I’m seeing trickling of coverage of dissenting views about the $700 billion bailout plan (now even more expensive as it comes out of the Senate).
Billionaire investor George Soros has emerged as a strong critic of the plan. Soros is offering an alternate proposal. And he points out that after spending $700 billion, the bailout doesn’t actually address the underlying problem with our economy – that millions of homeowners can’t pay for their homes and are defaulting on their loans.
During the Senate debate yesterday, one GOP senator – Richard Shelby – said something I found profoundly interesting: “The choice we faced was between pursuing an informed response, or panic. I think we chose panic.”
Shelby was the former chairman of the Senate committee in charge of banking oversight.
The panic is understandable, as the New York Times reports in a detailed examination of the crisis that brought on the bailout.