Tuesday, September 23, 2008

Slow down and get it right

That's what Bob Herbert thinks about the latest shock attack on the American people, also known as The Bailout. It is not so bad that a few more days to spot the flaws would be a bad thing, unless you are one of the businesses lining up for a handout.
Lobbyists, bankers and Wall Street types are already hopping up and down like over-excited children, ready to burst into the government’s $700 billion piñata. This widespread eagerness is itself an indication that there is something too sweet about the Paulson plan.

This is not supposed to be a good deal for business. “The idea is that you’re coming here because you would be going bankrupt otherwise,” said Mr. Baker. “You’re coming here because you have no alternative. You’re getting a bad deal, but it’s better than going out of business. That’s how it should be structured.”
Their eagerness betrays them. Let us hope Congress puts enough into the plan to make them howl and whine.

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