More critique and backlash on the proposed financial bailout:
Tanta at Calculated Risk forwards a Congressional communique - it is worth the read.
I like the suggestion that bankers should have to write nice begging letters explaining their stupidity for each bond they sell to the taxpayer.
(here is the original congresscritter missive at OpenLeft - worth reading for the unbowdlerized version - the fantasy that such a congresscritter still exists is worth it)
deLong suggest what looks at a glance to be a rational way of doing unearthing of shitpiles
'cause linking is an intrinsic good.
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A friend cc:ed me on a letter to his Congressman, and I think he's basically right about the Wall Street bailout. He writes Congress:
Please say NO. The Bush Administration's proposed bailout plan is overly broad, vastly too expensive, and lacks oversight and control that is absolutely necessary…
A Colbert Report re-run about the financial crisis has just ended, so I turn the tv off, grab my jacket and the leash, and head out for a walk with the dog. She's oddly pensive as we head up the street. After a little while, she stops and asks, "What was that all about?"
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I hate economics. I find it hopelessly dull. But apparently my style of explaining
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The Mortgage Pig strikes back
click to embiggen
Tanta at Calculated Risk is finally pushed over the edge
We sometimes link because linking is an intrinsic good.
In my humble opinion any Government intervention to resolve the current financial crisis should try to do the following:
1. Minimize losses to taxpayers.
2. Avoid future recurrence
3. Provide accountability: Who profited/who lost/who can make restitution payments?
The current Paulson plan may cover the first item, but I doubt it does even that. From this reader's point of view giving another blank check to this government is more than irresponsible, it's laughable.
Agreed. I've come to the conclusion this weekend that the Paulson bill may well be the worst bill I've ever seen in my life. Steal from the poor and give to the rich on a truly massive scale. I'm glad Obama has come out with reservations; I'd rather he (and the rest of Democrats in Congress) came out swinging against it with everything he's got.