What if Paulson’s wrong

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.

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