Once signed into law, Treasury would begin a process to determine the assets it will buy and the manner it will set a price. Like everything in government, this is a moment that is lobby-able. Expect swarms of financial services lobbyists, investor groups, housing advocates, and others to try to game the system for their individual clients or members.If you don't believe we're on the path to the mother of all special interest feeding frenzies, think about this. In the midst of what our political leaders claim is the greatest economic crisis to face America since the Great Depression, a situation so dire as to require unprecedented urgent and bipartisan legislative action on massive scale, Senators could simply not restrain themselves, adding $150 billion of pork to the bailout bill.
Thursday, October 02, 2008
Best argument yet against the bailout
Here's the best argument I've seen yet against the $700 billion bailout: