Kyros on 27 September 2008
It seems like nobody wants this bill to pass except for the president,
That's not true, they simply cannot agree on how the bill should look like.
I really would like to see as many investment bankers on the street as possible begging for some cash. (Bastards got more Christmas money than a good engineer in a whole year despite having NO FREAKING IDEA WHAT THEY WERE DOING)
But if the financial sector collapses the economy goes with it. Economists say the bill is basically a good idea (and if everything works out ok it doesn't COST 700b since the debt they would buy is worth the price in most cases. If they do it ok its more like throwing an enormous amount of liquidity into the system to end the whole bloodletting. But its a huge amount of money and if everything collapses anyway its thrown down the drain.
PS: Buying it makes much more sense than insuring it. Insuring means the government would take all the risk of a collaps because they would have to pay for all defaults. But they wouldn't get any money back when the crisis is settling and things perk up. Normally debt is repaid after all.
