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September 28, 2008

Full Text of Emergency Economic Stabilization Act (nee Bailout)

Full text is here of the Emergency Economic Stabilization Act. It is more than 40 pages long, and full of legalese, but it should be required reading. While I still believe we had no choice but to act, this is a sad, sad day.

If you're not already angry, feel free to get angry. Recognize, however, that while Wall Street was the credit drug dealer/developer, far too many among us were willing buyers of the pharmaceutical called easy money. I wish I felt confident that those days are gone forever, and the U.S. has turned a corner, but I don't. Instead I think we're seeing a pivotal moment in the arc of U.S. history, one where it's still possible to make changes to bring the system in line, but I see no sign anyone is thinking past Monday.

As a friend said to me the other, This is no economy for old men.

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