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Time for restructure, not reform [Paulson II rant]
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odaraia
After I wrote this below, I learned that Jim McDermott voted against Paulson plan 2. I will write a thank you after posting this. But the rest of the argument stands.

I am outraged by Congress’s support of the Paulson plans both 1 and 2. My representative, Jim McDermott, had indicated last week he would not support Paulson 1, yet he voted for it earlier this week. The current bill just passed is outrageous, and I decry any justification for it.

It is not clear this "crisis" is anything but manufactured by the repeated fear mongering of the Administration. I would not be surprised if this bill discourages voters to show up at the polls, a strategy to assist the McCain campaign and the Bush Administration. A stimulus is not adequate: we don't need signals; we need economic justice. The Paulson plan is unjust and not sound economic policy. If liquidity is the real basis of this crisis, why is Congress not taking control of financial institutions, including socializing mortagages? Congressional leadership seems to want to stem the tide of trouble to wait for an Obama administration, but I have no such confidence in that, should Democrats win the election. Senator Obama voted for this bill. Shame on you all: fooled you thrice.

There is a real mistake when we jettison even the appearance of democracy. As a progressive, I believe now is the time to set a better stage for re-structuring the banking and investment system in this country. What Congress has just done, buying worthless Wall Street paper and not seizing control of the financial system, is fascism: there is no other way to describe it.

We need immediate hearings to investigate how the criminal Bush administration manipulated this crisis and "solution" to benefit, as Nomi Prins has described, Henry Paulson's allies and destroy his competitors (see the Nation, below). Progressives could provide leadership to get the advice of Keynesian economists and urge pensions be part of a new socialized entitlement system, including nationalized health care. I could support such programs to get the risk of retirement out of the hands of gamblers.


http://www.thenation.com/doc/20081013/prins

NB: The Seattle Times printed my previous post as a letter under the title, "Close the Markets": http://blog.seattletimes.nwsource.com/northwestvoices/2008/09/30/readers_react_to_the_federal_f.html


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