BailOut Bill of the Century

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How would you vote on the "Work Out", "Bail Out", "Rescue Bill"? It has many names, but, its purpose is to free up money for lending so that our economy does not fail in the weeks and months to come. Below, courtesy of Politico.Com, are how some notable scholars and educated folks would vote:

Norman J. Ornstein, Resident scholar at the American Enterprise Institute:
.... headed for more very tough times economically, for more than a few months. But heading off disaster is a good step along the way.

Diane Ravitch, Historian of education, NYU, Hoover and Brookings:
I speak for a large segment of the American public in that I don't truly understand the bailout bill.

Phil Bredesen, Gov. (D-Tenn.):
Yea. Hold your nose and do it.
Six months from now: We will at least have dodged a bullet. And in the best of worlds, it will have the unintended consequence of finally forcing a new administration and Congress to face up to the unsteady state of the finances of the United States itself.

Victor H. Fazio, Attorney, former Democratic congressman:
It's a difficult aye vote. Congress will treat it like a pay raise, everyone knows it should pass and hopes to be able to vote against it.

Tom Korologos, Former ambassador, consultant and Republican strategist:
Yea, it passes as is. But, whew, is the vote in the House going to be close.

Charles W. Calomiris, Professor of Financial Institutions, Columbia:
The bill is better than nothing, so I would vote yea, but it is a close call. The right approach, which the vast majority of economists who have studied such matters supported, was preferred stock injections into financial firms. This was rejected without a hearing by Congress, and the scandal in this process was the complete absence of independent testimony.

Gary Clyde Hufbauer, Economist, Peterson Institute:
.....Come April 2009, this week's rescue bill will be seen as the end of the beginning.

Joseph S. Nye, Jr., Professor at Harvard's Kennedy School of Government, Harvard:
The bailout ain't great, and it will not solve all the problems of the financial industry in 6 months, but...

You can read more of theirs and other's comments at Politico.Com.

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This page contains a single entry by David R. Remer published on September 29, 2008 1:52 PM.

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