Bailing out Wall Street but not Main Street

by: Hopeful

Sat Sep 20, 2008 at 11:00:40 PM EDT

What I'm worried about is that I see that people like Paul Krugman and Sebastian Mallaby are saying that, as proposed, the bailout is dangerous and that it should be rejected.  So it's good to see Senator Menendez's statement:

Major action to help rescue our economy is certainly necessary, but what disappoints me about this proposal is that it's all Wall Street and no Main Street. We can't ignore the millions of Americans who may lose their homes, and there must be accountability to protect the taxpayers. It is both unfair and unwise to throw a lifeline to banks that were irresponsible without so much as offering a hand to homeowners and some real limits on risks for the taxpayers.

As we saw in House vote on offshore oil drilling, it doesn't seem like New Jersey liberals have any influence on the Democratic Leadership, but I think we need to see some accountability for this unprecedented government action, and an effort to help ordinary people.