Passage of key elements of the Treasury Department’s emergency bailout plan for the credit markets may be delayed until next week because of tangential disputes between Congressman Democrats and the Administration. One current, remarkably stupid sticking point: Dems are demanding that the authorizing legislation reduce the compensation of executives at financial companies who sell assets to the government under the plan.
Even in times of crisis, the urge to pursue populist nonsense that will do absolutely nothing for the common good remains strong.
(By the way, I’ll have a fairly lengthy discussion of the merits and shortcomings of the bailout up this week.)
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