Monday, September 22, 2008
Call me paranoid but I see a strange pattern. There is a crisis and to deal with it the administration demands a carte blanche from the Congress. Sounds vaguely familiar? Perhaps we could also call any opposition to it "unpatriotic" and voila - we're back to 2002. Now, I'm not saying the Congress should just sit and do nothing. After watching the biporal markets last week, up close and personal, I have no illusions. Something needs to be done. However the sense of urgency being employed right now to ensure minimal opposition or questioning by the same people who up until recently insisted that everything is just fine, is a tad suspect. Krugman makes this point really well. At least the dems are trying to tag on some extra provisions and attach a string or two to make it a little more than just a naked Wall Street bail out. For example - limiting the pay of the execs of companies that will use my tax dollars to clean their own mess. Pretty reasonable, I think.