Thursday, September 25, 2008

How About This Plan, Mr. McCain?

I wonder of John McCain will deign to debate if the following is the plan passed to save the economy? (Or, is it just that the elderly senator from Arizona is too old to call up enough gumption to multitask during times of crisis?)

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt, By Chuck Collins and Dedrick Muhammad

Who says we need to borrow a trillion dollars to save Wall Street from its own excesses?

As Congress debates the particulars of the Bush-Paulson bailout, one key question has gone largely unexplored: Who will pay for this mess?

Lawmakers in Congress appear to have assumed that the federal government will simply borrow more money to foot the bill for the bailout. The national debt ceiling will rise to a whopping $11.3 trillion, up from $8 trillion a year ago.

But this rush to borrowing merely shifts the bailout burden onto the backs of future taxpayers. Congress needs to change course -- and develop a "pay as we go" plan that makes Wall Street pay.

The lion's share of bailout funding should come from the high-finance gamblers and the wealthy CEOs who have so profited from our casino economy.

Read the full article here:
http://www.alternet.org/workplace/100223/?page=entire
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