Daily Archives: September 21, 2008

Will The Bailout Work?

Follow this link to Paul Kugman’s comment in the New York Times about the proposed financial bailout.

On his front page that leads to this article, he says,

Even if you have full faith in Henry Paulson, Intrade currently gives John McCain a 48 percent chance of being president. Are you willing to give essentially unlimited discretion over the use of $700 billion — with explicit protection against any review by Congress or the courts — to Phil Gramm?

Is this just another boondoggle so that the Bush administration can give another $700 billion to its friends?  I hope not, because, so far, this bailout has done a wonderful job for my portfolio.  Never before have I lost so much money, on paper, in two days and gained it back in the two days after that.

I guess Paul Krugman was only getting warmed up on Sunday.

Follow this link to his Cash For Trash column on Monday, September 22.