[WOSG]

I think its irresponsible to be against this and not have a PLAN B. I hope they highlight what it is. I would be vitally important also for McCain to be on board a solution that the majority of Republicans can support, or we have the crosswise message of McCain in one corner, Bush in another, House GOP in a third. If we cant come together then the ‘putting country first’ is bunk. That means we need the PRESIDENT TO LEAD TOO.

Here is my alternative plan, and it is high past time we got more Republicans on board its elements:

http://travismonitor.blogspot.com/2008/09/some-ideas-to-fix-credit-crisis.html

1) Suspend mark-to-market accounting for illiquid CDOs
2) A scaled-back ‘workout’ facility for liquidity of CDO instruments. Give Paulson a tight leash and much less to buy CDOs ‘on consignment’ from these institutions for resale. Find ways to quickly assess the actual quality and performance of the assets. Strict limits on participating institutions.
3) Make Bush tax cuts permanent
4) Commit to a strong dollar
5) Get on a path to get Fannie MAe off govt books and eliminate it as a GSE. Repeal CRA rules.
6) Repeal Sarbanes-Oxley

Last but most importantly is a commitment to keeping USA as debt-free as possible by putting taxpayers first.

etc.

[counterpunch]

Those are good suggestions, except that instead of giving Paulson any money, they could just outlaw Credit Default Swaps retroactively and end the credit crisis immediately.