There is only one strategy that will reverse the meltdown ... in my opinion ... and the sooner we get there, the better.
It is following Ireland's lead (as I understand it anecdotally) and put the full faith and credit of the United States behind our banks and their issuing of debt -- at least home mortgages. Something like the way the FDIC works ... with adequate regulation ... and having ENOUGH fees to pay for any losses ... AND an experience rating system so banks that make faulty loans are charged higher fees.
Our home mortgages are the strength of our communities, hence an underlying pillar of our nation. And the combined economic strength is more than enough to recover from the greed of Wall Street ... without paying those criminals one more penny in bailout money.
Now the caveats/disclaimers: I do not think it will be as simple as that ... but I am writing in the bloggosphere trying to provoke thought ... to encourage tossing anything related to Secretary Paulson's bailout plan on the dung heap and then working something out around the Ireland plan.
I will be emailing my Congressperson, the Honorable Donald Payne, and asking him to vote "NO" on this bailout bill, noting that I have strong opinions on it.
It is un-American to cave with a gun to our heads.
Let's see if we have the grit to get this right.
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