Wm Greider/The Nation on bailout --

[defendandprotect]

The Nation Economics U.S. Economy

Political Turmoil as House Rejects Bailout

The essential political failure, in my view, is that Congress did not step up and assert the full emergency powers of government in this epic crisis, that is, take temporary control of the entire financial and banking system so regulators and policy makers can steer the US economy to safer ground, compelling the private institutions to follow their lead. This rescue plan remains essentially voluntary. Yes, the Treasury Secretary would be awarded gargantuan personal powers, but there is not much in writing to compel the banking behavior of private interests he chooses to rescue them. One assumes Paulson will demand some private deals and use his enormous leverage to squeeze anyone who resists. But there is nothing to guarantee this path is taken. The bailout will belong to the club and the club will manage it.

http://www.thenation.com/doc/20081013/greider3

[ihavenobias]

1. Thanks for posting!

:)