More reasons to believe that this "crisis" is not a "crisis" requiring handing over $700 billion to Manhattan fat cats:
- "Banks throughout the United States carried on with the business of making loans yesterday even as federal officials warned again that their industry is on the verge of collapse, suggesting that the overheated language on Capitol Hill may not reflect the reality on many Main Streets...many smaller banks said they were actually benefiting from the problems on Wall Street...Even some of the nation's largest banks, which have pushed hard for a federal bailout, deny that the current situation is forcing them to reduce lending. "The strength of our core businesses, capital and liquidity are enabling us to continue to support our customers," Bank of America, the nation's largest bank, said in a statement. " - Washington Post, 9/26/08
- "The Bush administration's pitch for a sweeping bailout of the financial system has centered on two simple premises: that the economy could suffer a crippling downturn if action is not taken very quickly and that this action should consist of the government buying troubled mortgage securities from banks and other institutions. But many of the nation's top economists disagree with one or both of those ideas." - Washington Post, 9/26/08
- "The Treasury plan (even in its current version agreed with Congress) is very poorly conceived and does not contain many of the key elements of a sound and efficient and fair rescue plan." - NYU economist Nouriel Roubini, 9/26/08
- "Why Paulson is wrong: Chicago Business School Professor Luigi Zingales, argues that bailing out the financial system with taxpayers' money is wrong. He discusses an alternative." - VOX, 9/26/08
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