Obama Speech on Senate Floor: Transcript (10-1-08)

This Obama's speech on the Senate floor arguing in favor of the bailout package. Read the complete transcript.

Now, the fact that we’re even here voting on a plan to rescue our economy from the greed and irresponsibility of Wall Street and some in Washington is an outrage.

It’s an outrage to every American who works hard, pays their taxes, is doing their best every day to make a better life for themselves and their families.

And understandably, people are frustrated and they’re angry that Wall Street’s mistakes have put their tax dollars at risk. And they should be. I’m frustrated and angry, too.

But while there’s plenty of blame to go around -- and many in Washington and Wall Street who deserve it -- all of us -- all of us have a responsibility to solve this crisis, because it affects the financial well-being of every single American.

There will be time to punish those who set this fire, but now is not the time to argue about how it got set, or did the neighbor sleep in his bed, or leave the stove on. Right now we want to put out that fire, and now’s the time for us to come together and do that.

When the House of Representatives failed to act on Monday, we saw the single largest decline in the stock market in two decades.

Over $1 trillion of wealth was lost by the time the markets closed. And it wasn’t just the wealth of a few CEOs or Wall Street executives.

The 401(k)s and retirement accounts of millions became smaller. The state pension funds of teachers and government employees lost billions upon billions of dollars. Hard-working Americans who invested their nest egg to watch it grow saw it diminish and in some cases disappear.

And while that decline was devastating, the consequences of the credit crisis that caused it will be even worse if we do not act now.

We’re in a very dangerous situation, where financial institutions across this country are afraid to lend money. And if all that meant was the failure of a few banks in New York, that would be one thing, but that’s not what it means.

What it means is, if we don’t act, it will be harder for Americans to get a mortgage for their home or loans they need to buy a car or send their children to college.