The bad thing about being an evening blogger, particularly when things are moving fast, is that all the good observations are made before you get a chance to get in front of the keyboard.
This is doubly so in the case of the bailout, because of the looking-glass nature of what’s going on out there. So, while it has been said already, let me make an observation that occurred to me when I heard on NPR that Paulson doesn’t want the plan to limit executive compensation because that might discourage some firms from allowing themselves to be bailed out: If they don’t want to jeopardize their bonuses, then they don’t need our money.
Or here’s another, also made elsewhere. Paulson actually had the nerve to say that he didn’t include an oversight provision in his bill because it would have been presumptuous of him to suggest an oversight mechanism. No, actually here’s presumption:
Section 8. Review: Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
And, via Suburban Guerilla, we have David Cay Johnston’s observation that the basic premise of the bailout-that we are staring at Armageddon, does not necessarily reflect reality. It’s a little hard to believe that any American Administration would orchestrate the world’s biggest scam as it walked out the door, but this is the Bush Administration. It is entirely possible that this is just a scheme to spread more money to the people who already have too much.
Our Emperor is getting more naked by the minute.
By the way, my problem with originality could be easily solved if I could do this full time. Then I’d be firstest with the mostest. All it would take is a massive infusion of cash, and I could quit my day job. I will be glad to pledge in advance that I will not pay myself a massive bonus, should Paulson feel like throwing a tiny amount of that money my way. All I’m asking is for .0001428571428571 % of the bailout funds, a measly 1 million (I think my math is right), mere chaff, and I can make this a full time endeavor and keep the economy going.
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