Paulson's argument: the government has to act now to prop up the markets, whether or not it has a clue what it's doing. Remember the tragic passage of the Patriot Act? Amongst dire circumstances and fear, the government grabs some power from its citizens that it'll never willingly let go of. That time it was civil liberties, this time it's financial liberties.
"This is a critical debate for another day," Mr. Paulson said.
Here's my favorite:
President Bush said, "There will be ample opportunity to debate the origins of this problem. Now is the time to solve it."
That goes to show how different he and I think. How the hell are you going to solve the problem without understanding something about where it comes from? It turns out, what you're doing to "solve" the problem may well be making it worse.
"Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary [a.k.a whenever I say so]," the president said. "Given the precarious state of today's financial markets --- and their vital importance to the daily lives of the American people --- government intervention is not only warranted, it is essential."
As one of my coworkers is fond of saying this week: we now live in communist Russia! Fuck it, lets move to Russia where we're at least open about the fact that we're communists.
As Ron Paul is fond of saying lately: Congress might as well go home, since they're not appropriating the money anymore --- that would be too old-fashioned. In these modern times, the fed and treasury just print and spend it directly!