Tuesday, September 23, 2008

A Few Days Considertion by Congress Seen as "Second-Guessing"

From an AP story on Sept 23, 2008:
Investors grew fearful that top economic officials updating Congress about efforts to work out a $700 billion financial rescue plan were facing a greater degree of second-guessing from lawmakers than expected.
Congress is second-guessing efforts to work out a $700 billion bailout? Isn't that like parents second-guessing their child's request for a new toy. Second-guessing is supposed to be when you criticize a decision you don't have the authority to make.

Congress does have the authority to spend money. The Treasury and Fed do not. So I would call it wise and prudent first-guessing.

The AP writer seems to think that those who would like a bailout naturally deserve to have their way. Any debate by the people with that actual authority to approve the bailout is seen as second-guessing.

Congress is right to take its time before taking such a huge decision.

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