Obama Outlines 4 Principles for Bailout

Paulson, Bernanke, and Cox received a deservedly skeptical reception on Capitol Hill today, which is hardly surprising considering the Bush Administration's drunken sailor response to blank checks with no oversight. In a press conference today, Obama outlined four principles the bailout package must meet:

1) Prevent taxpayer dollars from being used to pay Wall Street salaries or bonuses;
2) Establish a bipartisan, independent board to oversee the use of funds;
3) Ensure an equity stake for the government/taxpayers in any firms assisted; and
4) Provide assistance to families struggling to pay their mortgages and stay in their homes.

Obama also proposed a "Financial Stability Fee" to recoup some of the costs of the bailout after the crisis has subsided, but did not provide further detail.