Paul Krugman is all over the place, in terms of teevee, blogs. Ravi Batra is another economist, but one I only hear from when I listen to Thom Hartmann. He hates the bailout:
The current problem is not with banks and financial institutions, but in the housing market. So the remedy should be applied there and nowhere else. There should be a partial bailout of harried homeowners who cannot pay their mortgages. They should be penalized somewhat for their reckless borrowing but still rescued for the sake of the economy. If homeowners are able to make timely payments for their home loans, the banks will be paid and their loans will be secure. The banks will have a healthy balance sheet and will not need any rescue. The housing-market will also stabilize. If some banks still fail, then the FDIC will come to their rescue. The total cost of the home-owner bailout will be less than $500 billion, a fraction of what the government has promised to spend on its multifaceted bailoutsâ€”Bear Stearns, Freddie Mac, Fannie May, AIG and now the entire financial sector.
Whenever a crisis appears, Wall Street jumps to the front row to profit from it. America, wake up and say no to the worst plan yet devised for crisis profiteering.
I hate it too, because as Batra explains, it's aimed at the wrong problems/place. It's really simply more of the same thing: Trickle down.
The thing is this: We've been here before. Not literally we, but the country. If Nancy can't find the answers in her cleavage, she should look in one of her grand kids' history books. Under: Great Depression; Franklin D Roosevelt; New Deal.
Recovering from the continued rapings of the past 8 years -- 28 years actually -- is not going to be easy or pretty. Whatever bill finally gets passed is going to have to address bankruptcy re-reform, banking re-reform and keeping people in their homes. Pelosi's not to blame, as Boner and his minions claim, because her speech wasn't nice enough. She's to blame for once again, not sticking true to Progressive, Liberal, Democratic principals and putting together a bill for the PEOPLE of this country. She needs to learn that "the country" is not some nebulous idea that's the product of a good buzz. "The country" is its people.
Oh.... and Senator Morain, stop blaming Obama while you're telling us that this is not the time for blame. I sense a disconnect there. Like between brain and mouth.