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THE $700,000 SHOPPING SPREE

September 22, 2008

When both parties get together on something enthusiastically, you should have the same reaction you would have if you were to see two thugs in a street fight pausing to check you out. The two parties can hardly wait to give the Treasury Secretary a two-year, $700 billion credit card to run out and buy stuff. Lots of the very smart people don't think this is such a great idea, including Arnold Kling, Tyler Cowen, and Gary Becker. It's too much to hope that anybody will listen to them.

UPDATE: The one person of my acquaintance who understands this stuff says Secretary Paulson "had no choice." His alternative scenario is scary enough to convince me, even though I understand the rescue plan as an embrace of chronic illness to avoid a horrible and painful death. More along those lines here and here.

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