Wednesday, October 01, 2008

One More Post on the Bailout Before I Go

Looks like Senate has larded up a plan and passed the football back to the House.

At this point, the Paulson-Frank-Dodd-Pelosi-Boehner-Reid-McConnell-McCain-Obama Emergency Bank Recovery Act of 2008 has become a kind of shit sandwich sprinkled with bacon lard and an extra helping of chocolate-covered fries. It seems to not only miss the mark of buying bank warrants and providing mortage releif, but spends a hell of a lot of frivolous money in the process (hey, McCain - what happened to saving our country by attacking earmarks?)

I kind of feel like Krugman, though, in that we better eat this nasty stinky sucker or we're dead (if it's not already too late. People I work with are being laid off as I write this. And I mean several, in industries far removed from finance, and more than one company. I personally know of four people laid off this week.). Once we digest the thing, maybe we'll get the breathing room we need to go back to do warrants and mortage releif.

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