who will bail me out

excerpt:
The secretary of the Treasury and the chairman of the Federal Reserve have told us that now is not the time to assign blame and that we must concentrate on preserving the bedrock institutions of our economy. But the real bedrock of that economy is the American family, countless thousands now in or facing foreclosure, families falling further behind on credit cards or paying 400 percent interest to payday lenders just to keep groceries on the table. The logic is impeccable: The big need protection, and the small pay for it.

Whether the Federal Reserve and the Treasury acted prudently, time and the American voter will tell.
But there are simple, tangible steps that government can take now.
•Fannie and Freddie should immediately declare a moratorium on home foreclosures for at least 90 days. Now that they own the mortgages, these two institutions can take direct steps to ease the foreclosure crisis.
•Congress should amend the ill-advised bankruptcy statute enacted just a few years ago to permit neutral bankruptcy judges to adjust mortgages, principal and interest to keep people in their homes and to keep payments flowing on mortgages.
•A Financial Product Safety Commission should be empowered to review the disclosures and sales practices on all mortgages, credit cards, payday loans and other consumer lending to knock out tricks and traps that have ensnared millions of citizens, costing them billions of dollars each year.
•A new GI Bill of Rights should offer government loans to anyone who wants to go to college, and students should be allowed to pay four years of loans with four years of public service—military, Peace Corps, Teach for America or other public work.

The Bush administration is intent on rebuilding a financial system that has been devastated by mindless deregulation and unchecked greed. So far, the plan is to increase the costs imposed on the very families that were victims of unconscionable practices that produced this crisis.

American families don't have lobbyists. They don't have television news cameras reporting their every move, or powerful friends to hit the talk-show circuit. Despite these handicaps, it is time for Congress to put its energy into new ideas that will rebuild the economic security of the middle class.

complete article- http://www.chicagotribune.com/news/nationworld/chi-oped0922familysep22,0,936232.story
Professor Elizabeth Warren is a bankruptcy law specialist at Harvard Law School. She was the adviser to the Bankruptcy Review Commission.