President George W. Bush says the $700 billion bailout of Wall Street over bad lending strategies is needed to spare Main Street from financial hardship.
But Democrats say the plan offers little or nothing for Main Street Americans, who are still facing job losses and house foreclosures.
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Ron Blackwell, the AFL-CIO’s chief economist, says the crisis shows that the neo-liberal policies of the last 35 years have failed. Economic Professor Ellen Frank of the University of Massachusetts adds: "This is clearly socializing risk with returns still privatized."
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