Monday, September 22, 2008

Opposing the Paulson Plan   [Rich Lowry]

I'm still trying to figure out exactly what to make of it, and understand the concerns about the powers that would accrue to Paulson. But it seems to me people opposing it have to do two things: 1) Explain why they think a financial meltdown in which the credit markets freeze up either wouldn't be as bad as most everyone thinks, or explain why the resulting mini-depression would be a lesser evil than the Paulson plan (personally, I can't see it); 2) If they aren't willing to do 1), explain what their alternative plan is to stem the financial panic. If they aren't doing either of these two things, opponents of the plan are just blowing smoke. At this juncture in this crisis, things like reforming Fannie and Freddie or forging a new energy policy are besides the point—worthy initiatives, but non sequiturs when it comes to stemming the financial panic.

09/22 10:43 AMShare