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Following the astounding rejection of Henry Paulson’s speculator bailout plan in the U.S. House of Representatives on Monday, a wave of doomsday propaganda from Washington, both presidential candidates and the media has flooded the airwaves — all aimed at trying to force public opinion to support handing over $700 billion to Wall Street, no strings attached. But as the Washington Post poll today shows, the public isn’t budging. Indeed, after 16 years of aggressive deregulation from both the Clinton and Bush administrations, the country has figured out that when the Establishment in unison backs something for Wall Street, it means taxpayers are about to get fleeced.
The following article provides a summary of the complex issues involved in negotiations over how to respond to the credit market crisis. For the sake of simplicity and navigability, it is broken into five separate parts, which you can scroll to individually: 1) The State of Play 2) Leadership Moves 3) Alternatives 4) Likely Outcomes and 5) The Progressive Bottom Line.]