Is the bailout needed? Many economists say 'no'
Posted on Thu, Sep. 25, 2008
Kevin G. Hall | McClatchy Newspapers
last updated: September 26, 2008 08:01:53 AM
WASHINGTON - A funny thing happened in the drafting of the largest-ever U.S. government intervention in the financial system. Lawmakers of all stripes mostly fell in line, but many of the nation's brightest economic minds are warning that the Wall Street bailout's a dangerous rush job.
President Bush and his Treasury secretary, former Goldman Sachs chief executive Henry Paulson, have warned of imminent economic collapse and another Great Depression if their rescue plan isn't passed immediately.
Is that true?
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