declaring all of these exotic obligations null and void
I'd just like to point out (but haven't seen the MoA discussion), that Paulson declared yesterday that the bailout money would no longer be going to buy exotica that his team would have carefully sifted and "valued", as originally planned* , but to shoring up consumer demand. Which may not exactly mean declaring them null and void, but certainly seems to mean hanging them out to dry for a long, long time...
* this, as a number of commentators pointed out at the time the plan was mooted, was a job that would in any case take years to do seriously.
If he has now decided that it is (surprise, surprise) impossible to service the mandate he was given within the time frame made available to him... can he just change the mandate unilaterally?
That wouldn't fly in a Danish chess club, nevermind Parliament.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
I am not sure if the language was left in the final version, but has not the Bush government constantly claimed that they are above the law anyways? And has not the democrats let them get away with it in all previous situations? A vote for PES is a vote for EPP! A vote for EPP is a vote for PES! Support the coalition, vote EPP-PES in 2009!
As they say in "Die Hard IV", once we loose all accounts who has what, we are back to the stone age.
