Saturday, September 20, 2008

All Aboard!

You don't see many economists or others critiquing the Bush-Paulson bailout. Certainly not our lapdog Congress. Glenn Greenwald is an exception. He sees a repeat of the rush to judgement that led to Iraq.

Here is his summary of the plan as presented:

Put another way, this authorizes Hank Paulson to transfer $700 billion of taxpayer money to private industry in his sole discretion, and nobody has the right or ability to review or challenge any decision he makes.

Anybody else think that this might be a bad idea?