Question of the Day

Anyone who thinks we should pass the $700 billion bailout bill as is needs to answer a simple question: How does handing over $700 billion to Wall Street help the economy any more than, say, handing over $700 billion to homeowners, or spending $700 billion on a New Deal-style full employment program?

In considering this bill, the burden of proof is on those who want to spend 5% of our entire economy on a gift to Wall Street. If you can't answer that simple question, then I would suggest the White House fearmongering - the same kind that we all bewailed during the lead up to the Iraq invasion - is inhibiting your ability to think clearly. And not a single supporter of this bill - not Paul Krugman, not Brad DeLong, not Nancy Pelosi, not Henry Paulson, not ANYONE - has been able to answer this very simple question. The only thing most of the proponents have done is make a substance-free political argument - that this is supposedly the "only thing that can pass," even though DEMOCRATS CONTROL BOTH HOUSES OF CONGRESS.

I'd say being able to answer basic questions should be a prerequisite for spending 5% of our economy.

Contact your member of Congress and ask them to go back to the drawing board and pass a plan that includes re-regulation, New Deal style economic stimulus, bankruptcy reform, homeowner aid and a speculators' tax.