Monday, September 29, 2008
monday rapeblogging
Dean Baker:
Mike Whitney:
In ten minutes you will witness the biggest heist in world history.
UPDATE: In a blockbuster post that everyone should read, Glenn Greenwald finally figures out how our political system works and breaks it down into ten easy pieces. Welcome to the desert of the real, Glenn!
UPDATE II: Bill fails in a squeaker 228-205!!!!!! AWESOME!!! Shit-sandwich eating delayed until at least tomorrow!
UPDATE III: A little late for this post, but Sirota has a good piece about why this bill should not have passed.
posted by Scats : 9/29/2008 12:44:00 PM
There is no plausible scenario under which the no bailout scenario gives us a Great Depression. There is a more plausible scenario (but highly unlikely) that the bailout will give us a Great Depression. There is no way that the failure to do a bailout will lead to more than a very brief failure of the financial system. We will not lose our modern system of payments.
At this point I cannot identify a single good reason to do the bailout.
Mike Whitney:
Professor Nouriel Roubini, chairman of Roubini Global Economics, summed it up like this, "You're not resolving the two fundamental issues: You still have to recapitalize the banking system, and household debt is going to stay high". A large number of economists believe Roubini is right. The bill will not solve the underlying problems.
In ten minutes you will witness the biggest heist in world history.
UPDATE: In a blockbuster post that everyone should read, Glenn Greenwald finally figures out how our political system works and breaks it down into ten easy pieces. Welcome to the desert of the real, Glenn!
UPDATE II: Bill fails in a squeaker 228-205!!!!!! AWESOME!!! Shit-sandwich eating delayed until at least tomorrow!
UPDATE III: A little late for this post, but Sirota has a good piece about why this bill should not have passed.
posted by Scats : 9/29/2008 12:44:00 PM
