Sen. Barack Obama Speaks at Campaign Event in Dunedin, Florida

This Administration started off by asking for a blank check to solve this problem. To them, I say no. It is unacceptable to expect the American people to hand this Administration or any Administration a $700 billion check with no conditions and no oversight when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess. If the American people are being asked to pay for the solution to this crisis, then you have a right to make sure that your tax dollars are protected. That's why I've laid out a few a conditions for Washington.

First, we need to set up an independent board, selected by Democrats and Republicans, to provide oversight and accountability for how and where this money is spent at every step of the way.

Second, if American taxpayers are financing this solution, you should be treated like investors. That means that Wall Street and Washington should give you every penny of your money back once this economy recovers.

Third, we cannot and will not simply bail out Wall Street without helping the millions of innocent homeowners who are struggling to stay in their homes. They deserve a plan too.

Finally -- and this one is important -- the American people should not be spending one dime to reward the same Wall Street CEOs whose greed and irresponsibility got us into this mess. There has been talk that some CEOs may refuse to cooperate with this plan if they have to give up their multi-million-dollar salaries. I cannot imagine a position more selfish and greedy at a time of national crisis. So I would like to speak directly to those CEOs right now: Do not make that mistake. The enormous rewards you have reaped come with serious responsibilities to your workers and the American people, and we expect and demand that you live up to those responsibility. I will not allow this plan to become a welfare program for Wall Street executives.

Now, in the last few days, my opponent has decided to start talking tough about CEO pay. He's suddenly a hard-charging populist. And that's all well and good. But I sure wish he was talking the same way over a year ago, when I introduced a bill that would've helped stop the multi-million-dollar bonus packages that CEOs grab on their way out the door. Because he opposed that idea. I sure wish he joined me when I blew the whistle on the fired CEOs of Fannie Mae and Freddie Mac who tried to walk away with golden parachutes. I sure wish he felt the same outrage about CEO pay when his top economic adviser -- who he calls a role model -- walked away with a $42 million package after being fired from Hewlett Packard. I sure wish he would change his current plan to give the average Fortune 500 CEO a $700,000 tax cut at a time when millions of Americans are struggling to pay their bills. That's what I'd like to hear.

You see, the John McCain you've heard from over the last few days is a lot different than the John McCain who's been in Washington for the last twenty-six years. He talks about getting tough on Wall Street now, but he's been against the common-sense rules and regulations that could've stopped this mess for decades. He says he'll take on the corporate lobbyists, but he put seven of the biggest lobbyists in Washington in charge of his campaign. And if you think those lobbyists are working day and night to elect my opponent just to put themselves out of business, well I've got a bridge to sell you up in Alaska.