Thursday, September 25, 2008

Overhyping the risk

Here's something from Daily Dish, regarding the possible ill effects if the bailout doesn't pass.

Even in our pessimistic alternative forecast, the peak-to-trough decline in real GDP is just 1.5% and the unemployment rate peaks below 7.5%.
I don't want to underestimate a 7.5% unemployment rate, because real people will get hurt, but doubling the national debt to prevent it just doesn't seem like a good investment. And President Incompetent's scaremongering last night doesn't impress me one bit. That's the only thing he has - the only thing he's ever had.

While we're on the subject, here's KangroX from Kos:

What's truly astounding is that it may be necessary in order to keep the whole world's economic underpinnings from dissolving into anarchy, and yet everyone has to stop and think twice. Three times, even. Why? Because nobody in their right mind thinks Bush and his cronies can be trusted with the money, much less to actually do anything worthwhile with it.


The sad truth is that under no circumstances should this president be given unfettered and unreviewable authority over this fund. Sadder still is that despite the best efforts of well-intentioned legislators, no statutory regimen can be devised that can by itself make a president who believes he is above the law submit to real and rigorous oversight. Which in truth means that the bigger risk in this is actually funding this bailout while George W. Bush is president.
And anyway - can anyone really say that this bailout will actually work? Isn't $700 billion a lot to hold out for a hope?

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