Arnold Kling writes:
Big Finance and Big Government have much in common. Both are coveted by Harvard graduates. Both are characterized by an arrogant sense of entitlement and importance.
Instead of thinking of the pending bailouts and financial regulation as a new era of government supervisions of markets, think of it as preserving the system in which a Harvard elite controls other people’s money. In fact, very little is likely to change. Reading the news stories about how Secretary Paulson plans to implement the bailout, it seems as though the same people will be in charge of the money.
Sounds right to me. This so-called bailout is a disaster
Interesting…apparently the need for a rush is over. The bumrush against the American People was just to pass the legislation quickly before wiser/cooler minds could prevail.