A Sane Fix to the Economy

It sure sounds like Congressman Tom Udall has a solid grasp of how we should proceed to fix this economic crisis on Wall Street so that it benefits Main Street Americans. I can agree with all of his requests.

"The Administration's proposal, as it has been presented to Congress, needs significant changes.

First, any plan that puts taxpayer money at risk must ensure that taxpayers get paid back before shareholders, bondholders or executives—so that corporate CEOs do not get a golden parachute while taxpayers are left to pay the bill.

“Additionally, Congress should act further to keep Americans in their homes by addressing the crisis in the mortgage industry as well as the one in the financial sector. Any economic package that allows tens of thousands of Americans to lose their homes is simply inadequate.

“Finally, there must be accountability. If we invest taxpayer dollars to protect our financial markets, we should make sure that money is spent effectively and efficiently, with proper oversight and accountability. No administration should be given unlimited authority over the spending of $700 billion or more of taxpayers’ dollars. Any bailout plan needs to ensure that those managing the bailout are responsible to Congress and the American people.”

I think Americans will back Democrats in Washington if they also stand behind a bill that would ensure these types of controls on Wall Street. I for one am glad that Congressman Udall was willing to take the time to carefully understand the issues and support changes that would protect homeowners and the voting public.

The voting public should demand that President Bush not be allowed to shove us into a bailout plan that has little to none of the protections that Congressman Udall is requesting. We listened to President Bush (Bust) once before and look where it got us. Why should we now listen to anything President Bush or his administration has to say on this issue? We need to hear from leading Economic individuals that are not directly controlled by the Bush Administration to clearly understand the options available to us at this moment in history. No sane person would ever be forced into a snap judgment when it come to large amounts of money personally so why would we allow President Bush to force us into one that will require billions of our hard earned tax dollars.