Here's what I basically feel about it. Money does not trickle down. Urine trickles down. Vomit trickles down. And that's the basic problem with conservative economics that include low taxes, especially for the rich, and dereguation - the other 95% of us get pissed on.
Here's the thing. Money flows up. That's how the rich get rich. And with conservative economic plans they get even richer, in fact, the past 8 years has seen the greatest transfer of wealth from the middle class to the rich since the Golden Age.
Had they bailed out the homeowners in the beginning, the banks would've had the money to keep from going under. But now, the banks will for the most part stay afloat on the taxpayers' tab, (Which is why I'm for progressive taxes, when you mess up, you should be the one to pay to clean it up.), and people are still losing their homes. Genius, huh? Or does it make you wanna vomit?
This is what James Rucker of Color of Change has to say about it:
The Bush administration is finally paying attention to the disastrous state of our economy. They didn't act as many of us lost jobs, health insurance, and even our homes--with historic levels of middle-class Black wealth being devastated in the process.1 Now that Wall Street is wobbling, they're ready to come to the rescue, at our expense--to the tune of $700 billion.2
Bold steps are clearly needed, but the Bush plan is plain wrong:
It prioritizes protecting the corporations that got us into this mess, their executives and shareholders--while doing nothing to protect everyday Americans who've been overwhelmed with debt, which is the root of the problem.
It provides no accountability--giving the Treasury Secretary unlimited power to spend our money with no oversight from Congress.
There's a good chance it won't actually work. And when it doesn't, they'll be back looking for more money from taxpayers.
There are alternatives to Bush's plan, but he's pushing it through like it's the only choice. Democrats control Congress, which means they, not the Bush administration, can set the terms for this bailout. At this point, stopping the plan might come down to the Senate. Your senators need to know that we're paying attention, that we're not buying Bush's scare tactics, and that they shouldn't either. There was so info about contacting your Senator, but they were my senators and you need to contact your own. - No1KState
1. The Subprime Swindle, The Nation, June 26, 2008
2. "Administration Is Seeking $700 Billion for Wall Street," The New York Times, September 20, 2008
3. "Bridge Loan to Nowhere," The Nation, September 20, 2008
4. See reference 1.
5. "What Wall Street Should Be Required to Do, to Get A Blank Check From Taxpayers," Blog post by former Labor Secretary Robert Reich, September 21, 2008
6. "Lawmakers Left On the Sidelines As Fed, Treasury Take Swift Action," The Washington Post, September 18, 2008
7. "Democrats eye bailout--and more," Politico, September 19, 2008