This Deal Sucks
Posted on September 22, 2008 by andrew
The bailout proposal appears to be loathed by both the left and the right at this point, the left because the current deal amounts to giving the Bush administration complete and total control over yet another endeavor containing massive opportunity for disastrous failure and the right because it represents the final nail in the coffin for small government conservative Republicans.
I’m against the deal, but primarily because the actual economists I read regularly and trust (who are also a subset of the aforementioned left) seem to think it a) won’t work and b) is terrible for the taxpayers, who get no real benefits from potentially saving Wall Street’s ass. Here’s Krugman and here’s DeLong.
Seriously, don’t listen to the newspaper editorial boards or the talking heads on Sunday’s morning shows when it comes to this bailout. They aren’t economists and they don’t know what they’re talking about. Pick your favorite columnists/pundits/bloggers/whatever who actually understand this stuff and listen to their informed explanations and opinions. We should all have at least a reasonable degree of familiarity with the situation before we agree to give Wall Street a trillion dollars.
Sphere: Related Content» Filed Under economy, financial crisis, the bailout
Comments
Leave a Reply
