Oppose the Coup

I'm not questioning that Paulson (et al) truly believes that he is doing right. Nor do I question his intelligence. However, don't let this power grab just happen. This is classic expansion of government power during a panic, power that will never truly go away. The recent deals make me uneasy, but this faux RTC, buying (roughly) $700bn of assets, with no oversight, is a disaster. It will not fix the problems, or it will involve significant transfers of wealth from taxpayers to financial firms and morph the problems, like a virus that evolves. Probably some mixture of these things. Naomi Klein is wrong about a lot of things, but she is right that we have to keep our heads in crisis/pressure situations, so as to not be hoodwinked. Somehow, this is all reminds of early 2003.

Addendum: Please read this.