Will the Congress, including Democrats, simply roll over and give Bush and Paulson all they want? I'm quite concerned that they will. If you agree, and you have not been in touch with your representatives and senators in Congress, I urge you to contact them. Ask them to heed the voices of dissent to this particular plan, as they did not do in the run-up to the Iraq War, when they signed on to the Cheney/Bush misbegotten plan for "spreading freedom". I'm not saying that nothing needs to be done, but it seems to me that Paulson, a product of Wall Street, and Bush are handing us a poison pill to swallow.
From the New York Times:
As economists puzzle over the proposed details of what may be the biggest financial bailout in American history, the initial skepticism that greeted its unveiling has only deepened.
Some are horrified at the prospect of putting $700 billion in public money on the line. Others are outraged that Wall Street, home of the eight-figure salary, may get rescued from the consequences of its real estate bender, even as working families give up their houses to foreclosure.
Most economists accept that the nation’s financial crisis — the worst since the Great Depression — has reached such perilous proportions that an expensive intervention is required. But considerable disagreement centers on how to go about it. The Treasury’s proposal for a bailout, now being negotiated with Congress, is being cunveiling has only deepened.
Read the entire article at the NYT and ask your senators and representatives to hear those voices and not rush a bad bill through in a state of panic.
UPDATE: Yes, I am nagging you. Its important.
Done, Mimi! Thanks for the reminder...
ReplyDeleteI agree, it was the topic of my blog yesterday. We have been down this road before, and we are foolish to trust these nuts to tell us the truth. I want a whole lot of verify with my trust these days, and plenty of oversight.
ReplyDeleteThank you, Doxy and AFA. I was beginning to think no one else cared.
ReplyDeleteI've emailed and signed an online petition. I don't know if it will help.
ReplyDeleteRuth, we don't know if our small efforts help, but I believe we must do what we can do.
ReplyDeleteI'm pleased to note that my Senator (I don't acknowledge the other one) is leading the Senate opposition to this rush job.
ReplyDeleteJohnieb, I know that Chris Dodd is doing his job. I wouldn't have minded having him as a candidate for the presidency, but it was not to be. I don't mention the name of the other senator either. I hope that he jumps parties. He's a disgrace to the Democratic party.
ReplyDeleteWhen is That Man up for re-election? And how much support has he got back home?
ReplyDeleteThat man was just reelected (thanks to overwhelming Republican support) in 2006, so we are stuck with him for way too long.
ReplyDeleteDodd is saying the right things for now, but he also promised to stop telecom immunity, so it's hard to have a lot of hope. As soon as the Democratic congress passes a bailout bill, whatever its final provisions, Republicans will use it against them in the election.
Doxy, I'm afraid that man will be in the Senate for a long time to come.
ReplyDeleteCWS, I know that Dodd has made mistakes, but we have to try to work with what we have and, when they do the right thing, give them support. The Dems may yet give Bush too much. I see that the FBI is investigating Fannie Mae, Freddie Mac, and Lehmann. We shall see.