NewsFlash: September 22, 2008
Bailout Plan Needs to Protect Taxpayers
The financial market meltdown is clearly threatening the U.S. economy and requires prompt action, but the proposal offered by Treasury Secretary Paulson is fundamentally flawed. In a new Policy Memo, EPI economists recommend a series of fixes that will protect taxpayers, aid workers and homeowners, lay the foundation for real economic growth, and ensure that those who are bailed out do not enrich themselves further with excessive salaries and benefits.
“We recognize the urgency of the crisis demands quick financial intervention, but that action should not be a blank check to Treasury Secretary Paulson,” said John Irons, EPI Research and Policy director. “With $700 billion of taxpayer money at stake, Congress, the administration, and Secretary Paulson must represent all of us, not just the financial markets.”
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