Several points about the rescue plan

[nadinbrzezinski]

nobody who is honest about this is saying that it will stop this from happening, just will reduce the SEVERITY of it, big difference... we are in a recession... there is a difference from a light one, to a severe one, or even a depression.

Anybody who is honest is also telling you that this bill is far from perfect

And finally... this is JUST THE FIRST OF A SERIES OF BILLS that will have to come in the next two years or so... read this again, the first of a series of bills that will be required to address multiple aspects of this crisis... and each of them WILL HAVE to be laser sharp (and we need a majority that will allow them to pass regardless of the free market religious fanatics in the House in particular)

It depends on how much they hear from you (the american people, not specifically you) about the TYPE of legislation that they will pass... this includes taking to the streets and ahem hard core organizing.

This is one of those rare moments where we could and should get the type of progressive legislation that we need... but only if we demand it... and that is exactly what I am telling congress every time I call them. SInce I READ the damn thing I can also tell them in detailed form what I don't like about this bill and what I like about it (and there is precious little and some of that has gone away due to the negotiating with the Lucy congress)

But the alternative is to do nothing... and see a severe downturn.. one that may even FIT the definition of a Depression... 10% or more reduction in GNP. I'd take even a deep recession over a depression any day of the week and twice on Sunday...

Problem is that people are going on emotion, and I hate that we are at this point as well. I am angry as well... but have not let emotion take over instead looking at this as impassionately as I can.

[jflood1016]

1. THANK-YOU!!!

Finally some sanity to this issue!

[nadinbrzezinski]

2. Welcome to DU

:hi:

[Poseidan]

3. xoxoxo

From my understanding, banks will not provide loans because they are afraid the loans will not be re-payed. They already have too many bad loans made through their own bad decisions. The government wants to buy these bad loans, at the tax-payers risk, so banks will be able to make more loans (potentially more bad loans).

Wouldn't the tax-payer be better protected, and the economy be better 'rescued', through government lending institutions, which are only interested in protecting tax-payer dollars, stabilizing the economy and lowering taxes? Government institutions would not be prone to the same irresponsible lending which caused the current 'calamity'. The loaners and loaned who are at fault would suffer appropriately, as per the Universe dictates. All else would be rewarded, for doing nothing wrong.

[jflood1016]

4. There are options.

But in order to keep the situation from getting any worse we have to relieve the credit crunch and then we can deal with these bad mortgages. Once Obama is elected with the help of an expand majority in congress we could rebuild these mortgages to allow people to keep their homes and keep making payments. But none of this can be accomplished until we get them out of the clogged up credit market.

[Poseidan]

5. in fact

Giving tax-payer dollars to these bad companies would motivate them to make even more bad loans. The more bad loans they make, the more free government money they get.

[nadinbrzezinski]

6. That is why we need to bring back Glass Steegal and write

legislation to ahem regulate the living daylights out of them

[SouthToTheLeft]

7. Thank you very much!

We should work at trying to keep emotion out of our line of thinking over issues of this magnitude.

[nadinbrzezinski]

8. Welcome to DU by the way

:hi:

[ixion]

9. all we're doing is pushing the inevitable forward, and making the magnitude greater

when that inevitability finally occurs.

70% of our GDP is consumed with debt. It won't be long now.