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August 19, 2018

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Obama, in Reno, calls for passage of Wall Street bailout plan

RENO --Sen. Barack Obama told a Reno audience that Congress needs to act on the $700 billion financial bailout plan, which failed Monday shaking the stock market.

"Because of the housing crisis, we are now in a very dangerous situation where financial institutions across this country are afraid to lend money. If all that meant was the failure of a few big banks on Wall Street, it would be one thing," he said. "But that's not what it means. What it means is that if we do not act, it will be harder for you to get a mortgage for your home or the loans you need to buy a car or send your children to college."

The speech, avoided any partisan jabs, beyond talking about changing the philosophy that "any common sense regulation is unfair." Thousands were on hand for the rally at University of Nevada, Reno.

During the 36-minute speech, that audience heard Obama stick largely to policy and avoid the rhetoric that would've been red meat for this crowd.

He said: "I know that many of you are anxious about your future and the future of this country. I realize that you are cynical and fed up with politics. I understand that you are disappointed and even angry with your leaders. You have every right to be."

"But despite all of this, I ask you to believe - believe in this country and your ability to change it. I ask you what has been asked of the American people in times of trial and turmoil throughout our history - what was asked at the beginning of the greatest financial crisis this nation has ever endured. In his first fireside chat, Franklin Roosevelt told his fellow Americans that '..there is an element in the readjustment of our financial

system more important than currency, more important than gold, and that is the confidence of the people themselves.'"

"Confidence and courage are the essentials of success in carrying out ourplan. Let us unite in banishing fear. Together, we cannot fail."

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