George Bush, defending Henry Paulson’s sweeping bailout plan, offers this sure to prove sagacious claim:
“Failure to act would have broad consequences far beyond Wall Street. It would threaten small business owners and homeowners on Main Street.”
Bush, October, 2002:
“Failure to act would embolden other tyrants, allow terrorists access to new weapons and new resources, and make blackmail a permanent feature of world events.”
Forget recondite economic theory, this has got to be most persuasive argument against passing Paulson’s plan as proposed.