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Bailout Failure October 1, 2008

Posted by frewon9 in News.
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No Deal: Senator McCain and his advisers, who last Wednesday had warned that this nation would be in the midst of another Great Depression by today unless Congress passed bailout legislation…This morning, claiming credit for building a winning coalition of votes in the House to pass that bailout bill and, thus, save the American economy. Only one problem: The bailout bill failing in the House when 67% of Republicans voted against it… And the stock market promptly losing seven percent of its value. Senator McCain — in our fifth story on the Countdown — having led his party and his country… to Congressional chaos and an economy in crisis. Mission Accomplished!

Krugman is here: Writing on his blog for the New York Times this afternoon, columnist Paul Krugman awarded the top headline to Market-Watch’s Rex Nutting: “House To Wall Street: Drop Dead.” But he also re-submitted his own writing after the first bailout deal collapsed last Thursday: “What we now have is non-functional government in the face of a major crisis, because Congress includes a quorum of crazies and nobody trusts the White House an inch. As a friend said last night, we’ve become a banana republic with nukes.” Our fourth story on the Countdown… what the quorum of crazies and the banana republic with nukes means for you…

Paul Krugman:

OK, we are a banana republic

Bailout questions answered

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