The House of Representatives has rejected the proposed $700 billion bailout package.
I agree that there were many things wrong with the legislation. Any such bailout, regardless of the price tag, encourages the private sector to invest recklessly and take imprudent risks. It would reward bad behavior. The borrow a phrase from my NDP days it is "corporate welfare."
On the other hand, the stock market is plunging 700 points as we speak. I'm afraid this will precipitate a widespread panic which could lead our economy into its darkest hours since the 1930s.
Something has to be done. Whatever it is something about it will be flawed whether in its substance or process. It won't please everyone. It might not even be a particularly good idea. But it might be better than all the other bad ideas out there.
Monday, September 29, 2008
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