"The problem with socialism is you eventually run out of other people's money" - Margaret Thatcher
"The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design" - F.A. Hayek
Wednesday, September 24, 2008
Give me $700 billion and get the hell away from me.
Look at the text of what Secretary Paulson proposed as the format for the bail out. Pay particular attention to Section 8 (with thanks to colleague Andrew Grodner).
The authors of this bill understand that there will be some negotiations before the bill is turned into law. Section 8 could be an example of leaving some negotiating room in the bill so that congress can feel important enough to have changed the bill a little before passing it.
The authors of this bill understand that there will be some negotiations before the bill is turned into law. Section 8 could be an example of leaving some negotiating room in the bill so that congress can feel important enough to have changed the bill a little before passing it.
ReplyDeleteSee my comments on the previous post: Go ahead and dither...They did during the Great Depression...Watch what happens.
ReplyDelete