We need a progressive alternative to the Bush Bailout.

Dear Friend,

Members of the House of Representatives did the right thing on September 29th when they voted down the Emergency Economic Stabilization Act of 2008. That bill was a sham of a compromise that handed the Bush Administration all kinds of victories. Now it's time for a new bill, and a better bill.

Unfortunately, the Senate just passed a slightly modified version of that same bill. Since only a third of them are up for reelection this year, they have the political cover to hand the Bush Administration a blank check and wash their hands of it. By passing this near-clone of the bill the House defeated on Monday, the Senate is taking a strong stand for the Bush Administration and daring the House to vote down the bill and look like petty contrarians for doing so.

But there is another option: the No Bailout Act. Reps. Peter DeFazio, Donna Edwards and Marcy Kaptur, among others, have proposed this bill as a progressive alternative to the Paulson plan. The bill isn't perfect, but it's better than what we've seen so far. The House deserves a chance to vote on it.

I just signed a petition telling Rep. DeFazio that I support his fight for a progressive alternative to the Bush Bailout -- I hope you will too.

Please have a look and take action.

http://act.credoaction.com/campaign/better_bailout/?r_by=1015-1825442-GJpU5Ix&rc=paste

Thanks!