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Alternative Solution To US Financial Crisis: De Fazio’s NO BAIL OUT BILL
Friday, October 3rd, 2008 @ 10:59 am | You think so
No it’s not a bill sponsored in congress by a character from a situation comedy it’s sponsor is Peter De Fazio from the Fourth Congressional District in Oregon.
In a message to his colleagues in the House of Representatives De Fazio quotes Simon Johnson, a former chief economist of the International Monetary Fund who said in the New York Times of Paulson’s plan, “Our view that this package, in a fundamental sense, will not solve the problem.”
Representative De Fazio then stated:
“We have credible alternatives to the Paulson/Bush $700 billion gamble. William Isaac, the chairman of the FDIC during the previous worst financial crisis in the United States during the 1980s, believes Congress can address the current crisis with simple changes to Securities and Exchange Commission (SEC) rules. Mr. Isaac points out that while we face serious financial challenges today, many banks are still in good shape. This allows Congress to take swift, uncomplicated steps to ensure the financial markets return to working order. After that, we can work to resolve the housing crisis and pass effective job stimulus”
Peter De Fazio’s No Bailout bill can be found here.
BTW we think his bill is a good idea…apparently so do co-sponsors Representatives Donna Edwards, and Elijah Cummings, both Democrats from Maryland along with Representative Marcy Kaptur a Democrat from Ohio. They all say they will vote for De Fazio’s No Bailout bill.
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