Glenden BrownKrugman on the Proposed Bailout:
It passes my test of no equity, no deal; that, plus the danger of financial panic if it doesn’t go through, makes it worth passing, though celebration is not in order . . . Overall, Dodd and Frank succeeded in pushing Paulson a fairly long way back; probably as good a deal as they could have gotten. But someday we’ll have an administration that actually proposes good policies to start with.
September 28th, 2008 at 7:26 pm
Yup. It is what it is. But I’d still like to know who was the brainchild of the original draft providing no avenue for judicial review. My guess is the administration built in the outrageous provision beforehand, knowing full well they could use it to their advantage during negotiation toward a final bill prepared for monkey man’s signature.
September 28th, 2008 at 8:28 pm
The initial proposal with no judicial review was outrageous, but no more outrageous than some other things we have seen in the last eight years. It least it didn’t provide for secret prisons or torture.
September 29th, 2008 at 2:01 am
I love Krugman! He was on some show and the host was calling attention to potential enormity of the crisis and Krugman said, “that’s why we call it the dismal science.”
September 29th, 2008 at 6:26 am
This is the financial equivalent of “we know where the weapons of mass destruction are hidden.” Or “we don’t want to wait for the mushroom cloud.” or “Slam dunk.” Or “The oil will pay for the war, it won’t cost American taxpayers anything.” How quickly Americans forget.