We need a game changing bailout plan

[mdmc]

not the paulson plan with lipstick on it

[lib2DaBone]

1. We have a practical-sensible -solution, the Kaptur/Dafazio Plan

But no one will listen to them because they are not employees of Goldman Sachs.

The no Bailout Plan

If we were to (1) implement a program to ease the fears of depositors and other general creditors of banks; (2) keep tight restrictions on short sellers of financial stocks; (3) suspend fair-value accounting (which has contributed mightily to our problems by marking assets to unrealistic fire-sale prices); and (4) authorize a net worth certificate program, we could settle the financial markets without significant expense to taxpayers.
Say Congress spends $700 billion of taxpayer money on the loan purchase proposal. What do we do next? If, however, we implement the program suggested above, we will have $700 billion of dry powder we can put to work in targeted tax incentives if needed to get the economy moving again.

The banks do not need taxpayers to carry their loans. They need proper accounting and regulatory policies that will give them time to work through their problems.

http://www.commondreams.org/headline/2008/10/01

[daa]

2. Professor Hubbard , Dean at Columbia

had a plan today. It needs debated, but unlike Krugman and all the rest saying we have to do something, Hubbard's plan actually addresses the problem -housing prices. It really should have been looked at closely instead of this Bail-Out, Sell-Out.