Obama expresses some skepticism over Paulson's proposal

Obama seems to share some of my concerns about the administration's proposal to resolve the mortgage and credit crisis:

The era of greed and irresponsibility on Wall Street and in Washington has led to a financial crisis as profound as any we have faced since the Great Depression.

But regardless of how we got here, the circumstances we face require decisive action because the jobs, savings, and economic security of millions of Americans are now at risk.

We must work quickly in a bipartisan fashion to resolve this crisis and restore our financial sector so capital is flowing again and we can avert an even broader economic catastrophe. We also should recognize that economic recovery requires that we act, not just to address the crisis on Wall Street, but also the crisis on Main Street and around kitchen tables across America.

But thus far, the Administration has only offered a concept with a staggering price tag, not a plan.

Even if the Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering. And in return for their support, the American people must be assured that the deal reflects some basic principles.

• No blank check. If we grant the Treasury broad authority to address the immediate crisis, we must insist on independent accountability and oversight. Given the breach of trust we have seen and the magnitude of the taxpayer money involved, there can be no blank check.

Read the full statement here.

THIS IS A PARTICULARLY DIFFICULT CRISIS to resolve. No living leader has any experience dealing with anything similar to what we're facing today, and both Obama and McCain have a huge challenge in crafting a response to a problem that is, for now, largely a task for the Bush administration and the current Congress.

McCain, however, has a unique challenge: he has championed deregulation during his long years in Washington and voted in favor of the very legislation that has led us to this crisis.

McCain's current talk is more of the proverbial "lipstick on a pig." I can't afford a McCain White House. Neither can you.