[lbo-talk] House rejects bailout

[Gar Lipow]

On Mon, Sep 29, 2008 at 8:31 PM, Doug Henwood <dhenwood at panix.com> wrote:
>
> On Sep 29, 2008, at 10:52 PM, Gar Lipow wrote:
>
>> Even in the short run there are more progressive ways to deal with
>> this than just modifying Paulson's crap.   FDIC expansion,
>> Nationalizing the Federal Reserve and turning it into a Bank of the
>> United States that grants the kind of credit we need.
>
> You're kidding, right? With this Congress? Or even the next one?
>
> Doug

http://www.prospect.org/cs/articles?article=what_now_08

Robert Kuttner in left-bashing pwog magazine American Prospect


>The Democrats should write a bill that includes:


>    * An RFC-style agency to have the government take over or take major equity positions in failing banks.
>    * Direct refinancing of threatened mortgages, on the model of Roosevelt's Home Owners Loan Corporation.

 >   * Extension of FDIC guarantees -- and standards -- to other
financial institutions, with government takeover if they fail.

 >   * A small transfer tax on financial trades to pay for a lot of
the cost of recapitalizing Wall Street.

But I guess this is unrealistic never-never land brain-dead
anti-elitism that is way to far to the left for us to support.  (And
before Carrol snorts too hard at the phrase "The Democrats should",
remember these are hard core partisan supporters of the Democratic
party who raise money for it, who are wholly embedded within it. )