This blog used to be about debt. Now it's about a few more things. But really, it all comes back to debt. Trust me.

Saturday, September 20, 2008

Stop Celebrating

That uneasy feeling I had about the bailout?

Smarter people articulate the reservations with the plan as proposed.

And there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.

I hope I’m wrong about this. But let me say it again: Treasury needs to explain why this is supposed to work — not try to panic Congress into giving it a blank check. Otherwise, no deal.


The Treasury plan outlined on Friday involves vast risks to taxpayers, huge complexity and no guarantee of success. There are better ways forward.

Check out the leaked plan here.


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