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Basically the Robert Reich proposal, as written for a political speech.  In fact, it actually looks like it's ripped straight from Reich:

First, there must be no blank check when American taxpayers are on the hook for this much money.

Second, taxpayers shouldn't be spending a dime to reward CEOs on Wall Street.

Third, taxpayers should be protected and should be able to recoup this investment.

Fourth, this plan has to help homeowners stay in their homes.

Fifth, this is a global crisis, and the United States must insist that other nations join us in helping secure the financial markets.

Sixth, we need to start putting in place the rules of the road I've been calling for for years to prevent this from ever happening again.

And finally, this plan can't just be a plan for Wall Street, it has to be a plan for Main Street.

So, basically, (1) and (3) taxpayers get a share in the equity, (2) compensation reform, (4) courts can modify home loans, (5) (blah)allies(blah)foreign policy debate on Friday(blah), (6) regulation.

Now we'll see if he and the congressional leadership hold up when the Blue Dogs come to kneecap them tomorrow.  I think there's likely to be a fair number of Republicans who won't support this, at least in the House, so perhaps it balances out the Blue Dogs.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Sun Sep 21st, 2008 at 02:43:42 PM EST
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