Wednesday, September 24, 2008

A Price Must Be Paid - Final Thoughts

  • I've reached the conclusion that the Paulson Bailout, and its variations, are unacceptable. The stated goal, to create a fluid environment for borrowing, can be accomplished by other means.
  • Recapitalizing banks by buying debt at inflated prices is an inefficient way to accomplish the stated goal. It is rewarding bad judgment with the biggest prizes going to the most stupid.
  • It is obvious the Paulson Bailout was written during a Friday all-nighter with pizza and beer. The evidence of alcohol can be seen in the text. (Hey, you know what would be cool? Why don't we make me God. We can call it Section 8 and see if anyone gets the joke.)
  • I am truly impressed that Senator Chris Dodd was able to turn Paulson's vague mess into competent legislation so quickly. It was a legislative tour de'force.
  • Still, Paulson's Bailout is a pile of crap and any rewrite is just spritzing perfume on shit. (No, that is not a Sarah Palin reference.)
  • While I have gotten used to the Bush Administration panic mode, Paulson's declaration that only he can save the Universe is silly. (Après nous, le déluge.)
  • If Paulson had just taken a couple of slow, deep breaths (instead of pissing his pants) and called in a few experts he would have gotten several superior plans.
  • Congress should not be stampeded into bad legislation because Hank Paulson is a timorous mouse with delusions of godhood. Dodd and Barney Frank should take the time to do this right. It is probably prudent to leave Paulson out of this process because his high-pitched squealing would just be a distraction.
No, I am not deluded into think this is the last I will write on the Paulson Bailout. But I can dream, can't I?

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