[lbo-talk] bail out: four "european" questions

John Gulick john_gulick at hotmail.com
Tue Sep 30 05:40:53 PDT 2008


BOC comments:

One notable objection to the current bill comes from the Congressional Black Caucus, who rejected it as a bloc due to the lack of bankruptcy protections for workers.

JG replies:

I am sympathetic to the position that given the imminent paralysis of inter-bank overnight lending, and given the sad landscape of political realities, voting aye on the shitty bailout bill is not tantamount to treason. But existentially speaking I can sure understand why the CBC wouldn't go for it... the discriminatory lending/subprime mortage/housing collapse debacle has wiped out more net worth in the black "community" (sorry Doug) than any time since the end of Reconstruction... isn't that right?

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