Bailout Links

Radley Balko | September 26, 2008

•  The Washington Post sends a reporter to the Cato Institute, where the bailout has infused the place with an odd mix of dread and opportunity.

•  Two hundred-plus economists sign a letter in opposition to the $700 billion bailout.

•  The Politico reports that McCain's drama queen moment may have backfired.

•  The Daily Show compares the bailout to the last time the Bush administration said, "Just trust us on this one."  (UPDATE:  Embed doesn't seem to be working right now.  Direct link here.)

Comments

|9.26.08 @ 12:29PM|#

"But the seizure and the deal with JPMorgan came as a shock to Washington Mutual's board, which was kept completely in the dark: the company's new chief executive, Alan H. Fishman, was in midair, flying from New York to Seattle at the time the deal was finally brokered, according to people briefed on the situation. Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates."

Lucky Guy

|9.26.08 @ 12:31PM|#

From the Washington Post article:

According to the Cato narrative, Fannie Mae and Freddie Mac were big-government creatures to begin with.

Are they trying to imply that Fannie and Freddie were not originally big government creations and Cato is involved in revisionism?

|9.26.08 @ 12:40PM|#

I didn't get to watch the whole show, but the segments that you're showing here, in addition to commentary on Mccain suspending his campaign, were right on. We'd compared Bush's actions on the bailout to the Iraq war, but it was nice to actually see it in side-by-side video.

|9.26.08 @ 12:42PM|#

It will go in the chapter about the George W. Bush administration, which most Cato scholars disdain

Only most? Anyone with anything but disdain for Bush isn't a libertarian.

Mad Max|9.26.08 @ 12:44PM|#

From the politico blog:

"When talks resumed - in Reid's words - to 'put the train back on track,' . . ."

The Demopublicans should stay away from the railroad metaphors. Just a suggestion.

|9.26.08 @ 12:48PM|#

Two hundred-plus economists sign a letter in opposition to the $700 billion bailout

Like politicians give a shit.

jimmy|9.26.08 @ 12:58PM|#

i may be no expert on economic academia, but i only recognize a tiny handful of names on that list. it reminds me more of these lists of "two hundred-plus scientists" yammering about global warming. anyone can sign an on-line petition or letter and claim to be a great authority.

Dagny T.|9.26.08 @ 1:10PM|#

Like politicians give a shit.

Exactly. This is like when doctors speak out in support of medical marijuana. The politicians' teeny brains do not compute.

Paul|9.26.08 @ 1:11PM|#

• Two hundred-plus economists sign a letter in opposition to the $700 billion bailout.

So it's settled then. A concensus of 200 economic scientists agree that the government having a discernible impact on the economy is a bad thing.

|9.26.08 @ 1:20PM|#

The politicians' teeny brains do not compute

Their processors are designed for re-election, not reason. If we can damage them, we may be able to set them back to the "terminate John Connor" setting, which would be an improvement.

Mike Laursen|9.26.08 @ 1:29PM|#

$700 billion increase to the national debt = "discernible impact on the economy"?

Politician turned Terminator|9.26.08 @ 1:39PM|#

Epi,

Desire is irrelevant. I am a machine

Meh|9.26.08 @ 1:39PM|#

Two hundred-plus economists sign a letter in opposition to the $700 billion bailout

And two hundred-plus lobbyists have lobbied in favor of the bailout.

I wonder who will win the day?

|9.26.08 @ 2:12PM|#

Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates."

Hell, I would have been the figurehead during the collapse of WaMu for half that.

And I could have done it without even running out of paid vacation at my real job.

|9.26.08 @ 2:25PM|#

It is unbeleivable how in the tank for the Dems Reason is. The plan, such as it is has the support of the President, a majority of the house and a filabuster proof majority in the Senate. The deal could be passed at anytime. The only reason that it hasn't been passed is that the Democratic leadership don't want to take responsibility for it and won't put it through without support from the Republicans in the House.

One of two things is true. Either it is a good plan and the Democrats are pathetic losers who won't do what is right for the country for fear of being held responsible for something. Or, it is a bad plan in which case the House Republicans are all that is standing in the way of a $700 billion theft from the tax payers. Has Reason called out the Dems for their fecklessness? Hell no. Has Reason given the Republicans in the house any credit for gumming up the works? Fuck no. Much better to snark on McCain than actually write something. Reason's coverage of this has been pathetic.

Paul|9.26.08 @ 2:44PM|#

Oh, I'd like to note that the country's largest thrift, WaMU tanked, and not a single dollar left the FDIC coffers.

Just sayin'.

Paul|9.26.08 @ 2:44PM|#

John, the only thing we're in the tank for, is bipartisan bickering which slows or puts off this deal.

Paul|9.26.08 @ 2:51PM|#

And two hundred-plus lobbyists have lobbied in favor of the bailout.

Lobbyists. They're deniers.

|9.26.08 @ 3:49PM|#

John, even partisan Democrats think that Congressional Democracts are feckless. You don't score any points for stating the obvious.