American voters went to the polls in unprecedented numbers on November 4 and elected Illinois Senator Barack Obama to the American presidency.

President-Elect Obama has referred to the $700 billion price tag for the financial and automotive bailout as staggering. He has said that the final product must protect the American public. He added that there will be a definite commitment for new regulatory reforms. In recent days, Mr. Obama has laid the blame for the Wall Street crisis at the feet of President George Bush as well as policies favored by John McCain, his opponent in the November 4, 2008 election. Mr. Obama cites the financial policies of the Republican Party for the disaster that has hit Wall Street as well as Main Street.

The $700 billion bailout legislation began being discussed by the American Congress and the administration of George W. Bush.

Many economic advisors view this financial crisis as the worst since the Great Depression of the 1930's. The bailout legislation would allow the United States Treasury to buy up bad mortgage related debts from financial institutions (including U.S. affiliates of foreign banks). The hope is that the bailout will help stave off the negative ramifications of the financial decline.

President-Elect Obama has stated that so far the Bush administration has only offered the price of the bailout not the provisions of a plan. He has hopes that the institutions helped by the bailout would somehow return the funds given them. Obama feels that the American public should be informed using "basic principles of transparency, fairness and reform."

Written by Sandra Pianin