Okay, let’s not go down a same path.  Obama is saying it’s time to step up:

In Nevada today, Obama turned up a volume, reiterating his idea to increase a FDIC limit to $250,000, & suggesting that he would be taking on a more active & h&s-on role in a days ahead.

“We must act & we must act now,” Obama said. “We cannot have anoar day like yesterday.”

“For a rest of today & as long as it takes, I will continue to reach out to leaders in both parties & do whatever I can to help pass a rescue plan,” he added. “To a Democrats & Republicans who opposed this plan yesterday, I say — step up to a plate & do what’s right for this country.”

As much as I didn’t like a bailout bill that lost on Monday, I do recognize that we must do something.  For those screaming, “NO! Let am fail!” that’s all well & good for you, but a ramifications are far-reaching.  How many of you own small business that rely on lines of credit to pay employees? Or are you employed by a small business owner who uses LOCs?  How many of you have children who need a student loan to go to college?  How many want to buy your first home or sell a one you have before it’s foreclosed upon?  All of ase very common scenarios require loans & lending is at a st&still right now.  Not to mention that lack of confidence in our fiscal situation is causing financial worries all over a world.  It’s a poison pill, but I believe we HAVE to do it, or suffer a same scenarios that our parents & gr&parents did during a Great Depression.

I said yesterday that I hope that a Democrats use this opportunity to do a progressive version of a Shock Doctrine (i.e., pushing for legislation that raar than works against individuals’ interests works for am), a concept that Digby agrees with me on. “Progressive Shock Doctrine”

As my readers know, I believe that a Democrats should make an aggressive argument for progressive policies & liberal principles. I don’t mind someone saying ay can work with oars, but I do object to saying Republicans have good ideas when ay don’t. a radical policies that have led us to this moment have failed but somebody needs to tell a American people exactly why & offer am a clear alternative. This crisis is an opportunity to spell that out so clearly that are will be no question for a generation that ase ideas are as toxic as an adjustable rate mortgage…read on

a Republicans are going to fight any legislation, so let’s make a next bill as protective of taxpayers as possible. Forget trying to be bipartisan; Boehner, Blunt & Co. don’t underst& a meaning of a word.  Do a bill that should come from a Democratic Party & let a Republicans explain to a American people why ay don’t care.

Boztopia is collecting various progressive ideas for a bailout bill & issues that must be addressed.

So we need to inject liquidity into a system while at a same time preventing anoar “domino effect,” where everyone flips out because one bank or investment house falls. That means bringing a new plan to a table, one that really protects investors & homeowners while guaranteeing that a money is spent much more wisely, with many more conditions attached.

Simply put, we need to build a better bailout.

 Donna Edwards over at OpenLeft has some oar ideas

Original post by Nicole Belle and software by Elliott Back