Left In Lowell

The Paulson bailout (warts and all) would have addressed the credit crunch - mostly by handing money hand over fist to Wall Street (with Paulson the Money King). The Congressional bill that failed was basically the Paulson bill with some restrictions and oversight, though it’s highly questionable that they really were either.

Though I harbor a secret hope that now we see a better bill, I still want to see a bill, ASAP. John of AMERICAblog runs down the reasons why this is still a crisis (hint: it’s not the volatile DOW). It’s that no one is lending. (Though memo to John, no one, not Kos or anyone else who opposed this bill says that it’s not a crisis, just that the severe lack of leadership from both sides on taking the turd Paulson handed to them and trying to polish it wasn’t the best practical or political or economic solution. And that we may not have much breathing space, but we sure as hell should still take a moment to breath, and think.)

Anyway. No matter how you slice this, it sucks. That’s my momentous insight for the day.