Sell Out?
September 29, 2008, 12:53 pm
Posted by Eduardo Peñalver
Some of the most consistently accurate predictions throughout this economic crisis have come from Nouriel Roubini, a professor at NYU’s business school. It is therefore significant to me as I struggle to form an opinion about something about which I have almost no understanding that he thinks this bailout plan will be ineffective and seems designed primarily to help bank shareholders and the banks’ unsecured creditors. Has the congressional leadership sold out the taxpayers? I can’t really tell, but I’m very concerned that it’s starting to look that way.
UPDATE: The bill failed. In my mind, this is a victory for democracy. Where to go next? I like Matthew Yglesias’s (and Ramesh Ponuru’s (?!)) idea.
The question may be moot–the news seems to be reporting that the House has voted down the current bailout plan …
I think the fact that the Dow plummeted 700 points as a result of the House vote tends to indicate the plan is needed.
David may be right–but THIS particular bailout plan seems to be dead, regardless of whether it was a sell out or not. Congress needs to try again.
I’m about where you are on the matter, Eduardo. I think it is a victory for democracy. Word had it that calls to Congress were like 50-1 against it. While I am not an economist, or much of a capitalist, really, the phrase throwing good money after bad keeps coming to mind.