I can't believe no one but Bernie Sanders has proposed taxing the rich to pay for the bailout. But, maybe this is all playing into Obama's hands.
I have been shocked none of the brilliant media analysts have discussed who should pay for this bailout. Taxing the rich, who both benefited from the market abuses and will benefit from the bailout, seems obvious (and makes it easier for the general public to stomach the open ended bailout). I guess in an election year, no one (but our Sen. Sanders) wants to propose a "tax increase" for anyone, no matter how rich. And the Dems never seem to have the gumption to actually confront Bush and make him swallow his tax cuts for the rich in order to get his wish of $700B to play with.
I have just figured out that this may be Obama's perfect plan. Get this bailout passed under Bushie, then come in as President and tell the American public we can't just be giving away $700B to the Wall Street and the wealthy without some way to pay for it. To pay for the bailout, the first bill he passes (with the Dem congress) is a repeal of the tax cuts for the wealthy. Taps into all this Main Street unrest and anger, shows his bona fides with the regular folk, and cements the Dem majority for the next 50 years (remember FDR and the New Deal?). Makes Rove want to hurl!
Then, after this reasonable taxation on the wealthiest Americans pays off the $700B, then we have a more reliable source of tax revenue to pay for the sensible investment in the green economy, health care, education, etc. Wow! The Change We Need for the Future!