A Real Solution to the Financial Crisis

Milton Friedman once said that "only a crisis, real or perceived, produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around."

Now, I'm not usually one to quote Mr. Friedman, but in this case he is fundamentally correct (as Naomi Klein shows definitively in her fantastic book, The Shock Doctrine). And what we have on our hands right now is a genuine crisis; in fact, a new Washington Post - ABC News poll shows that a majority of Americans view the current financial situation as a "crisis." But that's not all:

"...the poll also revealed significant public concern with the bill Congress rejected yesterday, as few voters said the package did enough to protect 'ordinary Americans,' and nearly half said it did not go far enough to shore up the nation's economy."

What this information should tell progressive lawmakers is that, in the midst of this crisis, there is also a real opportunity to do something important. If they can conjure up the political nerve to seize this moment, they have a chance to help secure the financial (and moral) future of the country. We have offered some suggestions about how this can be accomplished, but the key is keeping people in their homes. The general public is looking for an idea to solve this crisis; they want a measure that protects ordinary Americans and shores up our economy. This is that idea, and now is the time to make it happen.