Tuesday, September 23, 2008

Hunter on the Bailout Plan

The Bush administration hasn't done much in the last eight years to inspire confidence in their ability to handle this -- the concern is that it will function as a corporate giveaway of historic proportions, but in the end do nothing for the economy except propping it up a little while longer. Likewise, there's little stomach for bailing out what essentially turned into a Ponzi scheme backed by the largest players in the financial industry. Yes, they say they need a massive, trillion-dollar influx of cash to patch the crisis they themselves caused via irrational pricings of mortgage-related derivatives. But when someone has proven to be utterly financially incompetent, giving them a trillion dollars in the hopes that they merely don't blow it all too quickly is not confidence-inspiring.

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