The bailout doesn't even get through the House. I'm no economist, but then, none of the douchebags voting on this are either. My initial reaction is the same as Friday, "Good."
Again, the more I read about this "compromise plan" the worse it looked—even if Krugman and others thought it was worth passing. I don't see any reason why taking some time to make sure what passes is RIGHT instead of just QUICK is a problem.
Taking a bit more time to weigh options might give me a chance to find out what the hell might be wrong with this plan, because it sounds far preferable to this bailout to me.
Based on Paulson's original proposal, this whole thing reeked of the White House demanding the whole damn solar system when all they really want is the planet. Negotiations ensue and when the dust clears, the Dems stand around patting each other on the back for getting the GOP to "settle" for the Earth and the Moon.
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Adding It Up
5 comments:
I can't get enough of that much-passed-around-the-blogosphere bucket analogy: the economy is a bucket with holes at the bottom and all we're doing is pouring more water in the bucket.
It still seems to me that the *right* thing to do is to bail-out the people with the loans, who can then start spending money again and...you know...living. If you pay-off those loans, people are out from under debt, and the banks get their money. Win-win.
There might be a very good reason why that won't work, Smitty—but hell if I know what it is.
That's why rolling with the $700B bailout just because it was first out of the chute looks like a bad plan.
I want an actual analysis of what it will take to fix this and do the best job. Not the fastest way to make Hank Paulson's plan most politically viable.
Why the fuck should that be the only option on the table?
The reason that won't work is that a lot of people will suddenly "need help" paying their loans, when they didn't before.
Yes, government and Wall Street are criminals, but so are "the people."
I know it will never happen, but i say if the company that hols your mortgage goes under, and some other company is going to come in and buy your loan for pennies on the dollar, you should be able to make that same deal.
You would be able to reduce your monthly payment substantially, freeing up money to go back to be put back into the economy.
One thing is for certain: eventually, we're going to run out of healthy banks to gobble up the failing ones. And then what? We still do need a bailout of some sort, just much more staggered and closely monitored than the one they're selling.
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