huffingtonpost.com — As we play pin the tail on the donkey for the betrayal of the free market, we must reflect soberly on how it was in fact an activist government that drove us into this cul-de-sac and attached a collective anchor to the ankles of Americans who were already treading water. Then let's be sure, as we swiftly move to implement our state-directed bailout, that we are—to quote Sen. Barack Obama on Iraq— "as careful getting out as we were careless getting in."
washingtonindependent.com — The financial storm arrives at an inopportune time in the health-care debate. With the economy in turmoil and a budget deficit likely to top $500 billion next year, many health-policy experts question how far either Sen. Barack Obama or Sen. John McCain could push their health-care plans.
In 2005, our co-director Robert Borosage warned readers about the travesty of appointing Christopher Cox to the Securities and Exchange Commission. more »
The Senate voted overwhelmingly to pass a bad bailout bill last night. Nothing to kick-start the real economy, except tax breaks for business. No help for homeowners.. No mandate for taxpayers to get shares in the banks that are bailed out. Virtual unchecked discretion for the Treasury Secretary to dispense $700 billion. more »
bloomberg.com — Treasury Secretary Hank Paulson's $700 billion bailout plan was one part robbery (with the banks doing the robbing) and one part accounting sleight of hand. No wonder House members rejected it. If the government wants to save dying banks before they take others down with them, it should choose the clean and direct path: Inject capital into them. Take ownership stakes in return. And, where that's not feasible, seize them and sell their assets in an orderly way.
The markets were already indicating the plan from Treasury Secretary Henry Paulson was inadequate. Rather than making further compromises with the conservatives who simply don’t get it, Democrats should put forth a plan that is far bolder and that deals with the real problems.
Anyone who thinks we should pass the $700 billion bailout bill as is needs to answer a simple question: How does handing over $700 billion to Wall Street help the economy any more than, say, handing over $700 billion to homeowners, or spending $700 billion on a New Deal-style full employment program? more »
The House has just voted down the $700 billion bailout bill. We have not yet seen the roll call, but the numbers suggest that a significant bloc within the Progressive Caucus on the left and the Republican Study Committee on the right held firm against the legislation. more »
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