Obama's bailout conditions

Today, Barack Obama outline 5 conditions for any economic bailout plan, and urged John McCain to support him in this bipartisan initiative.  This comes after McCain and Obama issued a joint statement.  

If McCain is smart, he will indeed endorse the points below.  Whether you are a democrat or a republican, you will agree that what Sen. Obama outlines below is necessary.

First, there must be oversight. We should not hand over a blank check to the discretion of one man. We support an independent, bipartisan board to ensure accountability and complete transparency.

Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers.

Third, no Wall Street executive should profit from taxpayer dollars. This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis.

Fourth, we must help families who are struggling to stay in their homes. We cannot bail out Wall Street without helping millions of families facing foreclosure on Main Street.

Fifth, we both agree that this financial rescue package should move on its own without any earmarks or other measures. We have different views about the need for other action, but this must be a clean bill.