The Eclectic One

…Because labels are a poor substitute for thinking

Economic time-out

Posted by Bill Nance on September 24, 2008

My initial skepticism about the proposed $700 billion bailout for Wall Street continues to get support from economists.

The Juice:

“This was years in the making, can’t Congress wait a week to actually think about it?” asked Barry L. Ritholtz, CEO of Fusion IQ, an institutional research firm and author of “Bailout Nation: How Easy Money Corrupted Wall Street and Shook the World Economy.”

“Weren’t these the same guys who two months ago told us everything was fine? The administration is proposing the biggest bailout in history. Shouldn’t we not rush into this?” he asked.

This administration has become synonymous with incompetence. Aside from being utterly untrustworthy in terms of being handed that much money by congress, I’m unsure whether I trust that the problem they seek to solve can’t be managed with a lot less intervention.

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