OK, it seems the country went to the dogs in my absense. Or, may be people just figured out it was bad.
With due deference to the GOP free marketers, this isn't a problem the markets can solve, at least, not immediately. We need to buy time. I was going to explain why but I found this marvelous piece that does a better job than I could.
There are many reasons why we got to this state, but for the time being, letting the credit system fail is a recipe for disaster. This "bailout" or "rescue" fails to address the underlying cause. It buys time. But, without a functioning credit system, we could have a total economic meltdown, world wide. So, we need to fix the underlying issues, but in the meanwhile, we can't let the patient die.
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