Wednesday, October 01, 2008

Reason to Support the Bailout?

Kevin, in his new digs at Mother Jones, has a good piece on the bailout, covering the 'selling of the bailout', but this is the money shot for me:

Bush's heart was never in this. He didn't want to sponsor a bailout and only signed on under extreme duress when Paulson and Bernanke convinced him we were facing a genuine emergency. (This is ironic, of course, since some of the opposition to the bill has compared the administration's "fearmongering" of the financial crisis to the runup of the Iraq war. This is 180 degrees backward. Bush has spent the last year desperately trying to ignore the financial crisis, not selling the country on a solution. If anything, distrust of Bush ought to convince you that maybe this bill is necessary after all.)

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