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01 Oct 2008 08:52 am
Don't Rush On The Bailout
Some advice from David Cay Johnston:
Look at what the
government in Dublin did after its stock market fell on Monday. At six Irish
banks the government is guaranteeing that every depositor and creditor will get
their money in full. Our Congress could do that. After all, our government
just, in effect, guaranteed all money market funds.
Temporary
measures like this would give us time for rational debate on whether the bailout
will work, or whether it'd throw money away in an effort to prevent the
inevitable deflation of Wall Street. You can't keep filling up a leaky balloon
forever.
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