The Trickle-Up Bailout

by Erik Larson | October 1, 2008 at 12:15 pm

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A People and public interest focused alternative to the Wall Street and Republocrat-backed no-strings attached hand over of $700 billion dollars to corporate criminals in exchange for their bad debts.

Call, email and fax your "representatives" and tell them to stop this bailout scam bill, and create an alternative that serves the People and upholds the Constitution: votesmart.org

The theory underlying the bailout plan stalled in Congress is that rescuing the finance industry will restore market stability and that the benefits will eventually trickle down to average Americans. Thus, solving the subprime mortgage crisis has morphed into a much larger challenge: reassembling the architecture of the financial markets, which seemingly requires giving the Treasury secretary nearly a trillion dollars and extraordinary latitude to pick winners and losers.

There is an easier and more politically palatable fix: Pay off all the delinquent mortgages.