Too big to fail

Update 1: If you are having difficulties viewing the video, use this link -- http://edition.cnn.com/video/?/video/politics/2008/09/30/ldt.economic.bailout.bad.idea.cnn

Update 2: I have realized that Lou Dobbs was involved in the Obama waffles business. I am not going to place Dobbs in full context for this, but take this segment on face value. I am also very tired. I will consider it further.

Lou "I feel very good about this vote today" Dobbs on CNN, with Columbia University Henry H. Kaufman Professor of Financial Institutions and co-director of the American Enterprise Institute's project of financial deregulation, Charles "tax-payers in a 'first loss' position" Calomiris, University of Maryland Robert H. Smith School of Business economist and professor Peter "the gravy train is over... they're gonna' have to pay for it" Morici, and David "this was a great day for democratic government" Cay Johnston, author of No Free Lunch:

"We are watching the concentration of commercial banking in America. This is un-American."
-- Lou Dobbs, CNN, September 30, 2008

So, I don't feel like such an idiot as some who accused me of not understanding that the fact that credit would run dry, along with the ATM machines of America was the most important thing. No, getting the right bail-out package, that gives the American tax-payers an "equity investment" is. Like Calomiris says, this package started at the wrong place.

"That's the arrogance, certainly, of the Bush administration, but that's something we're used to whether it be with this administration or the other, but the ignorance of the leadership of this congress not to demand those hearings, I cannot even begin to understand."
-- Lou Dobbs

Bravo.
....

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