The Paulson bailout failed in the House. If it isn't a death blow to the plan, it should be. This is not an economic plan: it is a heist. It will go down as The Great Bank Robbery of 2008.
The economics behind it are nonsense, but we are naïve if we spend much time even considering the "arguments" for it. This is a money and power grab, pure and simple.
They are really distressed and are determined to try again to pass a similar bill by the end of this week. GWB made another appeal to Congress and threatened taxpayers with dire consequences should the government not be able to "help" us. Robert Murphy is not quite convinced we need their help and explains why.
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