I HAVEN'T CHANGED MY MIND ABOUT THE BAILOUT
But
this is annoying:
Paulson resisted suggestions being made by Democrats that the program be
changed to include further relief for homeowners facing mortgage foreclosures
and to include an additional $50 billion stimulus effort. Some Democrats have
also suggested capping compensation of executives at firms who get the bailout
help.
Paulson said he was concerned that debate over adding all of those
proposals would slow passage of the bill, delaying the rescue effort that is so
urgently needed to get financial markets moving again.
Also proposed, fixing some of the more horrible and taxpayer-unfriendly elements of the bankruptcy code. I think these include the sections making credit card debt impossible to discharge in bakruptcy -- giving a perverse incentive to debtors to pay the cards each month and stop paying the mortgage.
If it's that big of an emergency, shouldn't we take the kitchen sink approach? The numbers here are so large already that it boggles the imagination. If we're in this for $700,000,000,000, what's another $100,000,000,000? Especially if it might really do some good?
posted by Carlton at 2:20 PM 