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when Will Kristol essentially agrees with Paul Krugman on it:

A Fine Mess - Op-Ed - NYTimes.com

... is the administration's proposal the right way to do this? It would enable the Treasury, without Congressionally approved guidelines as to pricing or procedure, to purchase hundreds of billions of dollars of financial assets, and hire private firms to manage and sell them, presumably at their discretion There are no provisions for -- or even promises of -- disclosure, accountability or transparency. Surely Congress can at least ask some hard questions about such an open-ended commitment.

And I've been shocked by the number of (mostly conservative) experts I've spoken with who aren't at all confident that the Bush administration has even the basics right -- or who think that the plan, though it looks simple on paper, will prove to be a nightmare in practice.

But will political leaders dare oppose it?



Point n'est besoin d'espérer pour entreprendre, ni de réussir pour persévérer. - Charles le Téméraire
by marco on Mon Sep 22nd, 2008 at 06:39:11 AM EST
[ Parent ]
Surely the "magic of the markets" is what is needed here?  Let failing banks fail and let them be replaced by more prudent banks and banking practices.  Why should "prudent" institutions be punished and disadvantaged by Billions being given to their competitors?

Vote McCain for war without gain
by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Mon Sep 22nd, 2008 at 11:12:36 AM EST
[ Parent ]
Do you mean "creative destruction" doesn't apply to financial institutions?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Sep 22nd, 2008 at 04:24:43 PM EST
[ Parent ]

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