nepal moaists quacking up...,
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"The senators issued no details of their proposal."...,
It's very frustrating watching Democrats stick to this very watered down version of Dodd's plan, which was just Paulson's plan with some reasonably punitive measures tacked onto it. A 3 page blueprint for a massive looting operation bloated under the heat of congressional scrutiny into a 110 page blueprint for a massive looting operation. May it die a thousands deaths on the morrow.
I can only guess that they couldn't find one economist craven enough - quite an impressive feat, if you think about it - to favor purchasing bad assets as a means to recapitalize banks. It's difficult to imagine another plausible explanation for why they failed to bring a single economist to the hill in the past week for input.
But today they appear to be paying some attention, for apparently the first time, to at least one. Maybe some others suggested just raising the FDIC deposit insurance cap, but James Galbraith is the only I've caught in the act.
update: Oh. Of course they'd go and just tack that onto their shitty, motherless bastard of a bill. Awesome. "In exchange for the $700 billion dollars we're giving to our friends for the fuck of it, we'll also include this $0 billion dollar measure that actually reduces systemic failure! How do you like us now, America!"