Open thread. The Bailout: good or bad? And why?
I’ve remarked before on the lack of confidence in the medicine being prescribed and have wondered whether that is the result of the prescription being bad or the doctor being dubious. Paul Krugman opines that “the financial and economic news since the middle of last month has been really, really bad. And what’s truly scary is that we’re entering a period of severe crisis with weak, confused leadership.” Maybe the two factors are related.
Michael Malone at Edgelings puts it more forcefully than Krugman. “What makes this particular economic crisis so appalling, at least from this vantage point, is the sheer scumminess, corruption, short-sightedness and general incompetence of everyone involved. At least in the business world, especially in the take-no-prisoners world of high-tech that kind of venality and ineptitude either gets you fired or kills the company; by comparison, in Washington, it puts you in charge of the recovery effort.” The Chicago Tribune says candidates from both parties are trying to be for the bailout while being against it. Just in case.