Posted by: Marshall Sponder | September 24, 2008

Krugman – sneaking suspicion the $700 Billion Bailout is an excuse to pay out Wall Street

You know – it would not be the first time ….  A sneaking suspicion

….So I just did a Nexis search trying to find out when Paulson and Bernanke started talking about price discovery, which we’re now told are at the core of the plan’s logic. And the answer is …Yesterday.

“…..One possible explanation. It wasn’t until yesterday that they realized that it would actually be necessary to explain themselves.

But there’s another possible explanation, which I find terrifyingly plausible: the plan came first, and all this stuff about price discovery is an after-the-fact rationalization, invented when people started asking questions.

It has seemed very strange to me that such a supposedly crucial economic program would be based on such an exotic argument. My sneaking suspicion is that they started with a determination to throw money at the financial industry, and everything else is just an excuse.

Is Paul Krugman saying that Bush planned to give his friends of Wall Street $700 Billion dollars of TaxPayer Money all along ….?

That’s the way  I’m reading his post – and honestly, there’s enough reason for some kind of bailout – but that’s what makes it so tricky – it’s almost like “reality” became so distorted, you step away, and examine everything a lot more closely, and Administration doesn’t want you to do that.

One thing is different about the $700 Billion Bailout Bush is proposing and the buildup to the Iraq War, The WireTapping Issue, and a bunch other things  – in this case, the Administration doesn’t control most of the sources of information – they can’t totally obscure and re manufacture information, like they have about the War, and other stuff they’ve tried to manipulate.

It still may that something will Pass this week in Congress – but you have to wonder – we didn’t get to this point of almost total collapse of the financial system overnight – why will $700 Billion Dollar bailout fix it all?

Any intelligent person can ask that question – and the answer is – it probably won’t.

And now, McCain wants to suspend his campaign this week, and the first Presidential Debate – so he can do some on Washington, at the Senate Floor.   However, the consensus seems to be that McCain’s presence is actually polarizing things more – and slowing them down.

But lets face it, what can McCain say – every thing he’s about is continuance of the problems brought this country and the world to the state it’s in today.    How is going to explain that away – I guess he can go on the offensive, or just try to avoid a confrontation – like he wants to do this week.

The funny thing is, Washington doesn’t need McCain or Obama in the Senate to do anything this week – at least, not till a vote is taken, and that probably won’t affect any scheduled debate.  So there, avoiding a debate on Friday is just a ploy.

If I were Obama, I’d go ahead anyway, do the debate right from the floor of the Senate, and take questions from anyone – if McCain doesn’t want to show up, that’s his problem.

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  1. […] Krugman – sneaking suspicion the $700 Billion Bailout is an excuse to pay out Wall Street […]


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