Friday, September 19, 2008

Invisible Hand? What Invisible Hand?

From the New York Times: Bush Officials Urge Swift Action on Rescue Powers
WASHINGTON — The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.

Henry M. Paulson Jr., the Treasury secretary, made it clear that the upfront cost of the rescue proposal could easily be $500 billion, and outside experts predicted that it could reach $1 trillion.

We. Are. So. Fucked.