If we’re talking about policy mistakes with disastrous long-term outcomes, it’s hard to top the Iraq War for loss of life and the 2005 energy bill for threats to the planet.
In fact, we could be here all day if we set out to brainstorm all the horrible things to come out of George Bush’s presidency.
But it does seem like the proposed bailout of failing banks is a contender for worst Bush administration proposal ever.
Here are a bunch of links on the subject.
Paul Krugman of the New York Times is updating his blog frequently.
Senator Bernie Sanders: Billions for Bailouts: Who Pays?
Former Labor Secretary Robert Reich: What Wall Street Should Be Required to Do, to Get A Blank Check From Taxpayers
Bonddad: This is one of the worst bills to ever be proposed.
Robert Borosage: Financial Crisis: Time for a Citizens’ Plan?
Devilstower: Three Times is Enemy Action
Ian Welsh: How To Bail Out Ordinary Mortgage Holders And Not Just Banks
8ackgr0und N015e wrote a funny piece on one angle of this story that hasn’t received as much attention.
Two of Josh Marshall’s readers ask really good questions.
This post by Matt Stoller includes an excellent statement from Senator Hillary Clinton.
As far as I know, no members of Congress from Iowa have issued public statements about the bailout, but I will post them as they become available.
4 Comments
I called both
Grassley and Harkins offices this morning and left a message that Iowans want them to look carefully at this.
I also sent emails.
adeldem Mon 22 Sep 1:11 PM
thanks
This will be hard to stop, but the longer people take to look at the details, the better the chance of stopping it.
desmoinesdem Mon 22 Sep 2:38 PM
Rushing it
The way they are rushing the Bailout reminds me of the way they pushed the Patriot Act so quickly. It has one classic Bush point and that is his proposal doesn’t allow for oversight. It looks like one last chance for the Bush Chaney cabal to push one more thing through. The only result will be to enrich the friends of the adminsitration while we get stuck with the bill.
If this thing must pass. I don’t have much hope of the Democrats showing a spine. They haven’t for the last seven years. Then pay for the bailout by reinstating the estate tax. And go back to the pre Reagan tax schedule on people making over 200,000 a year. They are the ones that got the big breaks that caused this mess. Make them pay for getting out of it.
keith-nichols Tue 23 Sep 9:47 PM
the longer we delay
the better the chance of killing this proposal.
I don’t want the estate tax revenues to pay for this bailout. I want them to pay for better health care or other programs that will benefit large numbers of people.
I like Barney Frank’s proposals for how to pay for this bailout. If they are unacceptable to the firms, let them decline to participate.
desmoinesdem Wed 24 Sep 11:46 AM