Instead of reading my rants about the bailout or waiting for NothingKnew to get home to tell us why I'm wrong, here are a few opinion pieces from actual economists. They don't all agree with me, but they all agree that it's a problem.
Where Are the Grown-Ups - Paul Krugman, NYT Op-Ed
The $700 Billion Question - NYT Op-Ed
What is the Money Even For? - Daily Kos
Main Street Needs the Treasury Plan - WSJ Op-Ed
Note: this was written by Kenneth Lewis, CEO of BoA. So, grain of salt with it.
Robert Reich has a number of reservations about the bailout and makes a number of good points in the last several posts in his blog.
There's a lot of panicky sky is falling crap being said and my last post has that same feel. This isn't 1929. Evoking the ghost of the Great Depression perhaps only serves to stir the pot. Still, it is unnerving that we have gotten to this point.
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1 comment:
Good Links there....except the BoA CEO one.
No reason for me to rehash what they have said. Especially since the situation has changed in the last 24 hours and I haven't had time to look at any of the details (if there even are any).
In the end, the problem is that this needed some time to get worked out (likely more than they actually took) and that Wall Street would have been willing to wait a little bit if they knew that Congress was working on something.
Every time the Bush Administration wants something that is a bad idea they pull it out right be a Congressional Recess and make it Apocalypse NOW!!!
Where is our Democratic Congress that was supposed to keep these idiots in check?
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