Hats off to Monmouth Musings. Take a look at the Fox video that reveals the reason for the crisis and the videos which explain the House Republicans position. These tell it like it is.
The fact of the matter is Wall Street has us by the short hairs. They are overreacting. Yeah they have some bad mortgage loans but enough to bring down the economy? They say it has caused a credit crunch. Do they really have to stop lending to everyone or maybe they should just stop lending to bad risks? The stock market is tanking. Why? many of these companies still have strong value. The amount of decline is because of one thing. PANIC. Wall Street should follow the advice they give us and invest for the long term. The question is how do you stop an irrational overreaction?
If we do nothing and make Wall Street fix its own problems do we have a year long recession or do we have a Depression? Can we afford to take the gamble? We have to do something but I tend to think that the Paulson plan stinks. Can we find a better way. Rep. Thadeus Cotter has some good points. Are there any economists out there who want to weigh in.
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