Dave supports the bail-out, which many are calling the Splurge. At this point, so do I. That puts me in the company of Warren Buffett and detaches me from Kevin Phillips, who says (below) that it won’t work. Elsewhere Kevin says it just cuts off one tentacle of an octopus. Maybe he’s right. From this report, it appears that McCain and some Republicans agree.
I trust Buffett. His wealth is a red herring here. What matters are his insight, intelligence, and ability to perform for stockholders — qualifications that are beyond dispute. Buffett knows better than anybody how the system works, how it’s broken — and (surely) how to make money on the upswing that inevitably follows the current collapse.
If Obama and Bush are together on this, so be it. Hey, maybe tonight we’ll have a real debate between Splurge (Obama/Bush/Buffett) and Purge (McCain/Phillips). Doesn’t look like it, but if both men are in command of their facts and ideas, it would help the country.
[Later…] Cool: looks like the debate will happen. More from the NYTimes.
It had to come to $700 billion… to start talking real national issues (gay marriage anyone?). Strange how a crisis may feel almost good.
“A billion here, a billion there. Pretty soon you’re talking real money.” – Barry Goldwater (quoted from memory, can’t find the original)
The “A billion here, a billion there …” quote has been attributed to Everett Dirksen, but this site:
http://www.dirksencenter.org/print_emd_billionhere.htm
says that there is no record of him actually saying that, and at least one account that Dirksen himself said that he was misquoted, but thought it sounded so good, he never denied it.
Well, Keith, I’m pretty sure I actually heard Goldwater say that once, but he might have been leveraging Dirksen. Dunno
“I lost the rent money in a poker game…give me the kids’ lunch money!”
Am I the only one that noticed that amid all the hoo-rah and weapons of mass distraction unleashed during the financial crisis that the senate passed the PRO-IP bill?
Yes, PRO-IP passed, but with the civil enforcement provisions stripped out, pleasing the EFF. Still, a Hollywood victory. Sad.
Doc, this bailout is the worst idea to come in front of Congress in my entire lifetime… please spend the 10 minutes it takes to watch Karl Denninger explain exactly what’s at stake…
http://www.youtube.com/watch?v=lsC2k9opOP0
–Mike–
Karl Denninger’s site is here.
I just elevated my whole response here to a post of its own, here.
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