...the Paulson bill won't solve the problem, but will only push it back 6 months or so, at great cost to ordinary taxpayers. If the Paulson bill isn't defeated we're going to be back here again, a lot poorer, trying to do this right.
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This is good journalism because it presents the back-story that the headlines overlook: two new bills that deal more directly with the causes and issues involved in the "Bail-out."
While all eyes are focused today on the Senate, two competing but incomplete progressive responses to the financial crisis are being crafted in the house. Ian Welsh, who has been writing a series of blogs on the Bail-out for Firedoglake, gives us an update on efforts to address the real problems in a way that bails out Main Street rather than Wall Street.