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October 05, 2008

Dean Baker Is Angry

Here's Dean Baker discussing the bailout plan last Tuesday.

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—Jonathan Schwarz

Posted at October 5, 2008 11:00 AM

Too much cut and fade; it would have been better if the whole discussion was there.

I tend to disagree with Dean here because the housing bubble didn't cause itself, it was caused intentionally by those that wanted to involve every single bank account in America in funneling money to complex instruments/derivatives where value could be obfuscated. Housing was just a GREAT, easy to understand instrument that incentivized everyone, even those with no money, to participate, and than even those that didn't participate -- didn't take out equity loans, didn't flip houses, didn't run credit up like crazy, etc -- get to pay up so that social costs can be equalized.

Posted by: Labiche at October 5, 2008 03:10 PM

How could this Congress from Hell approve this? I realize they don't care about the electorate, but aren't they afraid for their jobs? Or do they think people will really believe it's for their own good? What with this and McPalin, I'm about to give up.

Posted by: Rosemary Molloy at October 5, 2008 03:58 PM

His final comment about banks holding a gun to their heads as blackmail couldn't be a more appropriate metaphor for how they pushed this bailout through: oddly enough home owners have to literally pull the trigger to get any assistance.

Posted by: buermann at October 5, 2008 06:56 PM