Only a Stop Gap Bill Now.....
..........and Real Recovery Plan, under a new Democrat Administration led by President Obama.
Stop Gap Bill...with a limited Funding Limit...say, $250B (as per the latest Bill now being worked on) together with the controls now proposed, including equity. This Stop Gap Bill will provide enough cash into the markets over the next few months.
In January or February..... under President Obama's leadership, with a Democrat Senate and Democrat House....we can amend or supersede the Stop Gap Bill with a new, more encompassing, Recovery Bill. The Bill next year will not be influenced by the officials, elected and appointed, who created this mess (read: Republican Administration, Republican Senators, Republican Representatives and the many Republican Federal oversight agency appointees).
Can we all agree on these three things?
- That there is no way to come up with a "Good, or Well thought out, Bail Out PLan".... within a few days or even a couple weeks. Let's all accept that that is an insane undertaking.
- But without a decision to supply an immediate cash influx in the markets, we are told the markets will rupture to an extent that will "severely" hurt most of us Americans; and therefore, doing nothing, is not a good choice.
- In one month we expect to have elected Senator Obama as our President and want him to lead our Country. We really would like him to propose how best to both support the financial markets, as needed, and how to start rebuilding our American economy and infrastructure. And he will be supported by a Democrat controlled House and Senate, that will not be lobbying President Obama for old Crony and big business giveaways.
The Logical Conclusion is:
STOP GAP BILL ONLY FOR NOW
We should all support Congress to agree right now to a simple STOP GAP BILL.... to put up some cash (say, $250 billion, as envisioned by the latest plan), with controls, as already agreed, and with real equity stakes. (This is enough cash...even Paulson agrees it would take at least six months to get all of the requested $700B invested in the market.)
In doing A Stop Gap Bill now, we will be addressing the immediate cash needs of the cash strapped markets, in a responsible way.....
AND LET OBAMA AND DEMOCRATIC CONGRESS DECIDE THE REAL RECOVERY PLAN
Lets allow the bulk of the Bail Out Recovery Plan to be developed by President Obama and a Democratic Senate and Democratic House.
We need to allow the next President ( It will be Senator Obama....but let Republicans dream it will be McCain...that's ok) ... allow President Obama to start his Presidency by constructing and implementing a well thought out recovery program of his own....rather that be burdening him, a few weeks before we elect him, by a Republican influenced plan that he can not fully support.