More Failout

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Krugman:

I think that Congressional leaders know that it’s a bad bill, but feel compelled to defend it, because they’re (rightly) scared of the financial consequences of a second rejection. And to some extent economists like myself are in the same position; I think I called it the “hold your nose caucus.”

So am I for the bill? Yuk, phooey, I guess so. And I’m very angry at Paulson for putting us in this position. 

People say that politics is like baseball, or sausage, or unlike beanbag or whatever. They're wrong.

Politics is like television. Every year it takes a ton of money and talent to produce a predictable, watered-down procedural that no one really likes but watches anyway. The cultish, cutting-edge offerings get canceled, unless there's enough protest from the Web to save them for a season or two.

 

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