Wednesday, November 19, 2008

Standing up for standing up

Mitt Romney's op-ed in the NY Times today was a refreshing take on yet another bailout. Given that Chapter 11 bankruptcy allows for businesses to shed unprofitable contracts, reorganize, and take a moment to think about who is leading their companies, why couldn't we stall a banking bailout bill? I mean it's not like Congress and the companies have done a bad job with the $350bn that we appropriated. Now where did they put it...? Oh yeah, Paulson has refused to tell Congress exactly where it has all gone. That after urging Congress into a very quick authorization of a plan to buy troubled assets from banks and then reversing his position on its viability. Now the bureaucracy has $350bn available to buy stocks in financial companies that couldn't keep themselves afloat. Now that is one sweet deal for someone. Too bad it isn't the general public.

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