[Peace-discuss] DeFazio's alternative to the bailout, endorsed by SEIU

[Robert Naiman]

there was some discussion today at the rally about alternatives to the
Wall Street bailout proposed by President Bush.

Rep. DeFazio is introducing legislation tomorrow morning, co-sponsored
by several members of the Progressive Caucus who voted against the
bailout, including Rep. Kaptur. It is based on a proposal by the head
of the FDIC under Reagan; it would empower the FDIC to strengthen
banks by injecting money into banks that are good long-term but have
short term problems, getting equity in exchange. Congress implemented
such a program successfully in 1982.

The article about it for The Nation by John Nichols is here (notes the
SEIU endorsement):
http://www.thenation.com/blogs/thebeat/366595

And DeFazio's letter to his colleagues is here:
http://www.defazio.house.gov/index.php?option=content&task=view&id=441

-- 
Robert Naiman
Just Foreign Policy
www.justforeignpolicy.org
naiman at justforeignpolicy.org

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