Rather than take time to re-work and re-make this bill palatable to tax payers. What do they do instead? They rename the exact same bill the “Economic Slowdown Act” …or something along those lines. They then roll out two days later with a new sales pitch and a provision that increases the FDIC limit on bank accounts. This FDIC change does nothing to address the original concerns that the republicans had with the bill they rejected. It also doesn’t address the liquidity of the Mortgage foreclosures. The new bill has zero substantive changes as far as I can see. If I’m wrong I challenge them to explain all the changes that were made that address these two issues. The primary issues that the Republicans and the Tax Payers were trying to resolve are not being addressed. The Republicans were trying to get the Wall Street banks to pay for their own bail-out by forcing them to pay into an insurance fund similar to the FDIC but will guarantee home loans instead.
The other problem that I have with this is that the constant drum beat of fear mongering that we are in a dire crisis that can’t wait, even a few days in order to get this bill right. Instead Bush and the Fed are feeding the fire by truly making certain that his “modus operendi” be followed, which is Crisis mode. The American people remember the Patriot Act. The American People remember the rush into the Iraq War. The American People remember the Bush wire-tap legislation and his shredding of the constitution. The American people aren’t going to be fooled this time just because Wall Street calls it a “crisis.”
I propse that the American people be allowed to re-name this from the original name “bank bail-out package” to a new more representative name. I propose that we call it “Bush’s last power grab crisis bill,” then we let the congress vote on it.
Here is what Denis Kucinich has to say about it!
http://kucinich.us/index.php?option=com_content&task=view&id=2442&Itemid=1
