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September 23rd, 2008
07:00 PM ET

Give Main Street a fair shake

Treasury Secretary Paulson testified before the banking committee Tuesday.

Treasury Secretary Paulson testified before the banking committee Tuesday.

Katrina vanden Heuvel
Editor, Publisher, The Nation

The Administration has put a corporate-led bailout on the table with the threat that Congress pass it as is or face a worldwide economic catastrophe. We've seen this kind of shock and awe, do it our way or else, fear mongering before. Yes, action is needed, but that action must be smart, just and effective. Action must ensure that this taxpayer-funded rescue doesn't reward the very people on Wall Street who created this mess while shafting the needs of Main Street.

The President, the Federal Reserve, SEC and Congressional committees responsible for regulation and oversight failed to act in the public or national interest and allowed this economic meltdown to reach crisis proportions. It's ironic that the same people and firms that preached free-market capitalism are the ones now demanding a speedy taxpayer bailout.

This bailout should be seized as an opportunity to start addressing the real economic crisis–the one on Main Street–where the struggle to make ends meet is increasingly more dire in an economy marked by job losses, crumbling infrastructure, the lowest levels of personal savings since the 1920s, Gilded Age inequality and the highest level of foreclosed homes since the Great Depression.

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Filed under: 360° Radar • Economy • U.S. Federal Reserve
soundoff (One Response)
  1. Richard B.

    You know if I ever was wondering who I was going to vote for. I think I got my answer today. I now know who'll answer that 3AM call for me. And it's Sure Isn't OBAMA. When he said " well I don't need to stop what I'm doing if I'm needed my party will call me. What ever happen to being there and not getting told over the phone and must be he feel's he doesn't need to be there on the front line to get the job done. No, like all the rest of the time he voted present but this time not present. I guess his buddies will tell him how to vote hope they tell him how to be President too. Like I said I can see McCains got my back and is willing to make sure my Country doesn't go under and my family and I can rest better when he becomes our NEXT PRESIDENT and since he stopped everything and went to Washington to do his job well then that also tells me he knows who to pick to watch hi back for Vice President.

    September 24, 2008 at 6:16 pm |

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