Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
So Monday the House shot down Paulson's S.O.S.  During WW II that is what G.I. called glop on toast at the mess hall: Shit on a Shingle!  So now the Senate opened up the sandwich, vomited on it and sent it back to the House.  I hope the blue dogs are good to their word and refuse to again vote for it with added, un-paid-for tax cuts as "appetizers" for the Republicans.  Let the Republicans take their bite of the original poisoned apple or let the fires burn.

The Congress and the Administration are playing Kabuki Theater on this.  The Paulson Plan does nothing to save the real economy.  Even with the new money most of these institutions still have losses to come and will just hold onto whatever new capital they get instead of making loans against it.  The plan is fundamentally dishonest, does nothing for the real economy and is almost entirely directed to those who got us into this mess.

If Congress and the Administration are truly concerned about lack of commercial, consumer and real estate credit they should address that directly.  A good start would consist of creating new, uncontaminated banks backed with whatever was going to back Paulson's $700 billion bail-out.  I have bored everyone over and over with that plan. But I will keep bringing it up until someone shows me something seriously wrong with it.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Oct 2nd, 2008 at 01:06:11 PM EST

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