Wednesday, September 24, 2008

How Timely Was That?

I posted this article late last night / early this morning. Then, Naked Capitalism goes and reports that my suspicions are confirmed a few hours later. Awesome!
One of the premises of the bailout bill is that the banking industry must have government help to get back on its feet.

A banking industry expert, Bert Ely, who has a stellar track record in predicting crises and calling false alarms says that the banking industry can handle this mess internally and does not need subsidies.


  1. Meaning the administration is being foolish or corrupt? Or some other explanation?

  2. Possibly both foolish and corrupt. My guess is foolish though. Personally, I think at this point it's more of the "well, we must do something" problem than anything else.


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