This makes no sense.
Fed chairman Ben Bernanke tells Congress today that it risks a recession, with higher unemployment and increased home foreclosures, if lawmakers fail to pass the Bush administration’s $700 billion plan to bail out the financial industry.
Here’s my problem. It has been sold as preventing another depression. If its going to be a recession, well, we haven’t had this kind of massive bailout in dealing with any of the previous post World War Two recessions.
We’re in a recession, and its going to get worse. No way the bailout stops that.
What is Bernanke up to?
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