There is a non stop flood of diaries and stories which all seem to imply the same thing: that the Democrats are capitulating to the Paulson plan.
While there certainly are not enough details regarding the 'compromise' and the transparency of these negotiations are lacking, I'm a little fed up that people keep talking about the compromise like there is no differentiation between the compromise and Paulson's original proposal.
When it first hit the press, criticisms of the original plan were wide ranging. The major criticisms included:
Too much money at one time;
Too little oversite / too much discretion given to the Sec of Treasury;
All the money is destined to be given to Wall Street;
Nothing for people who are in/approaching foreclosure;
The taxpayers receive no direct benefit;
No regulations were included as a bulwark to stem the tide of abuses;
Now as I mentioned above, there hasn't been enough information released on what the compromise bill looks like, but from what Barney Frank has mentioned, it seems as if there was no compromise. A better way to put it is that the Paulson plan was picked apart and no longer exists.
Some of the snippets on the details I have heard include:
The original amount is an agreed to framework, but the money will be released incrementally (not small enough increments, but increments nonetheless);
Many oversite provisions are included, and while the Sec of Treasury will still have a lot of discretion, he/she will not have the open checkbook that was originally called for;
No where near the same level of Wall Street give aways, much help coming for 'Main Street' and homeowners;
Tax payers will take an ownership interest in companies they bail out
Regulations are included, with more to come.
But none of this seems to have stemmed the tide of Democrats capping other Democrats in the knees through bitching about this like we are giving Bush/Paulson everything they wanted.
Nobody wants a "Wall Street Bailout," but now that Frank and Dodd have blown up Paulson's plan, nobody is asking whether the compromise plan is better described as a "Wall Street Bailout" or whether it is a sound plan designed to stem the financial meltdown and may help us from plunging into a Depression. Instead, too many are inclined to talk about this compromise like nothing has changed from Bush's original wish list of a plan.
Again, we don't know enough about the details to make a judgment either way, but I think we do a disservice to each other by talking about the compromise plan as if it is exactly the same as what Paulson originally proposed, and that is exactly what is going on, from Kos himself, to other front pagers, to a myriad of small to large diaries citing a myriad of sources.
Enough. Step back, demand information, get information, listen to informed opinions on information, make judgment. In other words, let's get back to thinking like Progressives, instead of flying off the handle like the very reactionaries so many are claiming our own Dem leaders are being.