Monday, September 22, 2008

Lending facility, redux

This new lending facility plan is more like it. On the issue of bailouts the Democrats might be leading the pack. Or perhaps it's just Chris Dodd leading the pack, much as Chuck Hagel did when calling out Sarah Palin on her foreign policy "experience."

John McCain, meanwhile, revealed the old "maverick" self that endeared him to the nation when he came out in support of the tougher type of bailout. That said, his support was a big vague, and considering that he has admitted he doesn't completely understand economics and finance, there's no guarantee what his position will be should be get elected.

On another note, Henry Paulson was once a highly paid Goldman Sachs exec. For him to propose a bailout plan that provides no equity stake for taxpayers and no oversight by government does suggest cronyism. Or perhaps not cronyism so much as the "financial market will fix all" worldview that led to this problem in the first place.

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