September 20, 2008 10 Comments
If [the bailout] doesn’t pass, then heaven help us all”
—Henry Paulson, United States Treasurer.
ATLANTA— I am now becoming increasingly afraid that we are walking over a gigantic cliff in US economic history. We are on the verge of passing massive legislation to socialize the losses of Wall Street banks and financial institutions. The Bush Administration announced preliminary plans yesterday to use government institutions to buy distressed mortgage securities off of the free market. The purpose of the plan is to free up financial institutions to lend money and spur economic growth. This will be the largest, most expensive single government program in history, all with a view of preventing a recurrence of the Great Depression. And I find it very troublesome. Read more of this post