Original found on Wall Street Journal.com
By KATRINA VANDEN HEUVEL and ERIC SCHLOSSER
The Bush administration has proposed the most expensive government spending plan in American history, allocating as much as $700 billion to a Wall Street bailout. The proposal was attacked by members of both parties, who immediately began negotiations to find an alternative. The Bush plan was not only a political blunder; it was also a complete repudiation of the administration’s own economic policies. It could not be justified by any of the core beliefs governing free enterprise and the free market.
September 30th, 2008 at 2:36 pm
Seems pretty simple to me. Just legislate maximum interest rates and terms for mortgages and other types of consumer debt so consumers can stand a chance of working their way out of their personal crises. The outfits who caused this mess will have to live with a limited revenue stream for a while but I suspect they will manage somehow.
The economy just needs time to recover under a much simpler, more stable structure.
See a little more at my web site.
October 1st, 2008 at 9:07 pm
Just imagine how many people you could employ with $700 billion dollars.
Let’s say if you wanted this money to last for 10 years of employment, you would have $70 billion per year, and if you created some decent medium-paying jobs, say about $35,000 per year, you could employ 2 million people for a decade. I doubt you would have that many people lose their jobs as a result of any Wall Street “meltdown.” Does everybody see the “big lie?”
October 2nd, 2008 at 10:01 am
Its interesting to me that 911 happened on Bush’s watch, and now this grand give away to the already mega rich, greedy white collar criminals happens on Bush’s watch, I cant help but think there are no coincidences and this administration surely has raped this country.