CommunityFDL Main Blog

Bill Forming in the House: One Last Chance to Replace the Paulson Bill With a Good Bill

Rep. DeFazio

Rep. DeFazio

There are currently two bills being worked on in the House as alternatives to the Paulson-Obama bill.  The first is the DeFazio bill, which is intended to fix the banking system by providing, not a bailout, but insolvency relief.  The second is being put together by Rep. David Scott and Rep. Doggett, with the aid of economist James K. Galbraith, and is intended to help ordinary people by creating a modern version of the Home Owner’s Loan Corporation (HOLC) to take over mortgages and keep people in their homes with reasonable serviceable mortgages.  

Also working to turn these bills into something that helps all Americans are Rep. Elijah Cummings and Rep. Lloyd Doggett

Each bill by itself is incomplete, together with some work they could make a good, complete, humane solution to financial and economic meltdown which is also acceptable to enough Republicans to pass.

In my opinion, the Paulson bill won’t solve the problem, but will only push it back 6 months or so, at great cost to ordinary taxpayers.  If the Paulson bill isn’t defeated we’re going to be back here again, a lot poorer, trying to do this right. 

What I would ask is that if you are opposed to the Paulson bill, you pick up the phone and tell your Rep that you are still opposed and it’s still a bad idea.  And while you’re on the call please ask them to join with Doggett, Scott, DeFazio, Cummings and Edwards in crafting the House’s own bill as an alternative.  

Previous post

Interjecting religion into ELEMENTARY school politics?

Next post

60 Days

Ian Welsh

Ian Welsh

Ian Welsh was the Managing Editor of FireDogLake and the Agonist. His work has also appeared at Huffington Post, Alternet, and Truthout, as well as the now defunct Blogging of the President (BOPNews). In Canada his work has appeared in and BlogsCanada. He is also a social media strategy consultant and currently lives in Toronto.

His homeblog is at