I’m told my appearance with Michael Reagan, Amy Holmes, and Glenn Beck should air tomorrow night, just as we’re getting ready for the debates. It was a supremely freewheeling discussion, going from the Paulson plan to the auto industry bailout to Uncle Sam’s pants. No, I’m not exaggerating.
I did make a point worth repeating here – that one of the revelations of this mess is that a certain portion of our political culture is incapable of doing much beyond pounding the table and denouncing “those Wall Street fatcats!”
The task at hand is, do we want the government to take a whole bunch of illiquid assets of unknown value from financial institutions, in order to “reset” or “unclog” the financial markets? If we don’t want to do that, do we want to do anything else? And if we don’t want to pass a variation of the Paulson Plan, are we willing to live with the consequences – including the Dow dropping thousands and trillions of dollars of wealth disappearing from American mutual funds, retirement accounts, etc.? How much one hates Wall Street fatcats doesn’t have much to to with it.