Following the whirlwind of being elected to the highest position in the country, and the all the pomp and glamour that comes with the office, some people have woken up one day and asked themselves: “what happens to us now?  Where will the Obama Bailout plan take us now that he is in power?”

While these people ponder the ultimate effect the much-vaunted bailout plan will have on them and their lives, some people decided to go back and contemplate US President Barack Obama’s supposed “promise” last year just before he got the Presidency.  A look back to October of last year reveals that President Obama said his chief priority, if elected, would be protecting tax dollars, and that he would demand a full review of the $700 billion rescue plan to make sure that it is working for taxpayers.

The bottomline here being his promise to review the plan if he becomes president and pledge that taxpayers would never again have to put their money on the line to pay for the irresponsibility of Wall Street executives.

President Obama issued this statement at a crowd of more than 15,000 all huddled during a chilly October morning last year in La Crosse, just near Wisconsin’s border with Minnesota:  “If you, the American taxpayer, are not getting your money back, then we will change how this program is being managed. If need be, we will send new legislation to Congress to make sure that taxpayers are protected in line with the principles that I have put forward”.

President Obama mentioned the apparent need to reign in spending in Washington, to be done in part by increasing government efficiency and ending the war in Iraq.  The president also emphasized that the idea he proposed, raising the FDIC cap to $250,000 from $100,000 proposal, was included in the bailout plan and again called on members of both parties to support the legislation “even if it’s not popular” for the good of the country.

So in all of this, where does the Obama Bailout Plan stand now?  And where does that put the greater American public that is in dire financial straits because of the recession?  Right now, it put everyone and everything in limbo, because the wheels have just barely started turning, and it remains to be seen if the greater American public is set to sleep inside refrigerator boxes and under bridges, or if they stand to retain whatever little roof they have over their heads.  Let us all hope it is the latter rather than the former.

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