis, and it’s the American economy that needs this rescue plan. I understand why people would be skeptical when this President asks for a blank check to solve a problem. I’ve spent most of my time in Washington being skeptical of this Administration, and this time was no different. That’s why over a week ago, I demanded that this plan include specific proposals to protect American taxpayer – protections that the Administration eventually agreed to, as well as Democrats and Republicans in Congress.

First, I said we needed an independent board to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, I said that we cannot help banks on Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Third, I said that I would not allow this plan to become a welfare program for the Wall Street executives whose greed and irresponsibility got us into this mess.

And finally, I said that if American taxpayers are financing this solution, then you should be treated like investors – you should get every penny of your tax dollars back once this economy recovers.

You can read the full speech here.