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... already broken ... the original Paulson would have done on the Santa Claus principle, at the expense of setting up for a more serious melt-down in a few years, like the Panic of 1890 paved the way for the Panic of 1893-1896.

It would do a bit to cushion some balance sheets of some financial firms, so it would prevent some of the damage that will be caused over the next six months with inaction.

But as far as recovery, its got nothing for that ... it at best will reduce the damage cause by an asset value melt-down combined with the onset of a recession.

If it gets passed, then a real financial rescue package will be needed to be worked out by January/February, and it if fails, then it becomes even more urgent to get a real financial rescue package in place before Christmas.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Oct 2nd, 2008 at 01:24:43 PM EST
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