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Attempt to create a “NO BAILOUT” plan

KW: I need time to study this, collect ideas, and decide what I think. For now, here is the link and an excerpt for those of you following the bailout story:

found at Common Dreams
published in The Nation, October 1, 2008
The “No BAILOUTS Act”
by John Nichols

…Oregon Congressman Peter DeFazio says, correctly, that the problem with the Democratic speaker’s bailout measure, which the House rejected by a 228-205 vote – with progressive Democrats joining fiscally conservative Republicans to say “no” – is that it “is still built on the Paulson-Bush premise.”…

“We can do better,” says DeFazio. “We should start again on a new package.”

That’s exactly what the Oregon populist is doing with a new proposal, the “No BAILOUTS Act” (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security). Introduced Tuesday with co-sponsorship from some of the most outspoken critics of the Paulson machinations – including Ohio Democrat Marcy Kaptur, a leader of the anti-bailout movement in Congress – the measure would impose a securities tax equivalent to one quarter of one percent of profits and empower the Federal Deposit Insurance Corporation to deal more effectively with bank failures.

The plan is based on a proposal made last week by former FDIC chair William Isaac…

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