Sunday, October 12, 2008

Just Run The Tape

Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government inject capital directly into the nation’s banks — in effect, partially nationalizing the industry.

Having to report this - they can't not report it, of course, the headline of the year - the NYTimes doesn't bother to try to make sense of it, just re-runs the "incompetence and ideology" tale, or rather simply gestures to it exhaustedly, for the umpteenth time.

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