The Eternal Recurrence of the Bailout Bill
The New York Times reports:
Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout package after accepting tax breaks and a higher limit for insured bank deposits in a bid to win House approval and send legislation to President Bush by the end of the week.
Top lawmakers said the Senate proposal, worked out after a day of behind the scenes maneuvering, would include tax breaks for businesses and alternative energy and higher government insurance for bank deposits.
1. What does alternative energy have to do with any of this?
2. "A higher limit for insured bank deposits"? Apparently, the Senate learned nothing from the S&L debacle. But hey, if you're already creating moral hazards, why stop?