Friday, October 03, 2008

Event: House Begins Bailout Debate.

I'm excited, and you should be too, that while both VP candidates performed at their height of their ability last night, viewers overwhelmingly felt that Biden won. Many arguments point to Palin's lack of experience and dependence upon memorized talking points. I would add to that list that McCain has left her with a crap record on the issues most pressing in this election.

And yet, while the election remains of great importance, and shouldn't be underestimated, this is looking less and less like a close race.

Meanwhile, the House is debating the Senate's bailout plan.


New York Times: House Begins Debate on Bailout.

New York Times Economix: Live-Blogging the House's Bailout Debate.

This ghastly bill has a large chance of passing, with absolutely no guarantees or even a reassuring number of favorable models suggesting that it will work. It will ironically exacerbate the environment of deregulation that is behind so many of America's (and the world's) economic instabilities, and that still lacks any robust standards of accountability.

Meanwhile, 200 economists have signed a petition against the plan. The petition includes members of the Chicago School of economics. As an undergrad I railed against these people, because they represent a very pro-market perspective. It is telling that even they, with a whole gulf of idological and philosophical differences separating us, agree that the arithmetic and big numbers involved in this bill are unlikely to take us anywhere pretty.

Consider if the bailout does not prevent a financial meltdown, and we are forced to resort to government programs similar to those that got us through the Depression. Is another $700 billion in debt something we need going into such a crisis?

Keep up those calls and letters!

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