As I read John Nichols’ description of the Pete DeFazio bailout alternative, I think —
“Where’s the beef?”
Let’s look at a few of Nichols’ touting points:
• SEIU endorsed it? Given Andy Stern, this could be a negative;
• As I’ve blogged elsewhere, former FDIC head Bill Isaac is on record as saying that the idea of an actual pool of FDIC insurance money is a myth without a lockbox;
• There’s no mention on how much, if at all, banks would be charged to expand FDIC insurance limits to $250K.
It’s better than the Pelosi plan, but nowhere near enough.
I’ll have a link to my professional take on this available later; hint: think “special prosecutor” as part of what we really need.
A skeptical leftist's, or post-capitalist's, or eco-socialist's blog, including skepticism about leftism (and related things under other labels), but even more about other issues of politics. Free of duopoly and minor party ties. Also, a skeptical look at Gnu Atheism, religion, social sciences, more.
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As seen at Washington Babylon and other fine establishments
October 01, 2008
DeFazio bailout alternative ain’t all that
Labels:
lenders' bailout
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