A Dramatic Week

Things have been a bit busy in my life, but, oh, what a week in the nation's life! The proposed Wall Street bail-out bill, now a law, lead the nation on a roller coaster of emotions. What emerged was a budget-busting $850 billion pork barrel extravaganza. No one seemed truly satisfied with the bill, except perhaps Wall Street. And it had been clear for some time that this bill was really about Wall Street, though certainly the politicians were worried about the overall economy, as well.

In future posts I hope to lay out what I regard as the appropriate role for government now. First, it is not inconsequential that I have long called for the impeachment of G. W. Bush for all the reasons others have spoken of. (See earlier posts here or the web site of Rep. Robert Wexler.) If Bush and Cheney had been removed from office by impeachment as I and others had advocated we would not be in quite the same position we are now, with no effective leadership in the White House.

Returning to the matter of the Bail-out Law. No one seems even to be claiming that this law will solve the financial mess we are in. So, quickly, let me offer some suggestions. The Glass-Steagall Act, abandoned in 1999, must be revived immediately.
This act did a great deal to curb speculative abuses on Wall Street. Next,in many cases companies must be allowed to go into bankruptcy the normal way, but with strengthened protections for workers and every-day investors. Most importantly, homeowners must be allowed to keep their homes while working out a more permanent solution to their problems. This will begin to restore stable value to homes.

Long-term, we must return jobs to America. This can be done by re-envisioning the corporation not as a person under the law, but as an entity under the authority of the people. It must be stated flat-out that the profit system is no good for us and must be abandoned -- gracefully, but quickly. In its place will come an economy based on good will, even love, one for the other. As lofty and unpractical as this may seem, I have seen it is the only way.