Monday, September 29, 2008

The Bailout Plan: Problems and Solutions


First off, going of off David Sirota's lead the original plan was flawed. Reading reports from him, Kenneth Galbraith, and Paul Krugman, progressives with much more info than me were not particularly happy with the plan (though Krugman said he'd take it if he had absolutely no other choice). Having said that this is what Sirota suggests are:


1) The top 5 problems with the plan. My favorite being, if you could spend 700 billion to help the economy in any way possible, would it really be on this!?

2) A responsible plan that saves the credit industry and ensures homeowners are saved (remember, progressives had the highest percentage of opposition to the plan of all the Democratic caucuses).


Now, as to the question of why the plan in its proposed form didn't pass is concerned all I have to say is "Are you kidding me?". The Democratic and Republican leadership agreed to each provide at least half their party members for yes votes. Democrats exceeded the amount they committed to and Republicans didn't because they said that Nancy Pelosi gave a partisan speech when arguing for the plan. What a bunch of crap. Speeches were given all morning from both Democrats and Republicans criticizing each other and we're supposed to believe that her speech just hurt their feelings too much? Oh, please. Spare me.

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