Obama says financial bailout necessary
WASHINGTON (AP) — Barack Obama says bailing out Wall Street bankers is necessary to keep the U.S. economy from crumbling even further and taking American workers down with it.
In a statement Sunday, the Democratic presidential nominee said, "regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security."
Obama says he pressed for several provisions that were in the agreement, including oversight by an independent board and measures to help homeowners stay in their homes.
He said that when taxpayers are asked to take such an "extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration. But this step is necessary."
Obama said that if he's elected president, he'll order a review to ensure the plan is working.
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