Everyone agrees some kind of repair is needed. This is obvious. The
issue is what form this repair should take. An increasing number of
experts and ordinary people are realizing that the Paulson Plan is not
form the repair should take. Unfortunately, the administration
panicked and put together a plan in haste, which now is leading the
agenda. It is hard to start from scratch, as is necessary. This
process should have been started months ago when the problem became
obvious rather than waiting until the patient was about to die. It
just like a failure to use antibiotics in time, which now requires
both legs to be amputated. The debate is now just how much of the
legs should be taken to allow the patient to function in the future.
Ed
On Sep 29, 2008, at 3:11 PM, Jed Rothwell wrote:
I do not understand economics, but Warren Buffett said this bailout
is needed, and he is a smart cookie. So I worry that this, or
something like it, is needed.
Obama said: "stay calm, because things are never smooth in
Congress . . . There are going to be some bumps and trials and
tribulations and ups and downs before we get this rescue package
done, I'm confident that we are going to get there, but it's going
to be a little rocky."
I hope he is right that the bill will pass, and that it is a good
idea to pass it.
It does seem that the version of the bill that was voted on today
was much better than the original.
- Jed
