The Crisis in the Credit Market

[arKansasJHawk]

Roughly 90 percent of the posters I've seen here on DU who support the modified-Paulson Plan keep coming back to the crisis with credit as the reason we MUST pass THIS bill NOW!

Seriously? This piece of shit is the only remedy? No one can even CONCEIVE of a better plan? If someone can convince me that's true, then I'll throw my lot in with the pro-Paulson bailout bunch.

[snot]

1. if you haven't already done so . . .

you might be open to giving this a rec: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4129714

[jpgray]

2. I think you're misrepresenting here--no one could conceive of a better plan that would -pass-

In a bipartisan fashion, that is. I don't think anyone was too thrilled about this particular plan on its merits alone. Now that the GOP is breaking away even on -this- bailout, I think the proper course is for a nice progressive bailout bill that champions the little guy and is red in tooth and claw with regard to the robber barons. That's something we can pass with pride as a caucus, if we're going to have to do so anyway.

[OneBlueSky]

3. 10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt . . .

I'm no economist, but most of these seem to make some sense . . .

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt:
Who says we need to borrow a trillion dollars to save Wall Street from its own excesses?
By Chuck Collins and Dedrick Muhammad, AlterNet
Posted September 25, 2008

http://www.alternet.org/story/100223

A Responsible Plan to Pay for Recovery: $900 Billion in New Revenue

1. A Securities Transaction Tax: $100 Billion

2. A Wealth Tax Surcharge on Households with $10 Million: $300 billion

3. A Corporate Minimum Income Tax: $60 Billion

4. A "Disgorgement" Recovery From Profligate CEOs: $40 Billion

5. An Income Tax Surcharge on Incomes Over $5 Million: $105 Billion

6. An End to Overseas Corporate Tax Havens: $100 Billion

7. The Elimination of Subsidies for Excessive CEO Pay: $20 Billion

8. The Elimination of the Tax Preference for Capital Gains: $95 Billion

9. A Progressive Inheritance Tax: $60 Billion

10. The Elimination of the Mansion Subsidy: $20 Billion

- more . . .

http://www.alternet.org/story/100223