I hope you do not, dear reader, come here looking for informed commentary on economics and high finance. But, for what it’s worth, I’ve found Andrew Leonard’s column at Salon essential reading in recent days.
It seems we have a plan, but with many of the details left to be revealed. Last night–again for what it’s worth–I talked to a good friend who is also a corporate lawyer at a major DC firm and he convinced me, more or less, that some kind of bailout is probably necessary, though one with significant oversight and protections for citizens and homeowners. (Granted, I had had a few drinks at the time.)
We also agreed, though, that the American Way of Debt is the root of many of our present evils. See this piece by Daniel Koffler for another take on that.
UPDATE: No deal! Is this the height of political irresponsibility or a courageous stand on principle? I don’t know enough about the details to say if the proposed bill was a good one, though some smart people said that it was as good as we’re likely to get. I guess the question then becomes whether the risks of inaction outweigh the risks of acting. The progressive Left seems to think shooting down the bailout was a good thing, but will more progressive measures emerge in its place?
I do have to say, I was watching CNN this afternoon and was put off by the way that it was taken for granted by Wolf Blitzer, et al. that the bailout simply must be passed and that Congress was being crazy. Anytime you have that kind of consensus among the elite political and media class I get suspicious (see the PATRIOT Act, the Iraq war, inter alia). I guess time will tell…