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The egregiously invalid argument for a rush to bail out
Along with Krugman, Dean Baker and others I support a bail out.
Provided it's the right bail out.
And therefore suppport taking the time to get it right.
And, surprise! The Administration argues that the decision on this massive raid on the people's funds must be taken by Friday i.e. before our representatives know what is entailed, and more to the point, before we do.
Why ? If there were a valid argument for acting that rapidly that could be their reason.But there isn't. How do we know that? Because if there were a valid reason they wouldn't be using an egregiously invalid one.
After W's speech last night it was clear that the Talking Point distributed to the faithful was that the BO had to be approved by the weekend or the Market would crash.
Huh?
I thought the object of the BO was to address the financial community's credit problem:banks aren't able or aren't willing to make loans. If so, whether they resume making loans next Monday or a week later hardly matters.
So that's not a reason Congress has to vote by tomorrow.
Which is why the Adminflacks aren't able to use it.
Iinstead Senator Bennett told NPR last night that if it weren't approved over the weekend the Market would drop to 8000 on Monday.
OK. Markets go up and markets go down. If the Market goes to 8000 on Monday because our representatives haven't capitulated to this extortion , presumably it will go back up when the BO is in place.
But notice the switch.
We're supposed to approve the BO to free up credit. Then we're seemlessly told and it must be approved by the weekend to prevent a Crash . As if the BO's objective was supporting common stocks rather than making credit available .
Yeah, I know that higher stock values support corporate loans. (But not loans to Main Street which are prominently advanced as a justification for the BO). But whether those stock values are in place next Monday or a week later
is immaterial. .
So we're being shamelessly conned.
Told that the long run availability of credit is at risk if the BO isn't approved immediately . And as evidence for that the Magician In Chief pulls from his hat a completely irrelevant argument..about short term market impact -which has nothing to do with that availability of credit.
Provided it's the right bail out.
And therefore suppport taking the time to get it right.
And, surprise! The Administration argues that the decision on this massive raid on the people's funds must be taken by Friday i.e. before our representatives know what is entailed, and more to the point, before we do.
Why ? If there were a valid argument for acting that rapidly that could be their reason.But there isn't. How do we know that? Because if there were a valid reason they wouldn't be using an egregiously invalid one.
After W's speech last night it was clear that the Talking Point distributed to the faithful was that the BO had to be approved by the weekend or the Market would crash.
Huh?
I thought the object of the BO was to address the financial community's credit problem:banks aren't able or aren't willing to make loans. If so, whether they resume making loans next Monday or a week later hardly matters.
So that's not a reason Congress has to vote by tomorrow.
Which is why the Adminflacks aren't able to use it.
Iinstead Senator Bennett told NPR last night that if it weren't approved over the weekend the Market would drop to 8000 on Monday.
OK. Markets go up and markets go down. If the Market goes to 8000 on Monday because our representatives haven't capitulated to this extortion , presumably it will go back up when the BO is in place.
But notice the switch.
We're supposed to approve the BO to free up credit. Then we're seemlessly told and it must be approved by the weekend to prevent a Crash . As if the BO's objective was supporting common stocks rather than making credit available .
Yeah, I know that higher stock values support corporate loans. (But not loans to Main Street which are prominently advanced as a justification for the BO). But whether those stock values are in place next Monday or a week later
is immaterial. .
So we're being shamelessly conned.
Told that the long run availability of credit is at risk if the BO isn't approved immediately . And as evidence for that the Magician In Chief pulls from his hat a completely irrelevant argument..about short term market impact -which has nothing to do with that availability of credit.
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There is no transparency at all and it is highly suspicious when a bill is rushed through Congress before the people even have a chance to look at it and understand the implications.
So I'm waiting for Obama to come out against this rush-job. Obama has talked a lot about the importance of transparency, and how the election is about us and the American people having a seat at the table...
September 25, 2008 11:26 AM | Reply | Permalink
Agree completely.
Maybe the Fastest Gun in the West was an asset in High Noon. Not in the Capitol.
September 25, 2008 11:52 AM | Reply | Permalink