In Nevada today, Obama turned up the volume, reiterating his idea to increase the FDIC limit to $250,000, and suggesting that he would be taking on a more active and hands-on role in the days ahead.
"We must act and we must act now," Obama said. "We cannot have another day like yesterday."
"For the rest of today and as long as it takes, I will continue to reach out to leaders in both parties and do whatever I can to help pass a rescue plan," he added. "To the Democrats and Republicans who opposed this plan yesterday, I say -- step up to the plate and do what's right for this country."
As much as I didn't like the bailout bill that lost on Monday, I do recognize that we must do something. For those screaming, "NO! Let them fail!" that's all well and good for you, but the ramifications are far-reaching. How many of you own small business that rely on lines of credit to pay employees? Or are you employed by a small business owner who uses LOCs? How many of you have children who need a student loan to go to college? How many want to buy your first home or sell the one you have before it's foreclosed upon? All of these very common scenarios require loans and lending is at a standstill right now. Not to mention that lack of confidence in our fiscal situation is causing financial worries all over the world. It's a poison pill, but I believe we HAVE to do it, or suffer the same scenarios that our parents and grandparents did during the Great Depression.
I said yesterday that I hope that the Democrats use this opportunity to do a progressive version of the Shock Doctrine (i.e., pushing for legislation that rather than works against individuals' interests works for them), a concept that Digby agrees with me on. "Progressive Shock Doctrine"
As my readers know, I believe that the Democrats should make an aggressive argument for progressive policies and liberal principles. I don't mind someone saying they can work with others, but I do object to saying Republicans have good ideas when they don't. The radical policies that have led us to this moment have failed but somebody needs to tell the American people exactly why and offer them a clear alternative. This crisis is an opportunity to spell that out so clearly that there will be no question for a generation that these ideas are as toxic as an adjustable rate mortgage...read on
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The Republicans are going to fight any legislation, so let's make the next bill as protective of taxpayers as possible. Forget trying to be bipartisan; Boehner, Blunt and Co. don't understand the meaning of the word. Do the bill that should come from the Democratic Party and let the Republicans explain to the American people why they don't care.
Boztopia is collecting various progressive ideas for the bailout bill and issues that must be addressed.
So we need to inject liquidity into the system while at the same time preventing another "domino effect," where everyone flips out because one bank or investment house falls. That means bringing a new plan to the table, one that really protects investors and homeowners while guaranteeing that the money is spent much more wisely, with many more conditions attached.