Thursday, October 2, 2008

Bailout? What Bailout?

That'll be the question, a year, a month or even a week after it passes.

(IF it passes.)

The Senate passed the Wall Street bailout bill, by a 3:1 majority. Some sweeteners like tax cuts and raising the limit to $250k on individual accounts for bank depositors helped. Some people might think that finally the banking system can at last receive some meaningful fixes. Call me a killjoy, but this will accomplish next to nothing as a banking system remedy. It is more a paper seal to Wall Street corruption than to ANY solution. If passed by the House, as is likely, it puts an epitaph on the American badge of legitimacy.

No comments: