Agreed (4.00 / 1)

was impressed that the progressives tried to shrewdly present an alternative, it was the first such move I've ever seen.  The substance of the alternative and the coordination hasn't done it for us yet, but it's great to see some organization forming.

Agreed.  I really wanted to jump on the alternative plan bandwagon but could see no evidence it was better than the Paulson/Dodd proposal.  But I was very happy to see the attempt.

Someone really needs to formally introduce a capitalization/nationalization plan for a true alternative.  (Or better yet, my plan to provide the option of government purchase of defaulted loans and lease back to current occupant while setting a calculable, minimum value on at-risk mortgages.)

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by: Mark Matson @ Thu Oct 02, 2008 at 20:45:13 PM UTC

Republicans are now on board because of... tax cuts??!? (4.00 / 1)

So spending $700 billion that we don't have is not wise. I understand that. But it suddenly becomes a wise move if its coupled with tax cuts?

Apparently, we should only spend money that we don't have if we also take steps to decrease our income as well.

Bizarro world economics.

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by: Aaron Bonn @ Thu Oct 02, 2008 at 20:51:24 PM UTC

Paging Dr. Pavlov at the front desk (0.00 / 0)

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by: mcc @ Thu Oct 02, 2008 at 20:53:10 PM UTC

[ Parent ]

Sure, with goodies like this (0.00 / 0)

SEC. 503. EXEMPTION FROM EXCISE TAX FOR CERTAIN
WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.

(a) IN GENERAL.--Paragraph (2) of section 4161(b) is amended by redesignating subparagraph (B) as sub-paragraph (C) and by inserting after subparagraph (A) the following new subparagraph:

"(B) EXEMPTION FOR CERTAIN WOODEN
ARROW SHAFTS.--Subparagraph (A) shall not apply to any shaft consisting of all natural wood with no laminations or artificial means of enhancing the spine of such shaft (whether sold separately or incorporated as part of a finished or unfinished product) of a type used in the manufacture of any arrow which after its assembly--

"(i) measures 5/16 of an inch or less in 12 diameter, and

"(ii) is not suitable for use with a bow 14 described in paragraph (1)(A)."

(b) EFFECTIVE DATE.--The amendments made by 16 this section shall apply to shafts first sold after the date of enactment of this Act.

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by: Mark Matson @ Thu Oct 02, 2008 at 21:09:17 PM UTC

[ Parent ]

Credo action (0.00 / 0)

Credo action has a petition here in support of the progressive efforts.

The House leadership has no intentions of letting the No Bailout Act come to a vote, and we doubt a petition will change their minds. However, we want to give Rep. DeFazio and his allies some ammunition as they plead their case. Time is of the essence - the House will likely take up this matter very quickly after the Senate passes its bill. Sign this petition today to tell Rep. DeFazio that you support his efforts to provide a progressive alternative to the Bush Bailout. When he goes to the floor of Congress to plead his case, let's make sure he's got some ammunition.

"I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that."
-Lawrence Summers

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by: kbuck @ Thu Oct 02, 2008 at 21:03:40 PM UTC

Problem (0.00 / 0)

The problem is the No BAILOUT Act doesn't appear to actually be very good, perhaps worse than the one passed in the Senate.  If they put together a plan supported by most economists and/or put together a plan that focused on the homeowner side instead of the Wall Street side then I'd be much more supportive.

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by: Mark Matson @ Thu Oct 02, 2008 at 21:15:08 PM UTC

[ Parent ]

No plan helps struggling borrowers (4.00 / 2)

with all of the rhetoric about let's not just help Wall Street one would think that someones plan would include help for homeowners.  The problem is that no legislation introduced thus far has included forcing/mandating that the government entity who takes on this bad paper modify these loans so they are affordable to borrowers and keep folks in their homes. This would leave us with less foreclosed properties and more families continuing to pay their local property taxes.  Also no one has brought up that allowing judges in bankrupcy to modify loans has also been eliminated from the debate.  This is just crazy.  I have deep respect for DeFazio, Edwards, Cummings, etc, but when are working people going to actually be helped by our government?  Groups like ACORN, Center for Responsible Lending, etc have been making these demands for over a year and still nothing?

Where are Democrats and Progressives particularly at?

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by: sal @ Thu Oct 02, 2008 at 21:29:34 PM UTC

[ Parent ]