Economists Say no to Paulson & Wall Street
It looks like the fix is in. Even though calls to legislators are over 95% against, the dollars from the banking lobby say get it done now, before there is a chance to get a reasonable rescue plan. Not saying that the financial markets don’t need help, but should we really be handing over hundreds of billions of dollars to the thieves who lost it in the first place. There are other ways of fixing this mess.
“almost 200 academic economists — who aren’t paid by the institutions that could directly benefit from the plan ….— have signed a petition organized by a University of Chicago professor objecting to the plan on the grounds that it could create perverse incentives, that it is too vague and that its long-run effects are unclear.”