The uphill battle to get a bailout
By Scot Lehigh | Wednesday, October 1, 2008 | The Boston Globe
“…No one loves this bailout bill, certainly. It’s expensive, the effects are uncertain, it’s unpopular with the public, and it might leave taxpayers permanently on the hook for hundreds of billions to help reckless institutions. The mere prospect of that is galling in the extreme.
But Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, President Bush, Pelosi, US Senator Judd Gregg, US Representative Barney Frank, and others are probably right in saying that what will otherwise happen as the result of teetering financial institutions and frozen credit markets will be much worse….”…BS
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