Big Shitpile is in the House

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The Mother of All Bailouts goes to vote in the House today, where it'll probably face its most resistance, from House Republicans.

Update: FAIL.

* Paul Krugman thinks it's the best we can do and that the plan known as TARP has some necessary compromises that the original, awful Emperor Paulson plan didn't.

* This post, about the collapse of Lehman, explains the domino effect that TARP is meant to stop.

* Bonddad likes the general structure but thinks too many important details are being left to the financial daddies for later under cover of everyone else not giving a shit.

* He also brings up an indeterminate section that would require the SEC to study "mark-to-market" accounting and report back on whether it's a good idea. You'll recall that Sam Zell credits mark-to-market or fair-value accounting with hastening the crisis.

* Nouriel Roubini, one of the better prognosticators of the current crisis, thinks TARP is an unnecessary and ineffective handout; he also sees unemployment topping off at 8% and home prices dropping another 15%.

* I'm only about a third of the way through this roundtable, but it's quite interesting. Robert Kaplan is making the sensible point, as I'm listening, that stagnant middle-class wages encouraged homeowners to use their homes as ATMs, further encouraged by lax lending standards. I haven't gotten to Ken Rogoff's argument that the bailout makes the crisis worse by allowing banks to hold capital on the sidelines, but it seems worth paying attention to.

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