Reader Dick Dworkin contributes a comment that made me laugh.
I wrote, earlier today, "I have no doubt that the House Republicans would rather commit mass hara-kiri than sign on to what would, without exaggeration, be a socialist semi-nationalization of the financial industry."
Dworkin:
OK, so what is the problem, sounds like a win-win to me if it can be arranged.
Ha.
In related news, Nobel Laureate Joseph Stiglitz hates the bailout. In "The Economist's Voice," an online-only journal put out by the Berkeley Electronic Press, he persuasively details all the reasons why the bailout is a bad, bad idea. He asserts that the view that the Paulson plan is "a confidence trick on the American people" is "at least partially correct." He outlines a long list of policy actions that would attack the root problems ordinary Americans face -- changes in the bankruptcy laws, how mortgage tax deductions are handled, and direct government ownership of mortgages. All good stuff, all things that he also acknowledges will not happen under the current administration.
Joe Stiglitz is one of my favorite economists, his work on globalization has profoundly shaped my own views, and he is a dependable critic of how global capitalism is currently constructed. His critique of Wall Street and Hank Paulson's efforts to fix the problems ailing financial markets over the last year and a half has been consistently scathing.
So what did he say to Amy Goodman and Juan Gonzalez on "Democracy Now," this morning?
Well, I think it remains a very bad bill. It is a disappointment, but not a surprise, that the administration came up with a bill that is again based on trickle-down economics. You throw enough money at Wall Street, and some of it will trickle down to the rest of the economy. It's like a patient suffering from [some words missing from transcript] giving a massive blood transfusion while there's internal bleeding; it doesn't do anything about the basic source of the hemorrhaging, the foreclosure problem. But that having been said, it is better than doing nothing, and hopefully after the election, we can repair the very many mistakes in it.
Joe Stiglitz is also one of Barack Obama's economic advisors. Let's hope he can do some ear-bending, should Obama be elected the next President of the United States.
Also: I was dismayed to learn today that over at the far-right wing blog, Red State, contributors have been supporting the bailout plan. I suppose that if in the Senate, Bernie Sanders and Jim DeMint can find common ground in their opposition to the plan, then it should not be inconceivable that Red State and How the World Works would intersect on some issue. But I still feel tainted and dirty, and may have to rethink my entire position from the bottom up.
BOOKS
Dreams from My Father: A Story of Race and Inheritance
Obama's first book, a memoir focused on personal issues of race, identity, and community.
By Barack Obama
The Audacity of Hope: Thoughts on Reclaiming the American Dream
Obama's second book, in which he shares his personal views on faith and values and offers a vision of the future that involves restoring a government that has fallen out of touch with the people.
By Barack Obama
10 reasons there's a bright future for journalism
An optimistic take on what's coming, both for news outlets and news consumers.
By Mark Glaser, Salon
Obama: From Promise to Power
In this compelling book, a Chicago Tribune reporter draws on interviews with Obama, his family, friends, and rivals, as well as his own extensive coverage since Obama's days in the Illinois Senate, to offer a nuanced look at a man of idealism and ambition intent on making history.
By David Mendell
SPEECHES
July 28, 2004: Obama's first national prime-time speech
In this speech, Barack Obama urges America to remember its unity, pledging that "out of this long political darkness a brighter day will come."
August 28, 2008: Obama's acceptance of the Democratic Party's presidential nomination
In this speech, Obama lays into John McCain, describing him as "anything but independent."
November 5th, 2008: Obama's victory speech
In this speech, Obama tells his ecstatic supporters, and the entire nation, that "change has come to America."
January 20, 2009: Obama's inaugural address
The new president calls upon the nation to face its challenges head on, with determination, strength and a commitment to ensuring the delivery of freedom to future generations.
SALON STORIES
How would Barack Obama handle foreign policy?
The presidential contender on dealing with Iran, fighting AIDS in Africa and restoring America's standing in the world.
By Walter Shapiro, Salon
Chicago is Barack Obama's kind of town
The city has a unique history of launching the careers of powerful black politicians -- which is part of the reason Obama moved there.
By Edward McClelland, Salon
American revolutionary
In his acceptance speech, Barack Obama stood up for Democratic values, took the fight to McCain -- and proved that the United States is still capable of reinventing itself.
By Walter Shapiro, Salon
Barack Obama's epic win
The culmination of a brilliant campaign, Obama's unequivocal defeat of John McCain marks a political and generational transformation.
By Walter Shapiro, Salon
Barack Obama, honeymoon killer?
The Clintonites in his Cabinet, forgiveness for Lieberman, the creeping signs of centrism -- progressives aren't ready to panic, yet.
By Mike Madden, Salon
"A new era of responsibility"
Mixing straight talk about dire times with lofty rhetoric about hope and determination, Obama repudiates Bush and vows to get to work.
By Mike Madden, Salon
OTHER STORIES
The Conciliator
Where is Barack Obama coming from?
By Larissa MacFarquhar, The New Yorker
Time's "Person of the Year" coverage of Obama
A strangely fascinating database of Obama-formation, including everything from "6 Degrees of Obama" to a collection of Obama-themed art from Flickr.
Time
The presidency of Barack Obama
This New York Times megapage is the last word on Barack Obama, including everything from his personal biography to his current political stance on detainees and Africa.
The New York Times
Pres. Obama Touches Down in Florida's Heartland
McCain Looks to Block Net Neutrality, Appease Telecom Donors