I’ve been giving some thought as to the actual value of continuing with this series, because a)over the weekends the bailout proposal has changed considerably, and as of the time of my writing this this newer agreement has already been turned down by the House of Representatives. Continue reading “The Paulson Trillion-Dollar Bonanza: What’s Not to Like, Part III”
Here’s an interview excerpt (with context) from Bert Ely, a credentialed American banking expert, who shares my (and Denninger’s) opinion that Paulson’s mega-bailout just isn’t necessary.
Yesterday I wrote at some length about how the US economy has gotten to the point where Paulson and Bernanke decided it would be worth spending 5 hours promising Congress gloom & doom unless they got a record-busting bailout measure passed. So, why not like this (theoretically) $700B plan to “save the markets”? There are a number of reasons, which I shall put forward here. For reference, here is the draft proposal for the bailout so you can follow along.