Any bailout bill must allow struggling homeowners to modify their mortgages
in bankruptcy court. Mr. Paulson should drop his opposition now. If he won’t,
Congress should insist on the bailout for homeowners.
Except that Congress is almost half Republican and Republicans oppose any plan to allow bankruptcy judges to modify mortgages to help homeowners.
Look out today for what could be a major bloodbath on Wall Street. With Bush's own Republican House members in open revolt against his bailout plan, there is no "agreement" and so we''re back to the real risk that our financial system could collapse Great Depression style. This is what we've come to with the era of Republican sponsored reliance on the market, combined with deregulation. Thank Ronald Reagan, who got the "government is the problem" ball rolling, and the two Bushes, especially Junior, whose tax giveaways to the rich and whose war of choice in Iraq has run the county's debt to record proportions. Meanwhile Americans still continue to support John McCain, according to the most recent polls. They haven't suffered enough, apparently, and want a third Bush term.
What we're seeing may be an American fall of the empire.
Jim
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