Nobody's grandchildren or great grandchildren were going to pay for this. But that's OK, if people want to believe hype and not study what it's about, that's fine. That's usually the way it goes anyway.

You might check out this story, on the cost of not doing an orderly Rescue Plan (and on how taxpayers have been put on the hook anyway and are now spending billions - not recoverable like the Rescue Plan money):

http://news.yahoo.com/s/time/withoutabailoutplanwhatwillthecostbe

Some experts think the Great Depression was exacerbated because too many banks were allowed to fail. The hit here is not necessarily to the stock market, it's too the entire financial sector. Globally. Which will take more time to play out and suck in the entire economy.

It would be nice to attribute the House revolt to principal, and with some Members it was, but mostly I think it's cowardice. And Pelosi's incredibly two-faced, selfish speech.

I have no idea if the Rescue Package would accomplish it's goal, but it makes sense it would, and there is more of a chance of getting most, if not all or more, of the money back than the haphazard way the Treasury and the FDIC is going about it now. Maybe instead buying the assets outright, insuring them would be better, but it would have to include the option to buy out the assets anyway, if they are failing, and that could end up costing more money.

Last edited by Doug/Liszt Laughing; 09/30/08 05:55 AM.
Boo...my name is Doug