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Monday, April 26, 2010

Bailouts forever! An email from Peter Wallison.

"The debate over the Dodd bill has been presented by the White House as a fight between the Democrats protecting the taxpayers and Republicans protecting Wall Street.

However, Republican opposition to the Dodd bill, while amply justified by the fact that it institutionalizes too big to fail, can also be seen as an effort to protect the taxpayers from the huge costs they might have to pay if the resolution provisions in the bill are ever used.

The attached op-ed, which appeared in this morning's Wall Street Journal, shows that--contrary to President Obama's statements last week in New York--the bill currently before Congress could well result in substantial taxpayer costs. }

I thought you'd be interested.

Best regards, Peter"

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