John Mauldin. “Who’s Afraid of a Big, Bad Bailout?”. Thoughts from the Frontline. 26 Sept. 2008 – let’s stop calling this a bailout plan. It is not. It is an economic stabilization plan. Run properly, it might even make the taxpayers some money. If it is not enacted very soon (Monday would be fine), the losses to businesses and investors and homeowners all over the US (and the world) will be enormous. Unemployment will jump to rates approaching 10%, at a minimum. How did all this come to pass? Why is it so dire? Let’s rewind the tape a bit.
US Secretary of the Treasury Hank Paulson – “This is all about the taxpayers. That is all we are about…this troubled asset purchase program is the single most effective thing we can do to help homeowners, the American people, and stimulate our economy.”
Maxine Waters (D-CA) – Bailout for Wall Street? I don’t think so. I could care less about Wall Street and the high-priced schemers, their tricky products, hedge funds, short selling and insider trading. I care about Main Street. And Martin Luther King, Jr. Drive. I’m voting yes on this bill.