George Bush wants taxpayers to give Treasury Secretary Henry Paulson a $700 billion blank check - $2,333 for every man, woman, and child - to bail out Wall Street for its reckless speculation and greed. That's on top of $1.1 trillion for Bush's other recent bailouts, including A.I.G., Fannie Mae, Freddie Mac, and Bear Stearns.
The Paulson Plan is a total outrage with no restrictions, no accountability, and no repair of the underlying problem of foreclosures on fraudulent mortgages. Each of Bush's previous bailouts was sold as a cure for the financial crisis, but each had little effect. The Paulson Plan achieves only one goal with certainty: stealing from the middle class to protect the rich.
The current financial crisis is the direct result of 28 years of rightwing Republican deregulation, corruption, and greed, which became fatally toxic under Bush-Cheney and the Republican Congress. When George Bush stole the White House in 2001, President Clinton handed him a projected 10-year surplus of $5 trillion. But Bush immediately gave $2 trillion in tax cuts to the wealthiest Americans, then wasted $1-3 trillion invading Iraq on the basis of lies. Now Bush demands Congress increase the national debt to $11 trillion.
Congress must reject Paulson's Plunder and enact a plan with these progressive principles from the Backbone Campaign:
A. The people who caused the problem or profited most should pay for it
B. Re-regulate to prevent this from happening again
C. Include Main Street in the bailout and invest in a new productive economy
The question is: "Stop Paulson's Plunder?".