Sunday, October 12, 2008

Will New Era acknowledge it panicked?

[An article from the London Times] ( confirms your commentary from October 2 that the bailout was not well thought out and that the haste of its passage by our legislators, at the panicked urging of the administration, failed to produce a plan that would work.

I wonder if the New Era will step up and acknowledge that they too panicked and foolishly endorsed a plan that brighter minds than theirs believe has
little chance of success.

Editor's note: Fortunately, likely due in part to pressure from the rebellious House Republicans (whose actions the New Era twice labeled "despicable"), the final bill allows flexibility that is permitting the redirection of funds from purchasing securities to better capitalizing banks, and in a manner that should enable the public to recoup its investment and possibly even profit.