MSNBC News Services
"In testimony to Congress’ Joint Economic Committee, Bernanke repeated his warning of dire economic consequences if the bailout isn’t enacted and if credit woes persist. Neither businesses nor consumers would be able to borrow money, he said, adding that such a scenario could result in the world’s largest economy grinding to a virtual halt."
Atrios (Duncan Black), a Ph.D and former economics professor, thinks Bernanke is full of crap.
"I get emails like this sometimes, from insiders who know what they're talking about, and over time I've learned that while they may be insiders all that means is they have access to more gossip. That gossip often doesn't turn out to be true.
In any case, a straw man is being erected. There is no crisis which requires $700 billion to Hank Paulson's friends THIS WEEK. That's the argument. There may be serious problems in the financial sector which require government attention. There isn't something which requires an insane act of Congress NOW NOW NOW NOW NOW NOW NOW."
Apparently, the consensus of a wide number of economists is that Atrios is telling the truth.
Personally, I wouldn't be in favor of Paulson's bailout solution for his Wall Street friends, even if he's right in his prediction that a melt-down of the World Economy is imminent unless the U.S. makes an immediate "security theater" feint.
If the U.S. economy has actually become a devil's bargain -- where the only thing that can save it is a blind man's bluff payoff to the pitchfork cadre -- then it's time for a revolt in Hell.
In the meantime, this is another Spacecrabby reminder that we can protest Republican-spawned plutocratic stupidity on Earth:
Senate phone numbers and websites.
U.S. Representatives Phone Numbers.
Seven Simple Reasons To Oppose The Bailout.
Explanation of post title.