People Don’t Like It
Paul Krugman says No deal and tells you why.
Echidne refers to it as Crony Capitalism Strikes Back and follows up with More On The Blank Check.
Duncan gets a little shrill:
Any member of Congress who looks at the plan to give Hank unchecked power to transfer $700 billion from the Treasury to his friends’ companies and has any reaction other than “You’ve got to be fucking kidding me” does not deserve to hold office.
Well, they are liberal economists, and they seem to object to providing the “financial professionals” who created this mess with most of a trillion taxpayer dollars to do whatever they want with. I realize that the Shrubbery thinks its normal, because that’s what happened every time one of his businesses failed, but sometimes you have to pay your own bills.
Update: Brad Delong was first with the title, No Deal!, and extra shrill [note exclamation point].
2 comments
It’s a scam. The Repubs have done this shtick before and they are going to the well one last time and betting they can fool Congress again.
Create a crisis, usually through lies, predict immediate disaster if Congress doesn’t act instantly, insist on dictatorial powers and unlimited money. Congress in panic rushes through exactly what they want.
Remember the Patriot Act? How about the AUMF? They only have a couple of more months of feeding at the public trough and want to make their last meal a biggy.
Reading some of the idiots responding in the NYT, they want the Treasury to do exactly the wrong thing, i.e. prop up home prices. That just sets up another fall down the road.